Paratus Energy Services Ltd. · OSL:PLSV
Paratus Energy Services — Pareto Energy Conference 2026
17 slides from Paratus Energy Services's conference presentation, Sep 18, 2026
Slide 1: Pareto Energy Conference September 2026
Pareto Energy Conference September 2026
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: Key company highlights
Key company highlights Fully contracted pure play PLSV business in a resilient, infrastructure-linked segment Industry leading dividend yield (17%), paid ~$350 million to shareholders since IPO(1) Resilient balance and efficient capital structure (1.5x net leverage)(2) Notes: Subtotals and totals in
Slide 4: Uniquely positioned PLSV pure play with industry leading yield
Uniquely positioned PLSV pure play with industry leading yield Paratus at a glance Seagems JV at a glance Paratus Energy is an investment holding company listed on A 50/50 JV between Paratus and Vantris Energy that operates a fleet of six multi-purpose pipe-laying Euronext Oslo Børs (PLSV), with a 5
Slide 5: Fully contracted pure play business in resilient, infrastructure-linked segment
Fully contracted pure play business in resilient, infrastructure-linked segment All vessels contracted on multi-year contracts Demand expected to be resilient Dayrates in $ thousand/day(1) Name 2026 2027 2028 Petrobras’ five-year plan supports sustained PLSV demand, demonstrating that pipeline ins
Slide 6: Seagems is highly cash generative with a proven deleveraging track record
Seagems is highly cash generative with a proven deleveraging track record Strong EBITDA and high cash conversion(1) Enabling de-leveraging and distributions to shareholders(1) USDm USDm EBITDA Cash Conversion(2) Net debt Seagems 100% Accumulated dividends paid from Seagems (100%) 98% -1,204 96% Foll
Slide 7: Substantial dividend support from Seagems and balance sheet
Substantial dividend support from Seagems and balance sheet Substantial cash flow support from Seagems Shareholder returns Paratus is confident in a credible path to sustaining quarterly DPS ($0.22) based Committed to stable and sustainable shareholder on a strong balance sheet and several poten
Slide 8: Resilient balance sheet with pro-forma leverage of ~1.5x post transaction
Resilient balance sheet with pro-forma leverage of ~1.5x post transaction Comments Capital structure USDm 661 Recently issued $250 million of 8.125% bonds due 2031 and redeemed 2026 Notes 151 2.7x 237 Received $163 million in cash consideration at Fontis 274 1.5x transaction close and a $237 mil
Slide 9: Pure play PLSV business, attractive dividend yield, backlog visibility
Pure play PLSV business Attractive dividend yield Substantial backlog visibility Efficient and flexible capital structure 8
Slide 10: Seagems delivers long-cycle, infrastructure-like exposure
Seagems delivers long-cycle, infrastructure-like exposure Seagems own 17% of the Attractive positioned in the oil & gas value chain global PLSV fleet Exploration Development Production Abandonment 22% 2-3y 3-5yrs 10-30y 5-10y 6% Exploration Development Production Abandonment 8% 36 • Geological studi
Slide 11: Track record on prior tenders with Petrobras underpins incumbent advantage
Track record on prior tenders with Petrobras underpins incumbent advantage Remaining backlog Recurring tender cycles provide multi-year contract visibility for the PLSV fleet of ~$1.1bn2 Current Vessels 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 dayrate
Slide 12: Strong demand driving backlog across the subsea services industry
Strong demand driving backlog across the subsea services industry Km of flexible pipe to be installed in Brazil Record backlogs keep high-end subsea assets booked beyond 2030 Km of pipe $bn 2021-25 avg 2026-32E avg TechnipFMC (Subsea) Subsea 7 (Subsea & Conventional) Saipem (Asset Based Services) 78
Slide 13: Strong underlying fundamentals for high and long-lasting PLSV demand in Brazil
Strong underlying fundamentals for high and long-lasting PLSV demand in Brazil PLSVs offer versatile capabilities beyond pipe-laying New versus old pipes New pipes Recycling of old pipes Subsea Maintenance Well Decommissioning Existing track-record Construction Support Completion Installation of m
Slide 14: Petrobras drives the demand for PLSVs in Brazil
Petrobras drives the demand for PLSVs in Brazil Petrobras 5 year-spending plan remains at a Brazil account for a large share of the growth the next 5 years Mbbl/pd $bn high level to reach 3.3mn boe/d 2030 target 114 Since publishing its business plan, the oil price 109 Under evaluation Planned 5 yr
Slide 15: Seagems fleet overview
Seagems fleet overview Diamante Topazio Onix Jade Rubi Esmeralda Year Delivered 2014 2014 2015 2015 2016 2016 Yard IHC Merwede IHC Merwede IHC Merwede IHC Merwede IHC Merwede OSX Dimensions 146m x 30m 146m x 30m 146m x 30m 146m x 30m 146m x 30m 134m x 24m Flexlay 550t Flexlay 550t Flexlay 550t Flexl
Slide 16: Attractive leverage profile and a unique platform for synergistic growth
Attractive leverage profile and a unique platform for synergistic growth Organic growth Inorganic growth / M&A Actively pursuing tenders for additional PLSVs and adjacent subsea vessel Exploring opportunities for acquisitions of high-quality subsea vessels/fleets to classes potentially grow scal
Slide 17: A brief history of Paratus
A brief history of Paratus Seabras JV and NSNCo1 full Paratus is Paratus becomes Paratus becomes a Portfolio Jack-up business Seamex JV formed SeaMex ownership formed standalone public company streamlining divested 2011-2018 2021 2022 2023 2024 2025 2026 Seabras JV formed NSNCo amends NSNCo Re
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