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Last Post: 9/24/2016 6:56:42 AM - Followers: 27 - Board type: Free - Posts Today: 2

Spin-off News

Latest News

On April 30, 2014, Noble Corporation updated its plans regarding the spin-off of Paragon Offshore. Noble announced its plans to effect the spin-off as a dividend of 100 percent of the shares of Paragon to Noble’s shareholders some time during the third quarter of 2014. This strategy, always a possibility in the overall separation, replaces the originally discussed proposal to offer a percentage of shares under an Initial Public Offering followed by a dividend of remaining shares in the future. The spin-off of 100 percent of the shares of Paragon accelerates the separation of the two companies compared to the original IPO/dividend strategy.

On June 10, 2014, Noble's shareholders approved an amendment of the Articles of Association of Noble to permit, but not require, Noble's Board of Directors to declare and pay one or more interim dividends of some or all of the ordinary shares of Paragon Offshore, Noble's wholly-owned subsidiary and/or any successor subsidiary of Noble owning any portion of Noble's standard specification assets to Noble's shareholders.

On July 11, 2014, Noble’s board of directors approved the spin-off of Paragon Offshore from Noble Corporation. Subject to the satisfaction of the conditions to the spin-off, the distribution is expected to occur on August 1, 2014.

On August 4, 2014, Paragon Offshore announced the completion of its spin-off from Noble into a separate, publicly-traded company that owns and operates standard specification offshore drilling rigs.

Following the close of business in New York on August 1, 2014, Noble distributed to its shareholders one ordinary share of Paragon for every three ordinary shares of Noble held at 5:00 p.m., New York City time, on the record date of the distribution, July 23, 2014. No fractional Paragon shares were issued; however, shareholders who would otherwise have been entitled to receive a fractional Paragon share in the distribution instead received cash in lieu of that fractional share.

Paragon ordinary shares began “regular-way” trading under the symbol “PGN” on the New York Stock Exchange on August 4, 2014.

What Does This Mean for Noble Shareholders?

If you owned shares of Noble as of the record date to be established by Noble’s board of directors, you will automatically receive shares in Paragon Offshore on the dividend payment date. The exchange ratio is one Paragon ordinary share for every three Noble ordinary shares owned. No fractional shares will be awarded; rather, investors will receive a cash payment for any fractional shares owed. Immediately following the dividend, shareholders in Noble will have the same percentage ownership in Paragon Offshore, even though the total number of shares owned in each company will be different since Paragon Offshore will not have the same number of total shares outstanding as Noble does.

Noble shareholders will continue to own the same number of shares in Noble after the dividend as they did before the dividend, as well as the Paragon Offshore shares that will be distributed as a dividend.

We urge you to consult our Registration Statement on Form 10, which has not yet been declared effective by the Securities and Exchange Commission, Click Here to Open, and read “Risk Factors—Risks Related to This Offering and Ownership of Our Shares.”

- See more at: http://www.paragonoffshore.com/about/spin-off-news/default.aspx#sthash.nFtAvAC5.dpuf

SOME OF OUR SHIPS
 
 


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Drillships

 

PARAGON DPDS1

Location U.S. Gulf of MexicoWater Depth 5,000 ft

PARAGON DPDS2

Location BrazilWater Depth 5,600 ft

PARAGON DPDS3

Location BrazilWater Depth 7,200 ft

PARAGON MDS1

Location IndiaWater Depth 1,500 ft
- Seemoreathttp://www.paragonoffshore.com/our-fleet/Rigs-by-Class/default.aspx#!type=Drillship
 

Company Information

Learn More About XBRL  

Address: 3151 BRIARPARK DRIVE 
SUITE 700 
City: HOUSTON 
State: TX 
Zip Code: 77042 
Telephone: 44 20 3300 2300 

Description of Business

Primary SIC Code: 1381
(As filed with the SEC)  

Paragon Offshore plc (together with its subsidiaries, "Paragon," the "Company," "we," "us" or "our") is a global provider of offshore drilling rigs with a fleet that currently includes 34 jackups and six floaters (four drillships and two semisubmersibles). We refer to our semisubmersibles and drillships collectively as "floaters." Our primary business is to contract our drilling rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for our exploration and production customers on a dayrate basis around the world. We operate our geographically diverse fleet with well-established customer relationships. We operate in significant hydrocarbon-producing geographies throughout the world, including Mexico, Brazil, the North Sea, West Africa, the Middle East, India and Southeast Asia.  ... More ...  

