Paratus Energy Services Ltd. Launch of an Offer to Buy Back Own Shares
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES.
HAMILTON, Bermuda, Feb. 28, 2025 /PRNewswire/ -- Reference is made to the stock exchange announcement from Paratus Energy Services Ltd. (ticker "PLSV") ("Paratus" or the "Company") on 20 February 2025 regarding the launch of an offer to buy back own shares for an amount in NOK equivalent to approximately $20 million ("the Offer"). The Company has engaged ABG Sundal Collier ASA (the "Manager") to assist with the Offer.
The Offer will be conducted as a reverse bookbuilding process in which all shareholders in the Company are invited to offer shares at a price level defined by the respective selling shareholder by contacting the Manager (see contact details below).
The final purchase price per share will be determined by the Company at its sole discretion based on the sales orders received. The final purchase price will be identical for all selling shareholders.
The reverse bookbuilding period commences today, 28 February 2025, at 09:00 hours (CET) and is expected to close at 16:30 hours (CET) on 4 March 2025. Notification of allocation and pricing is expected to be made before 09:00 hours (CET) on 5 March 2025 (T), and settlement is expected to take place on or about 7 March 2025 (T+2) through a delivery versus payment transaction (DVP).
As the Offer is expected to be conducted prior to the ex-date for the USD 0.22 dividend (announced separately by the Company today), shareholders participating in the Offer will not be entitled to receive the dividend declared on February 28, 2025, on shares sold.
Existing shareholders in the Company wishing to participate in the Offer can contact the Manager at +47 22 01 60 28 or +44 207 905 5622 in order to place a sales order. Existing shareholders in the Company who would like to participate in the Offer who are not registered as clients of the Manager must establish a client relationship before participating.
In the event that the total volume offered by selling shareholders at or below the final purchase price in the Offer exceeds the Offer size, the allocation will, to the extent possible, be made on a pro rata basis based on the volume offered by each selling shareholder, with the objective of treating all shareholders equally based on their indicated interest in participating in the Offer at or below the final purchase price. The selling shareholders will be bound to sell any amount up to the offered number of shares on the offered terms if and at such time the offer is accepted by the Company, irrespective of whether the Company decides to purchase a lower number of shares from a selling shareholder than offered for sale by the respective shareholder.
The Company reserves the right to, at its own discretion, amend the Offer size or reject received orders. The Company may further, at its sole discretion terminate or withdraw the Offer at any time until the time of completion of the Offer.
The two largest shareholders of Paratus, Hemen Investments Ltd. and Lodbrok Capital LLP on behalf of funds and accounts managed or advised by it, have informed the Company that they do not intend to participate in the Offer.
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. (ticker: 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 Børs.
IMPORTANT NOTICE
The Offer will be carried out in accordance with applicable laws and regulations and information pertaining to the Offer will be disclosed by way of stock exchange notices.
The Offer and the distribution of this announcement and other information in connection with the Offer may be restricted by law in certain jurisdictions (including, but not limited to, the United States, Canada, Australia and Japan). None of the Company or the Manger assume any responsibility in the event there is a violation by any person of such restrictions. This includes shareholders who have changed their domicile to such jurisdictions but which may access their VPS accounts. Persons into whose possession this announcement or relevant information should come are required to inform themselves about and to observe any such restrictions.
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