Search results for: Paragon

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A list of search results

  • 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 […]

  • 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 […]

  • 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, […]

  • 9 December 2015

    Paragon Offshore, a driller operating a fleet of jack-up rigs, has received a letter from The New York Stock Exchange (the “NYSE”) notifying Paragon that it had fallen below the NYSE’s continued listing standard.  The letter is related to a standard that requires listed companies to have a minimum average market capitalization greater than $50 million […]

  • 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 […]

  • 18 December 2017
    Business & Finance

    Noble Corporation has expressed disappointment by a lawsuit from its spin-off Paragon Offshore, claiming that Noble jettisoned a fleet of old offshore drilling rigs via a fraudulent corporate spin-off.

  • 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. 

  • 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 […]

  • 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. […]

  • 9 November 2016
    Exploration & Production

    Drilling contractor Paragon Offshore has received an early termination for one of its jack-up rigs operating in the Middle East.  In its latest fleet status report, Paragon said on Tuesday that the jack-up rig M1162 has received an early termination notice from NDC (ADMA-OPCO). The company added it was in discussions with the client regarding […]

  • 12 September 2014
    Business & Finance

    Paragon Offshore plc President and Chief Executive Officer Randall D. Stilley spoke recently at the Pareto Securities Oil and Offshore Conference in Oslo, Norway. In prepared remarks, Randall D. Stilley commented on the strength of the business, steady market outlook for the standard specification jack-up business, and Paragon’s history of delivering safe, reliable, and cost effective […]

  • 11 August 2015
    Business & Finance, Exploration & Production

    Paragon Offshore, a global provider of offshore drilling rigs, has stacked two jack-up drilling rigs and has been awarded several contract extensions with reduced dayrates. According to its latest fleet status report issued Tuesday, Paragon stacked the jack-up rig Paragon L1113 in the U.S. Gulf of Mexico. The rig’s contract with Pemex, offshore Mexico, with a dayrate […]

  • 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 […]

  • 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 […]

  • 7 August 2015
    Business & Finance

    Paragon Offshore, a provider of offshore drilling rigs to the oil and gas industry, today announced that it had received a letter from The New York Stock Exchange (the NYSE) notifying it that, for 30 consecutive trading days, the price for Paragon’s common shares was below the minimum $1.00 per share requirement for continued listing […]

  • 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 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 […]

  • 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 […]

  • 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 […]

  • 17 November 2014
    Exploration & Production

    Paragon Offshore, an offshore drilling contractor, has acquired 52,749,014 shares of Prospector Offshore Drilling S.A., a publicly traded offshore drilling company listed on Oslo Axess. Paragon acquired the shares at a price of 14.50 Norwegian kroner (NOK) per share, or $2.13 per share based on the exchange rate of one United States dollar to 6.80 NOK. […]

  • 10 March 2017
    Business & Finance, Exploration & Production

    Drilling contractor Paragon Offshore posted a deeper net loss for the fourth quarter 2016 compared to the prior-year fourth quarter due to jack-up rig impairments. The driller on Friday reported fourth quarter 2016 net loss of $244.4 million, as compared to fourth quarter 2015 net loss of $23.3 million. According to the company, results for […]

  • 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 […]