Paratus - Extension of Share Buyback Timeline
HAMILTON, Bermuda, April 25, 2025 /PRNewswire/ -- Paratus Energy Services Ltd. (Oslo: PLSV) ("Paratus" or the "Company") refers to its announcement dated April 2, 2025, regarding the initiation of a share buyback program (the "Buyback") of up to 1,600,000 shares for a total NOK consideration equivalent to $5 million.
The Company announces that it will require additional time to complete the Buyback, which was originally due to expire on April 30, 2025. Accordingly, the Buyback will now remain in effect until the earlier of: (i) the acquisition of the maximum number of shares as set above; (ii) the maximum total consideration as set out above has been reached; or (iii) May 28, 2025.
All other terms of the Buyback remain unchanged. Paratus has engaged Arctic Securities AS ("Arctic") to facilitate the Buyback through open market transactions on Euronext Oslo Børs. Arctic will continue to execute trades independently of, and uninfluenced by, Paratus, subject to the mandate for the Buyback.
The purpose of the Buyback remains to provide a return of capital to the Company's shareholders. The shares acquired will be in whole or in part held in treasury or cancelled at the discretion of the Company's Board. The Buyback will otherwise be structured to comply with the regulation regarding buy-back programmes and stabilisation measures (pursuant to the Market Abuse Regulation (EU Regulation 596/2014)).
This information is subject to disclosure pursuant to section 5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Robert Jensen, CEO
robert.jensen@paratus-energy.com
+47 958 26 729
Baton Haxhimehmedi, CFO
baton.haxhimehmedi@paratus-energy.com
+47 406 39 083
About Paratus
Paratus Energy Services Ltd. (Oslo: PLSV) is an investment holding company of a group of leading energy services companies. The Paratus Group is primarily comprised of its ownership of Fontis Energy and a 50/50 JV interest in Seagems. Fontis Energy is an offshore drilling company with a fleet of five high-specification jack-up rigs working under contracts in Mexico. Seagems is a leading subsea services company, with a fleet of six multi-purpose pipe-laying support vessels under contracts in Brazil. In addition, Paratus is the largest shareholder in Archer Ltd, a global oil services company, listed on the Euronext Oslo Børs.
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