HAMILTON, Bermuda , April 2, 2025 /PRNewswire/ -- Paratus Energy Services Ltd. (OSL: PLSV) ("Paratus" or the "Company") announces that following the completion of its $20 million share buyback on March 4, 2025, the Company now intends to repurchase up to 1,600,000 shares by way of open market transactions on the Euronext Oslo Børs (the "Buyback"). This marks the next step in deploying the Company's previously announced share repurchase authorisation of up to $100 million. A total amount of $5 million has been set aside for the Buyback. If fully utilized, the Company will at completion of the Buyback have approximately $75 million of remaining capacity under its previously announced share repurchase authorisation.
The Buyback will commence on April 2, 2025, and will remain in effect until the earlier of (i) the acquisition of the maximum number of shares as set above; (ii) the maximum total consideration as set out above has been reached; or (iii) April 30, 2025.
Paratus has engaged Arctic Securities AS ("Arctic") to facilitate the Buyback through open market transactions on Euronext Oslo Børs. Arctic will execute trades independently of, and uninfluenced by, Paratus, subject to prior instructions provided by Paratus in the mandate for the Buyback. The final number of shares to be repurchased, if any, will depend on price and number of available shares in the market.
The purpose of the Buyback is to provide a return of capital to the Company's shareholders. The shares acquired will be in whole or in part be held for treasury or cancelled at the further discretion of the Company's Board. The Buyback will otherwise be structured to comply with the regulation regarding buy-back programmes and stabilisation measures (pursuant to the market abuse regulation (EU Regulation 594/2014).
This information is subject to disclosure pursuant to section 5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Robert Jensen, CEO
robert.Jensen@paratus-energy.com
+47 958 26 729
Baton Haxhimehmedi, CFO
baton.Haxhimehmedi@paratus-energy.com
+47 406 39 083
About Paratus
Paratus Energy Services Ltd. (ticker: PLSV) is an investment holding company of a group of leading energy services companies. The Paratus Group is primarily comprised of its ownership of Fontis Energy and a 50/50 JV interest in Seagems. Fontis Energy is an offshore drilling company with a fleet of five high-specification jack-up rigs working under contracts in Mexico. Seagems is a leading subsea services company, with a fleet of six multi-purpose pipe-laying support vessels under contracts in Brazil. In addition, Paratus is the largest shareholder in Archer Ltd, a global oil services company, listed on the Euronext Oslo Børs.
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