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Actionable news in PGN: PARAGON OFFSHORE PLC,

Paragon Offshore: Say Goodnight Gracie

On December 14, Paragon Offshore (NYSE:PGN) released the Company's fleet status report ("FSR"). As in September, October and November, there were no new contracts or contract extensions. The only change was the MSS1 working for about 45 days at a dayrate of $200,000 under a "well in progress provision worth about $9 million (about $4 million in cash flow).

In a case of fooling no one while trying to put lipstick on a pig, the Company bragged about its contracting performance with a slide entitled, "Paragon Has Done An Outstanding Job Adding Backlog in 2015" (see below).

To look at it another way . . .

Source: Paragon Offshore Fleet Status Reports

On December 8, in response to notification from the New York Stock Exchange ("NYSE") that PGN's market capitalization had failed to...


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