Paratus Energy Services Ltd.

Investor Presentation • Sep 10, 2025

Company Presentation

September 2025

Disclaimer and important information (1/2)

This document and any information provided in this presentation (the "Presentation") has been prepared by Paratus Energy Services Ltd (the "Company") solely for the purposes of providing existing investors and other stakeholders with an update about certain limited aspects of the Company. Nothing in this Presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The Presentation does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any debt or equity securities of the Company or any of its subsidiaries whether now or in the future, nor should it or any part of it form the basis of, or be relied on in connection with, any present or future contract to purchase or subscribe for any such securities of the Company or any of its subsidiaries, nor shall it or any part of it form the basis of or be relied on in connection with any other contract or commitment whatsoever. Any current or future decision to purchase or subscribe for any securities of the Company now or in the future should be made solely on the basis of information contained in offering materials, if any, that may be published by the Company in connection with such offering or sale in the future and not this Presentation. No reliance may be or should be placed by any person for any purposes whatsoever on the information contained in this Presentation or any other material discussed at the Presentation, or on its completeness, accuracy or fairness. No party has made any kind of independent verification of any of the information provided in this Presentation, including any statements with respect to projections or prospects of the Company or its business or the assumptions on which such statements are based, and no party undertakes any obligation to do so. The contents of this Presentation are not to be construed as legal, business, investment or tax advice and each recipient should consult with its own professional advisors for any such matter or advice.

The Company takes no responsibility for any reproduction or redistribution of this Presentation, in whole or in part, to any other person. This Presentation contains summary information only and does not purport to be comprehensive and is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. The Company has prepared this presentation based on information available to it, including in some cases information derived from public sources that have not been independently verified. Accordingly, no representation, warranty, or undertaking, express or implied, is made by the Company, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. In giving this Presentation, none of the Company, its affiliates or representatives undertake any obligation to provide the recipient with access to any additional information or to update this Presentation or any information or to correct any inaccuracies in any such information. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the Presentation. As such, this Presentation speaks only as of the date hereof.

Matters discussed in this document and any materials distributed in connection with this Presentation may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions, including assumptions opinions and views of the company and its subsidiaries or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Forward-looking statements may specifically include statements about the Company's and its subsidiaries (together, the "Paratus Group") (including any member of the Paratus Group) plans, strategies, business prospects, changes and trends in its business and the markets in which it operates. These statements are based on management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and / or the Paratus Group and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this Presentation. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, management's reliance on third party professional advisors and operational partners and providers, the Company's ability (or inability) to control the operations and governance of certain joint ventures and investment vehicles, oil and energy services and solutions market conditions, subsea services market conditions, and offshore drilling market conditions, the cost and timing of capital projects, the performance of operating assets, delay in payment or disputes with customers, the ability to successfully employ operating assets, procure or have access to financing, ability to comply with loan covenants, liquidity and adequacy of cash flow from operations of its subsidiaries and investments, fluctuations in the international price of oil or alternative energy sources, international financial, commodity or currency market conditions, including, in each case, the impact of COVID-19 and related economic conditions, changes in governmental regulations, including in connection with COVID-19, that affect the Paratus Group, increased competition in any of the industries in which the Paratus Group operates, the impact of global economic conditions and global health threats, including in connection with COVID-19, our ability to maintain relationships with suppliers, customers, joint venture partners, professional advisors, operational partners and providers, employees and other third parties and our ability to maintain adequate financing to support our business plans, factors related to the offshore drilling, subsea services, and oil and energy services and solutions markets, the impact of global economic conditions, our liquidity and the adequacy of cash flows for our obligations, including the ability of the Company's subsidiaries and investment vehicles to pay dividends, political and other uncertainties, the concentration of our revenues in certain geographical jurisdictions, limitations on insurance coverage, our ability to attract and retain skilled personnel on commercially reasonable terms, the level of expected capital expenditures, our expected financing of such capital expenditures, and the timing and cost of completion of capital projects, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, tax assessments and liabilities for tax issues, legal and regulatory matters, customs and environmental matters, the potential impacts on our business resulting from climate-change or greenhouse gas legislation or regulations, the impact on our business from climate-change related physical changes or changes in weather patterns, and the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems. Consequently, no forward-looking statement can be guaranteed and no representation is made that any of these forward-looking statements will come to pass or will be achieved and you are cautioned not to place any undue reliance on any forward-looking statement.

