Paratus Energy - Completes Sale of Fontis
HAMILTON, Bermuda, July 29, 2026 /PRNewswire/ -- Paratus Energy Services Ltd. (OSLO: PLSV) ("Paratus" or the "Company") refers to its announcements dated 23 March 2026 regarding the sale of Fontis' drilling operations and jack-up fleet (the "Transaction") and dated 17 July 2026 regarding receipt of competition clearance from the board of commissioners of the Mexican Competition Authority.
Paratus is pleased to announce that all remaining conditions for the Transaction have now been satisfied and that the Transaction has been successfully completed.
"The successful completion of the transaction marks an important milestone for Paratus. We are now a focused pure-play PLSV company with a fully contracted fleet, strong cash flow visibility and a simplified business operating in a resilient and infrastructure-linked segment. We believe this provides a strong foundation for the Company's next phase. I would like to thank everyone involved for their hard work and commitment throughout this transaction," said Baton Haxhimehmedi, Interim CEO and CFO of Paratus.
Upon completion of the Transaction, Paratus received approximately USD 163 million in cash consideration and a USD 237 million 2.5-year seller credit bearing interest at 10% during the first year, 12% during months 13–18 and 14% thereafter. Separately and related to the sale of the Mexican operations, Paratus received USD 20 million as reimbursement of interim funding previously provided by Paratus to support Fontis' operations between signing and completion.
For additional information, please contact:
Baton Haxhimehmedi, Interim CEO and CFO
baton.haxhimehmedi@paratus-energy.com
+47 406 39 083
About Paratus
Paratus Energy Services Ltd. (OSLO: PLSV) is an investment holding company with a 50% joint venture interest in Seagems. Seagems is a leading subsea services company that owns and operates a fleet of six multi-purpose pipe-laying support vessels, providing support, installation, flexible pipe-laying and construction services. All vessels are currently operating under contracts in Brazil.
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