Business
Paratus Energy Services Ltd. Announces Sale of its Jack-up Business
Paratus Energy Services Ltd. (ticker PLSV) ("Paratus" or the "Company") today announces that it, together with its indirect subsidiary Fontis Finance Ltd. ("Fontis Finance") has entered into agreements with Borr Drilling Limited ("Borr") and Proyectos Globales de Energía y Servicios CME, S.A. de C.V ("CME" and jointly with Borr, the "Purchasers") to sell Fontis' drilling operations and jack-up fleet (the "Transaction"). The Transaction is structured through two inter-conditional transactions, wh
About this update from Cme Group Inc.
[{"type":"text","content":"HAMILTON, Bermuda, March 23, 2026 /PRNewswire/ -- Paratus Energy Services Ltd. (ticker PLSV) ("Paratus" or the "Company") today announces that it, together with its indirect subsidiary Fontis Finance Ltd. ("Fontis Finance") has entered into agreements with Borr Drilling Limited ("Borr") and Proyectos Globales de Energía y Servicios CME, S.A. de C.V ("CME" and jointly with Borr, the "Purchasers") to sell Fontis' drilling operations and jack-up fleet (the "Transaction"). The Transaction is structured through two inter-conditional transactions, whereby CME will acquire the Fontis Mexican operations for cash consideration, while CME and Borr through a jointly owned acquisition vehicle will acquire Fontis' Singaporean rig owning entities for a combination of cash and seller's credit.","length":871,"tagName":"p"},{"type":"text","content":"The next phase for Fontis","length":25,"tagName":"p"},{"type":"text","content":"From Paratus becoming the owner of Fontis in 2022, and up until closing of the Transaction, Paratus will have overseen the distribution of approximately USD 760 million of asset value from Fontis to stakeholders, of which USD 219 million was distributed to creditors in 2022 and 2023 and approximately USD 541 million will have been distributed to Paratus (including the consideration to be received under the Transaction). During its ownership of Fontis, Paratus has overseen Fontis' separation from Seadrill, organizational build-up, a full repayment of Fontis' external financial debt and significant progress on collecting outstanding receivables. Building on this progress, Paratus is of the view that Fontis' assets from this point would benefit from being part of a larger platform in the jack-up industry to compete most effectively. Paratus believes that Borr and CME represent a strong industrial home for Fontis' assets, with an established presence in Mexico and international access.","length":1012,"tagName":"p"},{"type":"text","content":"Paratus would like to thank Fontis and its employees for their dedication and contributions and wish them continued success under the ownership of Borr and CME.","length":160,"tagName":"p"},{"type":"text","content":"Strategic rationale","length":19,"tagName":"p"},{"type":"text","content":"The ...