The transaction yielded approximately $163 million in cash at closing, supplemented by a $237 million seller credit. This credit carries a tiered interest structure, starting at 10% for the first year, rising to 12% through the eighteenth month, and reaching 14% thereafter. Paratus also recouped $20 million in interim funding used to sustain Fontis’ operations during the transition period.
Paratus Energy Divests Fontis Fleet in $420 Million Deal
Bermuda-based Paratus Energy Services has finalized the sale of its Fontis drilling operations and jack-up fleet, clearing all regulatory hurdles including approval from the Mexican Competition Authority. The move shifts the company toward a pure-play model focused exclusively on subsea pipe-laying support vessels.
Interim CEO and CFO Baton Haxhimehmedi described the sale as a pivotal milestone that simplifies the firm's business structure. By exiting the jack-up market, the company now operates a fully contracted fleet under its Seagems joint venture, which maintains six multi-purpose vessels currently deployed in Brazil. This streamlined portfolio aims to provide more predictable cash flow within the infrastructure-linked subsea sector.
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