Paratus Energy finalizes sale of Fontis drilling operations and jack‑up fleet, securing cash proceeds
Executive summary: Paratus Energy completed the sale of Fontis' drilling operations and jack‑up fleet as disclosed in its March and July 2026 announcements. The transaction generates cash for Paratus, reduces its exposure to the offshore drilling market, and lets the company focus on its core energy services.
Who is involved: Paratus Energy Services Ltd. (OSLO: PLSV), the unnamed buyer Fontis, and related stakeholders.
Likely next: Paratus is expected to use the proceeds for debt reduction or reinvestment in higher‑margin activities, while Fontis integrates the acquired rigs into its fleet.
Paratus Energy Services Ltd. announced on July 29, 2026 that it has completed the previously disclosed transaction to divest Fontis' drilling assets and jack‑up fleet. The move follows announcements from March and July 2026 outlining the sale. While financial terms were not disclosed, the divestment allows Paratus to streamline its offshore services portfolio and strengthen its balance sheet.
Timeline
- — Paratus Energy - Completes Sale of Fontis (PR Newswire)
- — Borr Drilling Limited - Completes Acquisition of Five Rigs Through New Joint Venture (PR Newswire)
Sources
- Paratus Energy - Completes Sale of Fontis — PR Newswire
- Borr Drilling Limited - Completes Acquisition of Five Rigs Through New Joint Venture — PR Newswire