Disclaimer and important information (2/2)

Neither the Company nor any member of the Paratus Group undertakes any obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.

THIS PRESENTATION DOES NOT CONSTITUTE A PROSPECTUS OR OTHER REGULATORY APPROVED DOCUMENT AND HAS NOT BEEN PREPARED TO COMPLY WITH RELEVANT EU OR OTHER PROSPECTUS RULES OR REGULATORY REQUIREMENTS. THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION.

This Presentation and the information contained herein are not and is not intended to be an offer of securities for sale in the United States and is not published for the purposes of publication or distribution to persons in the United States (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")). Any securities referred to herein have not been and will not be registered under the Securities Act and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. Neither this document nor any copy of it is intended to be nor may be taken or transmitted into the United States, Australia, Canada or Japan or to any securities analyst or other person in any of those jurisdictions.. Any failure to comply with this restriction or misuse of his Presentation may constitute a violation of United States, Canadian, Australian or Japanese Securities laws. This document nor extracts from it is also not for publication, release or distribution in any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction nor should it be taken or transmitted into such jurisdiction and persons into whose possession this document comes should inform themselves about and observe any such relevant laws. No money, securities or other consideration is being solicited, and, if sent in response to this Presentation or the information contained herein, will not be accepted.

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Paratus Group includes Fontis Energy ("Fontis"), 50% of Seagems ("Seagems JV"), and 23.8% of Archer Limited ("Archer").

Paratus at a glance

Notes: (1) Seagems JV figures shown here on a 100% basis and accounted for using the equity method according to US GAAP. (2) As of Q2 2025. Backlog calculations are based on contracted dayrates, in which include a Brazilian real (BRL) component that may change during the contract period due to cost escalation or de-escalation (3) Announced cash distributions and share buybacks during September 2024 - September 2025 (4) Net debt as reported including marketable securities (5) As of 2 September 2025.

Executive Summary

Industry leading yield

Total shareholder distribution since September 2024 representing around 30% of current market cap(1)

Strong value support from contracted cash flows

Cash combined with other liquid assets(2) and firm backlog covers 80-90% of market cap(1) on levered cash flows

Robust balance sheet and flexible capital structure

Healthy balance sheet with 2.6x net leverage(3) and flexible debt agreement

Notes: (1) Based on share price as of 2 September 2025 and represents announced cash distributions during September 2024 - September 2025. (2) Total cash comprising of Paratus cash, Fontis Energy cash and Seagems JV (50%) cash as of Q2 2025 and including marketable securities Archer shareholding and treasury shares as of 2 September 2025. (3) Net debt calculation includes total cash and marketable securities (Archer shareholding).

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Industry leading yield

• Committed to providing shareholders with stable, long-term, and sustainable distributions, subject to allowance under debt indentures
• Total shareholder distributions since September 2024 representing around 30% of current market cap(1)
• Authorized share repurchases up to \$100m, with \$25m repurchased to date

Capital allocation policy Selected subsea and offshore drillers yield comparison (2)(3)

Notes: (1) Based on share price as of 2 September 2025. (2) Peers include (in alphabetical order) Borr Drilling, DOF Group, Noble, Odfjell Drilling, Seadrill, Shelf Drilling, Subsea 7, Technip FMC, Valaris. (3) Based on share prices as of 2 September 2025; Excluding buybacks and reflects annualized cash distribution yield based on latest cash distribution announcement.

