Paratus Energy Services announced it has received a payment of approximately $38mn through its subsidiary Fontis Holdings Ltd., for overdue invoices in Mexico. This payment marks the second instalment received under a government-backed fund established to support investments and ensure payments to industrial suppliers.
A public fund to address payment delays
The fund, supported by Mexican authorities, aims to streamline payments owed to industrial service providers operating in the country. Fontis Energy, a wholly owned subsidiary of Paratus, qualifies for this mechanism as a service provider in the energy sector. Since the beginning of the year, the company has recovered a total of $309mn, the majority of which stems from this support initiative.
A normalising payment cycle
Paratus stated it continues to actively pursue the recovery of its remaining outstanding receivables. The company acknowledged that payment timing may still fluctuate, but noted that recent disbursements and government measures increase the likelihood of a stabilised payment cycle.
No further specific updates on payments
Accordingly, the company indicated it will no longer issue separate announcements concerning payments from this client, as they are now considered part of its ordinary course of business. Financial details related to such payments will be included in the company’s quarterly financial disclosures, in line with its standard reporting practice.
