Subject: TNM
Paratus Energy Services Ltd - Seabras Secures New Contracts for 6 PLSVs, Bolstering Backlog by $1.8 Billion
HAMILTON, Bermuda, May 10, 2024 /PRNewswire/ -- Paratus Energy Services Ltd. ("Paratus" or the "Company") is pleased to announce that certain wholly owned entities of Seabras Sapura Holding GmbH and Seabras Sapura Participações S.A. (collectively, "Seabras" or "JV") have successfully been awarded contracts for its full fleet of six multi-purpose pipe-laying support vessels ("PLSV") as part of a competitive Petrobras tender process. This achievement is set to bolster Seabras' backlog by approximately $1.8 billion. Following the award of these contracts, Seabras' backlog stands at approximately $2.1 billion[1].
The contract awards represent a meaningful improvement to dayrates, reflecting the positive industry momentum and the growing demand for PLSVs in Brazil. This achievement is a testament to Seabras' unwavering commitment to operational excellence, safety, and customer satisfaction. Since commencing operations in 2014, the vessels have maintained an average technical utilization of approximately 98%.
"We are delighted to announce this significant milestone," said Rogerio Salbego, CEO of Seabras. "This success demonstrates the strength of our fleet, our strong long-term relationship with Petrobras, and our track record of delivering value to our clients."
The contracts, each with a three-year term, will commence on different mobilization dates between May 2024 and June 2025 according to the current contract schedule for each of the PLSVs, with the longest dated contract going through 2028. The awards will provide longer-term revenue visibility, and will continue to support Seabras' strong cash flow and enable the JV to continue returning capital to its long-term shareholders.
"We are pleased with the outcome of Petrobras' recent tender and are confident that this will pave the way for ongoing success," said Robert Jensen, Executive Director of Paratus. "We remain confident that Seabras' long-term cash flow visibility will further strengthen the overall financial flexibility of Paratus and its ability to return cash to its shareholders."
About Seabras
Seabras is a leading subsea services company, with a fleet of six multi-purpose PLSVs with capabilities for subsea engineering, installation, and other services. All of Seabras' vessels are currently operating under contract in Brazil. Seabras is headquartered in downtown Rio de Janeiro, with additional support offices in Rio das Ostras and Vienna. Seabras is a 50/50 joint venture between Paratus and Sapura Energy Berhad, a global integrated energy services and solutions provider. For further information about Seabras visit www.sapura.com.br/en
About Paratus
Paratus Energy Services Ltd. is an investment holding company of a group of leading energy services companies. The Paratus Group is primarily comprised of its ownership of SeaMex and a 50/50 JV interest in Seabras. SeaMex is an offshore drilling company with a fleet of five high-specification jack-up rigs working under contracts in Mexico. Seabras is a leading subsea services company, with a fleet of six multi-purposes PLSVs under contracts in Brazil. In addition, Paratus is the largest shareholder in Archer Ltd, a global oil services company, listed on the Oslo Stock Exchange. For further information visit www.paratus-energy.com
For further information, please contact:
Hawthorn Advisors
[email protected]
+44 (0)203 7454960
Paratus -- Forward-Looking Statements
This release includes forward-looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's and / or the Paratus Group's (including any member of the Paratus Group) plans, strategies, business prospects, changes and trends in its business and the markets in which it operates. These statements are based on management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and / or the Paratus Group and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, management's reliance on third party professional advisors and operational partners and providers, the Company's ability (or inability) to control the operations and governance of certain joint ventures and investment vehicles, oil and energy services and solutions market conditions, subsea services market conditions, and offshore drilling market conditions, the cost and timing of capital projects, the performance of operating assets, delay in payment or disputes with customers, the ability to successfully employ operating assets, procure or have access to financing, ability to comply with loan covenants, liquidity and adequacy of cash flow from operations of its subsidiaries and investments, fluctuations in the international price of oil or alternative energy sources, international financial, commodity or currency market conditions, including, in each case, the impact of pandemics and related economic conditions, changes in governmental regulations, including in connection with pandemics, that affect the Paratus Group, increased competition in any of the industries in which the Paratus Group operates, the impact of global economic conditions and global health threats, including in connection with pandemics, our ability to maintain relationships with suppliers, customers, joint venture partners, professional advisors, operational partners and providers, employees and other third parties and our ability to maintain adequate financing to support our business plans, factors related to the offshore drilling, subsea services, and oil and energy services and solutions markets, the impact of global economic conditions, our liquidity and the adequacy of cash flows for our obligations, including the ability of the Company's subsidiaries and investment vehicles to pay dividends, political and other uncertainties, the concentration of our revenues in certain geographical jurisdictions, limitations on insurance coverage, our ability to attract and retain skilled personnel on commercially reasonable terms, the level of expected capital expenditures, our expected financing of such capital expenditures, and the timing and cost of completion of capital projects, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, tax assessments and liabilities for tax issues, legal and regulatory matters, customs and environmental matters, the potential impacts on our business resulting from climate-change or greenhouse gas legislation or regulations, the impact on our business from climate-change related physical changes or changes in weather patterns, and the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems. Consequently, no forward-looking statement can be guaranteed.
Neither the Company nor any member of the Paratus Group undertakes any obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
[1] Reflected pro forma as of March 31, 2024
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SOURCE Paratus Energy Services Ltd
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