Paratus Energy Services Ltd.

Earnings Release • Nov 25, 2025

Paratus Reports Q3 2025 Results

Paratus Reports Q3 2025 Results

Hamilton, Bermuda, November 25, 2025 - Paratus Energy Services Ltd. (ticker

"PLSV") ("Paratus" or the "Company") today reported operational and financial

results for the third quarter of 2025, highlighted by $127 million in combined

segment revenues and $78 million in adjusted EBITDA. The Company and its

consolidated subsidiaries and ownership in Joint Ventures (the "Group") ended

the quarter with $144 million in cash and a net debt balance of $659 million.

Paratus is pleased to announce that its Board of Directors (the "Board") has

authorized a quarterly cash dividend of $0.22 per share for Q3 2025, consistent

with prior quarters.

"We delivered another strong quarter with better-than-expected financial results

and consistent shareholder distributions," said Robert Jensen, CEO of Paratus.

"The monetization of our Archer stake highlights our focus on simplifying our

business, while recent collections in Mexico further reinforce our confidence in

an improving operating environment in the country. We remain focused on

strategic development of the business and creating long-term value for

our shareholders."

Q3 2025 highlights and post quarter-end developments

· Maintained strong operational performance with fleet technical utilization

of approximately 99%.

· Combined segment revenues increased 20% quarter-over-quarter to $127

million, while EBITDA rose 38% to $78 million, driven by higher dayrates and

increased operational days at Seagems, as well as $12 million of previously

unrecognized revenue at Fontis. Excluding this, EBITDA was $66 million (Q2 2025:

$57 million).

· Monetized the Company's ~24% shareholding in Archer for $48 million

consistent with its focus on portfolio optimization and simplification of the

corporate structure.

· Ended the quarter with $144 million in Group cash and $659 million in net

debt.

· Post Q3, declared a $0.22 per share quarterly dividend for Q3 2025,

consistent with previous quarters.

· In October-November, Fontis collected $96 million from its client in Mexico

with payments made via a Mexican government investment fund; bringing 2025

receipts to $309 million to date.

Fontis

Fontis reported contract revenues of $54.8 million (Q2 2025: $43.8 million),

reflecting the recognition of $12.1 million in previously unrecognized revenue

from the Titania FE contract acknowledge by its client.

Reported operating expenses (Opex) totaled $19.5 million for the quarter, down

from $25.6 million in Q2 2025, as the main portion of the Titania FE rig move

costs had been incurred in the previous period. General and administrative

expenses (G&A) amounted to $0.5 million (Q2 2025: $0.4 million). Adjusted EBITDA

for the quarter was $34.8 million, compared to $17.8 million in Q2 2025,

reflecting the $12.1 million in variable revenue and lower Opex.

During Q3 2025, Fontis achieved an average dayrate of $116 thousand per day,

consistent with the previous quarter, and maintained strong technical

utilization of 99.7% (Q2 2025: 99.2%). The company's contract backlog at quarter

-end stood at approximately $56 million (Q2 2025: approximately $98 million).

The Company observes early signs of demand recovery in the global jack-up

market, supported by increasing activity levels in key regions such as Saudi

Arabia and Mexico. In Saudi Arabia, Saudi Aramco has begun recalling previously

suspended rigs, indicating improving market conditions and an expected increase

in global jack-up utilization. In Mexico, Fontis' client has started securing

rig capacity for 2026 through contract renewals and extensions. Of the Company's

fleet of five jack-up rigs, all are currently contracted into Q1 2026, except

for Titania FE, which remains warm-stacked pending new engagement. While no

assurances can be given, the Company is in discussions with its client regarding

potential contracting of its rigs in Mexico. The Company remains confident in

the long-term demand for its rigs and anticipates that increased drilling

activity in Mexico will be required to support its client's production targets,

as recently reaffirmed by the Mexican government. In line with earlier

communication, the Company continues to assess strategic alternatives for its

jack-up business.

In August 2025, the Mexican government publicly introduced a comprehensive

financial support plan with the aim to make Fontis' client financially self

-sufficient by 2027. Key elements of the plan include the settlement of overdue

supplier payments, debt reduction initiatives, and a long-term increase in

national oil production from approximately 1.6 to 1.8 million barrels per day.

As part of this initiative, approximately $25 billion in new government

guaranteed funding has reportedly been secured by the client in Mexico,

including proceeds partially earmarked for capital expenditures and supplier

debt settlements.

As of the end of Q3 2025, the notional value of accounts receivable was $293

million ($232 million as of Q2 2025). In October-November, Fontis received

payment of approximately $96 million in total towards overdue invoices from its

client in Mexico, with payments made via a Mexican government investment fund.

Including these receipts, the Company has collected approximately $309 million,

so far in 2025.

The Company continues to actively pursue the collection of its remaining

outstanding receivables and remains committed to recovering the full amounts

due, consistent with its past practice. While the Company recognizes that the

timing of collections may continue to fluctuate, recent payments and ongoing

government support initiatives provide greater confidence that the payment cycle

is normalizing.

Seagems Joint Venture

Paratus' 50% share in the Seagems joint venture contributed $72.6 million in

contract revenues during the current quarter, compared to $62.7 million in Q2

2025. The revenue increase was primarily driven by higher average dayrates and

reduced off-hire days relative to the previous quarter, when three vessels were

undergoing acceptance testing as part of the commencement of new Petrobras

contracts. In August, the final vessel, Onix, commenced its new Petrobras

contract.

Reported Opex for the quarter was $21.3 million (Q2 2025: $15.4 million), while

G&A expenses totaled $3.2 million (Q2 2025: $3.7 million). The increase in Opex

primarily reflected the absence of one-off favorable items recorded in the

previous quarter. Adjusted EBITDA for the period was $44.8 million, up from

$40.6 million in Q2 2025, mainly as a result of stronger revenues.

The JV achieved an average dayrate of $272 thousand per day (Q2 2025: $255

thousand per day) and maintained strong technical utilization of 98.5% (Q2 2025:

97.9%). The Seagems JV's contract backlog at quarter-end was approximately $1.5

billion (Q2 2025: approximately $1.6 billion).

During the first nine months ("year-to-date" or "YTD") of 2025, the Seagems JV

provided cash distribution of approximately $91 million to Paratus (YTD 2024:

approximately $60 million).

In Q3 2025, Seagems also secured an aggregate $60 million in additional capital

expenditures financing from local Brazilian banks with amortization scheduled

over 3 years starting in 2026.

Webcast and Q&A Session

Paratus will host a presentation of the Q3 2025 results via an audio webcast

today at 15:00 CET. The presentation will be led by CEO Robert Jensen and CFO

Baton Haxhimehmedi.

To join the webcast, please use the following link:

https://paratusenergy.engagestream.companywebcast.com/2025-11-25

A Q&A session will follow the presentation, with instructions on how to submit

questions provided at the start of the session.

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

This information is subject to the disclosure requirements pursuant to section 5

-12 the Norwegian Securities Trading Act.

Attachments

· Q3 2025 Interim Results Report

· Q3 2025 Interim Results Presentation

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 in Mexico. Seagems is a leading subsea services

company, with a fleet of six multi-purpose pipe-laying support vessels in

Brazil.

Forward-Looking Statements

This release includes forward-looking statements. Such statements are generally

not historical in nature, and specifically include statements about the

Company's and / or the Paratus Group's (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 news release. 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 pandemics and related economic conditions, changes in

governmental regulations, including in connection with pandemics, 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 pandemics, 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.

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.