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Investor Conference Presentation June 2025 1
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2 Disclaimer and important information (1/2) This document and any information provided in this presentation (the "Presentation") has been prepared by Paratus Energy Services Ltd (the "Company") solely for the purposes of providing existing investors and other stakeholders with an update about certain limited aspects of the Company. Nothing in this Presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The Presentation does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any debt or equity securities of the Company or any of its subsidiaries whether now or in the future, nor should it or any part of it form the basis of, or be relied on in connection with, any present or future contract to purchase or subscribe for any such securities of the Company or any of its subsidiaries, nor shall it or any part of it form the basis of or be relied on in connection with any other contract or commitment whatsoever. Any current or future decision to purchase or subscribe for any securities of the Company now or in the future should be made solely on the basis of information contained in offering materials, if any, that may be published by the Company in connection with such offering or sale in the future and not this Presentation. No reliance may be or should be placed by any person for any purposes whatsoever on the information contained in this Presentation or any other material discussed at the Presentation, or on its completeness, accuracy or fairness. No party has made any kind of independent verification of any of the information provided in this Presentation, including any statements with respect to projections or prospects of the Company or its business or the assumptions on which such statements are based, and no party undertakes any obligation to do so. The contents of this Presentation are not to be construed as legal, business, investment or tax advice and each recipient should consult with its own professional advisors for any such matter or advice. The Company takes no responsibility for any reproduction or redistribution of this Presentation, in whole or in part, to any other person. This Presentation contains summary information only and does not purport to be comprehensive and is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. The Company has prepared this presentation based on information available to it, including in some cases information derived from public sources that have not been independently verified. Accordingly, no representation, warranty, or undertaking, express or implied, is made by the Company, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. In giving this Presentation, none of the Company, its affiliates or representatives undertake any obligation to provide the recipient with access to any additional information or to update this Presentation or any information or to correct any inaccuracies in any such information. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the Presentation. As such, this Presentation speaks only as of the date hereof. Matters discussed in this document and any materials distributed in connection with this Presentation may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions, including assumptions opinions and views of the company and its subsidiaries or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Forward-looking statements may specifically include statements about the Company’s and its subsidiaries (together, the "Paratus Group") (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 Presentation. 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 COVID-19 and related economic conditions, changes in governmental regulations, including in connection with COVID-19, 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 COVID-19, 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 and no representation is made that any of these forward-looking statements will come to pass or will be achieved and you are cautioned not to place any undue reliance on any forward-looking statement.
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3 Disclaimer and important information (2/2) 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. THIS PRESENTATION DOES NOT CONSTITUTE A PROSPECTUS OR OTHER REGULATORY APPROVED DOCUMENT AND HAS NOT BEEN PREPARED TO COMPLY WITH RELEVANT EU OR OTHER PROSPECTUS RULES OR REGULATORY REQUIREMENTS. THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION. This Presentation and the information contained herein are not and is not intended to be an offer of securities for sale in the United States and is not published for the purposes of publication or distribution to persons in the United States (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")). Any securities referred to herein have not been and will not be registered under the Securities Act and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. Neither this document nor any copy of it is intended to be nor may be taken or transmitted into the United States, Australia, Canada or Japan or to any securities analyst or other person in any of those jurisdictions.. Any failure to comply with this restriction or misuse of his Presentation may constitute a violation of United States, Canadian, Australian or Japanese Securities laws. This document nor extracts from it is also not for publication, release or distribution in any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction nor should it be taken or transmitted into such jurisdiction and persons into whose possession this document comes should inform themselves about and observe any such relevant laws. No money, securities or other consideration is being solicited, and, if sent in response to this Presentation or the information contained herein, will not be accepted. By viewing this Presentation, the recipient accepts and acknowledges and agrees to be bound by the foregoing limitations. Paratus Group includes Fontis Energy (“Fontis”), 50% of Seagems (“Seagems JV”), and ~24% of Archer Limited (“Archer”).
