What Paratus Energy does

Paratus Energy Services Ltd. is a Bermuda-domiciled investment holding company listed on Euronext Oslo Børs (ticker: PLSV) that invests in offshore energy infrastructure service providers. Founded in 2018 (originally as Seadrill New Finance Ltd.) and rebranded in 2022, the company emerged from Chapter 11 restructuring in January 2022 before listing on Euronext Growth Oslo in June 2024 and uplisting to the main board in November 2024. Following the announced $400 million sale of its Fontis jack-up business to Borr Drilling and CME (expected to close H2 2026), Paratus is positioning itself as the world's only pure-play PLSV operator of scale.

The company currently operates through two principal holdings. Seagems, a 50/50 joint venture with Vantris Energy Berhad formed in 2011, runs six multi-purpose pipe-laying support vessels (Sapura Diamante, Topázio, Esmeralda, Ônix, Jade, and Rubi) under long-term contracts with Petrobras in Brazil, providing subsea installation, flexible pipe laying, and construction services with approximately $1.2 billion in backlog. Fontis Energy, a wholly owned subsidiary acquired in 2022, operates five high-specification jack-up rigs (Titania FE, Oberon, Intrepid, Defender, Courageous — LeTourneau Super 116-C and Friede & Goldman JU-2000E designs) under contracts with Pemex in Mexico. Combined FY2025 segment revenue was $452 million with $261 million of adjusted EBITDA and ~99% fleet utilization; Q1 2026 segment revenue was $75 million with $46 million of adjusted EBITDA and a return to net income of $19 million.

The business model is dayrate-based recurring revenue from long-term contracts with national oil companies, secured through direct enterprise sales and tenders. Capital returns to shareholders are executed through quarterly dividends ($0.22/share) and share buybacks, with $49 million realized from the September 2025 sale of the Archer Limited stake. The company employs more than 1,500 people across operations in Brazil and Mexico and maintains management offices in Bermuda, Norway, and the United Kingdom. Two oversubscribed Nordic bond placements — a $500 million senior secured bond at 9.5% in June 2024 and a $250 million senior secured bond at 8.125% in May 2026 — funded the post-restructuring capital structure reset and full redemption of the 2026 notes.

Name

Paratus Energy

Legal name

Paratus Energy Services Ltd.

Website

https://paratus-energy.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Paratus Energy Services Ltd. is a Bermuda-domiciled, Oslo-listed holding company that operates a 50% PLSV joint venture (Seagems) serving Petrobras in Brazil and, pending divestiture, owned five jack-up rigs (Fontis Energy) serving Pemex in Mexico.

Ownership category

akta.pro rank

Product category

Offshore Energy Services

SIC

Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Pipe-lay & Heavy-lift Offshore Vessel Construction (IMAJACAE)

akta.pro secondary industries

Subsea Construction & IMR Vessel Newbuilds (CSV, DSV, ROV Support) (IMAJACAD), Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters) (EUALABAJ)

Keywords

• Offshore drilling services
• Pipe-laying support vessels
• Subsea installation services
• Offshore energy infrastructure
• Jack-up drilling rigs

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain

Revenue model

1. Offshore Drilling Services: Dayrate-based revenue from jack-up drilling rigs operating under long-term contracts with Mexican national oil company Pemex. Fleet of five jack-up rigs providing offshore drilling services.
2. Subsea Services: Revenue from 50% joint venture Seagems operating six PLSVs for Petrobras in Brazil. Contract revenue model with $1.2 billion backlog and average dayrate of $281,000 per day.
3. Capital Returns: Quarterly dividend distributions to shareholders ($0.22 per share) and share buyback programs, returning capital from operational cash flows.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Paratus Energy is a holding company that invests in and operates offshore energy services businesses. Through its 50% joint venture Seagems, it operates six multi-purpose pipe-laying support vessels (PLSVs) under long-term contracts with Petrobras in Brazil, delivering subsea installation, flexible pipe laying, and construction services. Through its wholly owned subsidiary Fontis Energy, it operates five high-specification jack-up drilling rigs under contract with Pemex in Mexico for offshore drilling operations.

