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Paragon Offshore plc (PGNPQ)

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Last Post: 4/28/2016 5:46:47 PM - Followers: 27 - 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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PGNPQ
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Wiki
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PGN News: Paragon Offshore Announces Decision Not To Make Interest Payment Pending Outcome Of Continuing Discussion With Debtholders 01/15/2016 08:30:00 AM
PGN News: Paragon Offshore Confirms Delisting Notice From NYSE 12/18/2015 08:30:00 AM
PGN News: Paragon Offshore Provides Fleet Status Report 12/14/2015 04:15:00 PM
PGN News: Current Report Filing (8-k) 12/11/2015 05:21:39 PM
PGN News: Paragon Offshore Receives NYSE Continued Listing Standards Notice 12/08/2015 04:16:00 PM
PostSubject
#751   NICE DAY HERE!~ SPARK 04/28/16 05:46:47 PM
#750   Fleet Status Report stefanx 04/19/16 02:17:53 AM
#749   I trade~ SPARK 04/15/16 10:12:40 AM
#747   lol~ SPARK 04/14/16 06:28:19 PM
#746   lol i see you spark. getarealjob 04/14/16 06:24:17 PM
#745   Come on down to .20!~ SPARK 04/14/16 03:44:26 PM
#744   ieeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!!!!!~ SPARK 04/13/16 12:15:47 PM
#743   Flooding hasn't even started! Timber CarlCarlMcB 04/13/16 12:15:23 PM
#742   Wahooo! Flying now! getarealjob 04/13/16 12:02:07 PM
#741   C'mon get ya ass over thirty!!~ SPARK 04/12/16 01:36:12 PM
#740   NICE ACTION TODAY~ SPARK 04/11/16 06:31:27 PM
#739   LOL..awesome!!~ SPARK 04/07/16 12:17:31 PM
#738   Doubtful. Shorts drying up, time to move up! getarealjob 04/07/16 12:07:29 PM
#737   Hope she pulls back .0001 I'll be buying SPARK 04/04/16 04:44:00 PM
#736   $20. Oil CarlCarlMcB 04/04/16 04:42:09 PM
#735   Nice action today!~ SPARK 04/04/16 10:55:00 AM
#734   Oil flood is on its way. .05 CarlCarlMcB 04/04/16 05:53:04 AM
#733   $PGNPQ on the Top 10 Advancers list today! Airdawg Investments 04/01/16 07:55:12 PM
#732   Been loading them pullbacks..hope she pays this year~ SPARK 04/01/16 11:20:38 AM
#731   Huh? lol~ SPARK 04/01/16 11:19:01 AM
#730   Zero freeze on flooding oil . CarlCarlMcB 04/01/16 10:08:47 AM
#729   I hope she does..and not like in pieces~ SPARK 03/30/16 04:28:33 PM
#728   That's what I ask all the ladies getarealjob 03/30/16 04:24:53 PM
#727   Nice action here..will she explode in the comin weeks??~ SPARK 03/30/16 03:07:42 PM
#726   Noble Corporation declared a settlement agreement in principle SPARK 03/29/16 11:58:15 AM
#725   I welcome a quick drop to around .10 SPARK 03/29/16 10:14:28 AM
#724   Lol ! CarlCarlMcB 03/28/16 02:38:10 PM
#723   I see the insiders have scooped up a Brizdb 03/27/16 11:32:05 PM
#722   $PGNPQ recent news/filings stocktrademan 03/20/16 01:21:19 PM
#721   .12 CarlCarlMcB 03/18/16 11:25:29 AM
#720   You an expert? LOLOL~ SPARK 03/18/16 10:27:03 AM
#719   ??? lol~ SPARK 03/17/16 04:07:11 PM
#718   Hopefully we'll see it down in the teens...makes SPARK 03/17/16 01:40:37 PM
#717   Timber !!! CarlCarlMcB 03/17/16 01:04:55 PM
#716   Am taking the small pullbacks also~ SPARK 03/15/16 02:33:53 PM
#715   Form 4 PARAGON OFFSHORE PLC For: Mar 10 SPARK 03/14/16 11:57:12 PM
#714   Dip ya bastoid..give us some real cheaps!~ SPARK 03/14/16 10:51:03 AM
#713   LOOKIE GOOD!~ SPARK 03/11/16 10:54:51 AM
#712   NEWS - Paragon Offshore Reports Fourth Quarter And SPARK 03/10/16 09:46:20 PM
#711   NICE CLOSE..HAD HOPED TO ADD SOME LOWER~ SPARK 03/10/16 04:05:09 PM
#710   Mexico’s state oil company Pemex has increased a SPARK 03/09/16 12:26:34 PM
#709   Semco Maritime to fix up Paragon rig for SPARK 03/09/16 12:25:18 PM
#708   Semco Maritime to fix up Paragon rig for SPARK 03/09/16 12:25:16 PM
#707   I put this into a ROTH, God willing MikeBK205 03/09/16 09:22:27 AM
#706   Nice volume chewing shorty here~ SPARK 03/08/16 02:41:51 PM
#705   Nice way to begin the week~ SPARK 03/07/16 02:41:33 PM
#704   When you trade stocks it's best you do SPARK 03/06/16 06:17:02 PM
#703   Haven't followed lately anybody want to fill me in fatsound 03/06/16 04:53:14 PM
#702   ransocean, Noble Corporation: Good Days Ahead for Offshore Drillers SPARK 03/04/16 05:56:21 PM
#701   ACTION JACKSON!!~ SPARK 03/04/16 10:04:25 AM
PostSubject