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Paragon Offshore: Latest Fleet Status Shows A Negative November

PGN had to slash its dayrate on an Indian bareback charter at a cost of $88 million in revenue and operating cash flow.

PGN's early successes are a distant memory as today drillers' will offer their best equipment at cost+.

While PGN has not secured a contract in the last three months, firms like ESV, NE and RIG all reported jackup contracting success in their last Fleet Status Reports.

On November 9, Paragon Offshore (NYSE:PGN) released the Company's fleet status report ("FSR"). As in August, September and October, there were no new contracts or contract extensions. The only change was the PGN L1112 aka Noble Ed Holt which had a downward price reduction of $24,000/day to $38,000/day due to a delay in starting work. The delay on a three year contract subtracted $88 million from the Company's backlog.

In a case of trying to make the best of a really bad situation, the Company has bragged...