Product overview

Paratus Energy is an investment holding company comprised of two primary business segments: Seagems (50% joint venture) operating six multi-purpose pipe-laying support vessels (PLSV) in Brazil under contract with Petrobras, and Fontis Energy (100% owned) operating five high-specification jack-up drilling rigs in Mexico under contract with Pemex. The Seagems fleet includes vessels named Sapura Diamante, Topázio, Esmeralda, Ônix, Jade, and Rubi, providing subsea installation and construction services. The Fontis Energy fleet includes jack-up rigs named Titania FE, Oberon, Intrepid, Defender, and Courageous. All assets are deployed on long-term contracts with national oil companies in Brazil and Mexico, positioning Paratus as a provider of offshore energy infrastructure services.

Differentiator

Problem solved

Functional benefit

Products and services

• Seagems PLSV Subsea Services
• Fontis Energy Offshore Drilling Services

Quantifiable outcome

• Q1 2026 net income of $19 million vs $30 million loss in Q1 2025
• +5 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered major, minor and core.

• Borr Drilling LimitedmajorStrategic or Co-development Partner · 23 March 2026Strategic partnership for sale of Fontis jack-up business through newly formed 50/50 joint venture BC Ventures. Transaction valued at $400 million including $148 million cash, $15 million deferred consideration, and $237 million seller's credit. Five jack-up rigs (two Friede & Goldman JU-2000E and three LeTourneau Super 116-C) to be acquired, with closing expected H2 2026.
• Proyectos Globales de Energía y Servicios CME (CME)majorStrategic or Co-development Partner · 23 March 2026Mexican partner in BC Ventures joint venture with Borr Drilling for acquisition of Fontis jack-up fleet. CME is a long-term well construction partner in Mexico, acquiring Fontis' Mexican operations and Singapore-based rig-owning entities.
• Archer LimitedminorStrategic or Co-development Partner · 5 June 2024Paratus held approximately 24% stake in Archer (global oil services company) as strategic investment. Paratus sold its Archer shareholding (~24%) in September 2025 for approximately $49 million as part of capital return program.
• Vantris Energy BerhadcoreStrategic or Co-development Partner · 1 January 201150/50 joint venture established in 2011 (originally Seabras JV, renamed Seagems in 2024) for operating pipe-laying support vessels in Brazil. Seagems operates six PLSVs under contract with Petrobras with approximately $1.2 billion backlog. Vantris is a global integrated energy services and solutions provider.

Scale indicators16 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Subsea 7: Global leader in subsea construction, pipelay, and SURF (subsea, umbilicals, risers, flowlines) services. Directly comparable to Seagems' PLSV-based subsea installation and construction business serving Petrobras-class NOCs.
• Saipem: Italian offshore engineering and construction major operating a fleet of pipelay and subsea construction vessels (e.g., Castoro, Saipem 7000). Closest pure-play peer to Paratus/Seagems in offshore pipe-laying.
• McDermott International: Offshore EPC and subsea construction specialist with significant PLSV and pipelay vessel exposure serving Brazil and other deepwater markets. Direct overlap with Seagems' subsea construction services for Petrobras.
• Borr Drilling: Pure-play jack-up drilling contractor acquiring Fontis Energy from Paratus for $400M. Comparable to the legacy Fontis business and to the high-spec jack-up segment of the offshore market.
• Vantris Energy Berhad: Paratus's 50/50 JV partner in Seagems; a global integrated energy services provider operating PLSVs globally. Most operationally comparable peer given shared ownership and asset base in Brazil.

Broad incumbents

• TechnipFMC: Diversified subsea and surface technology provider with material exposure to SURF and pipelay. Broader portfolio (subsea hardware, integrated solutions) makes it an incumbent rather than a direct pure-play PLSV peer.
• Seadrill: Global offshore driller and Paratus's historical predecessor (originally Seadrill New Finance). Broader portfolio of floaters, jack-ups, and tenders makes it an incumbent rather than a direct pure-play peer.
• Valaris Limited: Largest offshore drilling contractor by fleet size with both floaters and jack-ups. Comparable to Paratus's pre-divestiture diversified drilling exposure (via Fontis) but operates on a much broader portfolio.
• Transocean: Leading offshore drilling contractor focused on ultra-deepwater floaters. Relevant comparison for capital intensity and offshore cyclicality but not directly comparable in PLSV or jack-up segments.
• Noble Corporation: Offshore drilling contractor with both jack-up and floater assets. Comparable as an offshore services incumbent whose markets overlap with the legacy Fontis jack-up business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Paratus Energy