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4 1 Key investment highlights 2 Company overview A Appendix
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50%(1) ownership Paratus at a glance 5 Financial InvestmentsGroup Operating Companies Seagems JV Subsea services provider, with a fleet of six multi-purpose pipe-laying support vessels (PLSV) under contracts in Brazil, providing installation, support, and flexible pipe laying services Offshore drilling company with a fleet of five high-specification jack-up rigs contracted in Mexico $1.7bn Firm backlog(2) $420m LTM Q1 2025 Revenue $250m LTM Q1 2025 EBITDA $139m Firm backlog(2) $236m LTM Q1 2025 Revenue $140m LTM Q1 2025 EBITDA $253m (58%) LTM Q1 2025 EBITDA (margin) ~$1bn Firm backlog(2) $551m Net debt(2),(5) Global oil services provider operating in 40 locations providing drilling services, well integrity & intervention, plug & abandonment, and decommissioning services ~24% Oslo Stock Exchange Listing venue ~$212m Market cap(3) ARCH Ticker 47% 53% 49% 55% -5% Seagems (50%) Fontis Paratus G&A LTM Q1 2025 Revenue LTM Q1 2025 EBITDA $446m $253m ownership ownership 100% Operating Companies Combined Notes: (1) Seagems JV figures shown 100% basis and is accounted for using the equity method. (2) As of Q1 2025. (3) Market Cap as of Q1 2025 (4) Net debt as reported including marketable securities.
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Robust balance sheet with 2.2x net leverage and debt agreement flexibility(3) Strong cash position, successful receivable unwind, and majority of debt due in 2029 An Industry leading yield Announced cash distributions and share buybacks since September 2024 represents ~30% of current market cap(1) 6 Executive Summary Notes: (1) Share price as of 4 June 2025 and represents announced cash distributions and share buybacks the time period between September 2024 - June 2025. (2) Includes current cash and illustrative net working capital items. See page 8 for additional detail (3) Net debt calculation includes total cash and marketable securities. Strong value support from existing cash, receivables and contracted cash flows Cash and cash flow from firm backlog covers 96-107% of market cap on levered cash flows(2)
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7 Industry leading yield Notes: (1) Reflects annualized cash distribution figure based on cash distribution of USD 0.22 per share announced on 28 May 2025 (2) Based on NOK 34.2 share price as of 4 June 2025. USD = 10.1 NOK (3) Concluded as of 28 May 2025 (4) Q4 ’24 and Q1 ’25 excluding Paratus shares bought back in buyback program (5) Based on share prices as of 4 June 2025. Peers include (in alphabetical order) Borr Drilling, DOF Group, Noble, Odfjell Drilling, Seadrill, Shelf Drilling, Subsea 7, Technip FMC, Valaris. (6) Excluding buybacks and reflects annualized cash distribution yield based on latest cash distribution announcement. Committed to providing shareholders with stable, long-term, and sustainable distributions, subject to allowance under debt indentures Cash distribution(1) of ~26% of market cap since inaugural dividend in September 2024(2) Authorized share repurchases up to $100m, with $25m repurchased to date(3) 26.0% 13.6% 10.1% 7.4% 7.2% 0.6% Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 0.0% 0.0% 0.0% 0.0% 37 37 36 36 25 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 $171m(4) in shareholder return since IPO Capital allocation policy Selected subsea and offshore drillers yield comparison (5)(6) Cash Distribution Share Repurchase (2)
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224 ~757 ~530 ~396 ~136 ~228 Q1 25 Cash and Marketable Securities Seagems Backlog FCF & NWC Fontis Backlog FCF & NWC Total Cash Available for Interest and Distribution Paratus Interest Until End of Backlog Period Total Potential FCFE Notes: (1) The slide is not intended to reflect financial forecast or guidance, but rather illustrative cash flow scenarios based on a number of assumptions which are uncertain by nature, and should some or all of them not materialize, it may result in material impacts on the figures illustrated herein (2) According to management reporting, includes amounts for 50% of Seagems JV and 100% of Paratus/Fontis Energy (b) Assumes USD 9m/year Paratus G&A expenses through final Fontis firm contract term (included in Seagems and Fontis potential backlog FCFF pro rata) (c) Assumes USD 15m/year annual capex at the Fontis Energy level and 50% of USD 40m per year at the Seagems level (d) Assumes cash taxes equal to 6% of EBITDA for Seagems JV and 15% of EBITDA for Fontis Energy. (3) Paratus cash plus Fontis Energy cash plus Seagems JV (50%) cash as of Q1 2025, including marketable securities (23.8% Archer shareholding, as of Q1 2025); assumes no minimum cash. (4) Assuming USD 3.4 share price as of 4 June 2025 (USD = 10.1 NOK) and shares outstanding of ~163mm pro forma share buybacks. 