Paratus is pleased to announce that its Board of Directors (the "Board") has authorized a quarterly cash dividend of $0.22 per share for Q3 2025, consistent with prior quarters.
"We delivered another strong quarter with better-than-expected financial results and consistent shareholder distributions," said Robert Jensen, CEO of Paratus. "The monetization of our Archer stake highlights our focus on simplifying our business, while recent collections in Mexico further reinforce our confidence in an improving operating environment in the country. We remain focused on strategic development of the business and creating long-term value for our shareholders."
Q3 2025 highlights and post quarter-end developments
Maintained strong operational performance with fleet technical utilization of approximately 99%.
Combined segment revenues increased 20% quarter-over-quarter to $127 million, while EBITDA rose 38% to $78 million, driven by higher dayrates and increased operational days at Seagems, as well as $12 million of previously unrecognized revenue at Fontis. Excluding this, EBITDA was $66 million (Q2 2025: $57 million).
Monetized the Company's ~24% shareholding in Archer for $48 million consistent with its focus on portfolio optimization and simplification of the corporate structure.
Ended the quarter with $144 million in Group cash and $659 million in net debt.
Post Q3, declared a $0.22 per share quarterly dividend for Q3 2025, consistent with previous quarters.
In October–November, Fontis collected $96 million from its client in Mexico with payments made via a Mexican government investment fund; bringing 2025 receipts to $309 million to date.
FontisFontis reported contract revenues of $54.8 million (Q2 2025: $43.8 million), reflecting the recognition of $12.1 million in previously unrecognized revenue from the Titania FE contract acknowledge by its client.
Reported operating expenses (Opex) totaled $19.5 million for the quarter, down from $25.6 million in Q2 2025, as the main portion of the Titania FE rig move costs had been incurred in the previous period. General and administrative expenses (G&A) amounted to $0.5 million (Q2 2025: $0.4 million). Adjusted EBITDA for the quarter was $34.8 million, compared to $17.8 million in Q2 2025, reflecting the $12.1 million in variable revenue and lower Opex.
During Q3 2025, Fontis achieved an average dayrate of $116 thousand per day, consistent with the previous quarter, and maintained strong technical utilization of 99.7% (Q2 2025: 99.2%). The company's contract backlog at quarter-end stood at approximately $56 million (Q2 2025: approximately $98 million).
The Company observes early signs of demand recovery in the global jack-up market, supported by increasing activity levels in key regions such as Saudi Arabia and Mexico. In Saudi Arabia, Saudi Aramco has begun recalling previously suspended rigs, indicating improving market conditions and an expected increase in global jack-up utilization. In Mexico, Fontis' client has started securing rig capacity for 2026 through contract renewals and extensions. Of the Company's fleet of five jack-up rigs, all are currently contracted into Q1 2026, except for Titania FE, which remains warm-stacked pending new engagement. While no assurances can be given, the Company is in discussions with its client regarding ...
