Paratus Reports Q2 2025 Results
HAMILTON, Bermuda, Aug. 26, 2025 /PRNewswire/ -- Paratus Energy Services Ltd. (ticker "PLSV") ("Paratus" or the "Company") today reported operational and financial results for the second quarter of 2025, highlighted by $107 million in combined segment revenues and $57 million in adjusted EBITDA. The Company and its consolidated subsidiaries and ownership in Joint Ventures (the "Group") ended the quarter with $93 million in cash and a net debt balance of $631 million.
Paratus is pleased to announce that its Board of Directors (the "Board") has authorized a quarterly cash distribution of $0.22 per share for Q2 2025, consistent with prior quarters. During the quarter, Paratus also repurchased own shares for approximately $4.8 million under its current share repurchase program, with approximately $75 million remaining capacity.
"We are pleased to report another solid quarter highlighted by strong operational performance and consistent shareholder distributions," said Robert Jensen, CEO of Paratus. "The government support plan introduced in Mexico provides positive signals and strengthen our confidence in the outlook. We look forward to building on this momentum to maximize long-term value for our shareholders."
Q2 2025 highlights and post quarter-end developments
Maintained strong operational performance with fleet technical utilization of approximately 98%.
Generated $107 million in combined segment revenues and $57 million in adjusted EBITDA.
Repurchased own shares for approximately $4.8 million; with approximately $75 million remaining capacity under the current repurchase authorization.
Received first-time dividend from Archer of $1.3 million; an additional $1.3 million has been declared for Q2 2025.
Ended the quarter with $93 million in Group cash and $631 million in net debt.
Post Q2, declared a $0.22 per share quarterly dividend for Q2 2025, consistent with previous quarters.
In August, Fontis received first payment from its client in Mexico since Q1 2025.
FontisFontis recorded $43.8 million in contract revenues, compared to $46.6 million in Q1 2025. The revenue decline primarily reflected no operations on Titania FE during the quarter, lower average dayrates due to market indexation and UWILD survey on Intrepid, partly offset by the absence of rig suspensions during the quarter.
Operating expenses (Opex) totalled $25.6 million (Q1 2025: $18.3 million) and general and administrative expenses (G&A) totalled $0.4 million (Q1 2025: $1 million). The increase in Opex reflects Titania FE rig relocation costs at the end of its campaign (primarily tugboat and fuel expenses) partially offset by lower overall operational activity. The rig has subsequently been re-imported to Mexico. Additionally, Q1 2025 Opex benefited from favorable changes in accrual estimates. Adjusted EBITDA for Q2 2025 was $17.8 million (Q1 2025: $27.4 million).
During Q2 2025, Fontis achieved an average dayrate of $116 thousand per day (Q1 2025: $125 thousand per day) and maintained a strong technical utilization of 99.2% (Q1 2025: 99.7%). Fontis contract backlog at quarter-end was approximately $98 million (Q1 2025: approximately $139 million).
The successful collection of $209 million in overdue receivables from Fontis' client in Mexico during Q1 2025 marked a significant milestone. This transaction materially improved the Company's liquidity position and demonstrated that alternative avenues exist for monetizing receivables beyond the traditional collection process.
As of the end of Q2 2025, the notional value of accounts receivable increased to $232 million, up from $185 million at the end of Q1 2025. No payments were received during the quarter, in line with broader trends observed among other service providers operating in Mexico with this client. In early August 2025, the Mexican government publicly introduced a comprehensive financial support plan with the aim to make Fontis' client financially ...