8 Backlog supports significant distribution capacity the next few years USDm ~442 Illustrative cash generation to shareholders based on firm contract backlog(1)(2) ~150 ~817 ~590 96%–107% % of Market Cap(4) (3)
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$0.26 $0.10 $0.05 $0.11 $0.16 $0.12 $0.24 $0.29 $0.35 $0.40 26% 32% 38% 44% Seagems @ $285k / day Paratus Debt Service + G&A Cash + WC Adjustments Paratus Group Pre-Fontis Earnings @ $90k / day @ $110k / day @ $130k / day 9 Substantial dividend support from Seagems and balance sheet Notes: The slide is not intended to reflect financial forecast or guidance, but rather illustrative cash flow scenarios based on a number of assumptions which are uncertain by nature, and should some or all of them not materialize, it may result in material impacts on the figures illustrated herein; (1) Numbers reflect 100% of Paratus, 100% of Fontis Energy and 50% of Seagems financial metrics; excludes any working capital changes and extraordinary one-time payments; Based on ~163m of shares outstanding, pro forma for share buybacks (2) Assumes PLSV dayrate of USD 285k and daily opex of USD 65-70k, USD 25m of SG&A (for 100%), ~98% utilization, cash taxes equal to 6% of EBITDA, and normalized capex of $40m per year (for 100%); interest and amortization payments include payments on Seagems’ two existing bank facilities; adjusted to reflects Paratus’ 50% ownership in Seagems JV; (3) (a) Paratus interest payments include 9% for 2026 notes, 9.5% for 2029 bond. (b) Assumes USD 9m/year Paratus G&A expenses (4) Working capital adjustments includes outstanding Fontis Energy receivables, in excess of normalized levels, net of Fontis Energy and Seagems JV (50%) working capital liabilities and one-time tax liability items estimated as of Q1 2025; Assumes working capital is released over a three year period; Includes unrestricted cash and marketable securities in excess of USD 60m; assumes excess unrestricted cash and marketable securities are released over a three year period (5) Assuming USD 3.4 share price as of 4 June 2025 (6) Assumes Fontis daily opex of USD 50-55k for jack- ups, USD 5m of SG&A, ~98% utilization, and 15% tax of EBITDA for Fontis. Taxes excludes VAT taxes on Fontis receipts as these are netted off in the working capital calculation. Dividend yield potential(5) (2) (3) Fontis Dayrate Scenario(6) (4) Dayrate roughly in line with latest 3- year contracts Reflects cash in excess of $60mm and excess working capital, released over a 3-year period Assumes timely collection of customer payments Current quarterly dividend ($0.22 / share) Illustrative 3-year quarterly FCFE per share potential(1)
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10 Firm backlog of $1bn Notes: (1) Client has the right to temporarily cease the jack ups for up to 45 days. Name Location Asset Type 2025 2026 2027 2028 Seagems JV Diamante PLSV Topazio PLSV Esmeralda PLSV Onix PLSV Jade PLSV Rubi PLSV Fontis Energy(1) Oberon Jack-up Titania FE Jack-up Intrepid Jack-up Courageous Jack-up Defender Jack-up $289k $289k $266k $289k $287k $170k $287k Market Indexed ($123k) $142k Q1 2025 Per day Market Indexed ($109k) Market Indexed ($109k) Market Indexed ($109k)
