Paratus Energy Services Ltd. Announces Sale of its Jack-up Business

HAMILTON, Bermuda, March 23, 2026/ PRNewswire/– Paratus Energy Providers Ltd. (ticker PLSV) (” Paratus” or the “Business”) today reveals that it, together with its indirect subsidiary Fontis Financing Ltd. (” Fontis Financing”) has actually participated in contracts with Borr Drilling Limited (” Borr”) and Proyectos Globales de Energía y Servicios CME, S.A. de C.V (” CME” and collectively with Borr, the “Purchasers”) to offer Fontis’ drilling operations and jack-up fleet (the “ Deal“). The Deal is structured through 2 inter-conditional deals, where CME will obtain the Fontis Mexican operations for money factor to consider, while CME and Borr through a collectively owned acquisition automobile will obtain Fontis’ Singaporean rig owning entities for a mix of money and seller’s credit.

From Paratus ending up being the owner of Fontis in 2022, and up till closing of the Deal, Paratus will have supervised the circulation of roughly USD 760 countless possession worth from Fontis to stakeholders, of which USD 219 million was dispersed to financial institutions in 2022 and 2023 and roughly USD 541 million will have been dispersed to Paratus (consisting of the factor to consider to be gotten under the Deal). Throughout its ownership of Fontis, Paratus has actually supervised Fontis’ separation from Seadrill, organizational accumulation, a complete payment of Fontis’ external monetary debt and substantial development on gathering impressive receivables. Structure on this development, Paratus is of the view that Fontis’ possessions from this point would gain from belonging to a bigger platform in the jack-up market to contend most efficiently. Paratus thinks that Borr and CME represent a strong commercial home for Fontis’ possessions, with a recognized existence in Mexico and worldwide gain access to.

The divestment of Fontis represents another action for Paratus towards improved tactical and monetary versatility, in extension of the Business’s divestment of its holdings in Archer throughout Q3 2025. The Deal will considerably enhance the functional danger profile by minimizing direct exposure to payment abnormalities, prospective agreement suspensions and re-contracting unpredictability in Mexico. As the world’s only pure play PLSV company of scale, the Business will at closing be backed by a completely contracted fleet which today has multi-year agreements in a durable and infrastructure-linked sector, offering improved long-lasting revenues presence. Additionally, the Deal supports the goal of steady investor circulations, and Paratus believes in a reliable course to sustaining the existing dividend level long term. Lastly, the divestment is anticipated to lead to a significant decrease in net take advantage of, even more reinforcing the Business’s monetary versatility.

1. USD 148 million money payable to Paratus at closing,
2. USD 15 million in a deferred factor to consider, payable upon aggregate payments invoice by Fontis of USD 60 million (excl. BARREL) after 1 December 2025 (which is anticipated to be paid at closing of the Deal as roughly USD 45 million (excl. BARREL) of this has actually currently been gathered), and
3. a 2.5-years USD 237 million non-recourse seller’s credit to be released at closing (the “Seller’s Credit”), which will be protected by a very first lien security over all rigs and bring an interest of 10% (very first 12 months), 12% (months 13-18) and 14% (last 12 months), in a ringfenced structure to secure the worth of the security.

The Deal undergoes popular closing conditions, consisting of requisite permission from its 2029 shareholders and competitors clearance in Mexico. The Business plans to look for permission from shareholders in due course, and the Deal is thought about to represent a materially favorable occasion for the Business’s financial institutions. Topic to prompt fulfillment of the conditions, closing is anticipated to be finished throughout H2 2026. The Deal undergoes a long stop date of 6 months from the date of finalizing, which is extendable by approximately 60 days in increments of thirty days based on specific conditions.

“ Today’s statement marks a substantial turning point in Paratus’ tactical development,” stated Robert Jensen, CEO of Paratus. “ Considering That 2022, we have actually effectively changed Fontis into a strong, debt-free platform and took shape more than USD 760 million for our stakeholders. With this deal, we take a definitive action towards ending up being a leading pure-play PLSV business of scale. Supported by a completely contracted fleet, strong capital presence and a versatile balance sheet, we are well placed to provide sustainable investor circulations while actively pursuing appealing development chances.“

” This deal shows the ongoing shipment on the tactical instructions set at the start of the development of Paratus in 2022, to develop and provide favorable go back to our investors” stated Mei Mei Chow, Chairperson of Paratus. “With 2 effective divestments finished, the Business has actually taken crucial actions towards ending up being an easier, more concentrated company with a more powerful monetary structure. The Board is really delighted with the development attained and will continue to guide the business in structure and understanding worth for investors.”

Paratus Energy Providers Ltd. (ticker: PLSV) is a financial investment holding business of a group of leading energy services business. The Paratus Group is mainly consisted of its ownership of Fontis Energy and a 50/50 JV interest in Seagems. Fontis Energy is an overseas drilling business with a fleet of 5 high-specification jack-up rigs in Mexico. Seagems is a leading subsea services business, with a fleet of 6 multi-purpose pipe-laying assistance vessels in Brazil.

This statement is not and does not form a part of any deal to offer, or a solicitation of a deal to buy, any securities in the Business. Matters gone over in this statement might make up positive declarations. Positive declarations are declarations that are not historic realities and might be recognized by words such as “think”, “anticipate”, “prepare for”, “technique”, “plans”, “quote”, “will”, “might”, “continue”, “ought to” and comparable expressions. Any positive declarations in this release are based upon numerous presumptions, a lot of which are based, in turn, upon additional presumptions. Such presumptions are naturally based on substantial recognized and unidentified threats, unpredictabilities, contingencies and other crucial elements which are challenging or difficult to forecast. Such threats, unpredictabilities, contingencies and other crucial elements might trigger real occasions to vary materially from the expectations revealed or indicated in this release by such positive declarations. The Business does not make any warranty that the presumptions underlying any positive declarations in this statement are devoid of mistakes nor does it accept any duty for the future precision of the viewpoints revealed in this statement or any commitment to upgrade or modify the declarations in this statement to show subsequent occasions. You ought to not position unnecessary dependence on any positive declarations in this statement. The info, viewpoints and positive declarations included in this statement speak just as at its date, and undergo alter without notification. The Business does not carry out any commitment to evaluate, upgrade, verify, or to launch openly any modifications to any positive declarations to show occasions that happen or situations that occur in relation to the material of this statement. This statement is for info functions just and is not to be trusted in alternative for the workout of independent judgment. It is not meant as financial investment guidance and under no situations is it to be utilized or thought about as a deal to offer, or a solicitation of a deal to purchase any securities or a suggestion to purchase or offer any securities of the Business. The circulation of this statement and other info might be limited by law in specific jurisdictions. Individuals into whose ownership this statement or such other info ought to come are needed to notify themselves about and to observe any such constraints.