Bermudian-based Paratus Energy Services Ltd has generated $109 million in gross revenue and $53 million in adjusted earnings before interest, taxes, depreciation and amortisation in the first quarter of the year.

That compares with $97 million and $43 million in the first quarter of 2023, respectively.

Paratus is the holding company of a group of energy services companies. The group is primarily comprised of its wholly owned subsidiary Fontis Energy, a 50/50 joint venture interest in Seabras and a 24 per cent ownership interest in Archer Ltd.

The group closed the quarter with a cash balance of $126 million and $638 million in net debt, compared with $134 million and $632 million at year-end 2023.

Compared with first quarter 2023, the cash balance has increased by $25 million while the net debt was reduced by $60 million (Q1 2023: cash of $101 million and net debt of $698 million), largely driven by the retirement of senior secured notes at Fontis Energy.

During the first quarter of this year, the company's wholly owned subsidiary Fontis Holdings Ltd and its subsidiaries generated $56 million in gross revenue and $27 million in ebitda.

Compared with the first quarter of 2023, gross revenue and ebitda increased by 30 per cent and 81 per cent, respectively, largely driven by downtime on the Courageous and Defender rigs experienced in the first quarter last year.

Seabras UK Ltd, a wholly owned subsidiary of Paratus, holds a 50 per cent equity interest in Seabras Sapura Holding GmbH, its associated company, Seabras Sapura Participaҫões SA and their subsidiaries.

During the first quarter, Seabras generated $107 million in revenue (Q1 2023: $108 million) and $55 million in ebitda (Q1 2023: $61 million).

The reduction in ebitda compared with the first quarter of 2023 was largely due to a slight increase in off-hire days and modest cost increases, the company said.