Paratus Energy pivots to pure-play subsea after Fontis exit

The financial results reflect a period of structural recalibration for the company. While the Seagems joint venture—a key pillar of Paratus’ portfolio—posted $43.5 million in adjusted EBITDA, the quarter was marked by maintenance-related downtime for the vessels Esmeralda and Jade. These operational incidents contributed to a dip in technical utilization to 93%, down from 98.3% in the first quarter of 2026.

Management is now focusing on long-term efficiency, highlighted by a newly approved Extended Dry-Docking program. By extending maintenance intervals for five of its vessels to 20 years, the company expects to reduce future capital expenditures and boost revenue capacity. Following the $250 million bond issuance and the divestment of Fontis, Paratus maintains a solid liquidity position with $148 million in cash and a net debt-to-leverage ratio of 1.6x pro forma for the transaction.