The transaction nets Paratus approximately $163 million in immediate cash, supplemented by a $237 million seller credit. This credit carries a tiered interest structure, starting at 10% for the first year and escalating to 14% after eighteen months. Additionally, the company recouped $20 million in interim funding used to sustain Fontis’ operations during the negotiation period.
Paratus Energy Exits Jack-up Market with $420 Million Fontis Sale
With Mexican regulatory hurdles cleared, Hamilton-based Paratus Energy Services has finalized the divestment of its Fontis drilling operations and jack-up fleet. The move marks a strategic pivot for the company, transitioning it into a specialized pure-play operator focused exclusively on subsea pipe-laying support vessels.
Interim CEO and CFO Baton Haxhimehmedi described the sale as a critical milestone, noting that the company now holds a fully contracted fleet with improved cash flow visibility. Paratus, which maintains a 50% interest in the subsea services firm Seagems, intends to leverage this simplified structure to support its remaining assets. Currently, all six of the company's multi-purpose vessels operate under contract in Brazil, providing a stable foundation for the firm’s upcoming operational phase.
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