HAMILTON, Bermuda, August 28, 2026 /PRNewswire/ -- Paratus Energy Services Ltd. (OSLO: PLSV) ("Paratus" or the "Company") today reported operational and financial results for the second quarter of 2026, highlighted by $71 million in combined segment revenues and $42 million in adjusted EBITDA, from continuing operations. The Company and its ownership in Seagems ended the quarter with $148 million in cash and a net debt balance of $282 million (1.6x leverage) pro forma for the Fontis transaction.

Paratus is pleased to announce that its Board of Directors (the "Board") has authorized a quarterly cash distribution of $0.22 per share for Q2 2026, consistent with prior quarters.

Q2 2026 highlights, including notable post-quarter developments:

   -- Successfully completed the strategic sale of Fontis' drilling operations 
      and jack-up fleet. 
 
   -- Successfully completed a $250 million five-year bond issuance and 
      redeemed the 2026 Notes 
 
   -- Secured approval for the Extended Dry-Docking program for up to 20 years 
      for five PLSVs, with each vessel expected to require one fewer 
      dry-docking (SPS) during its lifetime, reducing future capex and allowing 
      for higher revenue generation. 
 
   -- Reported combined segment revenue and EBITDA of $71 million and $42 
      million, respectively. 
 
   -- Fleet technical utilization was 93% primarily reflecting maintenance 
      activities and operational incidents involving Esmeralda and Jade which 
      have been completed and was reflected in previously announced financial 
      guidance. 
 
   -- Closed the quarter with $148 million in cash, and net debt of $282 
      million pro forma for the Fontis Transaction. 

Seagems

Paratus' 50% share in the Seagems joint venture contributed $71 million in contract revenues, compared with $74.9 million in the prior quarter. The quarter-over-quarter decrease was primarily attributable to maintenance activities and operational incidents involving Esmeralda and Jade. These activities have been completed, and their financial impact was reflected in previously announced guidance. Operating expenses were $20.9 million, compared with $19.5 million in Q1 2026, while G&A expenses were $3.4 million, compared with $3.9 million in the prior quarter. Adjusted EBITDA was $43.5 million (Q1 2026: $48.1 million).

The JV achieved technical utilization of 93% (Q1 2026: 98.3%) and the contract backlog at quarter-end was approximately $1.1 billion (Q1 2026: approximately $1.2 billion).

During the quarter, Seagems distributed $30.2 million to Paratus (Q1 2026: $41.3 million).

Earlier in 2026, Petrobras issued a PLSV tender for contracts commencing in 2028, comprising five lots with varying technical specifications and offering contract durations of four years. Seagems submitted bids for Jade and a third-party vessel to which it has secured exclusive access to in the event of a contract award.

During the quarter, Seagems secured approval to extend the Extended Dry-Docking $(EDD)$ program up to 20 years of age for its five 550t, Panama-flagged vessels. This represents an important milestone, as the EDD regime is typically discontinued once a vessel reaches 15 years of age. Consequently, each of these vessels is expected to require one fewer dry-docking (SPS) during its lifetime than would otherwise have been required, reducing future capital expenditure and, subject to the vessels being contracted for the relevant period, allowing for higher revenue generation during the time the vessels otherwise would have been dry-docked. As a result, the extended EDD program is expected to improve asset utilization, optimize long-term fleet maintenance costs and enhance overall vessel economics. Seagems continue to seek a similar approval for the Esmeralda as well.

Completion of the Sale of Fontis

On July 29, 2026, Paratus announced that all remaining conditions for the Fontis Transaction have been satisfied and that the Fontis Transaction has been successfully completed. The successful completion of the transaction marks an important milestone for Paratus. Paratus is 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.

At completion of Fontis Transaction, Paratus received approximately $163 million in cash consideration and a $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 $20 million as reimbursement of interim funding previously provided by Paratus to support Fontis' operations between signing and completion.

The Company is currently evaluating the available alternatives for the use of the Fontis proceeds, including potential reinvestment opportunities and debt repayment, and will provide a further update once a decision has been made.

Since Q1 2026, the financial results of Fontis have been classified as discontinued operations and are included in reconciling items in the segment note (Note 4). Related assets and liabilities of Fontis are presented as held for sale.

Webcast and Q&A Session

Paratus will host a presentation of the Q2 2026 results via an audio webcast today at 15:00 CEST. The presentation will be led by Baton Haxhimehmedi (CFO and Interim CEO).

To join the webcast, please use the following link:

https://paratusenergy.engagestream.euronext.com/q2-2026

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:

Baton Haxhimehmedi, CFO and Interim CEO

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

   -- Q2 2026 Interim Results Report 
 
   -- Q2 2026 Interim Results Presentation 

About Paratus

Paratus Energy Services Ltd. (ticker: 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.

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