Paratus is pleased to announce that its Board of Directors (the "Board") has authorized a quarterly cash distribution of $0.22 per share for Q4 2025, consistent with prior quarters.
"We closed 2025 with strong performance, meaningful cash collections in Mexico, and continued shareholder returns," said Robert Jensen, CEO of Paratus. "With solid cash generation from Seagems, we are well positioned to execute on our strategic priorities and maximize long-term shareholder value."
Q4 and full-year 2025 highlights, including notable post-quarter developments:
Achieved full-year fleet utilization of approximately 99%, with financial results exceeding initial full-year guidance.
Combined full-year segment revenues were $452 million while adjusted EBITDA grew 4% to $261 million.
Collected $356 million in Mexico, including $209 million through a receivable monetization agreement.
Simplified Group structure through sale of its 24% Archer stake, unlocking $48 million of cash, of which $18 million was applied toward debt reduction.
Delivered $168 million of capital returns to shareholders through cash distributions and share buybacks
Successfully completed acceptance testing across PLSV fleet, with all vessels contracted with Petrobras at materially higher dayrates by year-end 2025.
Reported Q4 2025 combined segment revenue of $115 million and adjusted EBITDA of $69 million.
Ended the year with $204 million in Group cash and $581 million in net debt.
Post Q4, declared a $0.22 per share quarterly dividend for Q4 2025, consistent with previous quarters.
FontisFontis reported contract revenues of $41.8 million (Q3 2025: $54.8 million). Revenues in the prior quarter included $12.1 million of variable revenue which is only recognized until it is agreed by the customer. Operating expenses (Opex) totaled $21.3 million, compared to $19.5 million in Q3 2025, primarily reflecting higher year-end accruals, while general and administrative expenses (G&A) were $0.9 million (Q3 2025: $0.5 million). Adjusted EBITDA was $19.6 million, compared with $34.8 million in Q3 2025.
During Q4 2025, Fontis achieved an average dayrate of $114 thousand per day (Q3 2025: $116 thousand per day) and maintained strong technical utilization of 99.5% (Q3 2025: 99.7%). The company's contract backlog at quarter-end stood at approximately $20 million (Q3 2025: approximately $56 million).
At the end of Q4 2025, the notional value of the receivable balance was $199.1 million, down from $293.1 million as of Q3 2025. During the quarter, Fontis received $143 million in payments toward overdue invoices from its client in Mexico, with payments made via a Mexican government investment fund. Including these receipts, the Company collected approximately $356 million in 2025. Post Q4, Fontis received $5 million in collections from its client.
The Company continues to actively pursue the collection of its remaining outstanding receivables and remains committed to recovering the full amounts due, consistent with its past practice. While the Company recognizes that the timing of collections may continue to fluctuate, recent payments and ongoing government support initiatives provide greater confidence that the payment cycle is normalizing.
The Company observes continued improvement in the global jack-up market, supported by operating and tender activity levels in key regions, particularly in Saudi Arabia, as well as in other markets. Near-term demand for jack-ups in Mexico in 2026 appears to be driven more by the client's approved budgets than by drilling activity required to maintain production, resulting in contracting processes progressing more slowly than anticipated. Recent public statements ...
