HAMILTON, BERMUDA (By Paratus, 2.Mar.2026, Words: 1,055) — Paratus Energy Services Ltd. reported operational and financial results for the fourth quarter and full-year 2025, highlighted by $115mn (FY 2025: $452mn) in combined segment revenues and $69mn (FY 2025: $261mn) in adjusted EBITDA. The company and its consolidated subsidiaries and ownership in joint ventures ended the quarter with $204mn in cash and a net debt balance of $581mn.
“We closed 2025 with strong performance, meaningful cash collections in Mexico, and continued shareholder returns,” said Robert Jensen, CEO of Paratus. “With solid cash generation from Seagems, we are well positioned to execute on our strategic priorities and maximize long-term shareholder value.”
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Q4 and full-year 2025 highlights, including notable post-quarter developments:
— achieved full-year fleet utilization of approximately 99%, with financial results exceeding initial full-year guidance.
— combined full-year segment revenues were $452mn while adjusted EBITDA grew 4% to $261mn.
— collected $356mn in Mexico, including $209mn through a receivable monetization agreement.
— simplified group structure through sale of its 24% Archer stake, unlocking $48mn of cash, of which $18mn was applied toward debt reduction.
— delivered $168mn of capital returns to shareholders through cash distributions and share buybacks
— successfully completed acceptance testing across PLSV fleet, with all vessels contracted with Petrobras at materially higher dayrates by year-end 2025.
— reported Q4 2025 combined segment revenue of $115mn and adjusted EBITDA of $69mn.
— ended the year with $204mn in group cash and $581mn in net debt.
— post Q4, declared a $0.22 per share quarterly dividend for Q4 2025, consistent with previous quarters.
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Fontis
Fontis reported contract revenues of $41.8mn (Q3 2025: $54.8mn). Revenues in the prior quarter included $12.1mn of variable revenue which is only recognized until it is agreed by the customer. Operating expenses (Opex) totaled $21.3mn, compared to $19.5mn in Q3 2025, primarily reflecting higher year-end accruals, while general and administrative expenses (G&A) were $0.9mn (Q3 2025: $0.5mn). Adjusted EBITDA was $19.6mn, compared with $34.8mn in Q3 2025.
During Q4 2025, Fontis achieved an average dayrate of $114 thousand per day (Q3 2025: $116 thousand per day) and maintained strong technical utilization of 99.5% (Q3 2025: 99.7%). The company’s contract backlog at quarter-end stood at approximately $20mn (Q3 2025: approximately $56mn).
At the end of Q4 2025, the notional value of the receivable balance was $199.1mn, down from $293.1mn as of Q3 2025. During the quarter, Fontis received $143mn in payments toward overdue invoices from its client in Mexico, with payments made via a Mexican government investment fund. Including these receipts, the company collected approximately $356mn in 2025. Post Q4, Fontis received $5mn in collections from its client.
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The company continues to actively pursue the collection of its remaining outstanding receivables and remains committed to recovering the full amounts due, consistent with its past practice. While the company recognizes that the timing of collections may continue to fluctuate, recent payments and ongoing government support initiatives provide greater confidence that the payment cycle is normalizing.
The company observes continued improvement in the global jack-up market, supported by operating and tender activity levels in key regions, particularly in Saudi Arabia, as well as in other markets. Near-term demand for jack-ups in Mexico in 2026 appears to be driven more by the client’s approved budgets than by drilling activity required to maintain production, resulting in contracting processes progressing more slowly than anticipated. Recent public statements by the national oil company indicating a 34% year-over-year increase in total capital expenditures, together with its stated objective to increase crude oil production, point to the potential for improved budget availability and activity levels over the medium-term. As of the reporting date, Oberon completed operations in late January and has subsequently been demobilized for warm stacking in anticipation of new work, while Defender has been awarded a two-month contract extension. While no assurances can be provided, the company remains engaged in ongoing discussions with its client regarding potential contract extensions in Mexico for Defender, Courageous and Intrepid, in direct continuation of their existing commitments. If secured, such extensions would be expected to maintain utilization for these rigs into the first quarter of 2027 and potentially beyond.
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Titania and Oberon are currently being actively marketed for new contract opportunities in Mexico and internationally. The company has received several unsolicited bids and indications of interest and is evaluating potential sale transactions for one or both rigs. Any such transaction will be considered in the context of broader strategic alternatives for the jack-up business as a whole. The evaluation of potential sale transactions for Titania and Oberon, as well as the broader review of strategic alternatives for the jack-up business, is progressing constructively. The company intends to conclude its assessment of these opportunities in the near term, with the objective of determining the most value-accretive path forward for Paratus and its stakeholders.
Seagems joint venture
Paratus’ 50% share in the Seagems joint venture contributed $73.5mn in contract revenues, a modest increase from $72.6mn in the prior quarter. Opex totaled $14.8mn (Q3 2025: $21.3mn), while G&A expenses were $3.9mn (Q3 2025: $3.2mn). The decrease in Opex primarily reflects a one-time presentation reclassification of certain withholding taxes from Opex to Income tax. Adjusted EBITDA increased to $51.6mn from $44.8mn in Q3, driven by stronger revenues and lower Opex.
The JV achieved an average dayrate of $278 thousand per day (Q3 2025: $272 thousand per day) and maintained strong technical utilization of 98% (Q3 2025: 98.4%). Seagems JV’s contract backlog at quarter-end was approximately $1.3bn (Q3 2025: approximately $1.5bn). In Q4 2025 the entire fleet operated under the new Petrobras contracts.
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During the quarter, the Seagems JV distributed $38.1mn to Paratus (Q3 2025: $57.8mn), bringing total distributions received in 2025 to $129mn (2024: $97.5mn).
Earlier this year, Petrobras issued a PLSV tender for start-up in 2027-28, offering 4-year contracts across 5 different lots with varying technical specifications. The tender deadline is currently set for mid-April 2026, and Seagems is well positioned to submit a bid with at least one vessel.
The company has, in recent quarters, evaluated opportunities to expand the Seagems business and leverage the strong operational platform it has developed. In this context, Seagems has submitted a commercial proposal in response to a Petrobras tender for the demobilization of flexible lines. To support this bid, Seagems has secured access to a third-party vessel, which would be deployed in the event of a contract award.
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