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11 Robust balance sheet creates flexibility to pursue efficient capital allocation Notes: Numbers are according to management reporting. (1) Net debt calculation includes total cash and marketable securities. The June 2024 refinancing extended maturities beyond the Group’s firm backlog, establishing clear path to shareholder returns Net Leverage Ratio 2.2x(1) as of Q1 2025 New capex funding of $30m at Seagems in Q4 2024 Debt agreements allow for flexibility with respect to distributions, growth, and additional subsidiary level debt capacity 6 12 12 8 6 6 215 500 2025 2026 2027 2028 2029 2030 Potential refinancing alternatives of the stub; Secured debt capacity in subsidiaries Refinancing at Paratus Super senior secured debt basket in Paratus USDm 94 115 86 156 19 19 12 20 113 134 99 176 2022 2023 2024 Q1 2025 625 567 580 511 38 32 48 40 663 599 628 2.9x 2.6x 2.5x 2.2x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x – 100 200 300 400 500 600 700 800 2022 2023 2024 Q1 2025 119 175 347 185 2022 2023 2024 Q1 2025 USDm Cash Net debt and net leverage ratio(1) Fontis receivables Paratus/Fontis Seagems (50%) 551
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12 1 Key investment highlights 2 Company overview A Appendix
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13 Paratus overview 1) From 2011 when Seabras JV (now called Seagems) was formed 2) As of Q1 2025. Numbers reflect 100% of Paratus, 100% of Fontis Energy and 50% of Seagems financial metrics Seagems JV Fontis Paratus is a holding company of a group of leading energy services companies inclusive of Seagems JV, Fontis, and a financial investment in Archer Paratus Mgmt. 6 PLSVs in Brazil 5 jack-ups in Mexico ~1,5K employees 14 years in operation1 Other Paratus offices Key Financial Metrics(2) ($m and %) Technical utilization (%) Backlog2 ($m)Capital Structure2 ($m) Paratus HQ 418 430 452 446 227 233 252 253 55% 56% 57% 58% 2022 2023 2024 LTM Q1 2025 Revenue EBITDA Margin 97% 98% 98% 98%98% 97% 99% 100% 2022 2023 2024 LTM Q1 2025 784 767 776 775 113 134 99 176 663 599 628 551 2022 2023 2024 LTM Q1 2025 Total Debt Total Cash Net Debt Seagems Fontis Seagems (50%) Fontis 184 291 288 103 124 Q1 2025 15 2026 2027 2028
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14 Seagems is a leading subsea player in Brazil with a fleet of six modern PLSVs Note: (1) On a 100% basis (2) Adjusted EBITDA divided by revenue after tax on revenue (3) As of Q1 2025 Strong contracting history, backlog and visibility around Petrobras tenders Seagems is a 50/50 joint venture between Paratus and Sapura Energy Berhad (“Sapura”) that was founded in 2011 and is headquartered in Rio de Janeiro, Brazil Seagems owns and operates six multi-purpose pipe- laying support vessels (“PLSV”) Recently awarded contracts for its full fleet as part of a competitive Petrobras tender process, resulting in ~$1.7bn in firm contract backlog Seagems JV Fully integrated subsea provider 6 PLSVs 1k+ employees(3)12 ROVs ~1.7bn backlog(3) Seagems JV HQ: Rio de Janeiro Resilient financials and strong margins through the cycle(1) 496 446 358 355 424 450 414 420 321 269 178 172 254 264 240 250 2018 2019 2020 2021 2022 2023 2024 LTM Q1 2025 68% 62% 52% 51% 63% 62% 61% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 PB Tenders Term: 5y Start: ‘14/15 # vessels: 6 Term: 8y Start: ‘16 # vessels: 10 Term: 3y Start: ‘21 # vessels: 7 Term: 3y Start: ‘23 # vessels: 3 Term: 3y Start: ‘24/25 # vessels: 10+ Diamante Topazio Esmeralda Onix Jade Rubi Under construction Historic contracts Backlog Completed Petrobras tenders Cancelled Petrobras tenders Revenue EBITDA EBITDA-margin (%)(2) Fleet has managed to be on contract for 98% of its available days Q1 63% 50% ownership
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15 Fontis Energy owns and operates a fleet of five high-spec jack-up rigs Note: (1) Adjusted EBITDA divided by revenue (2) As of Q1 2025 Back-to-back working history and strong backlog Fontis Energy, a wholly-owned subsidiary of Paratus, is an international offshore driller that owns and independently operates a fleet of five high- specification jack-up rigs All 5 jack-ups have been contracted by a large state- owned company in Mexico since 2014, collecting over USD 1bn in total payments since 2021 Total backlog for the fleet stands at $139m, incl. the recent extension of the Oberon Leading offshore driller in Mexico Fontis Energy Operating Office: Mexico History of stable financials and strong margins 240 232 234 224 206 205 245 236 150 135 132 133 107 108 144 140 2018 2019 2020 2021 2022 2023 2024 LTM Q1 2025 63% 58% 56% 59% 52% 51% 58% Revenue EBITDA EBITDA-margin (%)(1) 5 jack-ups ~500 employees(2) 139m backlog(2) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Courageous Defender Intrepid Oberon Titania FE Under construction Historic contracts Backlog Q1 60% ownership 100%
