Paratus Energy Services Ltd. (Ticker: PLSV) is a Bermuda-based offshore drilling company, planning to raise $75 million through its IPO on Euronext Growth Oslo, issuing 15.3 million new shares at $4.90 each, resulting in a market capitalization of $830 million. The highly oversubscribed offer saw major local institutions participating. Shares will begin trading on June 28, 2024.

The company holds 100% ownership of Fontis Holdings Ltd., operator of five jack-up rigs in Mexico. It also owns a 50% stake in Seabras Sapura JV Participacoes S.A., provider of subsea services in Brazil with six pipe-laying support vessels. Paratus also has a 24.2% stake in Archer Ltd., which offers drilling and well services globally.

The proceeds will be used for general corporate purposes and to increase balance sheet flexibility. ABG Sundal Collier and Arctic Securities AS managed the offering, with DNB Markets as the Euronext Growth Advisor. Paratus plans to uplist to the Oslo Stock Exchange soon.