Paragon Offshore stacks two jack-ups, prepares four more

Paragon Offshore, a provider of offshore drilling rigs, has stacked two jack-up drilling rigs, one in Malaysia and another one in Cameroon, and it will be stacking four jack-ups in the U.S. Gulf of Mexico. 

Namely, Paragon Offshore stacked the jack-up rig Paragon L785 in Malaysia. The rig was previously working for Talisman from mid-April 2014 till mid-April 2015 with a $120,000 dayrate.

Also, the company stacked the jack-up rig Paragon L783 in Cameroon. The rig’s contract with SAPETRO ended in early July 2015.

All four rigs that are to be stacked in the Gulf of Mexico, Paragon B301, Paragon L1113, Paragon L781 and Paragon M821, were previously operating under a contract with Pemex.

Extensions

In Mexico, Paragon Offshore was awarded a three-month contract extension from Pemex for the jack-up rig Paragon M841, but with a reduced dayrate. The contract starts in mid-June 2015 and ends mid-September 2015 with a dayrate cut from $112,000 to $70,000.

Furthermore, Paragon Offshore received another contract extension from Pemex in Mexico for the jack-up rig Paragon M842. The extension is from mid-June 2015 till early March 2016, with a dayrate slashed from $112,000 to $70,000. The company noted that dayrate for January 2016 through March 2016 is subject to review by December 31, 2015.

In the Middle East region, Total has exercised an option to reduce the contract length for the jack-up rig Paragon L1115 following the completion of a minimum term. Total reduced the contract from early March 2016 to mid-October 2015.

Furthermore, Paragon Offshore was awarded a contract extension for another jack-up rig operating in the UAE for ADOC. The contract for Paragon B152 has been extended for two years starting in late November 2015 and ending in late November 2017. The rate has been changed from $95,000 to $81,000.

The contract for the jack-up rig Dhabi II, that is also working for ADOC in the UAE, has been extended from mid-July 2015 to mid-July 2017.

In the North Sea region, jack-up rig Paragon C461 has received an extension from TAQA from mid-November 2015 to mid-November 2017. The dayrate for this jack-up has been slashed from $164,000 to $113,000.

Offshore Energy Today Staff

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