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16 Ideally placed in the value chain – Seagems more late cycle than Fontis Fontis Seagems Both Exploration • Geological studies • Seismic activities • Exploratory wells • Appraisal wells 2-3y Development • Subsea engineering • Fabrication & Construction • Equipment, Products & Technologies • Installation & Commissioning • Development & production wells 3-5y Production • Production • Additional wells • Maintenance & Modification • Replacement & Recycling 10-30y Abandonment • Plugging wells • Decommissioning 5-10y Traditional Oil & Gas Value Chain Potential New Markets Carbon Capture and Storage Offshore Wind Engineering Planning, developing, building, and installing infrastructure and equipment for oil and gas exploration and production Pipe-laying The PLSVs lay the flexible pipeline onto the seabed using specialized equipment such as the VLS tower IRM and ROV services Inspections, repairs and maintenance of subsea assets with the use of Remotely Operated Vehicles (ROVs) Subsea construction Installation of subsea equipment such as manifolds, plem, plet, x- trees etc. Fontis energy delivers offshore drilling services focusing on the shallow water drilling segment Fleet of five high-specification jack-ups operating in the Gulf of Mexico The jack-up design usually has three legs that stands on the seabed while the hull is ‘jacked-up’ above water Fontis Energy Seagems JV
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97.0% 91.0% 93.4% 89.9% 89.0% 86.3% 87.5% 86.1% 17 Strong financial and operational performance through cycles Notes: (1) According to management reporting which reflects 100% of Paratus, 100% of Fontis Energy and 50% of Seagems financial metrics; (2) Includes Paratus G&A from when Paratus was established in 2022; (3) Cash conve rsion defined as EBITDA less CAPEX divided by EBITDA The strong financial performance has been possible through an excellent operational track-record and local teams in Brazil and Mexico USDm Revenue EBITDA(2) Cash conversion(3) Average cash conversion of 91% in the period Paratus G&A 98% 98% 97% 97% 97%97% Fleet utilization Building relationship with our clients through local presence and management Strong operational know-how, ensuring efficient and effective execution of projects and daily operations Since inception, the fleet has been working on contracts for ~98% of available days ~98% average utilization for the fleet since 2018 99% Steady financial performance in revenue, EBITDA, and cash conversion(1) Excellent operational track record -7 311 270 221 -12 219 -9 -13 488 455 413 401 418 225 430 233 452 252 446 253 99% 2018 2019 2020 2021 2022 2023 2024 LTM Q1 2025
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18 Demonstrated ability to deleverage, unlocking shareholder returns Notes: (1) Excludes the conversion of a USD 460m shareholder loan in 2021 ~$1bn deleveraging in Seagems since 2015 ~$600m deleveraging in Fontis Energy since 2015(1) 1,042 1,101 803 643 486 360 267 76 84 96 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -946 Net Debt ($m) 588 408 315 235 159 130 180 -30 -57 -22 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -610 Net Debt ($m) Distributions up to Paratus and Sapura Energy since Q2 2023
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19 Attractive dividend yield Substantial backlog visibility Efficient and flexible capital structure
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20 1 Key investment highlights 2 Company overview A Appendix
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21 Overview of capital structure post refinancing Notes: (1) Includes the operations of Fontis (2) Paratus Group based on management reporting (3) Assumes full cash interest. Paratus has the option to pay interest in kind at 10%, 3% cash and 6% PIK or 9% cash; (4) Includes restricted cash for Seagems JV and Fontis Energy; excludes adjustments for refinancing transaction fees; (5) Reflects market value of ~23.8% ownership in Archer as of Q1 2025 Capital structure as of Q1 2025 Paratus Ownership 100 % 50% (figures reflect 100%) USDm Paratus(1) Seagems JV Paratus Group(2) Facility 2026 Bonds 2029 Bonds Esmeralda Bradesco Maturity 15 July 2026 27 June 2029 26 November 2032 16 May 2028 Rate 9.0%(3) 9.5% 3.9% n.a. Amount 215 500 91 30 776 Total Debt 715 121 776 (-) Cash and Equivalents(4) (156) (40) (176) (-) Marketable