Paratus Energy Swings to Q1 Net Income From Continuing Operations

Paratus Energy Services Ltd. reported net income from continuing operations of $12.5 million, or $0.32 per diluted share, for the first quarter ended March 31, 2026, reversing a net loss of $8.2 million a year earlier, the company disclosed on May 29, 2026. Revenue rose 15% to $85.2 million, driven by higher dayrates and improved utilization of its offshore drilling rigs. The company, which owns a fleet of jack-up rigs, attributed the results to recovering market conditions, cost-management efforts and a divestiture of non-core assets that streamlined operations. The profit exceeded analysts’ consensus estimates and marked the first profitable quarter from continuing operations since restructuring. Shares of Paratus Energy have gained nearly 20% year-to-date, reflecting improved investor sentiment in the offshore energy services sector.