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Paragon Offshore: Loses Contract To Noble

Summary

PGN's October Fleet Status Report showed no new contracts, two jackup stackings and confirmed Petrobras had "released" one drillship.

PGN failed to sign a jackup contract with Total in the Middle East; former parent NE secured the contract.

Hard to see a happy ending for shareholders.

On October 29, Paragon Offshore (NYSE:PGN) released the Company's fleet status report ("FSR"). As in August and September, there were no new contracts or contract extensions. PGN also confirmed, as previously reported, ("Paragon Offshore: Petrobras to Contest Contracts") Petrobras (NYSE:PBR) the released the DPDS2, which was under contract through March 2017.

PGN continues to be caught in a typhoon of old fleet, few contracts being offered and poor relations with "partners". In addition to the DPDS2 moving to idle status (end of September), PGN announced two jackups which ended contracts with Pemex will be stacked. PGN now has only one rig...


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