Paratus Energy Svcs Ltd (PLSVF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Paratus Energy Q3 2025 earnings call. There will be a question and answer session after the presentation. And you could submit your questions by using the button on the bottom of the player. I will now hand you over to your host. Good day, everyone. Welcome to this third quarter 2025 results presentation for Paratus Energy Services Limited. My name is Robert Jensen and I am the CEO of Paritus. Joining me on the call today is Baton Hajimemedi, our CFO. Before we begin today's presentation, I would like to remind all participants that some of the statements on this call may involve forward-looking statements. Forward-looking information involves risks and uncertainties by nature that may cause actual results to differ materially from those projected in such statements. I therefore refer you to our latest public filings. Paritus delivered another strong performance for the third quarter of 2025. We reported better than expected revenues due to higher average day rates and increased operating days at Sea Gems and recognition of previously unrecognized revenue at Fontys. Both of our operating entities maintained strong operational performance with a fleet technical utilization of 99% for the quarter. Revenues for the group were 127 million compared with 107 million in the second quarter. As mentioned, the increase is primarily driven by 12 million of variable revenue previously unrecognized in Mexico, as well as higher average day rates and reduced off-hour days for our Sea Gems fleet. On the back of this, adjusted EBITDA came in at 78 million versus 57 million in Q2. Even when excluding the previously unrecognized revenue at Fontes, EBITDA was 66 million, which is a substantial improvement from the second quarter. Net income for the quarter was 46 million,...