# PDF

- Press release: Paratus Energy: Q2 2026 Results (2026-08-28)
- Original: https://mb.cision.com/Public/21459/4388895/8bfcb4635bd3ccad.pdf
- Local copy: discarded after extraction (re-fetchable from Original)

**TL;DR —** Paratus Energy Services successfully completed the strategic sale of its Fontis drilling operations, becoming a pure-play PLSV company with a fully contracted fleet, and secured approval for an Extended Dry-Docking program for five vessels, reducing future capex and enhancing revenue generation.

## Takeaways
- Paratus completed the sale of Fontis drilling operations for $400M, receiving $163M cash and a $237M 2.5-year seller credit.
- The company issued $250M in five-year bonds at 8.125% and redeemed its 2026 Notes, closing Q2 with $148M cash and $282M net debt proforma for the Fontis transaction.
- Seagems JV (50% share) reported Q2 2026 revenue of $71M and EBITDA of $42M, with a technical utilization rate of 93%.
- Approval for an Extended Dry-Docking program for five PLSVs is expected to reduce future capex and allow for higher revenue generation by eliminating one dry-docking per vessel.
- Contract backlog for Seagems JV stood at approximately $1.1B at quarter-end, down from $1.2B in Q1 2026.
- A Q2 2026 dividend of $0.22 per share was declared, consistent with previous quarters.

*Generated 2026-09-14 via google/gemini-2.5-flash*