Per Share Overview

Date 12-mos Rolling EPS Dividend P/E Ratio
06/2015 -9.03 NA N/E
03/2015 -8.41 NA N/E
12/2014 -7.63 0.125 N/E

Key Financial Ratios and Statistics

FYE: 12/31

Profitability 2014 Leverage 2014
Net Inc/Comm Equity -0.45 Total Liab/Total Assets 0.85
Net Inc/Total Assets -0.20 Total Liab/Inv Cap 1.22
Net Inc/Inv Cap -0.29 Total Liab/Comm Equity 1.94
Pretax Inc/Net Sales -0.29 Interest Coverage Ratio -9.18
Net Inc/Net Sales -0.32 Curr Debt/Equity 0.55
Cash Flow/Net Sales 0.35 LTD/Equity 3.84
SG&A/NetSales 0.02 Total Debt/Equity 4.39
Asset Utilization   Liquidity  
Net Receivables Turnover 4.45 Quick Ratio 0.99
Inventory Turnover NA Current Ratio 0.99
Inventory Day Sales NA Net Rec/Curr Assets 0.76
Net Sales/Work Cap -221.53 Inv/Curr Assets NA
Net Sales/PP&E 0.83    

Income Statement (Millions)

  6/30/2015 3/31/2015 12/31/2014 9/30/2014
Total Revenues(Net Sales) 393.24 430.65 494.99 505.22
Cost of Goods Sold 221.33 250.70 256.68 259.56
Selling & Admin Exps 13.74 11.02 12.37 5.11
Operating Income 57.73 95.65 4.31 -796.42
Interest Exp 29.04 30.20 28.01 22.45
Pretax Income 28.85 67.72 -20.56 -818.53
Other Income -3.91 19.06 3.13 0.34
Net Income Bef Extraordinary ... NA NA NA NA
Net Income 47.33 61.13 27.86 -894.22

Balance Sheet (Millions)

Assets 6/30/2015 3/31/2015 12/31/2014 9/30/2014
Cash & Short Term Investments 112.36 85.77 69.27 81.91
Receivables - Total 356.13 349.00 539.38 441.88
Inventories - Total NA NA NA NA
Total Current Assets 568.02 519.04 713.29 643.57
Net Property, Plant & Equipment 2,318.46 2,359.67 2,410.36 2,033.64
Total Assets 3,024.85 3,006.31 3,253.39 2,780.29
Liabilities        
Accounts Payable 274.18 246.83 344.98 319.66
Debt in Current Liabilities 6.50 6.50 272.17 6.50
Total Current Liabilities 349.28 340.03 722.29 435.72
Long-Term Debt 1,984.42 1,990.93 1,888.44 1,670.09
Total Liabilities 2,426.68 2,460.68 2,761.78 2,305.40
Stockholder's Equity        
Minority Interest 0.00 0.00 2.64 NA
Preferred Stock NA NA NA NA
Common Stock 0.86 0.86 0.85 0.85
Retained Earnings -786.79 -834.12 -895.25 -912.03
Treasury Stock NA NA NA NA
Total Stockholders' Equity 598.16 545.63 491.61 474.90
Total Liabilities and Stockholders' Equity 3,024.85 3,006.31 3,253.39 2,780.29

Cash Flow Summary (Millions)

Categories 6/30/2015 3/31/2015 12/31/2014 9/30/2014
Net Cash Provided by Operating Activities 96.64 210.39 130.89 160.41
Net Cash Provided by Investing Activities -63.42 -22.55 -274.44 -88.26
Net Cash Provided by Financing Activities -6.63 -158.84 118.41 -22.94

Annual Summary Data (Millions)

Year Sales Net Income EPS
12/2013 1,893.00 360.30 --
12/2014 1,993.76 -646.75 -7.63
Growth Rates 5.32 -- --

Stock Ownership

Type Date(Q,M) No. Owners Shares Held (000s) % Own
Institutional 09/30/15 217 63,374 73.70

