Paratus Energy Services raises 2024 earnings guidance amidst operational updates
- Paratus Energy Services Ltd. raised its full-year 2024 EBITDA guidance to a range of $250-260 million.
- The Courageous rig will temporarily cease operations for 45 days due to client delays, with an estimated EBITDA impact of $3 million.
- The company aims to maintain strong relationships with clients while accommodating flexible operational needs.
In Hamilton, Bermuda, on November 26, 2024, Paratus Energy Services Ltd. announced an increase in its full-year 2024 EBITDA guidance. The company raised its guidance range to $250-260 million, which represents a midpoint increase of $25 million from the previous estimate of $220-240 million. This upward revision comes after strong operational performance throughout the year. Additionally, Paratus provided an update on its rig operations in Mexico through its subsidiary, Fontis Holdings Ltd. The company reported a temporary suspension of operations for the Courageous rig due to client delays but clarified that such delays would not affect the overall contract duration. The estimated impact of the temporary cessation is projected at approximately $3 million in EBITDA. Paratus emphasized its commitment to supporting its client and maintaining a strong long-term relationship.