HAMILTON, Bermuda, May 10, 2024 /PRNewswire/ -- Paratus Energy
Services Ltd. ("Paratus" or the "Company") is pleased to announce
that certain wholly owned entities of Seabras Sapura Holding GmbH
and Seabras Sapura Participações S.A. (collectively, "Seabras" or
"JV") have successfully been awarded contracts for its full fleet
of six multi-purpose pipe-laying support vessels ("PLSV") as part
of a competitive Petrobras tender process. This achievement is set
to bolster Seabras' backlog by approximately $1.8 billion. Following the award of these
contracts, Seabras' backlog stands at approximately $2.1 billion[1].
The contract awards represent a meaningful improvement to
dayrates, reflecting the positive industry momentum and the growing
demand for PLSVs in Brazil. This
achievement is a testament to Seabras' unwavering commitment to
operational excellence, safety, and customer satisfaction. Since
commencing operations in 2014, the vessels have maintained an
average technical utilization of approximately 98%.
"We are delighted to announce this significant milestone,"
said Rogerio Salbego, CEO of Seabras. "This success
demonstrates the strength of our fleet, our strong long-term
relationship with Petrobras, and our track record of delivering
value to our clients."
The contracts, each with a three-year term, will commence on
different mobilization dates between May
2024 and June 2025 according
to the current contract schedule for each of the PLSVs, with the
longest dated contract going through 2028. The awards will provide
longer-term revenue visibility, and will continue to support
Seabras' strong cash flow and enable the JV to continue returning
capital to its long-term shareholders.
"We are pleased with the outcome of Petrobras' recent tender and
are confident that this will pave the way for ongoing success,"
said Robert Jensen, Executive
Director of Paratus. "We remain confident that Seabras' long-term
cash flow visibility will further strengthen the overall financial
flexibility of Paratus and its ability to return cash to its
shareholders."
About Seabras
Seabras is a leading subsea services company, with a fleet of
six multi-purpose PLSVs with capabilities for subsea engineering,
installation, and other services. All of Seabras' vessels are
currently operating under contract in Brazil. Seabras is headquartered in downtown
Rio de Janeiro, with additional
support offices in Rio das Ostras and Vienna. Seabras is a 50/50 joint venture
between Paratus and Sapura Energy Berhad, a global integrated
energy services and solutions provider. For further information
about Seabras visit www.sapura.com.br/en
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 SeaMex and a 50/50 JV
interest in Seabras. SeaMex 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-purposes
PLSVs 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:
Hawthorn
Advisors
paratus@hawthornadvisors.com
+44 (0)203 7454960
Paratus -- Forward-Looking Statements
This release includes forward-looking statements. Such
statements are generally not historical in nature, and specifically
include statements about the Company's and / or the Paratus
Group's (including any member of the Paratus Group) plans,
strategies, business prospects, changes and trends in its business
and the markets in which it operates. These statements are based on
management's current plans, expectations, assumptions and beliefs
concerning future events impacting the Company and / or the Paratus
Group and therefore involve a number of risks, uncertainties and
assumptions that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements,
which speak only as of the date of this news release. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include, but are not
limited to, management's reliance on third party professional
advisors and operational partners and providers, the Company's
ability (or inability) to control the operations and governance of
certain joint ventures and investment vehicles, oil and energy
services and solutions market conditions, subsea services market
conditions, and offshore drilling market conditions, the cost and
timing of capital projects, the performance of operating assets,
delay in payment or disputes with customers, the ability to
successfully employ operating assets, procure or have access to
financing, ability to comply with loan covenants, liquidity and
adequacy of cash flow from operations of its subsidiaries and
investments, fluctuations in the international price of oil or
alternative energy sources, international financial, commodity or
currency market conditions, including, in each case, the impact of
pandemics and related economic conditions, changes in governmental
regulations, including in connection with pandemics, that affect
the Paratus Group, increased competition in any of the industries
in which the Paratus Group operates, the impact of global economic
conditions and global health threats, including in connection with
pandemics, our ability to maintain relationships with suppliers,
customers, joint venture partners, professional advisors,
operational partners and providers, employees and other third
parties and our ability to maintain adequate financing to support
our business plans, factors related to the offshore drilling,
subsea services, and oil and energy services and solutions markets,
the impact of global economic conditions, our liquidity and the
adequacy of cash flows for our obligations, including the ability
of the Company's subsidiaries and investment vehicles to pay
dividends, political and other uncertainties, the concentration of
our revenues in certain geographical jurisdictions, limitations on
insurance coverage, our ability to attract and retain skilled
personnel on commercially reasonable terms, the level of expected
capital expenditures, our expected financing of such capital
expenditures, and the timing and cost of completion of capital
projects, fluctuations in interest rates or exchange rates and
currency devaluations relating to foreign or U.S. monetary policy,
tax matters, changes in tax laws, treaties and regulations, tax
assessments and liabilities for tax issues, legal and regulatory
matters, customs and environmental matters, the potential impacts
on our business resulting from climate-change or greenhouse gas
legislation or regulations, the impact on our business from
climate-change related physical changes or changes in weather
patterns, and the occurrence of cybersecurity incidents, attacks or
other breaches to our information technology systems, including our
rig operating systems. Consequently, no forward-looking statement
can be guaranteed.
Neither the Company nor any member of the Paratus Group
undertakes any obligation to update any forward-looking statements
to reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not
possible for us to predict all of these factors. Further, we cannot
assess the impact of each such factors on our businesses or the
extent to which any factor, or combination of factors, may cause
actual results to be materially different from those contained in
any forward-looking statement.
[1] Reflected pro forma as of March 31, 2024
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/paratus-energy-services-ltd/r/seabras-secures-new-contracts-for-6-plsvs--bolstering-backlog-by--1-8-billion,c3976607
View original
content:https://www.prnewswire.co.uk/news-releases/paratus-energy-services-ltd---seabras-secures-new-contracts-for-6-plsvs-bolstering-backlog-by-1-8-billion-302142080.html