Paratus Energy Services Ltd. - Issues notice to holders of Notes to redeem Senior Secured Notes due 2026 in full

Hamilton, Bermuda, May 7, 2026 - Paratus Energy Services Ltd. ("Paratus" or the "Company") hereby gives notice  to  all holders of the Senior Secured Notes due 2026 (CUSIPs 81173J AC3, G8000A AH6 and 81173J AD1; ISINs US81173JAC36, USG8000AAH61 and US81173JAD19) (the "Notes") governed by that Amended and Restated Indenture, dated as of January 20, 2022 (as subsequently amended and supplemented, the "Indenture"); that further to the Company's successful completion of a private placement of USD 250,000,000 five year senior secured bonds due 2031 ("Senior Secured Bond Issue 2031") the Company has today commenced the process of redeeming in full the principal amount of all remaining and outstanding Notes (the "Redeemed Notes") (with a principal amount outstanding of USD 197,871,505 by way of issuing a notice to holders of the Notes (the "Redemption Notice").

The targeted date for redemption (the "Redemption Date") of the Redeemed Notes shall be June 8, 2026 (or such later date determined and announced by the Company to enable the satisfaction of the conditions precedent as set out in the Redemption Notice prior to the Redemption Date (including the satisfaction of the disbursement conditions precedent agreed with the subscribers to the Senior Secured Bond Issue 2031) the (the "Redemption Conditions")). Holders of Notes have been informed that the redemption of the Redeemed Notes may not occur, and the Company may request that the Redemption Notice is rescinded in the event that any such Redemption Conditions have not been satisfied by the Redemption Date.

Holders of the Redeemed Notes should refer to the Redemption Notice for further details regarding the proposed redemption of the Redeemed Notes.

Transfers of any Redeemed Notes will be restricted until the Redemption Date.

This press release is for informational purposes only and is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this press release or otherwise.

Defined terms used in this announcement which are not otherwise herein defined have the meaning set out in the Indenture.

For further information, please contact:
Baton Haxhimehmedi, CFO and Interim CEO
Baton.Haxhimehmedi@paratus-energy.com
+47 4063 9083

About Paratus
Paratus Energy Services Ltd. (ticker: PLSV) is an investment holding company of a group of leading energy services companies. The Paratus Group is primarily comprised of its ownership of Fontis Energy and a 50/50 JV interest in Seagems. Fontis Energy is an offshore drilling company with a fleet of five high-specification jack-up rigs in Mexico. Seagems is a leading subsea services company, with a fleet of six multi-purpose pipe-laying support vessels in Brazil.