Paratus Announces USD 60 million Receipt of Payments in Mexico

Hamilton, Bermuda, June 30, 2024 – Paratus Energy Services Ltd. (“Paratus” or the “Company”), today announces that its wholly owned subsidiary Fontis Holdings Ltd. (together with its subsidiaries, “Fontis Energy”), has received USD 59.8 million from its key client in Mexico. These significant collections mark a steady progress in the reduction of Fontis Energy’s receivable balance, which had seen an irregular increase since Q2 2023 due to re-certification procedures required by the client arising from the separation away from the previous manager of the rigs. 

About Paratus
Paratus Energy Services Ltd. (ticker: PLSV) is an investment holding company of a group of leading energy services companies. The Paratus Group is primarily comprised of its ownership of Fontis Energy and a 50/50 JV interest in Seabras. Fontis Energy is an offshore drilling company with a fleet of five high-specification jack-up rigs working under contracts in Mexico. Seabras is a leading subsea services company, with a fleet of six multi-purpose pipe-laying support vessels under contracts in Brazil. In addition, Paratus is the largest shareholder in Archer Ltd, a global oil services company, listed on the Oslo Stock Exchange.

For further information, please contact: 
Robert Jensen, CEO
+47 958 26 729 

Baton Haxhimehmedi, CFO
+47 406 39 083