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Last Post: 3/21/2017 3:07:45 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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PostSubject
#1317   It's looking a lot better for shareholders today! Olde English 800 03/21/17 03:07:44 PM
#1316   #1223 Certificate of Mailing REQUEST FOR AN OFFICIAL junkmanlong1 03/09/17 08:34:18 AM
#1315   http://www.paragonoffshoreshareholders.com/research.html The Noble Pursuit junkmanlong1 03/08/17 06:23:06 PM
#1314   Shareholder meeting request to replace the BOD. junkmanlong1 03/08/17 05:57:21 PM
#1313   from law 360 today Nellafom 02/21/17 05:59:51 PM
#1312   to settle issues regarding the plan of reorganization ... Nellafom 02/21/17 05:26:35 PM
#1311   What's this? Trouble in paradise? Nellafom 02/21/17 05:08:35 PM
#1310   Gamblers. A SP of a nickle is Imagineer66 02/21/17 01:39:44 PM
#1309   Hello, think you may be the only one akika 02/17/17 07:55:19 PM
#1308   Anybody? Help a newbee, Why is this going Pisd 02/14/17 09:25:45 AM
#1307   Maybe shorts? Pisd 02/09/17 11:04:36 AM
#1306   I came here to ask the very question, Pisd 02/09/17 10:07:16 AM
#1305   new bankruptcy plan , existing shareholders get no tshel 02/08/17 10:27:23 AM
#1304   I got some of that .76 to .30 Pisd 01/25/17 02:34:57 PM
#1303   The fight is on now . They want Vrock 01/19/17 11:28:55 PM
#1302   Bad day here! CarlCarlMcB 01/19/17 04:22:26 PM
#1301   PGN, right back where we started when left Pisd 01/19/17 02:14:31 PM
#1300   I'll say, well done, GL Pisd 01/19/17 10:34:12 AM
#1299   Nah I dodged a bullet 2 days in yaboy520 01/19/17 10:30:48 AM
#1298   I think it's time to buy, I did Pisd 01/19/17 10:26:27 AM
#1297   WHEN THEY TOOK THE REDDIT THREAD PRIVATE I yaboy520 01/19/17 10:24:34 AM
#1296   One hour later, bought this .04's... Pisd 01/19/17 10:15:49 AM
#1295   "...Existing shareholders are not expected to receive a Pisd 01/19/17 08:11:11 AM
#1294   We have a really strong chance . Again Vrock 01/18/17 07:58:49 PM
#1293   Vrock, so worried that people will sell off, akika 01/18/17 07:15:00 PM
#1292   For starters nobody's has agreed to the plan Vrock 01/18/17 07:05:55 PM
#1291   Well it's their latest proposal...so who knows..but I'll SPARK 01/18/17 06:26:08 PM
#1290   This won't stick... There will be law suits Vrock 01/18/17 06:19:48 PM
#1289   Was a good trader while it lasted --->> SPARK 01/18/17 06:16:06 PM
#1288   Existing equity is dead. Hope you can Juschilln 01/18/17 05:55:47 PM
#1287   Great job, or is there hope for long akika 01/17/17 01:10:30 PM
#1286   01/17/2017 1014 (6 pgs) Certificate of Mailing Letter to junkmanlong1 01/17/17 11:14:24 AM
#1285   Jdd21 you have been added to Reddit. junkmanlong1 01/17/17 07:09:35 AM
#1284   I want to join. Jdd21 jdd21 01/16/17 08:27:38 PM
#1283   A group of PGNPQ shareholders is planning on junkmanlong1 01/16/17 11:09:29 AM
#1281   PGNPQ..WHAT A FINE DAY HERE~ SPARK 01/09/17 04:13:14 PM
#1280   =) Juschilln 01/09/17 02:55:25 PM
#1279   Oil Rig count in operation keeps creeping up. Tlsmd 01/07/17 06:01:00 PM
#1278   PGNPQ NICE DAY HERE!~ SPARK 01/05/17 04:11:00 PM
#1277   Latest monthly 8K out on PGNPQ. Tlsmd Tlsmd 01/05/17 12:49:00 PM
#1276   PGNPQ...LOOKIE GOOD!~ SPARK 01/05/17 10:40:04 AM
#1275   PGNPQ ..NICE DAY HERE~ SPARK 01/03/17 04:25:29 PM
#1274   Nice article on PGNPQ: The expected recovery in SPARK 01/03/17 01:49:10 PM
#1273   Some good analysis of Paragon Offshore on reddit. junkmanlong1 12/26/16 12:00:29 PM
#1272   Anything new here ?? Vrock 12/19/16 12:15:57 AM
#1271   PGNPQ - Nice action here~ SPARK 12/07/16 03:45:04 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
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