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Last Post: 8/23/2016 3:00:07 PM - Followers: 26 - 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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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
#999   No sellers anymore? Pisd 08/23/16 03:00:07 PM
#998   PGNPQ - GIVE ME A QUICK DIP DOWN SPARK 08/22/16 02:53:14 PM
#997   Let's hope! MikeBK205 08/22/16 11:13:52 AM
#996   quote from May when was .40Oh my Allah, Pisd 08/22/16 11:09:50 AM
#995   quote from March when was .30I put this Pisd 08/22/16 11:06:02 AM
#994   Rip commons MikeBK205 08/22/16 09:19:23 AM
#993   Why is this pos so quiet for? MikeBK205 08/21/16 08:44:34 AM
#992   yep! Juschilln 08/17/16 01:55:41 PM
#991   PGNPQ LOOKIE GOOD!~ SPARK 08/17/16 01:22:08 PM
#990   So obvious, buy and hold... Pisd 08/11/16 01:38:56 PM
#989   Paragon Offshore Announces Binding Support of Revised Restructuring Plan TRQ786 08/11/16 05:29:35 AM
#988   Wow, what a clown show today IMO Pisd 08/09/16 04:36:03 PM
#987   OK, looks like we're cleared for takeoff with Pisd 08/09/16 01:41:43 PM
#986   NITE @ .69, suddenly at .82, killing me... Pisd 08/09/16 10:01:16 AM
#985   MM's playing with themselves this morning, too funny... Pisd 08/09/16 09:34:50 AM
#984   On August 16, 2016 , a hearing will Pisd 08/09/16 04:15:31 AM
#983   PGNPQ : Paragon Offshore beats by $0.56, beats SPARK 08/08/16 05:17:00 PM
#982   Timber CarlCarlMcB 08/08/16 04:31:43 PM
#981   Wow! Something is up, what are my MikeBK205 08/08/16 03:23:33 PM
#980   I was aiming for 10.00! But I'll take 4.00 MikeBK205 08/08/16 02:05:29 PM
#979   With the new reorganized plan The question now Vrock 08/08/16 01:33:03 PM
#978   Check out MACD, fa get about it... Pisd 08/08/16 11:54:01 AM
#977   Makes it near certainty, even better... Pisd 08/08/16 10:44:20 AM
#976   LOL! Juschilln 08/08/16 10:20:49 AM
#975   LOOKIE GOOD!~ SPARK 08/08/16 10:04:31 AM
#974   We are lucky to see .01 in the MikeBK205 08/08/16 09:51:06 AM
#972   Good read! TRQ786 08/08/16 09:01:10 AM
#971   Guys are talking about 0.01... Really?! I think TRQ786 08/04/16 06:22:49 AM
#970   Love it, and agreed, deff going down to MikeBK205 08/03/16 06:31:18 PM
#968   Whats wrong with you for being so negative? TRQ786 08/03/16 04:12:15 PM
#967   Why has this worthless POS been bleeding so MikeBK205 08/03/16 03:50:36 PM
#966   This is why I love PGNPQ, they have TRQ786 08/03/16 06:26:27 AM
#965   Link to excellent company update s2.q4cdn.com/676528692/files/doc_downloads Pisd 08/02/16 05:21:59 PM
#964   Right, it's bleeding up Pisd 07/29/16 02:12:03 PM
#963   Up? You mean bleeding ... MikeBK205 07/29/16 10:19:54 AM
#962   Up 36% today now I call that a Vrock 07/28/16 04:13:21 PM
#961   Why/how? Please elaborate. getarealjob 07/28/16 03:33:35 PM
#960   G.W 1.40 ct. Gal. CarlCarlMcB 07/28/16 03:10:29 PM
#959   I really don't think there's a need to Juschilln 07/28/16 03:07:07 PM
#958   lol this is the most blatant pump i've getarealjob 07/28/16 02:54:54 PM
#956   Damnit should of quadrupled down on this yesterday MikeBK205 07/28/16 10:26:24 AM
#954   20. Barrel CarlCarlMcB 07/27/16 11:56:05 PM
#953   I have no idea now. Thought it was getarealjob 07/27/16 03:20:12 PM
#952   What the hell is going on here? Juschilln 07/27/16 09:53:22 AM
#951   The stock went for 1500%, I say hello? hello? Pisd 07/26/16 04:36:06 PM
#949   You say good buy, and I say hello,...hello Pisd 07/26/16 04:32:42 PM
#948   I hope it keeps dropping so I can Vrock 07/26/16 03:54:54 PM
#947   Nah nah nah nah... Nah nah nah nah.... MikeBK205 07/26/16 10:29:36 AM
#945   Still an undervalued stock despite the Chapter 11 TRQ786 07/26/16 06:48:46 AM
#944   Commons are about to get wiped out! No MikeBK205 07/25/16 11:03:09 AM
PostSubject