Paratus Energy Services Announces Q4 2022 Trading Update

Source: www.gulfoilandgas.com 3/21/2023, Location: South America

Paratus Energy Services Ltd. ("Paratus") announced a trading update for the fourth quarter 2022 and updates on Paratus, its subsidiaries and associated companies ("Paratus Group").

1. Key Financial Highlights
1.1 Paratus
In the fourth quarter ending December 31, 2022, Paratus generated $52 million in revenue and $24 million in EBITDA. In the third quarter ending September 30, 2022, Paratus generated $50 million in revenue and $21 million in EBITDA.

1.2 SeaMex Group
During the fourth quarter period ending December 31, 2022, Paratus' wholly owned subsidiary SeaMex Holdings, Ltd. ("SeaMex") and its subsidiaries (collectively with SeaMex, "SeaMex Group") generated $52 million in revenue and $27 million in EBITDA. Compared to the third quarter, revenue increased 4.0% and EBITDA increased 8.0%. For the fourth quarter ending December 31, 2022, SeaMex Group earned an average contractual rate of $115 thousand per day and ended with $547 million in contract backlog.

As previously announced, SeaMex has received a termination notice from PEMEX regarding the West Titania jack-up, with an effective termination date of March 16, 2023. SeaMex remains in dialogue with PEMEX regarding a potential extension of the West Titania contract, as well with third parties regarding other potential market opportunities for the rig.

SeaMex is pleased to announce that the company is currently in the process of moving the offshore drilling operations in-house. Following a transition period which is expected to last up to 6 months, the company intends to manage and operate its wholly owned fleet of jack-up rigs on a standalone basis under its own brand later this year.

1.3 Joint Venture in Seabras Group
Seabras UK Limited ("Seabras"), a wholly owned subsidiary of Paratus, holds a 50% equity interest in Seabras Sapura Holding GmbH, its associated company, Seabras Sapura Participa?ões S.A and their subsidiaries (collectively with Seabras, "Seabras Group").

During the fourth quarter period ending December 31, 2022, Seabras Group generated $113 million in revenue and $81 million in EBITDA. Compared to the third quarter, revenue and EBITDA increased by 3.7% and 22.7%, respectively. For the fourth quarter, Seabras Group earned an average contractual rate of $204 thousand per day and ended with $707 million in contract backlog.

On December 23, 2022, Seabras completed a full repayment of its secured bank debt facilities which were raised in connection with the construction of the Diamante, Topazio, Onix, Jade, and Rubi vessels ("Bank Facilities")[4]. Following the Bank Facilities repayment, the only outstanding third-party debt obligation is the Esmeralda vessel financing from the Brazilian Merchant Maritime Fund, which has a maturity of 2032 and is collateralized by the Esmeralda vessel ("Esmeralda Facility").


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