Backlog supports significant distribution capacity the next few years

Notes: (1) The slide is not intended to reflect financial forecast or guidance, but rather illustrative cash flow scenarios based on a number of assumptions which are uncertain by nature, and should some or all of them not materialize, it may result in material impacts on the figures illustrated herein (2) (a) Numbers reflect 100% of Paratus, 100% of Fontis Energy and 50% of Seagems. (b) Assumes USD 9m/year Paratus G&A expenses through final Fontis firm contract term (included in Seagems and Fontis potential backlog FCFF pro rata) (c) Assumes USD 15m/year annual capex at the Fontis Energy level and 50% of USD 40m per year at the Seagems level (d) For modeling purposes, assumes income taxes of 5% of EBITDA for Seagems JV and 15% of EBITDA for Fontis Energy. (3) Total cash comprising of Paratus cash, Fontis Energy cash and Seagems JV (50%) cash as of Q2 2025 and including marketable securities Archer shareholding and treasury shares as of 2 September 2025. (4) Market Cap based on share price as of 2 Sept 2025 and shares outstanding (excluding treasury shares) of ~162.7 million.

Substantial dividend support from Seagems and balance sheet

Notes: (1) Numbers reflect 100% of Paratus, 100% of Fontis Energy and 50% of Seagems financial metrics; excludes any working capital changes and extraordinary one-time payments; Based on ~162.7 million of shares outstanding (excluding treasury shares). (2) Assumes PLSV dayrate of USD 285k (before tax on revenues) and daily opex of USD 65-70k, USD 25m of SG&A (for 100%), ~98% utilization, for modelling purposes corporate income taxes of 5% of EBITDA, and normalized capex of \$40m per year ( 100% JV basis); interest and amortization payments include payments on Seagems' bank facilities; adjusted to reflects Paratus' 50% ownership in Seagems JV; (3) (a) Paratus interest payments include 9% for 2026 notes and 9.5% for 2029 bond. (b) Assumes USD 9m/year Paratus G&A expenses c) Includes dividends from Archer. (4) Net working capital as of Q2 2025 and include outstanding Fontis Energy receivables in excess of normalized levels, net of Fontis Energy and Seagems JV (50%) working capital liabilities and one-time Fontis tax liability items estimated as of Q2 2025; Assumes working capital is released over the firm backlog periods; Includes cash in excess of minimum liquidity required as per debt agreements and marketable securities (Archer shareholding and treasury shares); assumes excess cash and marketable securities are released over the firm backlog periods. (5) Share price as of 2 September 2025. (6) Assumes Fontis daily opex of USD 50-55k for the Fontis jack-ups and USD 5m of SG&A, ~98% utilization, and for modeling purposes 15% income tax of EBITDA for Fontis; Total taxes exclude VAT taxes on Fontis receipts as these are netted off in the working capital calculation.

Firm backlog of more than \$900 million(1)

Per day	Name	Location	Asset Type	2025			2026	2027		2028
V(2) s J m e g a e S	Diamante		PLSV				\$289k
	Topazio		PLSV				\$289k
	Esmeralda		PLSV				\$266k
	Onix		PLSV		\$170k			\$289k
	Jade		PLSV				\$287k
	Rubi		PLSV				\$287k
y(3) erg n E s nti o F	Oberon		Jack-up			Market Indexed (\$123k)
	Titania FE		Jack-up	\$142k
	Intrepid		Jack-up			Market Indexed (\$109k)
	Courageous		Jack-up			Market Indexed (\$109k)
	Defender		Jack-up			Market Indexed (\$109k)
					Q2 2025

Notes: (1) Seagems 50% and Fonrtis 100%. (2) Dayrates include a BRL component and may change during the contract period due to cost escalation, or de-escalation. (3) Client has the right to temporarily cease the jack ups for up to 45 days.

Robust balance sheet creates flexibility to pursue efficient capital allocation

• Net Leverage Ratio 2.6x(1) as of Q2 2025
• Post Q2 2025, Seagems secured \$60 million in new capex funding from local banks amortizing over 3 years starting in 2026
• Debt agreements allow for flexibility with respect to distributions, growth, and additional subsidiary level debt capacity

USDm

Notes: Numbers are according to management reporting. (1) Net debt calculation includes total cash and marketable securities (Archer shareholding).

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Paratus overview

Paratus is a holding company of a group of leading energy services companies inclusive of Seagems JV, Fontis, and a financial investment in Archer

Notes: (1) From 2011 when Seabras JV (now called Seagems) was formed (2) As of Q2 2025. Numbers reflect 100% of Paratus, 100% of Fontis Energy and 50% of Seagems financial metrics. Backlog calculations are based on contracted dayrates, in which include a BRL component that may change during the contract period due to cost escalation, or de-escalation.

