(Información remitida por la empresa firmante)
HAMILTON, Bermuda, June 19, 2023 /PRNewswire/ — Paratus Energy Services Ltd. (“Paratus” or the “Company”) today announced a trading update for the first quarter 2023 and updates on Paratus, its subsidiaries and associated companies (“Paratus Group”).
1. Key Financial Highlights
1.1 Paratus
In the first quarter ending March 31, 2023, Paratus generated $43 million in revenue and $12 million in EBITDA[1]. In the fourth quarter ending December 31, 2022, Paratus generated $52 million in revenue and $24 million in EBITDA1.
1.2 SeaMex Group
During the first quarter period ending March 31, 2023, Paratus’ wholly owned subsidiary SeaMex Holdings, Ltd. (“SeaMex”) and its subsidiaries (collectively with SeaMex, “SeaMex Group”) generated $43 million in revenue and $15 million in EBITDA. Compared to the fourth quarter 2022, revenue and EBITDA decreased by 17.3% and 44.4%, respectively, largely resulting from downtime arising out of operational incidents on the West Courageous and the West Defender in November 2022 and January 2023, respectively. The West Courageous and West Defender fully resumed operations in mid-February and mid-March respectively, and the broader fleet has continued to perform well in recent months, with economic utilization of 97.5% in April 2023 and 100.0% in May 2023.
For the first quarter ending March 31, 2023, SeaMex Group earned an average contractual rate of $115 thousand per day and ended with $500 million in contract backlog[2].
As previously announced, SeaMex has received a termination notice from PEMEX regarding the West Titania jack-up, with an effective termination date of March 16, 2023. The West Titania has continued to operate under contract with PEMEX to complete work on an existing well, which is estimated to be completed in early Q3 2023. SeaMex remains in dialogue with PEMEX regarding a potential extension of the West Titania contract, and is actively engaged with third parties regarding other near-term opportunities.
1.3 Joint Venture in Seabras Group
Seabras UK Limited (“Seabras”), a wholly owned subsidiary of Paratus, holds a 50% equity interest in Seabras Sapura Holding GmbH, its associated company, Seabras Sapura Participa?ões S.A and their subsidiaries (collectively with Seabras, “Seabras Group”).
During the first quarter period ending March 31, 2023, Seabras Group generated $108 million in revenue and $61 million in EBITDA. Compared to the fourth quarter 2022, revenue and EBITDA decreased by 4.4% and 24.7%, respectively. For the first quarter, Seabras Group earned an average contractual rate of $204 thousand per day and ended with $604 million in contract backlog.
2. Other Updates
2.1 SeaMex Appoints New CEO
SeaMex is pleased to announce the hiring of Raphael Siri as Chief Executive Officer. The addition of Mr. Siri is part of the strategic plan to bring all SeaMex rig management activities in house in the near future, replacing Seadrill rig management activities which will largely be phased out in Q3 2023.
Mr. Siri brings extensive leadership experience to SeaMex, with over 25 years of experience in the drilling industry. Most recently, Mr. Siri served as CEO of Sapura Drilling, where he played a pivotal role in the successful 2013 transition of the Seadrill-sold tender-assisted business into Sapura Energy (then SapuraKencana Petroleum). During his tenure, he demonstrated exceptional leadership by effectively managing the Drilling Business while undertaking diverse multi-portfolio assignments within the Group. These assignments encompassed crucial areas such as Transformation, Performance, Risk, IT, SCM, and QHSE. Prior to his tenure at Sapura Drilling, Mr. Siri showcased his strong capabilities by ascending the ranks and assuming leadership positions at various other major oil and gas services companies, including Seadrill Ltd., Pride International (now Valaris plc) and Schlumberger Limited.
“I am honored to have been offered the opportunity to join SeaMex as CEO,” said Raphael Siri. “And I look forward to strengthening and growing the company and working with the talented existing team to unlock value for our stakeholders.”
SeaMex is excited about the addition of Mr. Siri to its leadership team and looks forward to leveraging his expertise and leadership to further enhance the company’s position in the industry.
2.2 Archer Convertible Loan Conversion
On April 20, 2023, Paratus announced that the convertible loan made by the Company’s subsidiary, Paratus JU Newco Bermuda Limited (“Paratus JU Newco”), to Archer Limited (“Archer”) originally dated May 27, 2016 (as amended and restated from time to time) (the “Convertible Loan”) was converted into 208,000,000 ordinary shares of Archer on April 20, 2023 (the “Convertible Loan Conversion”). Following the Convertible Loan Conversion, the Company holds 392,305,324 ordinary shares of Archer, representing an ownership stake of approximately 24%.
Schedule 1. Key Financial Highlights
Notes:
Schedule 2. Fleet Status Report
SeaMex Group
Seabras Group
Notes:
Paratus — Forward-Looking Statements
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