The deal leaves Paratus as a pure-play PLSV company and delivers about $163 million in cash, a $237 million seller credit and a separate $20 million funding reimbursement.
Paratus Energy Services Ltd. said it has completed the sale of Fontis' drilling operations and jack-up fleet after satisfying all remaining conditions, including previously disclosed competition clearance in Mexico. The company said the transaction marks a shift to a focused pure-play PLSV business with a fully contracted fleet, stronger cash flow visibility and a simplified operating profile tied to infrastructure-linked subsea services. On completion, Paratus received about $163 million in cash consideration and a $237 million seller credit with a 2.5-year term. The credit bears interest at 10% in the first year, 12% during months 13 to 18 and 14% thereafter. Separately, and tied to the sale of the Mexican operations, Paratus also received $20 million as reimbursement for interim funding it had provided to support Fontis between signing and closing. Paratus, listed in Oslo under the ticker PLSV, said it holds a 50% joint venture interest in Seagems, a subsea services company operating six multi-purpose pipe-laying support vessels, all of which are contracted in Brazil.