Paratus Energy Services Ltd. · OSL:PLSV
Paratus Energy Services — Investor Presentation (March 2025)
25 slides from Paratus Energy Services's investor presentation, March 2025
Slide 1: Investor Presentation March 2025
Investor Presentation March 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: Paratus at a glance
Paratus at a glance ▪ Paratus group consists of the leading energy services companies Seagems and Fontis Energy ▪ Financial investments Group operating companies Financials combined(4) 2024 2024 Revenue EBITDA Seagems 50% Fontis Energy Paratus G&A Seagems JV -5% 50% ownership(1) 100% ownership ~24%
Slide 5: Executive summary
Executive summary An Industry leading yield of above 20% 1 Announced cash distributions and share buybacks since September 2025 represents ~21% of current market cap(1) Strong value support from existing cash, receivables and contracted cash flows (95% contract coverage 2025(2)) 2 Cash and cash flow
Slide 6: Industry leading yield of above 20%
Industry leading yield of above 20% ▪ Capital allocation policy Selected subsea and offshore drillers yield comparison(2)(3) ▪ Policy: committed to providing (4) shareholders with stable, long-term, and 23.3% sustainable distributions, subject to allowance under debt indentures Cash ▪ Q2 cash distri
Slide 7: 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 % of Market Cap(4) 89% – 98% ~865 ~90 ~430 ~80 ~235 ~630 ~380 ~805 ~570 346 2024 Year End Cash and Seagems Backlog FCF Fontis Backlog FCF Tot
Slide 8: 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% 43% $0.41 $0.35 $0.30 $0.16 $0.10 $0.25 $0.05 Current quarterly dividend $0.11 $0.10 ($0.22 / share) $0.26 Seagems
Slide 9: Seagems JV firm backlog of $1.2bn
Firm backlog of $1.2bn Name Location Asset Type 2025 2026 2027 2028 USD Diamante PLSV USD 289k/day 141k/day USD Topazio PLSV USD 289k/day 141k/day Seagems JV USD Esmeralda PLSV USD 266k/day 306k/day Onix PLSV USD 170k/day USD 289k/day Jade PLSV USD 287k/day Rubi PLSV USD 263k/day USD 287k/day Oberon
Slide 10: Company and key investment highlights
1 Company and key investment highlights A 2 Key investment highlights Appendix 10
Slide 11: Paratus overview
1 A Company and key investment highlights Paratus overview Paratus is a holding company of a group of leading Key financial metrics ($m and %)(2) Technical utilization (%) energy services companies inclusive of Seagems JV, Revenue EBITDA Margin Seagems Fontis Fontis, and a financial investment in Ar
Slide 12: Seagems is a leading subsea player in Brazil with a fleet of six modern PLSVs
1 A Company and key investment highlights Seagems JV Seagems is a leading subsea player in Brazil with a fleet of six modern PLSVs Seagems is a fully integrated subsea service provider Resilient financials and strong margins through the cycle ▪ Seagems is a 50/50 joint venture between Paratus and Sa
Slide 13: Fontis Energy owns and operates a fleet of five high-spec jack-up rigs
1 A Company and key investment highlights Fontis Energy owns and operates a fleet of five high-spec jack-up rigs Fontis Energy is a leading offshore driller in Mexico History of stable financials and strong margins ▪ Fontis Energy, a wholly-owned subsidiary of Paratus, is an USDm EBITDA margin %(1)
Slide 14: Ideally placed in the value chain, with Seagems being more late cycle than Fontis
1 A Company and key investment highlights Ideally placed in the value chain, with Seagems being more late cycle than Fontis Fontis Energy’s service offering Seagems’ service offering Drilling Engineering Pipe-laying IRM and ROV services Subsea construction ▪ Fontis energy delivers offshore drilling
Slide 15: Strong financial and operational performance through cycles
1 A Company and key investment highlights 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 financ
Slide 16: Demonstrated ability to deleverage, unlocking shareholder returns
1 A Company and key investment highlights Demonstrated ability to deleverage, unlocking shareholder returns ~$1bn deleveraging in Seagems since 2015 ~$600m deleveraging in Fontis Energy since 2015(1) Net debt (USDm) Net debt (USDm) -610 -946 588 1,101 1,042 408 Distributions up to Paratus and Sapura
Slide 17: Attractive dividend yield, substantial backlog, efficient capital structure
Attractive dividend Substantial backlog Efficient and flexible yield visibility capital structure 17
Slide 18: Appendix
1 Company and key investment highlights A 2 Appendix 18
Slide 19: Overview of capital structure post refinancing
1 A Appendix Overview of capital structure post refinancing Pro forma capital structure (as of Q4 2024) Debt covenant / incurrence test Paratus 100 % 50% PES Notes New Bonds Ownership (figures reflect 100%) Paratus Paratus(1) Seagems JV Debt USDm Group(2) ▪ n/a ▪ n/a covenants 2026 PES 2029 PES Faci
Slide 20: Robust global jack-up utilization despite recent suspensions in Saudi Arabia
1 A Appendix Robust global jack-up utilization despite recent suspensions in Saudi Arabia Structurally tight market for premium jack-ups Recent fixtures have been around USD 80-120k/day for premium jack-ups Marketed utilization PF marketed utilization (19 premium jack-ups are available)(1) USDk/day
Slide 21: Supportive market dynamics for infrastructure-linked PLSVs in Brazil
1 A Appendix 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%
Slide 22: Seagems holds ~1/3 of the Brazilian PLSV market, a key growth area
1 A Appendix 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 Limited number of vessels globally, in addition to high degree of ownership ▪ Seagems has a leading market share
Slide 23: Fontis Energy has a unique market position in Mexico due to its local setup
1 A Appendix 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 standard ▪ Fontis En
Slide 24: Paratus has strong backing from its largest shareholder, Seatankers
1 A Appendix Paratus has strong backing from its largest shareholder, Seatankers(1) Seatankers’ investment philosophy Seatankers group current strategic companies Oil Services Shipping Target the #1 position in the Industry Define position in the cycle and invest accordingly Shareholder alignment wi
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