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Paragon Offshore: Complete Fleet Status As Of October 19 With Commentary

Paragon Offshore released its October fleet status. No new contract or any news about Petrobras renegotiation yet.

This fleet status was not really what Paragon shareholders were waiting for. The company is struggling and is probably about to restructure its debt.

Paragon is a very risky stock to own now and should be avoided. Only a light trading may be recommended.

This article is an update to my preceding article about Paragon Offshore (NYSE:PGN) on September 14, 2015.

Fleet Status as of October 19, 2015

1. Class: Drillships

#Name

Year

Built

Upgraded

Spec.

K feet

Contract

End

Current

Day rate

Information

(Est. Days) at 0 revenue Q4

Location
3DPDS3

1977/2005

2013

7.2/25.758/17347

Petrobras has indicated to us
that it may contest approximately 380 days of the drilling contract backlog.
We continue to discuss the matter with Petrobras.

[Petrobras] Brazil

2. Class: Semisubmersibles

#Name

Year

Built

upgraded

Spec.

K feet

Contract

End

Current

Day rate

$ k

Information

(Est. Days) at 0 revenue Q4

Location
2MSS21977/20044/254/16270

Eligible for a maximum 10% performance bonus.

Periodic class survey (10) 4Q'15

[Petrobras] Brazil

Right to terminate contract in case of excessive downtime

3. Class: Jackups

#Name

Year

Built

upgraded

Spec.

Feet/K feet

Contract

End

Current

Day rate

Est. Days

Rate at 0 revenue

others

Location
1Dhabi II1982/2006120/20

mid 7/17

76

[NDC]

UAE

2C200511982/2005360/25

12/15

1/16-5/16

125

135

-

[Total]

NL

3C200521982256/30

Late 10/15- Late 1/16

170

-

[Petrogas] NL

4M11611980300/20

4/18

62

Bareboat chartered

[Dynamic Drilling/ONGC]

5B1521982/2004150/20

11/15

11/15 - 11/17

95

81

-

[NDC]

7M8251984/2003250/20

3/16

149

[Perenco]

8M8421975/1995350/253/1670Rate Subject to be reviewed in 12/31/15[Pemex] Mexico
9HZ11981213/35

8/16

142

(40d)4Q'15

(21d)1Q'16

[Wintershall] UK

10L11151976/2001300/20Late 10/15111Total has exercised an option to reduce the contract

[Total]

11L7841981/2002300/20

6/16

6/16 - 6/18

88

95

-

[NDC/ZADCO]

13L7861983/1998300/253/1853Bareboat chartered

[Dynamic Drilling/ONGC]

15C4611982205/25

11/17

113

-

[ONE]

17C4631982205/25

12/15

1/16-3/16

167

130

18M11621979/2009328/301/17135-

4. Prospector Offshore HE-HS Jackups

table>
More
#Name

upgraded

Feet/K feet

Current day-rate

Information

(Est. Days)

at 0 revenue Q4

Location
1

Sold to SinoEnergy

2013

JU 2000E

9/16

185

(Fee $71k/d to $42k/d)

Option till 2018

(1Y and 4 6m)

Five-year bareboat rental charter

[Total] UK NS
2

Sold to SinoEnergy

6/2014

JU 2000E

11/17

218

(Fee $71k/d to $42k/d)

Option till 2018 (2x 1Y)

Five-year bareboat rental charter.

[Total] UK NS
3Prospector 6 (?)

4/2015

Ready but PGN not taken delivery unless a firm contract

JU 2000E

AvailableOption
4Prospector 7 (?)9/2015

JU 2000E

AvailableOption
5Prospector 8 (?)3/2016

JU 2000E

Available