Paratus Energy Services Ltd.

Earnings Release • Nov 22, 2024

Paratus Increases Full-Year 2024 Earnings Guidance and Provides Update on Operations in Mexico

Paratus Increases Full-Year 2024 Earnings Guidance and Provides Update on Operations in Mexico

Hamilton, Bermuda, November 22, 2024 - Paratus Energy Services Ltd. (ticker

"PLSV") ("Paratus" or the "Company") announces an upward revision of its full

-year 2024 EBITDA guidance and provides commentary on the Company's rig

operations in Mexico, operated through its wholly-owned subsidiary Fontis

Holdings Ltd. ("Fontis").

Following strong operational execution year-to-date, Paratus is raising its full

-year 2024 EBITDA guidance to $250-260 million, representing a mid-point

increase of $25 million from the previous guidance range of $220-240 million.

Further details will be provided on the quarterly earnings call on November 29,

Paratus has noted recent reports regarding a potential temporary reduction in

rig activity in Mexico, and consequently the Company wishes to provide an update

as well as clarify the potential financial impact to the Company of such

dynamics. The contracts for all of Fontis' jack-ups with the client permit

activity to be temporarily ceased for up to 45 days during the contract term,

without revenue being generated during such period. However, any deferred days

will extend the contract duration accordingly. Fontis has received notification

from its client that the Courageous will temporarily cease operations for 45

days due to delays in the client's preparatory activities at its next location.

Operations at the Courageous' current location is expected to be completed in

early December 2024, upon which the rig will remain in standby at its location.

The estimated EBITDA impact of a 45-day deferral through the end of the firm

contract period is expected to be approximately $3 million.

Paratus has accommodated and priced such flexibility into its contracts in

Mexico to allow its client to execute its operations more efficiently. The

Company remains highly focused on supporting its client and continuing to

strengthen the long-standing relationship it has had for over a decade, and the

Company has taken note of the public comments the client has recently provided

about its future plans for operations and payments to its suppliers.

This announcement contains information considered to be inside information

pursuant to the EU Market Abuse Regulation and is subject to the disclosure

requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The

announcement was published by Baton Haxhimehmedi, CFO of Paratus, on the time

and date set out above.