PSV Sapura Ônix; Source: Seagems

Bermuda-based player gives Oslo stock exchange a go

Paratus Energy Services, a Bermuda-headquartered holding company of a group of energy service players, has shared its intention to list the firm’s shares on the Euronext Growth stock exchange market in Oslo, Norway, followed by a planned uplisting to the Oslo Stock Exchange.

PSV Sapura Ônix; Source: Seagems

Paratus explained that the offering it plans to launch will entail a private placement of new shares without disclosing their number or indicative price range. The net proceeds are expected to predominantly be used for general corporate purposes and increased balance sheet flexibility. 

Paratus’ CEO, Robert Jensen, noted: “Paratus’ exceptional cash flow profile is underpinned by our substantial backlog in attractive market segments. Our listing on the Euronext Growth and planned uplisting to the Oslo Stock Exchange will provide a robust platform to drive continued value creation for our shareholders. 

“With our strong cash flow profile and efficient capital structure, Paratus is well positioned to return significant capital to shareholders through potential near-term distributions.”

The firm owns a 100% interest in Fontis Holdings, previously known as SeaMex Holdings, alongside a 50% interest in its joint venture (JV) with Sapura Energy. Formerly known as Seabras Sapura, the JV rebranded as Seagems in late April. The Bermuda player also has a 24.2% equity ownership stake in Archer, which is already listed on the Oslo Stock Exchange. 

Paratus’ principal shareholders are Hemen Investments, with a 32% stake, and Lodbrok Capital, holding 20.2% of the shares through different funds. The firm backlog as of Q1 2024 is said to total around $1.5 billion.

Conditional upon approvals from the Oslo Stock Exchange and prevailing equity capital market conditions, the first day of trading on Euronext Growth Oslo is anticipated to happen by the end of Q2 2024. Afterward, the firm aims to uplist its shares to the Oslo Stock Exchange as soon as possible.

The holding company’s fleet comprises five jack-ups owned by Fontis Energy and six pipe-laying support vessels (PLSVs) owned by Seagems. In May, Petrobras hired the six PLSVs to perform subsea engineering, installation, and other services in Brazilian waters.

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Last week, Vantage Drilling International also shared that it was considering starting trading on Euronext Growth Oslo. The drilling player explained its decision by wanting to increase the liquidity of shares and facilitate access to capital markets.