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PGN News: Paragon Offshore To Announce Second Quarter 2016 Results And Provides Fleet Status Report 07/18/2016 04:05:00 PM
PostSubject
#858  Sticky Note VALUATION ANALYSIS ars_2014 06/07/16 03:46:42 PM
#1050   "Agenda of matters..." scheduled Tues through Friday... Pisd 09/24/16 06:56:42 AM
#1049   Still fighting the term loan people... Pisd 09/24/16 06:48:09 AM
#1048   When is this happening ? MikeBK205 09/23/16 07:19:35 PM
#1047   The company will issue 166 million shares, not Olde English 800 09/23/16 07:09:09 PM
#1046   10 MM's .60-.62 slobby, pig-like; probably have to Pisd 09/23/16 12:45:51 PM
#1045   MM's working so hard to bring down so Pisd 09/23/16 12:31:50 PM
#1044   Thought was relevant to repost this... Pisd 09/23/16 09:52:53 AM
#1043   Refer to sticky for analysis of PPS emerging Pisd 09/23/16 09:42:44 AM
#1042   Events since revised restructuring plan (from s2.q4cdn.com/676528692/files/doc_downloads/Restru Pisd 09/23/16 07:04:35 AM
#1041   Uh huh~ SPARK 09/18/16 11:08:12 AM
#1040   There is no deciding factor wether or not Vrock 09/18/16 09:31:52 AM
#1039   What will be the deciding factor to determine Tim696969 09/17/16 08:50:36 PM
#1038   I will definitely drink to that!! Olde English 800 09/16/16 03:16:55 PM
#1037   PGNPQ do a .50 for me just once!~ SPARK 09/16/16 11:52:30 AM
#1035   Why has no one uploaded the POR??? Olde English 800 09/15/16 10:32:23 PM
#1033   This one will have many trades ahead~ SPARK 09/14/16 04:13:20 PM
#1032   Nice presentation, put out today. link s2.q4cdn.com/676528692/files/doc_presentations/2016/Pare Pisd 09/14/16 04:04:54 PM
#1031   I changed my mind and bought everything back, Pisd 09/14/16 02:16:28 PM
#1030   More cash flow..I hear ya lol~ SPARK 09/14/16 12:40:29 PM
#1029   This is going back down to 30s why Vrock 09/14/16 11:28:01 AM
#1028   Looking for a nice pullback for a reload~ SPARK 09/14/16 11:01:18 AM
#1027   Suddenly, huge volume... Pisd 09/13/16 12:21:23 PM
#1026   PGNPQ .80 ...sneaking up to that buck~ SPARK 09/13/16 12:16:28 PM
#1025   Waited to verify volume, but taking a chance Pisd 09/12/16 01:02:33 PM
#1024   PGNPQ .78.5 ~ SPARK 09/09/16 01:29:57 PM
#1023   Profit takers timing too early me thinks..but we'll see~ SPARK 09/09/16 10:47:21 AM
#1022   PGNPQ - NICE DAY HERE~ SPARK 09/08/16 04:14:19 PM
#1021   PGNPQ - Build up to end of September SPARK 09/08/16 12:07:09 PM
#1020   What's keeping her up lately ? MikeBK205 09/08/16 10:58:46 AM
#1019   Just a matter of time. Juschilln 09/08/16 10:58:18 AM
#1018   PGNPQ .71 - she lookie good!~ SPARK 09/08/16 09:52:51 AM
#1017   PGNPQ NICE DAY HERE!~ SPARK 09/07/16 04:04:35 PM
#1016   On what news ? MikeBK205 09/07/16 03:31:39 PM
#1015   PGNPQ .67 ACCUMULATION CONTINUES!!~ SPARK 09/07/16 03:26:57 PM
#1014   Something is deff going on MikeBK205 09/07/16 02:17:28 PM
#1013   PGNPQ .63 - Keep going baby~ SPARK 09/07/16 10:21:15 AM
#1012   That is true. This is an accumulate Juschilln 09/06/16 10:36:35 AM
#1011   Finally .60+, probably better to do other things, Pisd 09/06/16 10:01:20 AM
#1010   PGNPQ - Yeah..this one has been a no-brainer SPARK 09/02/16 12:07:13 PM
#1009   Can get in today cheap imo, plus offers Pisd 09/02/16 10:20:08 AM
#1008   PGNPQ..action will slowly heat up as we progress SPARK 09/02/16 09:36:38 AM
#1007   Facts thank ALLAH I boght more MikeBK205 08/31/16 05:40:58 PM
#1006   PGNPQ - NICE DAY HERE!!~ SPARK 08/31/16 04:24:45 PM
#1005   PGNPQ - Once restructuring plan is approved it's SPARK 08/30/16 10:19:14 AM
#1004   Nah. I'm not cheap, I only buy expensive !! MikeBK205 08/29/16 04:08:01 PM
#1003   Planning on buying an island in the Bahamas? lol~ SPARK 08/29/16 04:07:24 PM
#1002   I'm hoping we get 15-20 $ per share MikeBK205 08/29/16 03:48:42 PM
#1001   PGNPQ - READY FOR ANOTHER RUN SOON..GET YA SPARK 08/29/16 10:46:00 AM
#1000   Paragon Judge Sontchi rules in similar case... Pisd 08/29/16 10:37:24 AM
#999   No sellers anymore? Pisd 08/23/16 03:00:07 PM
PostSubject