Securities(5) (48) - (48) Net Debt / (Cash) 511 81 551 Debt covenant / incurrence test 2026 Bonds 2029 Bonds Debt covenants n/a n/a Incurrence test At least USD 20m of unrestricted cash on a pro forma basis Paratus having paid Paratus Notes full cash interest in the two prior quarters, OR Paratus having escrowed such amounts to have satisfied two consecutive quarters of cash interest payments Net leverage (5) ratio not exceeding 3.75x / 3.50x / 3.25x / 3.00x until (and including) 30 June 2024 / 30 June 2025 / 30 June 2026 / 1 July 2026 and after Minimum Free Liquidity of the higher of (i) 5% of the Group’s (including Seagems JV Group) aggregate total interest- bearing debt, or (ii) USD 35m Net leverage (5) ratio not exceeding 3.50x / 3.25x / 3.00x / 2.75x / 2.50x until (and including) 30 June 2025 / 30 June 2026 / 30 June 2027 / 30 June 2028 / maturity Minimum fixed charge coverage ratio of 1.20x, and For distributions, the below also applies; Minimum free liquidity (excluding any restricted cash) of USD 60m
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22 Robust global jack-up utilization despite recent suspensions in Saudi Arabia Note: (1) 34 jack-ups released in total, of which 27 were premium jack-ups. 8 of those premium jack-ups have received new contracts elsewhere Sources: IHS Petrodata (underlying data), DNB Markets (further calculations) Structurally tight market for premium jack-ups 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 USDk/day 92% 88% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% (%) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Marketed utilization PF marketed utilization (19 premium jack-ups are available)(1) Still large divergence in dayrate fixtures in the different regions, with most competition seen around Middle East rigs looking to relocate to SE Asia or West Africa Recent fixtures have been ~USD 80-120k/day for premium jack-ups 27 premium jack-ups have been released, of which 8 premium jack-ups have secured work elsewhere
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23 Supportive market dynamics for infrastructure-linked PLSVs in Brazil Sources: Rystad Energy (2023), DNB Markets, S&P Global 30% 30% 25% 10% 5% 28 24 4 3 1 20 0 5 10 15 20 25 30 35 40 # of vessels Total available supply Available low- spec vessels Low-spec vessels in Brazil Available high- spec supply High-spec vessels in Brazil Available high- spec vessels Seagems JV 20 PLSVs Current high-spec supply 18 17 17 16 17 19 21 22 24 24 28 0 5 10 15 20 25 30 35 40 # vessels 2017 2018 2019 2020 2021 2022 2023 2024e 2025e 2026e 2027e +4 vessels +7 vessels High-spec supply available Current supply Demand in Brazil PLSV demand in Brazil is expected to surpass available supply Breakdown of available supply in Brazil Estimated excess demand of 4 and 8 vessels in 2028 compared to current and available high-spec supply, respectively
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24 Seagems holds ~1/3 of the Brazilian PLSV market, a key growth area Source: Rystad Energy (underlying data), DNB Markets (further calculations) Brazilian PLSV market overview and Seagems’ positionPLSV market categorized by a few specialized operators Few flex-lay capable PLSV owners and even fewer global operators Overview of high-spec PLSVs on long-term contracts in Brazil Owners Operators 36 PLSVs Seagems JV 36 PLSVs Seagems JV / 6 (29%) 6 (29%) 6 (29%) 35% (6) 35% (6) 24% (4) 6% (1) 17 PLSVs Seagems JV Limited number of vessels globally, in addition to high degree of ownership concentration High entry barriers from ordering specialized vessels, demanding significant capital and technical expertise Highly advanced and specialized subsea vessels requiring unique competence and technical skills to operate Extremely versatile vessels capable of working across multiple subsea disciplines and operations Seagems has a leading market share of ~1/3 in the Brazilian PLSV market, which is the single most important market for PLSVs The Brazilian PLSV market, specifically, has high barriers to entry given Petrobras specific requirements, local legislation and harsh conditions There are currently 20 high-spec PLSVs on contract in Brazil, of which 17 are working under long- term contract with Petrobras Additionally, IOCs such as Equinor, Shell, and Enauta (who recently assigned a contract with Seagems JV), among others, are expected to supplement demand for PLSVs in Brazil going forward The Brazilian cabotage rules and regulations prioritize Brazilian vessels and sets strict local content requirement, providing a competitive advantage for companies with a local set-up and local tonnage
