(Información remitida por la empresa firmante)
HAMILTON, Bermuda, July 3, 2023 /PRNewswire/ — Paratus Energy Services Ltd. («Paratus» or «Company») today announced significant cash receipts, and other business updates on Paratus, its subsidiaries, and associated companies («Paratus Group»)
Updated regarding Seabras
Paratus is pleased to announce the receipt of a $65.5 million payment from Seabras Sapura Holding GmbH and related subsidiaries (collectively «Seabras» or «JV») on account of its 50% shareholder position.
This substantial payment represents the culmination of the diligent efforts undertaken by Seabras and the JV shareholders, and highlights the strength of Seabras’ financial performance. As previously announced, Seabras was able to fully retire its Bank Facilities[1] more than 3 years earlier than scheduled, positioning the JV with a largely deleveraged balance sheet and with an enhanced ability to return capital to its JV shareholders.
Paratus anticipates more receipts from Seabras in the future. Pursuant to an agreed plan amongst the JV shareholders, Seabras will distribute all excess cash to its JV shareholders throughout the remainder of 2023.
Paratus’ leadership views this payment as a positive development and a testament to Seabras’ strong cash flow generating capabilities and capital returns. The receipt of these funds will further enhance Paratus’ financial position, and Paratus’ leadership remains focused on evaluating all capital allocation alternatives to maximize value for its stakeholders.
On June 20, 2023, Petróleo Brasileiro S.A. («Petrobras») launched its tender process for the procurement of pipelaying supply vessels, which includes 34 batches across five lots with commencement dates ranging from 2024 through 2026. Seabras intends to actively participate in the process, and any successful awards will further bolster its backlog and go forward financial position.
In addition to its financial strengths, Seabras has consistently demonstrated strong operational performance. In June 2023, the Jade vessel was honored with 1st place for the Barcópolis award, presented by Petrobras, for achieving the highest KPIs in 2022. This prestigious recognition serves as a testament to Seabras’ ongoing operational excellence, ability to deliver exceptional services, and upholding the highest industry standards.
Updates regarding SeaMex
In the first half of 2023, SeaMex Holdings Ltd. («SeaMex») benefited from $125.8 million of receipts from its key customer, Pemex Exploración y Producción («Pemex»), which includes a $65.3 million payment received in June 2023. As of June 30, 2023, SeaMex had a net cash position of approximately $75 million, comprised of $45.6 million of debt and $120.9 million of cash[2]. SeaMex intends to utilize its excess cash to fully deleverage SeaMex, and support the operations and growth of the company.
Paratus Commitment to Growth and Value Creation
Paratus is actively seeking opportunities to acquire the right assets that offer strong returns, enhance its market position and financial profile, and contribute to long-term sustainable growth. Paratus believes that growth can be achieved by strategically expanding its portfolio with assets that complement its existing operations, or through strategic consolidations.
Paratus recently pursued a potential growth opportunity by participating in a bid for certain jack-up assets. While the bid did not ultimately materialize, the Company remains resolute in its commitment to pursuing growth opportunities that deliver long-term value for its stakeholders.
«Our capital discipline and focus on value creation guided our decision-making process, and we will continue to evaluate potential opportunities with prudence,» said Robert Jensen, Executive Director of Paratus.
As Paratus pursues growth opportunities, the Company remains dedicated to maintaining its financial strength and creating value for its stakeholders, while also ensuring the long-term success and stability of the organization.
Forward-Looking Statements
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