Paratus Energy Services Ltd. · OSL:PLSV
Paratus Energy Services — Investor Conference Presentation June 2025
27 slides from Paratus Energy Services's conference presentation, Jun 5, 2025
Slide 1: Investor Conference Presentation
Investor Conference Presentation June 2025 1
Slide 2: Disclaimer and important information (1/2)
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
Slide 3: Disclaimer and important information (2/2)
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
Slide 4: Key investment highlights
1 Key investment highlights 2 Company overview A Appendix 4
Slide 5: Paratus at a glance
Paratus at a glance Group Operating Companies Operating Companies Combined Financial Investments LTM Q1 2025 LTM Q1 2025 Revenue EBITDA Seagems JV Seagems (50%) Fontis Paratus G&A Subsea services provider, with a fleet of six Offshore drilling company with a fleet of five Global oil services provide
Slide 6: Executive Summary
Executive Summary An Industry leading yield Announced cash distributions and share buybacks since September 2024 represents ~30% of current market cap(1) Strong value support from existing cash, receivables and contracted cash flows Cash and cash flow from firm backlog covers 96-107% of market cap o
Slide 7: Industry leading yield
Industry leading yield Capital allocation policy Selected subsea and offshore drillers yield comparison (5)(6) Committed to providing shareholders with stable, long-term, and sustainable distributions, subject to allowance under debt indentures (2) Cash distribution(1) of ~26% of market cap sinc
Slide 8: Backlog supports significant distribution capacity the next few years
Backlog supports significant distribution capacity the next few years Illustrative cash generation to shareholders based on firm contract backlog(1)(2) USDm ~817 % of Market Cap(4) ~150 96%–107% ~442 ~136 ~228 ~590 ~396 ~757 ~530 224 Q1 25 Cash and Seagems Backlog Fontis Backlog Total Cash Paratus T
Slide 9: Substantial dividend support from Seagems and balance sheet
Substantial dividend support from Seagems and balance sheet Illustrative 3-year quarterly FCFE per share potential(1) Fontis Dayrate Scenario(6) Dividend yield potential(5) 26% 32% 38% 44% $0.40 $0.35 $0.29 $0.16 $0.11 Current quarterly $0.24 $0.05 dividend $0.12 $0.10 ($0.22 / share) $0.26 Seagems
Slide 10: Firm backlog of $1bn
Firm backlog of $1bn Per day Name Location Asset Type 2025 2026 2027 2028 Diamante PLSV $289k Topazio PLSV $289k Seagems JV Esmeralda PLSV $266k Onix PLSV $170k $289k Jade PLSV $287k Rubi PLSV $287k Oberon Jack-up Market Indexed ($123k) Titania FE Jack-up $142k Fontis Energy(1) Intrepid Jack-up Mark
Slide 11: Robust balance sheet creates flexibility to pursue efficient capital allocation
Robust balance sheet creates flexibility to pursue efficient capital allocation The June 2024 refinancing extended maturities beyond the Group’s firm backlog, establishing clear path to shareholder returns USDm Cash Net Leverage Ratio 2.2x(1) as of Q1 2025 176 134 20 New capex funding of $30m at
Slide 12: Company overview
1 Key investment highlights 2 Company overview A Appendix 12
Slide 13: Paratus overview
Paratus overview Key Financial Metrics(2) ($m and %) Technical utilization (%) Revenue EBITDA Margin Seagems Fontis Paratus is a holding company of a group of leading energy services companies 57% 58% 55% 56% 97% 98% 98% 97% 98% 99% 98% 100% inclusive of Seagems JV, Fontis, and a financial investmen
Slide 14: Seagems is a leading subsea player in Brazil with a fleet of six modern PLSVs
Seagems JV Seagems is a leading subsea player in Brazil with a fleet of six modern PLSVs Fully integrated subsea provider Resilient financials and strong margins through the cycle(1) Revenue EBITDA EBITDA-margin (%)(2) Seagems is a 50/50 joint venture between Paratus and Sapura Energy Berhad (“Sap
Slide 15: Fontis Energy owns and operates a fleet of five high-spec jack-up rigs
