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Paragon Offshore plc (PGNPQ)

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Last Post: 6/23/2016 11:18:44 AM - 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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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
PostSubject
#858  Sticky Note VALUATION ANALYSIS ars_2014 06/07/16 03:46:42 PM
#921   You were not giving me a hard time Vrock 06/22/16 11:54:28 AM
#920   Best DD link https://www.kccllc.net/paragon here Pisd 06/22/16 09:41:45 AM
#919   Court dates for confirmation hearing June 21 - junkmanlong1 06/21/16 04:18:37 PM
#918   Wasn't a judge suppose to sign papers ... MikeBK205 06/21/16 03:18:35 PM
#917   Hi, I can't PM, yes I think will Pisd 06/21/16 10:55:56 AM
#916   sorry, double post Pisd 06/21/16 10:53:34 AM
#915   Hi, valid point, why not ask a simple Pisd 06/21/16 09:28:53 AM
#914   Thanks Pisd I have other stocks that i Vrock 06/20/16 09:18:01 PM
#913   Like to think people here have done basic Pisd 06/20/16 05:21:21 PM
#912   When are they suppose to exit bk ?? Vrock 06/20/16 01:57:43 PM
#911   A million dollars trading Paragon PER DAY in Pisd 06/20/16 01:04:24 PM
#910   When is this officially suppose to come out Vrock 06/20/16 07:53:08 AM
#909   Look back through the posts on this page. getarealjob 06/18/16 03:07:33 PM
#908   I have a question that if someone can Vrock 06/18/16 02:05:56 PM
#907   Missed the dip this morning, put in an getarealjob 06/15/16 03:03:11 PM
#906   PGN(pq) totally disconnected from day to day oil Pisd 06/14/16 11:41:17 AM
#905   SHE'S FRISKY!~ SPARK 06/14/16 11:27:50 AM
#904   Churning, price discovery pre gavel, then "bam"... imo Pisd 06/14/16 10:48:34 AM
#903   http://www.insiderfinancial.com/paragon-offshore-plc-otcmktspgnpq-keeps-climbing fxguider 06/13/16 05:25:57 AM
#902   Had I listened to you around .10 I SPARK 06/10/16 07:15:35 PM
#901   $20.00 barrel CarlCarlMcB 06/10/16 06:02:32 PM
#900   GREAT DAY HERE..ACCUMULATION CONTINUES..~ SPARK 06/10/16 05:24:52 PM
#899   No AAMRQ MikeBK205 06/10/16 01:54:19 PM
#898   Exactly: the gavel comes down quickly... ars_2014 06/10/16 01:39:44 PM
#897   Yes I've been a creditor at bankruptcy court, Pisd 06/10/16 11:43:13 AM
#896   Also believe will return to the big boards Pisd 06/10/16 11:04:56 AM
#895   I bought low before, now buying high, no Pisd 06/10/16 10:47:30 AM
#894   NICA MOVE!~ SPARK 06/10/16 10:30:03 AM
#893   Not buying over 50 cents. willlbone 06/10/16 06:45:27 AM
#892   Court is going to approve guaranteed, mark this ars_2014 06/09/16 10:03:22 PM
#891   Love this stock new here but it looks Vrock 06/09/16 08:04:12 PM
#890   Phew, well glad that's over. Got a decent getarealjob 06/09/16 04:05:11 PM
#889   Yup, consolidation and a shakeout, just like I getarealjob 06/09/16 03:47:48 PM
#888   Yeah and now down almost 50%!!! Lol MikeBK205 06/09/16 03:42:50 PM
#887   time to reload :) getarealjob 06/09/16 03:32:31 PM
#886   Back to 50 cents. willlbone 06/09/16 03:28:52 PM
#885   Patience young padawan. It went up for like getarealjob 06/09/16 02:57:13 PM
#884   Wtf is going on with this? Where's dollar MikeBK205 06/09/16 01:14:57 PM
#883   I bought back yesterday, so dropped like a Pisd 06/09/16 12:38:17 PM
#882   NIBBLE NIBBLE!!~ SPARK 06/09/16 11:00:13 AM
#881   Nope..I think reloading will start once the pullback SPARK 06/09/16 10:59:37 AM
#880   Ya I hear that. Think the run's done getarealjob 06/09/16 10:54:34 AM
#879   Profit taking also...it has made a huge move SPARK 06/09/16 10:52:05 AM
#878   When they short the price goes down~ SPARK 06/09/16 10:51:09 AM
#877   When shorts cover the price goes up~ SPARK 06/09/16 10:50:29 AM
#876   Don't see any reason for the drop other getarealjob 06/09/16 10:49:07 AM
#875   Is trading like humming motor..it's not just swing SPARK 06/09/16 10:43:39 AM
#874   Any thoughts on today's action? Looks like some getarealjob 06/09/16 10:39:34 AM
#873   A huge amount of action for a whole getarealjob 06/08/16 07:06:09 PM
#872   WHAT A MONSTA THIS PLAY HAS BEEN SINCE .08!!~ SPARK 06/08/16 11:08:38 AM
PostSubject