Paratus Energy Receives Competition Clearance for Fontis Sale
Paratus Energy Services Ltd. has secured clearance from the Mexican Competition Authority's board of commissioners for the sale of Fontis' drilling operations and jack-up fleet. The transaction is expected to close in Q3 2026.
Hamilton, Bermuda – Paratus Energy Services Ltd. (ticker: PLSV) announced on July 17, 2026, that it has received approval from the board of commissioners of the Mexican Competition Authority. This clearance is for the completion of the previously announced sale of Fontis' drilling operations and jack-up fleet.
The transaction, initially announced on March 23, 2026, marks a significant step towards divestment. The approval from the Mexican competition regulator was a key condition for proceeding with the finalization of the deal. Other customary conditions and closing processes are still pending.
Paratus Energy anticipates that the closing of the transaction will occur during the third quarter of 2026. Financial terms of the sale have not been disclosed at this time.
The sale of Fontis is part of Paratus Energy's ongoing strategy to manage its asset portfolio. The company has not provided further details on how this divestiture will impact its long-term operational plans or future investments.