Paratus Announces Listing on Euronext Growth Oslo

28 Jun 2024 07:45 CEST

Hamilton, Bermuda, June 28, 2024 – Paratus Energy Services Ltd. (“Paratus” or
“Company”), today announced its successful listing on Euronext Growth Oslo (“the
“Listing”) under the ticker symbol "PLSV". This milestone marks a significant
step in the Company’s growth strategy and improves its ability to pursue its
strategic objectives. Trading in the Company's shares will commence today at
09:00 CEST.

The listing follows a private placement of 15,309,059 new shares (the
“Offering”), priced at NOK 51.66 per Share (equivalent to USD 4.90 based on the
official exchange rate of Norges Bank on Friday June 21, 2024), which raised
gross proceeds of the NOK equivalent of USD 75 million. The Offering was more
than ten times oversubscribed, attracting strong interest from domestic and
international investors. The net proceeds from the Offering will be used for
general corporate purposes and to increase balance sheet flexibility.

Paratus enters the public market with a robust financial foundation. The Company
boasts a strong cash flow profile, industry leading backlog position in
attractive market segments, and an efficient capital structure, allowing for
immediate and significant distributions to shareholders:
- Exceptional Cash Flow Profile: Paratus has significant cash flow generating
capabilities today, with a strong cash position of USD 126 million plus
marketable securities of USD 41 million . Additionally, there is an expected
unwinding of a substantial receivable balance of USD 222 million1 at Fontis
following an irregular build-up due to the client’s need for supplier
re-certification arising from the separation from Seadrill.
- Industry Leading Backlog: Paratus’ strong cash flows are underpinned by its
significant backlog position (USD 1.5 billion1, ) at attractive EBITDA margins.
The current market outlook is supportive of continued dayrate appreciation.
- Attractive Capital Structure: Paratus maintains an efficient and flexible
capital structure. The Company recently completed a highly successful USD 500
million bond raise, one of the largest Nordic raises in recent times. Following
the bond raise, the majority of its debt maturities are not due until 2029. The
debt agreements offer high flexibility on distributions, growth, and additional
subsidiary level debt capacity.

The Company remains focused on implementing an efficient capital allocation
policy and delivering strong and stable shareholder returns.

Robert Jensen, Chief Executive Officer of Paratus, said: "Today's listing on
Euronext Growth is a pivotal moment for Paratus and a testament to the hard work
and dedication of our entire team. Our assets have a long-term track record of
generating significant cash flows, and we expect to maintain that trajectory
with our recent contract awards. The listing will further strengthen our strong
financial foundation with enhanced access to capital markets. We remain
committed to operational excellence and pursuing opportunities that will drive
long-term growth and shareholder returns."

Mei Mei Chow, Chair of the Board of Paratus, added: "Our public listing
represents more than just a financial achievement; it establishes Paratus as a
robust platform for continued growth and success. I want to express my gratitude
to our dedicated management team and employees, loyal customers, and supportive
investors who have played crucial roles in bringing us to this significant
moment. I'm immensely proud of what we’ve achieved since Paratus’ emergence as a
newly restructured company and am very excited about the opportunities that lie
ahead."

An updated company presentation is available at the Company's website
(www.paratus-energy.com).

The Company intends to pursue a transfer to the main list on the Oslo Stock
Exchange as soon as practicable after the completion of the Offering and
Listing, and the Company will revert in due course with more information
regarding such transfer of listing venue.

Advisers
DNB Markets, a part of DNB Bank ASA acted as Euronext Growth Advisor to the
Company in connection with the Listing (the "Euronext Growth Advisor") and
jointly, together with Arctic Securities AS, acting as Joint Global
Coordinators. The Joint Global Coordinators are, together with ABG Sundal
Collier ASA, Fearnley Securities AS and Pareto Securities AS, acting as joint
bookrunners in respect to the Offering.

Ducera Partners LLC acted as financial advisor to the Company.

Advokatfirmaet Schjødt AS acted as legal counsel to the Company, while
Advokatfirmaet Wiersholm AS acted as legal counsel to the Euronext Growth
Advisor and the Managers, in connection with the Offering and Listing.

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 Fontis Energy and a 50/50 JV interest in Seabras. Fontis Energy
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-purpose pipe-laying support vessels 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:
Robert Jensen, CEO
Robert.Jensen@paratus-energy.com
+47 958 26 729

Baton Haxhimehmedi, CFO
Baton.Haxhimehmedi@paratus-energy.com
+47 406 39 083

Media contact:
Geir Bjørlo, Corporate Communications
Geir.Bjorlo@corpcom.no
+47 915 40 000


Important Notice:

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of Paratus Energy
Services Ltd. in the United States or any other jurisdiction. The securities of
the Company may not be offered or sold in the United States absent registration
or an exemption from registration under the U.S. Securities Act of 1933, as
amended (the "U.S. Securities Act"). The securities of the Company have not
been, and will not be, registered under the U.S. Securities Act. Any sale in the
United States of the securities mentioned in this communication will be made
solely to "qualified institutional buyers" as defined in Rule 144A under the
U.S. Securities Act. No public offering of the securities will be made in the
United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

This statement contains certain forward-looking statements concerning future
events, including possible issuance of equity securities of the Company.
Forward-looking statements are statements that are not historical facts and may
be identified by words such as "anticipate", "believe", "continue", "estimate",
"expect", "intends", "may", "should", "will" and similar expressions. The
forward-looking statements in this release are based upon various assumptions,
many of which are based, in turn, upon further assumptions. Although the Company
believes that these assumptions were reasonable when made, these assumptions are
inherently subject to significant known and unknown risks, uncertainties,
contingencies and other important factors which are difficult or impossible to
predict and are beyond its control. Actual events may differ significantly from
any anticipated development due to a number of factors, including without
limitation, changes in investment levels and need for the Company's services,
changes in the general economic, political and market conditions in the markets
in which the Company operates, the Company's ability to attract, retain and
motivate qualified personnel, changes in the Company's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions.
Such risks, uncertainties, contingencies and other important factors include,
but are not limited to, the possibility that we will determine not to, or be
unable to, issue any equity securities, and could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date and are subject to change without notice.
Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The Managers are acting exclusively for the Company and no one else and will not
be responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein. Neither the
Managers nor any of their respective affiliates makes any representation as to
the accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.

This announcement is for information purposes only. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

The Offering may be influenced by a range of circumstances, such as market
conditions, and there is no guarantee that the Offering will proceed and that
the Listing will occur.

Certain figures contained in this document, including financial information, may
have been subject to rounding adjustments. Accordingly, in certain instances,
the sum or percentage change of the numbers contained in this document may not
conform exactly with the total figure given.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions. Specifically, neither this announcement nor
the information contained herein is for publication, distribution or release, in
whole or in part, directly or indirectly, in or into or from the United States
(including its territories and possessions, any State of the United States and
the District of Columbia), Australia, Canada, Hong Kong, Japan or any other
jurisdiction where to do so would constitute a violation of the relevant laws of
such jurisdiction. The publication, distribution or release of this announcement
may be restricted by law in certain jurisdictions and persons into whose
possession any document or other information referred to herein comes should
inform themselves about and observe any such restriction. Any failure to comply
with these restrictions may constitute a violation of the securities laws of any
such jurisdiction.

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