Paratus is pleased to announce that its Board of Directors (the "Board") has authorized a quarterly cash distribution of $0.22 per share for Q1 2026, consistent with prior quarters.
Q1 2026 highlights, including notable post-quarter developments:
Announced sale of Fontis' drilling operations and jack-up fleet, positioning Paratus as the world's only pure-play PLSV company of scale, with all six vessels on multi-year contracts in a highly resilient, infrastructure-linked market segment.
Post Q1, successfully placed new $250 million five-year bonds, primarily to refinance existing 2026 Notes.
Delivered continued strong operational performance with approximately 98% PLSV fleet technical utilization.
Reported $75 million revenues and $46 million in combined segment EBITDA.
Closed the quarter with $128 million in cash and $254 million in net debt, pro forma for the Fontis transaction.
Post Q1, declared a $0.22 per share dividend for Q1 2026, consistent with previous quarters.
Seagems Paratus' 50% share in the Seagems joint venture contributed $74.9 million in contract revenues, a modest increase from $73.5 million in the prior quarter. Opex totaled $19.5 million (Q4 2025: $14.8 million), while G&A expenses were $3.9 million, consistent with the prior quarter. The increase in reported Opex primarily reflects a one-time impact of presentation reclassification of certain withholding taxes from Opex to Income tax in Q4 2025 that reduced reported Opex in that quarter. Adjusted EBITDA was $48.1 million (Q4 2025: $51.6 million).
The JV achieved an average dayrate of $281 thousand per day (Q4 2025: $278 thousand per day) and maintained strong technical utilization of 98.3% (Q4 2025: 98%). Seagems JV's contract backlog at quarter-end was approximately $1.2 billion (Q4 2025: approximately $1.3 billion). During the quarter, the Seagems JV distributed $41.3 million to Paratus (Q4 2025: $38.1 million).
Earlier this year, Petrobras issued a PLSV tender for start-up in 2028, offering four-year contracts across five different lots with varying technical specifications. The tender deadline is currently set for mid-June 2026, and Seagems is well positioned to submit a bid with at least one vessel.
Sale of FontisOn March 23, 2026, the Company announced the sale of Fontis' drilling operations and jack-up fleet for a total transaction nominal price of $400 million. Following this announcement, ...
