Paratus Increases Full-Year 2024 Earnings Guidance and Provides Update on Operations in Mexico

22 Nov 2024 17:29 CET

Hamilton, Bermuda, November 22, 2024 - Paratus Energy Services Ltd. (ticker
"PLSV") ("Paratus" or the "Company") announces an upward revision of its full
-year 2024 EBITDA guidance and provides commentary on the Company's rig
operations in Mexico, operated through its wholly-owned subsidiary Fontis
Holdings Ltd. ("Fontis").

Following strong operational execution year-to-date, Paratus is raising its full
-year 2024 EBITDA guidance to $250-260 million, representing a mid-point
increase of $25 million from the previous guidance range of $220-240 million.
Further details will be provided on the quarterly earnings call on November 29,
2024.

Paratus has noted recent reports regarding a potential temporary reduction in
rig activity in Mexico, and consequently the Company wishes to provide an update
as well as clarify the potential financial impact to the Company of such
dynamics. The contracts for all of Fontis' jack-ups with the client permit
activity to be temporarily ceased for up to 45 days during the contract term,
without revenue being generated during such period. However, any deferred days
will extend the contract duration accordingly. Fontis has received notification
from its client that the Courageous will temporarily cease operations for 45
days due to delays in the client's preparatory activities at its next location.
Operations at the Courageous' current location is expected to be completed in
early December 2024, upon which the rig will remain in standby at its location.
The estimated EBITDA impact of a 45-day deferral through the end of the firm
contract period is expected to be approximately $3 million.

Paratus has accommodated and priced such flexibility into its contracts in
Mexico to allow its client to execute its operations more efficiently. The
Company remains highly focused on supporting its client and continuing to
strengthen the long-standing relationship it has had for over a decade, and the
Company has taken note of the public comments the client has recently provided
about its future plans for operations and payments to its suppliers.

This announcement contains information considered to be inside information
pursuant to the EU Market Abuse Regulation and is subject to the disclosure
requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The
announcement was published by Baton Haxhimehmedi, CFO of Paratus, on the time
and date set out above.

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