2022 2023 2024 Q2 2025

Seagems is a leading subsea player in Brazil with a fleet of six modern PLSVs

• Fully integrated subsea provider
• Seagems is a 50/50 joint venture between Paratus and Sapura Energy Berhad ("Sapura") that was founded in 2011 and is headquartered in Rio de Janeiro, Brazil
• Seagems owns and operates six multi-purpose pipelaying support vessels ("PLSV")
• \$1.6bn in firm contract backlog as of Q2 2025

Onix Jade Rubi

Notes: (1) On a 100% JV basis. (2) Adjusted EBITDA divided by net revenue (after tax on revenue). (3) As of Q2 2025. Backlog calculations are based on contracted dayrates, in which include a BRL component that may change during the contract period due to cost escalation, or de-escalation.

Fontis Energy owns and operates a fleet of five high-spec jack-up rigs

Leading offshore driller in Mexico

• Fontis Energy, a wholly-owned subsidiary of Paratus, is an international offshore driller that owns and independently operates a fleet of five highspecification jack-up rigs
• All 5 jack-ups have been operated by a large stateowned company in Mexico since 2014, collecting over USD 1bn in total payments since 2021
• Total backlog for the fleet stands at \$98m

Fontis Energy Operating Office: Mexico ownership 100%

Back-to-back working history and strong backlog 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Courageous Defender Intrepid Oberon Titania FE Under construction Historic contracts Backlog Q2

Note: (1) Adjusted EBITDA divided by revenue. (2) As of Q2 2025.

Ideally placed in the value chain – Seagems more late cycle than Fontis

Fontis Energy Seagems JV

• Offshore drilling services focusing on the shallow water drilling segment
  • The jack-up design usually has three legs that stands on the seabed while the hull is 'jacked-up' above water
    • Fleet of five high-specification jack-ups in the Gulf of Mexico

Planning, developing, building, and installing infrastructure and equipment for oil and gas exploration and production

Pipe-laying

The PLSVs lay the flexible pipeline onto the seabed using specialized equipment such as the VLS tower

IRM and ROV services

Inspections, repairs and maintenance of subsea assets with the use of Remotely Operated Vehicles (ROVs)

Subsea construction

Installation of subsea equipment such as manifolds, plem, plet, xtrees etc.

Strong financial and operational performance through cycles

The strong financial performance has been possible through an excellent operational track-record and local teams in Brazil and Mexico

~98% average utilization for the fleet since 2018

Since inception, the fleet has been working on contracts for ~98% of available days

Strong operational know-how, ensuring efficient and effective execution of projects and daily

Building relationship with our clients through local presence and management

Notes: (1) According to management reporting which reflects 100% of Paratus, 100% of Fontis Energy and 50% of Seagems financial metrics. (2) Includes Paratus G&A from when Paratus was established in 2022. (3) Cash conversion defined as EBITDA less capex divided by EBITDA.

Demonstrated ability to deleverage, unlocking shareholder returns

Attractive dividend yield

Substantial backlog visibility

Efficient and flexible capital structure

Overview of capital structure post refinancing

			Capital structure as of Q2 2025
Paratus Ownership 100 %			50%
USDm	Paratus(1)		Seagems JV (figures reflect 100%)		Paratus Group(2)
Facility	2026 Notes	2029 Bonds	Esmeralda	Bradesco
Maturity	15 July 2026	27 June 2029	26 Nov 2032	16 May 2028
Rate	9.0%(3)	9.5%	3.9%	n.a.
Amount	215	500	85	34	775
Total Debt	715		119		775
(-) Cash and Cash equivalents(4)	(70)		(46)		(93)
(-) Marketable Securities(5)		(50)		-	(50)
Net Debt / (Cash)	595		73		632

