Paratus Energy Moves to Euronext Oslo Børs Main Market, Marking a New Chapter in Growth and Market Access

Paratus Energy Moves to Euronext Oslo Børs Main Market, Marking a New Chapter in Growth and Market Access

(IN BRIEF) Paratus Energy has transitioned from Euronext Growth Oslo to the main market at Euronext Oslo Børs, becoming the fourth company to make this move within the year. Formerly known as Seadrill New Finance, Paratus serves as a holding company with assets including Fontis, which operates five drilling rigs, and a joint venture with Sapura overseeing six pipelay vessels. CEO Robert Jensen views the listing as a step to enhance financial strength and capital access, while Board Chair Mei Mei Chow emphasizes its role in supporting the company’s long-term growth and shareholder returns.

(PRESS RELEASE) OSLO, 13-Nov-2024 — /EuropaWire/ — Euronext Oslo Børs extends its congratulations to Paratus Energy (ticker: PLSV) on its successful transition from Euronext Growth Oslo to the Euronext Oslo Børs main market. This listing transfer, effective from June 2024, marks the fourth company transition within the Oslo markets this year.

Formerly known as Seadrill New Finance, Paratus Energy operates as a holding company for a portfolio of energy service businesses. The company wholly owns Fontis, which manages five jack-up drilling rigs, and has a 50% ownership in the Seabras joint venture with Sapura, operating a fleet of six multipurpose pipelay support vessels. Paratus also holds a 24% share in Archer, a publicly traded oil services company in Oslo.

On its first day on the main market, Paratus’s share opened at NOK 50.75, aligning with its closing price on Euronext Growth Oslo on November 12, 2024, which establishes an estimated market capitalization of NOK 8.6 billion.

Robert Jensen, CEO of Paratus, emphasized the significance of this milestone: “Transitioning to Euronext Oslo Børs marks a defining step for Paratus, reflecting the dedication and achievements of our entire team. Our assets have consistently delivered robust cash flows, a trend we expect to sustain with our recent contract awards. This listing strengthens our financial position, offering enhanced access to capital markets as we focus on operational excellence and long-term shareholder value.”

Board Chair Mei Mei Chow highlighted the broader impact of this transition: “This listing is more than a financial milestone; it solidifies Paratus as a strong platform for sustained growth. I want to thank our management team, employees, customers, and investors, whose support has been integral to this achievement. I am proud of our progress since Paratus’s reformation and look forward to the exciting opportunities ahead.”

About Paratus Energy

Paratus Energy Services Ltd. (“Paratus”) is a holding company of a group of leading energy services companies. Paratus is comprised of its 50% JV interest in Seabras, 100% ownership of Fontis, and a 24% equity ownership stake in Archer. Seabras is a leading subsea services company, with a fleet of six multipurpose pipelaying support vessels (PLSV) under contracts in Brazil. Fontis is an offshore drilling company with a fleet of five high-spec jack-up rigs under contracts in Mexico.

About Euronext
Euronext is the leading pan-European market infrastructure, connecting European economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With nearly 1,900 listed issuers and around €6.3 trillion in market capitalisation as of end September 2024, it has an unmatched blue-chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearing house through Euronext Clearing, and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of junior markets, simplifying access to listing for SMEs.

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SOURCE: Euronext