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Fontis Energy’s five jack-ups are under contract with one of the largest worldwide jack-up contractors, a large state-owned company in Mexico Fontis Energy has a unique market position in Mexico, being one of three international contractors in a market that is predominantly served by local players – As of February 2025, the large state-owned company in Mexico had contracted 27 jack-ups(1) (out of the 30 in the country), five of which belonged to Fontis – Fontis Energy has the full management and operational set-up in Mexico, allowing the company to operate efficiently in the region and build a strong relationship with this large state-owned petroleum company in Mexico – Mexico's shallow water production has collapsed due to the lack of new investments following the unsuccessful expansion within deepwater production – increased investments within the shallow water production will be key for Mexico to increase production 25 Fontis Energy has a unique market position in Mexico due to its local setup Note: (1) Assuming suspended rigs still are contracted (only short term suspension) Sources: IHS Petrodata (underlying data), DNB Markets (further calculations) Jack-up market in Mexico and Fontis Energy’s positionFontis Energy is well positioned with advanced jack-up rigs Premium jack-ups significantly outperform standard jack-ups Fontis with a 16% market share in the Mexican jack-up market 0 80 100 120 140 160 Dayrates (USDk/d) 93 66 L10Y 144 90 L1Y 0 60 70 80 90 Utilization (%) 74% 54% L10Y 86% 54% L1Y Premium Standard 20% 16% 13%13% 13% 25% CP LatinaPerforadora Central Perforadora Mexico Other 30 rigs Premium jack-ups are capable of operating in deeper water depths compared to standard jack-ups With reduced well completion times compared to standard rigs, premium jack-ups help decrease operators' total well costs Due to their advanced and efficient reserve extraction capabilities, premium jack-ups attract steady contracts from NOCs Exposure to shallow water exploration and production, which is less capex intensive than deepwater / ultra-deepwater
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26 Paratus has strong backing from its largest shareholder, Seatankers(1) Notes: (1) Seatankers refers to entities including Seatankers Management Company Limited, and, where applicable, its affiliates. The group investment advisors offer investment recommendat ions to the various boards of the group investment entities for their consideration. The investment entities are ultimately owned by trusts established by John Fredriksen for the benefit of his family members. Mr. Fredriksen is neither a beneficiary nor a trustee of the trusts. Therefore, Mr. Fredriksen has no economic interest in the investment entities or the portfolio companies (described below) and Mr. Fredriksen disclaims any control over such entities, save for any indirect influence he may have with the trustee of the trusts, in his capacity as the settlor of the trusts. (2) Including owned vessels, chartered vessels and newbuildings Source: Company information, Bloomberg. Note: Market capitalisation for publicly listed companies as of 31 March 2025. Note: Ownership percentage includes total return swaps where relevant. A Global Power House Within Marine Industries Ownership: 37% MCap: $3.3bn # of vessels: 81 2 Ownership: 43% MCap: $1.2bn # of vessels: 13 2 Ownership: 100% # of vessels: 51 2 Seatankers Fleet Fund investments Portfolio of funds and private equity investments Public equity Portfolio of listed shares Fixed income & Treasury Portfolio of bonds, mainly European and US Cash and cash equivalents Ownership: 15% MCap: $9.4bn Ownership: 50% MCap: $0.1bn Ownership: 100% MCap: n/a Ownership: 31% MCap: $0.2bn # of vessels: 13 2 Ownership: 8% MCap: n/a Ownership: 18% MCap: $1.2bn # of vessels: 80 2 Ownership: 11% MCap: $2.8bn Ownership: 54% MCap: $0.2bn Ownership: 20% MCap: $0.2bn Ownership: 29% MCap: $0.7 Ownership: 48% MCap: $0.1bn Ownership: 14% MCap: $1.2bn
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