Paratus Energy Services Ltd. · OSL:PLSV
Paratus Energy Services — DNB Energy Conference 2024
11 slides from Paratus Energy Services's conference presentation, Mar 6, 2024
Slide 1: Paratus Energy Services
Paratus Energy Services DNB Energy Conference March 2024
Slide 2: 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.
Slide 3: 3 things to remember
3 things to remember 1 Negotiating potential contracts which could see FCF to equity from backlog exceed market cap(1) 2 Efficient balance sheet with 2.5x NIBD / EBITDA(2) and significant flexibility on dividends 3 Preparing for an IPO in Oslo Notes: (1) (a) Does not include any potential EBITDA and
Slide 4: Paratus at a glance
Paratus at a glance Description LTM EBITDA(1) 6 PLSVs $285mm 50% Seabras JV 100% 5 High-Spec Jack-ups $98mm ~24% Global Oil Services Provider $117mm Sources: Company Documents Notes: (1) 2Q23 figures for Seabras JV and SeaMex based on Paratus 2Q23 trading update; 2023 figures for Archer from 4Q 23 r
Slide 5: A different oil services company
A different oil services company Paratus Common traits of oil services companies Capital 2.5x net leverage ratio(1) at 9% coupon Over-levered legacy structures Structure Efficient use of shareholder capital Under-levered restructured companies Capital Substantial capacity for distributions
Slide 6: ~$2bn of potential incremental backlog under negotiation
~$2bn of potential incremental backlog under negotiation 2024 2025 2026 2027 2028 Location J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Diamante $162k Topazio $162k Seabras Esmeralda $193k JV Onix $337k $162k Jade $263k Rubi
Slide 7: Significant historical deleveraging from resilient cash flows
Significant historical deleveraging from resilient cash flows Seabras net debt(1)(2) $1,042 $1,101 Distributions $803 ~$1bn deleveraging since Q2 $643 2023 $485 $360 $267 $76 $84 2015 2016 2017 2018 2019 2020 2021 2022 2023 SeaMex net debt(2) $588 > $600mm deleveraging $408 $315 $235 $159 $130 $180
Slide 8: Potential for large distributions in 2024
Potential for large distributions in 2024(1) For illustrative purposes; includes Seabras contracts currently under negotiation 62-69% of market cap(2) ~$385-$425 37-43% of $161 market cap(2) ~$225-$265 ~$100-$140 $126 Unrestricted Cash Illustrative Cash Flow Illustrative Distribution Illustrative Ne
Slide 9: Backlog FCFE incl. contracts under negotiation could exceed market cap
Backlog FCFE incl. contracts under negotiation could exceed market cap(1)(2) For illustrative purposes; includes Seabras contracts currently under negotiation $161 ~$925-$985 103-113% of $290 market cap(5) $635-$695 ~$640-$700 $126 Unrestricted Cash Illustrative Potential Illustrative Net SeaMex Rec
Slide 10: 3 things to remember
3 things to remember 1 Negotiating potential contracts which could see FCF to equity from backlog exceed market cap(1) 2 Efficient balance sheet with 2.5x NIBD / EBITDA(2) and significant flexibility on dividends 3 Preparing for an IPO in Oslo Notes: (1) (a) Does not include any potential EBITDA and
Slide 11: Slide 11