Paratus Energy Services Extends Share Buyback Program Timeline

Understanding Paratus Energy Services’ Share Buyback Program

Paratus Energy Services Ltd. (Oslo: PLSV) has recently announced an important update regarding its share buyback program, designed to enhance shareholder value. The decision to extend the buyback timeline marks Paratus’s commitment to returning capital to its shareholders.

Details of the Buyback Program

The share buyback program, initially established with the goal of repurchasing up to 1,600,000 shares for a total consideration of approximately NOK 5 million, is receiving an extension. Originally set to conclude soon, the program will now allow additional time for share acquisitions. This extension demonstrates the company’s strategic approach towards managing its shareholder equity effectively.

Extension Timelines

The extension of the buyback program means that the acquiring of shares will now be open until either the maximum number of shares is acquired, the total monetary limit is reached, or the new end date of May 28 arrives. Paratus acknowledges that this adjustment is necessary to ensure the optimal execution of its buyback strategy.

Executing the Buyback

Paratus Energy Services has engaged Arctic Securities AS to assist in managing this buyback program through transactions on the Euronext Oslo Børs. Arctic will operate independently to carry out the trades, ensuring that the process is effective and conforms to regulatory guidelines.

Returning Capital to Shareholders

The primary objective of the buyback remains to return capital to the shareholders. Acquired shares will either be held in treasury or canceled at the discretion of the Board of Directors. This reaffirms Paratus's dedication to enhancing shareholder value in a responsible manner.

Regulatory Compliance

The buyback will be conducted in alignment with applicable regulations regarding share repurchase programs. Paratus Energy Services intends to ensure transparency and adherence to the standards outlined in the Market Abuse Regulation (EU Regulation 596/2014).

Company Vision and Future

Paratus Energy Services Ltd. represents a group of leading energy service companies, focusing on delivering quality services in a competitive market. The company's diverse interests, including ownership in Fontis Energy and a joint venture in Seagems, are strategic to its operational success. These endeavors significantly contribute to its reputation as a pivotal player in the energy sector.

Fontis Energy, specializing in offshore drilling, owns five high-specification jack-up rigs. These rigs are currently contracted in active operations. Seagems complements this by providing subsea services, including multi-purpose pipe-laying support vessels that enhance operational efficiency in various projects.

Furthermore, Paratus holds substantial shares in Archer Ltd, an esteemed global oil services company listed on the Euronext Oslo Børs, broadening its footprint in the energy market.

Frequently Asked Questions

What is the share buyback program by Paratus Energy Services?

The share buyback program allows Paratus to repurchase its shares from the market, providing value back to its shareholders.

Why was the buyback program extended?

The extension gives Paratus more time to buy back shares to optimize shareholder value and better manage equity.

Who is managing the buyback program?

Arctic Securities AS is responsible for facilitating the buyback program through transactions on Euronext Oslo Børs.

What happens to the shares acquired in the buyback?

Shares acquired through the buyback will either be held in treasury or canceled as per the company’s discretion, enhancing the value for remaining shareholders.

How does this program comply with regulations?

The buyback will adhere to the relevant regulatory frameworks, ensuring it meets the guidelines for share repurchase as outlined in market regulations.

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