Paragon bags North Sea deal with Centrica

  • Business & Finance

Drilling contractor Paragon Offshore has been awarded a contract for a jack-up rig in the UK sector of the North Sea and decided to scrap one semi-submersible rig. 

In its latest fleet status report issued on Friday, March 10 the driller said the jack-up rig B391 has been awarded a subsea plug and abandonment (P&A) contract in UK North Sea by Centrica. The contract will start in late March and end in late June this year.

The rig’s previous contract was also with Centrica and it lasted from late October until late November 2016.

The Paragon B391 is of a Baker Marine Europe Class MOD built in 1981 by Promet Private Limited.

Paragon also said in the report it has executed a rig swap with Oranje-Nassau Energie (ONE), transferring the remaining contract term for the jack-up C461 to another jack-up, Prospector 1. ONE began operations with the Prospector 1 offshore The Netherlands in mid-December 2016.

Furthermore, according to Paragon, the 1977-built semi-submersible drilling rig MSS2 has been scrapped.

Also on Friday, the driller posted a bigger net loss for the fourth quarter 2016 compared to the prior-year fourth quarter impacted by a $129.9 million non-cash asset impairment charge primarily related to six jack-up rigs.

Offshore Energy Today Staff

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