Paratus Energy - Seabras Secures Contracts for 6 PLSVs, Bolstering Backlog

Source: 5/10/2024, Location: South America

Paratus Energy Services Ltd. ("Paratus") is pleased to announce that certain wholly owned entities of Seabras Sapura Holding GmbH and Seabras Sapura Participações S.A. (collectively, "Seabras" or "JV") have successfully been awarded contracts for its full fleet of six multi-purpose pipe-laying support vessels ("PLSV") as part of a competitive Petrobras tender process. This achievement is set to bolster Seabras' backlog by approximately $1.8 billion. Following the award of these contracts, Seabras' backlog stands at approximately $2.1 billion.

The contract awards represent a meaningful improvement to dayrates, reflecting the positive industry momentum and the growing demand for PLSVs in Brazil. This achievement is a testament to Seabras' unwavering commitment to operational excellence, safety, and customer satisfaction. Since commencing operations in 2014, the vessels have maintained an average technical utilization of approximately 98%.

"We are delighted to announce this significant milestone," said Rogerio Salbego, CEO of Seabras. "This success demonstrates the strength of our fleet, our strong long-term relationship with Petrobras, and our track record of delivering value to our clients."

The contracts, each with a three-year term, will commence on different mobilization dates between May 2024 and June 2025 according to the current contract schedule for each of the PLSVs, with the longest dated contract going through 2028. The awards will provide longer-term revenue visibility, and will continue to support Seabras' strong cash flow and enable the JV to continue returning capital to its long-term shareholders.

"We are pleased with the outcome of Petrobras' recent tender and are confident that this will pave the way for ongoing success," said Robert Jensen, Executive Director of Paratus. "We remain confident that Seabras' long-term cash flow visibility will further strengthen the overall financial flexibility of Paratus and its ability to return cash to its shareholders."

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