	2026 Notes	2029 Bonds
Financial covenants	 n/a	 Minimum Free Liquidity of the higher of (i) 5% of the Group's (including Seagems JV Group) aggregate total interest bearing debt, or (ii) USD 35m
Permitted distribution		 Basket of USD ~175m until year-end 2027
Incurrence tests	 At least USD 20m of unrestricted cash on a pro forma basis  Paratus having paid full cash interest in the two prior quarters, OR  Paratus having escrowed such amounts to have satisfied two consecutive quarters of cash interest payments  Net leverage ratio not exceeding 3.75x / 3.50x / 3.25x / 3.00x until (and including) 30 June 2024 / 30 June 2025 / 30 June 2026 / 1 July 2026 and after	 Net leverage ratio not exceeding 3.50x / 3.25x / 3.00x / 2.75x / 2.50x until (and including) 30 June 2025 / 30 June 2026 / 30 June 2027 / 30 June 2028 / maturity  Minimum fixed charge coverage ratio of 1.20x, and  Minimum free liquidity (excluding any restricted cash) of USD 60m

Robust global jack-up utilization despite recent market turmoil

Note: (1) 37 jack-ups released in total, of which 30 were premium jack-ups. 10 of those premium jack-ups are still registered as contracted Sources: Pemex, IHS Petrodata (underlying data), DNB Carnegie (further calculations)

Still competitive rigs from Saudi suspensions being absorbed

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Supportive market dynamics for infrastructure-linked PLSVs in Brazil

Sources: Rystad Energy (2023), DNB Carnegie, S&P Global

Seagems holds ~1/3 of the Brazilian PLSV market, a key growth area

Limited number of vessels globally, in addition to high degree of ownership concentration

High entry barriers from ordering specialized vessels, demanding significant capital and technical expertise

Highly advanced and specialized subsea vessels requiring unique competence and technical skills to operate

Extremely versatile vessels capable of working across multiple subsea disciplines and operations

Few flex-lay capable PLSV owners and even fewer global operators Overview of high-spec PLSVs on long-term contracts in Brazil Owners Operators

PLSV market categorized by a few specialized operators Brazilian PLSV market overview and Seagems' position

• Seagems has a leading market share of ~1/3 in the Brazilian PLSV market, which is the single most important market for PLSVs
• The Brazilian PLSV market, specifically, has high barriers to entry given Petrobras specific requirements, local legislation and harsh conditions
• There are currently 20 high-spec PLSVs on contract in Brazil, of which 17 are working under longterm contract with Petrobras
• Additionally, IOCs such as Equinor, Shell, and Enauta (who recently assigned a contract with Seagems JV), among others, are expected to supplement demand for PLSVs in Brazil going forward
• The Brazilian cabotage rules and regulations prioritize Brazilian vessels and sets strict local content requirement, providing a competitive advantage for companies with a local set-up and local tonnage

Source: Rystad Energy (underlying data), DNB Carnegie (further calculations)

Fontis Energy has a unique market position in Mexico due to its local setup

standard jack-ups

decrease operators' total well costs

Premium jack-ups are capable of operating in deeper water depths compared to

With reduced well completion times compared to standard rigs, premium jack-ups help

Due to their advanced and efficient reserve extraction capabilities, premium jack-ups attract steady contracts from NOCs

Exposure to shallow water exploration and production, which is less capex intensive than deepwater / ultra-deepwater

Fontis Energy is well positioned with advanced jack-up rigs Jack-up market in Mexico and Fontis Energy's position

• Four out of five jack-ups are under contract with one of the largest worldwide jack-up contractors, a large state-owned company in Mexico
• Fontis Energy has a unique market position in Mexico, being one of three international contractors in a market that is predominantly served by local players
  • Fontis Energy has the full management and operational set-up in Mexico, allowing the company to operate efficiently in the region and build a strong relationship with this large state-owned petroleum company in Mexico
  • Mexico's shallow water production has collapsed due to the lack of new investments following the unsuccessful expansion within deepwater production – increased investments within the shallow water production will be key for Mexico to increase production

Premium jack-ups significantly outperform standard jack-ups Fontis has a 14% market share in the Mexican jack-up market

Sources: IHS Petrodata (underlying data), DNB Carnegie (further calculations)

Paratus has strong backing from its largest shareholder, Seatankers(1)

A Global Power House Within Marine Industries

Source: Company information, Bloomberg.

Note: Market capitalisation for publicly listed companies as of 31 July 2025. Ownership percentage includes total return swaps where relevant. (1) Including owned vessels, chartered vessels and newbuildings.