HAMILTON, Bermuda, Nov. 26, 2024 — Paratus Energy Services Ltd. (Oslo: PLSV) (“Paratus” or the “Company”) is raising its 2024 EBITDA forecast and providing an operational update on its Mexican operations, managed by its wholly-owned subsidiary, Fontis Holdings Ltd. (“Fontis”).

Due to strong year-to-date performance, Paratus increases its full-year 2024 EBITDA guidance to $250-260 million, a $25 million midpoint increase from the prior forecast of $220-240 million. Further details will be shared during the quarterly earnings call on November 29, 2024.

Addressing recent reports of potentially reduced rig activity in Mexico, Paratus clarifies that its contracts allow for up to 45 days of temporary operational suspension without revenue loss, with contract extensions compensating for lost time. Fontis has been notified that the Courageous rig will temporarily cease operations for 45 days due to client-side preparatory delays. Operations at its current site are expected to conclude in early December 2024, after which the rig will remain on standby. The anticipated EBITDA impact from this 45-day delay is roughly $3 million.

Paratus’s Mexican contracts incorporate this operational flexibility to optimize client operations. The company remains committed to supporting its client and strengthening their decade-long relationship, noting the client’s recent public statements about future operational plans and supplier payments.

This announcement contains inside information under the EU Market Abuse Regulation and is subject to the Norwegian Securities Trading Act’s Section 5-12 disclosure requirements. Paratus CFO Baton Haxhimehmedi published this announcement at the time and date specified above.

For further information, please contact:
Baton Haxhimehmedi, CFO

+47 406 39 083

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