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Paragon Offshore plc (PGNPQ)

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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
#1270   PGNPQ - WAS A NICE DAY FOR ADDING SPARK 12/01/16 04:02:53 PM
#1269   PGNPQ - What a nice day it was SPARK 11/30/16 06:53:02 PM
#1268   I think he's saying that from the low Vrock 11/30/16 06:52:25 PM
#1267   How can you say that? Stock is down schuet 11/30/16 05:23:57 PM
#1266   NICE DAY HERE~ SPARK 11/30/16 05:05:52 PM
#1265   Nice bath. This is dead money obviously. schuet 11/30/16 05:04:18 PM
#1264   PGNPQ..nibble..nibble~ SPARK 11/30/16 02:18:42 PM
#1263   PGNPQ bullish 0.22 stocktrademan 11/30/16 10:16:24 AM
#1262   Just come on board. PGNPQ just came Tlsmd 11/24/16 05:59:02 PM
#1261   Anyone have any updates to what's happening here?? Vrock 11/24/16 12:49:53 AM
#1260   It's better than bad day! CarlCarlMcB 11/23/16 06:46:09 PM
#1259   NICE IS NICE AND ALL GOOD WHEN YOU SPARK 11/18/16 03:51:56 AM
#1258   SPARK, lemme get something other than, "NICE DAY Olde English 800 11/17/16 10:31:55 PM
#1257   PGNPQ - Nice action here~ SPARK 11/17/16 10:28:40 AM
#1256   I'm in for big money at an average Vrock 11/17/16 10:12:30 AM
#1255   Aahh advice lol~ SPARK 11/16/16 05:48:39 PM
#1254   Who's buying this now ??? Did I miss Vrock 11/16/16 03:04:26 PM
#1252   PGNPQ - NICE DAY HERE~ SPARK 11/15/16 04:04:29 PM
#1251   PGNPQ .16 - Looks like it wants to SPARK 11/15/16 12:33:20 PM
#1250   Going back to single pennies, where it was Pisd 11/14/16 02:58:01 PM
#1249   I'm not bashing but this isn't looking as Vrock 11/14/16 11:05:54 AM
#1248   Wait and see?? My advice was good schuet 11/13/16 07:48:20 PM
#1247   Could be...we'll have to wait and see..if no SPARK 11/12/16 03:07:05 PM
#1246   Two more top executives replaced in the same Olde English 800 11/12/16 01:54:46 PM
#1242   Down 17%. nice! schuet 11/10/16 10:57:24 AM
#1241   PGNPQ - NICE DAY HERE~ SPARK 11/09/16 04:52:23 PM
#1240   I was curious to see how this would Vrock 11/09/16 03:48:43 PM
#1239   TIMBER!! its all crumbling as i said schuet 11/09/16 09:22:45 AM
#1238   Read the 8k posted today!! One of Olde English 800 11/08/16 10:25:08 PM
#1237   I chose not to hold through a 67% decline. schuet 11/08/16 05:35:33 PM
#1236   PGNPQ - NICE DAY HERE~ SPARK 11/08/16 05:03:32 PM
#1234   Sure ya did lol~ SPARK 11/08/16 11:16:08 AM
#1233   Down to 2c. I sold at 81c. As schuet 11/08/16 10:59:53 AM
#1232   NICE DAY HERE!~ SPARK 11/04/16 10:24:12 PM
#1230   Yup..the oily kind~ SPARK 11/04/16 03:06:32 PM
#1229   You guys drilling for weed or what? Dbrown13 11/04/16 02:40:46 PM
#1227   NICE DAY schuet 11/03/16 11:01:41 AM
#1226   NICE DAY HERE~ SPARK 11/02/16 11:03:03 PM
#1225   Agreed that it's going to 2 or 3 Vrock 11/02/16 05:46:36 PM
#1223   Ok that figures lol again I do agree Vrock 11/02/16 09:38:46 AM
#1222   Yes..it's a seeking alpha writer~ SPARK 11/02/16 09:27:51 AM
#1221   Also was this a seeking alpha writer?? They Vrock 11/02/16 09:25:59 AM
#1220   I agree..to trade this baby in the smartest SPARK 11/02/16 09:22:25 AM
#1219   Well this was a bit depressing lol. Although Vrock 11/02/16 09:17:11 AM
#1218   No..I added a link..came across it last night~ SPARK 11/02/16 08:27:15 AM
#1217   Spark, did you write this? Imagineer66 11/02/16 01:30:49 AM
#1216   Paragon Offshore - Judge Christopher Sontchi Was Not SPARK 11/01/16 11:20:27 PM
#1215   So, the day of the ruling was your Imagineer66 11/01/16 01:39:05 PM
#1214   BK buys are good for a short period. schuet 11/01/16 01:36:47 PM
#1213   So, why did you buy it in the Imagineer66 11/01/16 01:28:45 PM
PostSubject