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Paragon Offshore plc (fka PGNPQ)

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Last Post: 9/20/2017 8:01:56 PM - Followers: 29 - Board type: Free - Posts Today: 0

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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PostSubject
#1567   Does anyone know what is going on with TC guy 09/20/17 08:01:56 PM
#1566   On most read even though delisted and nobody CRAZY $$$ 07/21/17 11:45:51 PM
#1565   Delisted = any money still in @ time CRAZY $$$ 07/21/17 11:40:17 PM
#1564   BoomShaKaLaKa BoomShaKaLaKa Ole Broke Azz 07/20/17 02:58:47 PM
#1563   Agree. Garyst 07/19/17 08:37:10 PM
#1562   Buyers beware the same frontloaders have moved to I-Glow 07/19/17 06:54:39 PM
#1561   Frontloading and enticing others to buy is a I-Glow 07/19/17 06:47:17 PM
#1560   Anyone who can pump this or pups should Triple nickle 07/19/17 05:31:19 PM
#1559   I know. It's pitiful. janice shell 07/19/17 03:07:09 PM
#1558   People still over there trying to pump that one... jet101 07/19/17 03:06:02 PM
#1557   5th letter "Q" tells you it's garbage. Homebrew 07/19/17 10:09:59 AM
#1556   Here's the handcuffs. Pinstripes next. Put em on. rbtree 07/19/17 10:05:29 AM
#1551   What's this stock all about? backyards 07/18/17 10:45:25 PM
#1547   Yes, I know. Very annoying. I janice shell 07/18/17 07:36:03 PM
#1546   this one went the way they are supposed lucky,mydog 07/18/17 07:32:34 PM
#1545   Been there learned that about two years ago homeboy4u 07/18/17 07:18:01 PM
#1544   Well said. This one seems reminiscent of ARIOQ. janice shell 07/18/17 07:14:48 PM
#1543   Just like when you pumped PGP* only to smyork 07/18/17 06:57:15 PM
#1542   Plenty of them have made more money than THE GOLD STANDARD 07/18/17 06:56:28 PM
#1541   I MADE A NICE PROFIT IN MINUTES!!! 45% DUMBMONEY 07/18/17 06:47:13 PM
#1540   Hope folks did't lose too much money here bonedaddy77 07/18/17 04:51:10 PM
#1539   What part of the BK report and filings Prudent Capitalist 07/18/17 04:33:29 PM
#1537   Not surprised. Garden Rose 07/18/17 03:51:48 PM
#1536   Why are you surprised? He's been scamming Sleepy2016 07/18/17 03:47:45 PM
#1534   https://investorshub.advfn.com/boards/memberpoststoboard.aspx?userid=216926&boar Dream 07/18/17 02:04:45 PM
#1533   Agree. But yet pumped away as others bought. Garyst 07/18/17 01:59:36 PM
#1532   As an attorney he does know and knew Garden Rose 07/18/17 01:44:07 PM
#1531   Worked out well for him as he most Garyst 07/18/17 01:41:04 PM
#1530   I believe you are/were a Texas attorney? Garden Rose 07/18/17 01:32:15 PM
#1529   Ditto, learned that years ago. Garden Rose 07/18/17 01:19:53 PM
#1527   All Chapter 11 Reorganization BK stocks trade until Renee 07/18/17 12:52:55 PM
#1526   how come they let it trade today then ? hwllo 07/18/17 12:44:57 PM
#1525   yeah its terrible for sure- everyone is fkd stockyupydowny 07/18/17 12:43:59 PM
#1524   $PGNPQ: CDVIQ & DAKPQ have been floating forever too makinezmoney 07/18/17 12:28:34 PM
#1523   how could they do that ? hwllo 07/18/17 12:25:26 PM
#1522   Scams can kill Snug Harbour 07/18/17 12:25:12 PM
#1520   Nope, it's done. Cancelled. I was in BASCQ Garyst 07/18/17 12:24:11 PM
#1519   You lucked out. Most always they get cancelled Garyst 07/18/17 12:22:51 PM
#1518   ya never seen a stock canelled during trading hwllo 07/18/17 12:22:02 PM
#1517   Not the 1st time either with me. I Garyst 07/18/17 12:20:52 PM
#1516   I'm surprised a stock cancellation would occur during sylvanemperor 07/18/17 12:19:46 PM
#1515   man they cant just halt it mid day ? hwllo 07/18/17 12:19:03 PM
#1514   Thanks, that makes sense. I played the other Steamed_User_1 07/18/17 12:19:03 PM
#1513   lol, funny how his twitter went quite... he SAMadMoney 07/18/17 12:18:49 PM
#1512   They planned to complete it today, so it SAMadMoney 07/18/17 12:17:10 PM
#1511   The "Hot" tab on the top edge of Garyst 07/18/17 12:16:54 PM
#1510   agree, where do we find that list again? zeekhoe 07/18/17 12:14:59 PM
#1509   but how can they halt mid dayy thanks hwllo 07/18/17 12:14:52 PM
#1508   $PGNPQ: FWIW, Apologies.... Thought it could really trade today. makinezmoney 07/18/17 12:14:51 PM
#1507   I've said it before and will again. Some Garyst 07/18/17 12:14:24 PM
PostSubject