Paratus announces intention to list on Euronext Growth Oslo

Paratus is the principal holder of a group of leading energy service companies. The Company's business is primarily comprised of its 100 % ownership of Fontis Holdings Ltd., (previously known as SeaMex Holdings Ltd.) ("Fontis"), its 50% joint venture interest in Seabras Sapura JV Participacoes S.A. and Seabras Sapura Holding GmbH (collectively, "Seabras") and a 24.2% equity ownership stake in Archer Ltd. ("Archer").

Fontis is an offshore drilling company with a fleet of five high-specification jack-up rigs under contracts in Mexico. Seabras is a subsea services company, with a fleet of six multi-purpose pipe-laying support vessels (PLSV) under contracts in Brazil, providing subsea engineering, installation, and other services. Archer is a global oil services company providing drilling services, well integrity & intervention, plug and abandonment, and decommissioning services. Archer is listed on Oslo Stock Exchange under ticker "ARCH".

The Company's largest shareholder is Hemen Investments Ltd. ("Hemen"), which currently holds 32% of the Shares. In addition, Lodbrok Capital LLP, through different funds, hold 20.2% of the shares.

Financial highlights

The following key figures are based on management reporting, which includes the Company's 50% stake in Seabras:

• For the full year 2023, revenue of USD 429 million and adjusted EBITDA of USD 232 million, achieving adjusted EBITDA margin of approximately 54%      
  • For Q1 2024, revenue and adjusted EBITDA amounted to USD 109 million and USD 53 million, respectively
• Net debt (including marketable securities) as of Q1 2024 stands at approximately USD 597 million with a cash position of USD 126 million
• Firm backlog as of Q1 2024 stands at approximately USD 1.5 billion

The Offering will comprise a private placement of new shares in the Company (the "Offer Shares"). The net proceeds from the Offering will primarily be used for general corporate purposes and increased balance sheet flexibility.

Robert Jensen, CEO of Paratus, commented: Paratus' exceptional cash flow profile is underpinned by our substantial backlog in attractive market segments. Our listing on the Euronext Growth and planned uplisting to the Oslo Stock Exchange will provide a robust platform to drive continued value creation for our shareholders. With our strong cash flow profile and efficient capital structure, Paratus is well positioned to return significant capital to shareholders through potential near-term distributions.

Subject to receiving the relevant approvals from the Oslo Stock Exchange, as well as prevailing equity capital market conditions, the Company is expected to have its first day of trading on Euronext Growth Oslo by the end of Q2 2024. The Company intends to pursue an uplisting to Oslo Stock Exchange as soon as practicable thereafter. Further announcements relating to the Offering and Listing, including the number of Offer Shares to be offered and the indicative price range in which such Offer Shares will be marketed (if any) will be made in due course.

Advisers
DNB Markets, a part of DNB Bank ASA is acting as Euronext Growth Advisor to the Company in connection with the Listing (the "Euronext Growth Advisor") and jointly, together with Arctic Securities AS, acting as Managers, Joint Global Coordinators and Joint Bookrunners in respect to the Offering (the "Managers").

Ducera Partners LLC is acting as financial advisor to the Company.

Advokatfirmaet Schjødt AS is acting as legal counsel to the Company, while Advokatfirmaet Wiersholm AS is acting as legal counsel to the Euronext Growth Advisor and the Managers, in connection with the Offering and Listing.