(Información remitida por la empresa firmante)
HAMILTON, Bermuda, Oct. 6, 2023 /PRNewswire/ — Paratus Energy Services Ltd. (“Paratus” or the “Company”) today announced a trading update for the second quarter 2023, and updates on Paratus, its subsidiaries and associated companies (“Paratus Group”).
1. Key Financial Highlights
1.1 Paratus
In the second quarter ending June 30, 2023, the Paratus consolidated group generated $54 million in revenue and $28 million in EBITDA[1]. In the first quarter ending March 31, 2023, the Paratus consolidated group generated $43 million in revenue and $12 million in EBITDA[1].
1.2 SeaMex Group
In the second quarter ending June 30, 2023, Paratus’ wholly owned subsidiary SeaMex Holdings, Ltd. (“SeaMex”) and its subsidiaries (collectively with SeaMex, “SeaMex Group”) generated $54 million in revenue and $31 million in EBITDA. Compared to the first quarter 2023, revenue and EBITDA increased by 25.3% and 106.7%, respectively, largely resulting from the resumption of operations of the Courageous and Defender in late Q1 ’23 after a period of operational downtime arising as previously reported.
For the second quarter ending June 30, 2023, SeaMex Group earned an average contractual rate of $115 thousand per day and ended with $456 million in contract backlog[2],[3].
As previously announced, SeaMex has received a termination notice from PEMEX regarding the Titania jack-up, with an effective termination date of March 16, 2023. However, Titania has continued to operate uninterrupted under its current contract with PEMEX pursuant to a well completion clause under the contract. SeaMex remains in dialogue with PEMEX regarding a new contract for the Titania and is also actively engaged with third parties regarding other near-term opportunities.
On July 18, 2023, SeaMex fully prepaid the notes outstanding under its Notes Purchase and Private Shelf Agreement dated August 31, 2021 (“SeaMex Notes”), over a year ahead of its maturity. SeaMex emerged from the Bermudian provisional liquidation process in November 2021 with $221 million of SeaMex Notes outstanding. Since August 2022, the SeaMex Notes were gradually prepaid, positioning SeaMex free of any and all third-party debt obligations.
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 second quarter period ending June 30, 2023, Seabras Group generated $113 million in revenue and $77 million in EBITDA. Compared to the first quarter 2023, revenue and EBITDA increased by 4.6% and 26.2%, respectively. For the second quarter, Seabras Group earned an average contractual rate of $208 thousand per day and ended with $490 million in contract backlog.
As previously announced, pursuant to an agreed plan amongst the JV shareholders, Seabras Group will distribute all excess cash to its JV shareholders throughout the remainder of 2023. Since June 2023, Paratus received $95.3 million from Seabras Group, and anticipates more receipts in the future.
2. Other Updates
2.1 SeaMex Management Transition
As previously announced, SeaMex has been in the process of moving its outsourced rig management services in-house, under its own brand. As of September 11, 2023, the majority of services, including client management and operational decisions, have been transitioned from Seadrill Management Ltd. to the SeaMex leadership team in Mexico, with the remaining functions and infrastructure expected to continue to be phased-in regularly until it is completely transitioned by Q1 2024.
2.2 Petrobras Tender
In Q2 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.
Schedule 2. Fleet Status Report
Paratus — Forward-Looking Statements
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