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Paragon Offshore - Commentary On The Q3 2015 Results And November Fleet Status

PGN booked $1.15 billion, or $13.22 per share, non-cash asset impairment chargethis quarter.

We learned that the Noble Ed Holt was late at work and lost almost half the dayrate on the 2-year contract with Drilling Dynamic/ONGC. A backlog loss of $17.5 million.

I still believe the PPS can be used as an excellent vehicle for trading, assuming a good timing and knowing that there is only one exit possible.

Paragon Offshore (NYSE:PGN)

This article is an update to my preceding article about PGN on May 14, 2015.

Fleet Status as of November 9, 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

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

(35d)4Q'15

(26d)1Q'16

[Wintershall] UK

10L7841981/2002300/20

6/16

6/16 - 6/18

88

95

-

[NDC/ZADCO]

11B3911981/2001290/204/16154[Centrica] UK NS
12L7861983/1998300/253/1853Bareboat chartered

[Dynamic Drilling/ONGC]

14C4611982205/25

11/17

113

-

[ONE]

15C4631982205/25

12/15

1/16-3/16

167

130

16M11621979/2009328/301/17135-

[NDC]

4. Prospector Offshore HE-HS Jackups

#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...


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