Search results for: Paragon Offshore

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  • 19 July 2017
    Business & Finance

    Offshore drilling contractor Paragon Offshore has completed its corporate and financial reorganization and emerged from Chapter 11.  To remind, following the driller’s mid-May application for administration in the United Kingdom to advance its Chapter 11 plan, a UK court appointed joint administrators for the company on May 23. In early June, Paragon’s consensual plan of reorganization was […]

  • 23 May 2017
    Exploration & Production

    A UK court has appointed joint administrators for the drilling contractor Paragon Offshore following the driller’s application last week for administration in the United Kingdom to advance its Chapter 11 plan.  Paragon reported on Tuesday that the High Court of Justice, Chancery Division, Companies Court of England and Wales considered the company’s application for administration in the […]

  • 17 February 2016
    Exploration & Production

    Paragon Offshore, an offshore drilling contractor, has stacked one of its drilling rigs after it arrived from India to UAE.  According to the offshore driller’s February fleet status report, the 1975-built drillship Paragon MDS1 was stacked in the UAE as the rig was without a contract since October 2015. The drillship’s last contract before it was stacked […]

  • 12 February 2016
    Exploration & Production

    Paragon Offshore, a jack-up rig operator that came into existence after spinning off from Noble Corporation, has reached an agreement with its creditors to restructure its balance sheet. The company, recently delisted from the New York Stock Exchange, said on Friday the restructuring is expected to eliminate more than $1.1 billion of debt and approximately […]

  • 19 April 2016
    Business & Finance, Exploration & Production

    Offshore drilling contractor Paragon Offshore has received two contract extensions and one contract termination for its jack-up drilling rigs.  According to Paragon’s latest fleet status report, the contract for Paragon’s 1979-built jack-up drilling rig Paragon M1162, operating in the UAE, was extended from mid January 2017 to late January 2019. Paragon said it was in discussions […]

  • 19 August 2015
    Business & Finance

    Inchcape Shipping Services (ISS) has been appointed by Paragon Offshore, Houston, as marine and logistic services provider for a new drilling campaign off the Songo Songo Islands, Tanzania. ISS is providing a range of services for Paragon Offshore including full husbandry, crew logistics, visa assistance and arranging marine and air charters. Paragon Offshore is deploying […]

  • 17 May 2017
    Business & Finance

    Drilling contractor Paragon Offshore has filed an application for administration in the United Kingdom to advance its Chapter 11 plan.  The driller said on Wednesday that it filed an application with the High Court of Justice, Chancery Division, Companies Court of England and Wales for the appointment of two partners of Deloitte LLP to serve as […]

  • 10 May 2017
    Business & Finance, Exploration & Production

    Drilling contractor Paragon Offshore has been awarded work for three of its jack-up drilling rigs.  According to Paragon’s fleet status report on Wednesday, the jack-up rig MSS1 has been awarded a one-well contract in the UK sector of the North Sea with Centrica. The contract with Centrica will start in early August and end in mid-October 2017. […]

  • 25 August 2017
    Business & Finance

    Offshore drilling contractor Paragon Offshore has appointed James “Jay” Swent III, Paragon’s current chairman to the position of president and chief executive officer (CEO). Paragon recently completed its corporate and financial reorganization and emerged from Chapter 11. The new company emerged with approximately $165 million of available cash on its balance sheet, and $85 million […]

  • 18 December 2015
    Exploration & Production

    The New York Stock Exchange has suspended trading in shares of offshore driller Paragon Offshore, effective immediately.  According to a statement by the drilling company the NYSE determined that Paragon’s ordinary shares were no longer suitable for listing based on “abnormally low” price levels. “As a result of this notification, Paragon will not submit a […]

  • 30 August 2017
    Exploration & Production

    Offshore driller Paragon Offshore is evaluating options for removal of its drillship, the Paragon DPDS1, which broke loose of its moorings during Hurricane Harvey’s landfall while in safe harbor at Port Aransas, Texas. Ahead of the storm, Paragon had arranged for two standby tugs to remain with the vessel and supplement the ship’s mooring system, […]

  • 22 February 2018
    Business & Finance, Exploration & Production

    Borr Drilling has made a binding tender agreement to offer to purchase all outstanding shares in Paragon Offshore. 

  • 15 January 2016

    Paragon Offshore, a provider of jack-up offshore drilling rigs, has decided to defer an interest payment of approximately $15.4 million due today on its 6.75% senior unsecured notes maturing July 2022. The driller, which recently got delisted from the New York Stock Exchange due to its shares under-performance said that, under the terms of the indenture […]

  • 1 June 2015
    Business & Finance

    Paragon Offshore, an offshore drilling contractor, has signed Geokinetics’ Vice President and Chief Accounting Officer (CAO) Alejandra Veltmann as a member of its executive management. Holding the same role in the new company, Veltmann will be reporting to Steven A. Manz, Paragon’s Senior Vice President and Chief Financial Officer. According to Paragon, her duties will be […]

  • 8 March 2016
    Exploration & Production

    Mexico’s state oil company Pemex has increased a dayrate for one of Paragon Offshore’s drilling rigs in Mexico.  In the company’s fleet status report for March, Paragon, an offshore drilling contractor, said that Pemex boosted the dayrate for the jack-up rig Paragon M842 from $70,000 to $112,000 for the period of early January 2016 to early March […]

  • 8 June 2017
    Business & Finance

    The U.S. Bankruptcy Court has approved Paragon Offshore’s consensual plan of reorganization under chapter 11 of the U.S. Bankruptcy Code and the driller expects to emerge from bankruptcy next month.  Paragon announced its consensual plan of reorganization on May 2. Under the plan, Paragon’s existing equity will be deemed worthless and the company’s secured creditors and unsecured bondholders […]

  • 9 November 2015
    Exploration & Production

    Paragon Offshore, a provider of offshore drilling rigs, has expanded its loss for the third quarter of 2015 when compared to the same period last year. In addition, the company has extended the delivery date for its newbuild jack-up rig.  Paragon Offshore on Monday reported a third quarter 2015 net loss of $1.08 billion, as compared […]

  • 20 October 2015
    Exploration & Production

    Paragon Offshore, an offshore drilling contractor, has informed that Brazil’s state-owned oil giant Petrobras has given an early release to its drillship DPDS2. According to Paragon’s latest fleet status report,Petrobras released the drillship in September 2015 although it was originally contracted through early March 2017. Prior to release, the drillship was operating under a dayrate of $300,000. […]

  • 14 July 2015
    Business & Finance, Exploration & Production

    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 […]

  • 15 September 2015
    Exploration & Production

    Paragon Offshore, an offshore drilling contractor, said Monday in its latest fleet status report that Brazilian oil giant Petrobras is looking to break off contracts for two Paragon’s drillships.  According to Paragon, Petrobras said it might contest approximately 380 days of the drilling contract backlog for the drillship Paragon DPDS3. The offshore drilled said it is now discussing […]

  • 9 August 2016
    Exploration & Production

    Drilling contractor Paragon Offshore posted a net loss for the second quarter of 2016 compared to a profit in the year-ago quarter amid a sharp drop in revenues.  Paragon Offshore reported the second quarter 2016 net loss of $25.1 million, as compared to second quarter 2015 net income of $47.3 million. The company’s total revenues for the […]

  • 14 May 2015

    Paragon Offshore CEO Randall D. Stilley has in the first quarter results presentation provided a bleak outlook for the offshore drilling industry for the remainder of the year, saying that there may be more contract cancellations and renegotiations. His company, Paragon Offshore, operating a standard specification rig fleet, has reported a fall in its first quarter […]