Paratus Energy Services Ltd. · OSL:PLSV
Paratus Energy Services — Q2 2024 Earnings Presentation
12 slides from Paratus Energy Services's earnings presentation, Sep 10, 2024
Slide 1: Paratus Energy Services Q2 2024 Interim Results Presentation
Paratus Energy Services Q2 2024 Interim Results Presentation
Slide 2: Q2 2024 highlights and post-quarter developments
Q2 2024 highlights and post-quarter developments Company highlights Key figures (USDm) Revenue 124 • Successfully listed on the Euronext Growth Oslo 108 52 53 • Successful placement of 15.3 million new shares, raising gross 55 72 proceeds of $75m Q1 2024 Q2 2024 • Successful placement of $500m new b
Slide 3: Announcement of Shareholder Return Program
Announcement of Shareholder Return Program Returns to Shareholders • Intention to return a majority of excess free cash flows to shareholders Distribution Policy • Targeting stable, long-term and sustainable distributions, subject to allowance under existing debt indentures, applicable securities le
Slide 4: Seagems Q2 operational update
Seagems JV Seagems Q2 operational update(1) Operational highlights Resilient financials and strong margins through the cycle USDm EBITDA margin % Gross Revenue EBITDA 222 211 $104m $56m 60% 71% 66% 55% 58% 56% 139 Revenue Adjusted EBITDA 108 113 106 104 111 77 62 55 56 58% $2.1bn Q1 2023 Q2 2023 Q1
Slide 5: Fontis Q2 operational update
Fontis Q2 operational update Operational highlights Resilient financials and strong margins through the cycle USDm EBITDA margin % Revenue EBITDA 127 $72m $47m 65% 61% 56% 56% 97 43% 78 Revenue Adjusted EBITDA 72 54 55 43 28% 47 42 30 31 12 65% $369m Q1 2023 Q2 2023 Q1 2024 Q2 2024 H1 2023 H1 2024 F
Slide 6: Financial results – key figures
Financial results – key figures Financial summary Key figures per segment (USDm) Reported Mng. Reporting Paratus/Fontis Seagems (50%) Consolidated Eliminations Seagems (50%) Group Revenue (In $ millions) Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 232 208 Contract revenues 72 55 52 53 124 109 Tax on revenues – – (4) (3
Slide 7: Cash flow
Cash flow Movement in cash balance Key figures per Segment • At Paratus consolidated level, exited the quarter with a cash balance of $232m ($109m at Q1 2024) • Operational cash flow of $54m ($-13m in Q1 2024) primarily driven by high earnings and collection of outstanding receivables in Mexico • Ad
Slide 8: Capital structure and key balance sheet figures
Capital structure and key balance sheet figures June refinancing summary Key figures per Segment (USDm) Cash 246 • Issued $500m five-year bond with coupon rate of 9.5% 204 14 15 119 134 127 • Partially refinanced 2026 notes, extending the majority of 189 25 19 18 232 maturities to 2029 94 115 109 Q2
Slide 9: Full year 2024 guidance
Full year 2024 guidance Full Year Contract Revenue1) Full Year EBITDA(2) Full Year Capex(3) $435-475m $220-240m $30-45m (previously: n/a) (previously: $210-240m) (previously: $45-55m) Notes: (1) According to management reporting (2) Consists of 50% of Seagems figures plus Fontis EBITDA less Paratus
Slide 10: Significant free cash flow, efficient and flexible capital structure, substantial backlog visibility
Significant free Efficient and Substantial cash flow flexible capital backlog structure visibility 10
Slide 11: Slide 11
Slide 12: Disclaimer
Disclaimer 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.
Paratus Energy Services — Q2 2024 Earnings Presentation on 6ix