Fontis Energy owns and operates a fleet of five high-spec jack-up rigs Leading offshore driller in Mexico History of stable financials and strong margins Revenue EBITDA EBITDA-margin (%)(1) Fontis Energy, a wholly-owned subsidiary of Paratus, is an international offshore driller that owns and 63%
Slide 16: Ideally placed in the value chain – Seagems more late cycle than Fontis
Ideally placed in the value chain – Seagems more late cycle than Fontis Fontis Energy Seagems JV Engineering Fontis energy delivers offshore drilling Planning, developing, building, and installing infrastructure and equipment for oil and gas services focusing on the shallow water exploration and
Slide 17: Strong financial and operational performance through cycles
Strong financial and operational performance through cycles Steady financial performance in revenue, EBITDA, and cash conversion(1) Excellent operational track record USDm Revenue EBITDA(2) Cash conversion(3) Paratus G&A Fleet utilization The strong financial performance has been possible through an
Slide 18: Demonstrated ability to deleverage, unlocking shareholder returns
Demonstrated ability to deleverage, unlocking shareholder returns ~$1bn deleveraging in Seagems since 2015 ~$600m deleveraging in Fontis Energy since 2015(1) Net Debt ($m) Net Debt ($m) -946 -610 588 1,101 1,042 Distributions up to 408 Paratus and Sapura 803 Energy since Q2 2023 315 643 235 486 159
Slide 19: Attractive dividend yield, substantial backlog, efficient capital structure
Attractive dividend Substantial backlog Efficient and flexible yield visibility capital structure 19
Slide 20: Appendix
1 Key investment highlights 2 Company overview A Appendix 20
Slide 21: Overview of capital structure post refinancing
Overview of capital structure post refinancing Capital structure as of Q1 2025 Debt covenant / incurrence test Paratus 100 % 50% 2026 Bonds 2029 Bonds Ownership (figures reflect 100%) Debt Paratus covenants n/a n/a Paratus(1) Seagems JV USDm Group(2) At least USD 20m of Minimum Free Liquidit
Slide 22: Robust global jack-up utilization despite recent suspensions in Saudi Arabia
Robust global jack-up utilization despite recent suspensions in Saudi Arabia Structurally tight market for premium jack-ups Recent fixtures have been ~USD 80-120k/day for premium jack-ups USDk/day (%) Marketed utilization PF marketed utilization (19 premium jack-ups are available)(1) 280 100% 260 95
Slide 23: Supportive market dynamics for infrastructure-linked PLSVs in Brazil
Supportive market dynamics for infrastructure-linked PLSVs in Brazil PLSV demand in Brazil is expected to surpass available supply Breakdown of available supply in Brazil # vessels High-spec supply available Current supply Demand in Brazil # of vessels Current high-spec supply 40 40 5% Seagems JV 30
Slide 24: Seagems holds ~1/3 of the Brazilian PLSV market, a key growth area
Seagems holds ~1/3 of the Brazilian PLSV market, a key growth area 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 Limited number of vessels glob
Slide 25: Fontis Energy has a unique market position in Mexico due to its local setup
Fontis Energy has a unique market position in Mexico due to its local setup Fontis Energy is well positioned with advanced jack-up rigs Jack-up market in Mexico and Fontis Energy’s position Premium jack-ups are capable of operating in deeper water depths compared to Fontis Energy’s five jack-ups a
Slide 26: Paratus has strong backing from its largest shareholder, Seatankers
Paratus has strong backing from its largest shareholder, Seatankers(1) Ownership: 37% Ownership: 43% Ownership: 18% Ownership: 11% Ownership: 54% Ownership: 48% MCap: $3.3bn MCap: $1.2bn MCap: $1.2bn MCap: $2.8bn MCap: $0.2bn MCap: $0.1bn # of vessels: 812 # of vessels: 132 # of vessels: 802 Seatank
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