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Paragon Offshore plc (PGNPF)

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Last Post: 2/10/2016 6:56:01 AM - Followers: 25 - Board type: Free - Posts Today: 1

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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PGNPF
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Wiki
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
News News Alert: Statement of Ownership (sc 13g) 02/10/2016 04:56:35 PM
PostSubject
#228  Sticky Note Take a look at the history of the company hotdawg 10/08/15 04:39:28 PM
#642   Oil rises to $31 as Russia floats idea SPARK 02/10/16 06:56:00 AM
#641   Let's see what happens here --> We believe SPARK 02/04/16 01:38:09 PM
#639   thoughts on this one? Are they going bk? Reters 02/04/16 11:05:25 AM
#638   Tanzania: PanAfrican Energy - We Can Produce More Gas SPARK 02/03/16 05:36:56 PM
#637   Exit doors open, thanks for trying to get CarlCarlMcB 02/02/16 06:17:46 AM
#636   20.00 a barrel will take care of that CarlCarlMcB 01/30/16 04:58:10 AM
#635   Oil made gains on hopes that both Opec SPARK 01/26/16 09:58:46 PM
#634   Brent crude jumped almost 6% to $32.30 a SPARK 01/26/16 09:57:41 PM
#633   We believe we are making progress in achieving SPARK 01/26/16 11:35:14 AM
#632   Under the terms of the indenture governing the SPARK 01/26/16 11:33:30 AM
#631   Semisubmersibles -->> SPARK 01/26/16 11:30:28 AM
#630   Drillships -->> SPARK 01/26/16 11:26:38 AM
#629   The Jackups cont. -->> SPARK 01/26/16 11:24:26 AM
#628   The Jackups cont. -->> SPARK 01/26/16 11:22:32 AM
#627   The Jackups -->> SPARK 01/26/16 11:20:28 AM
#626   Paragon Offshore Provides Fleet Status Report SPARK 01/26/16 11:17:13 AM
#625   This trading pattern is famous for one thing...those SPARK 01/23/16 12:00:46 AM
#624   Nothing like a friggin computer program trading against itself..lol~ SPARK 01/22/16 03:05:46 PM
#623   Wonder what's comin?~ SPARK 01/22/16 02:48:37 PM
#622   Get the oil from Canada! Privately ! Take it CarlCarlMcB 01/18/16 07:58:38 AM
#621   Oil will be higher ! After we hit CarlCarlMcB 01/18/16 07:54:37 AM
#619   CEO trade debt for shares!!! Let's go$$$ PGNPF CarlCarlMcB 01/16/16 01:32:25 PM
#618   Subs 20.00 barrel CarlCarlMcB 01/15/16 08:07:52 AM
#617   This may touch .05, a nickel. parrot head 01/14/16 12:40:16 PM
#616   .005 CarlCarlMcB 01/14/16 04:00:01 AM
#615   Going lower CarlCarlMcB 01/13/16 07:00:07 AM
#614   Round bottom . CarlCarlMcB 01/12/16 06:48:49 AM
#613   .05, may buy now. parrot head 01/11/16 08:50:37 PM
#612   Now ? CarlCarlMcB 01/11/16 07:39:15 PM
#611   Now? parrot head 01/11/16 03:47:20 PM
#610   Down !!! .055 CarlCarlMcB 01/11/16 09:22:58 AM
#609   Possibly...it's bouncing of it's 20MA at the moment... freshy 01/09/16 05:50:07 PM
#608   CEO trade debt for shares!!! CarlCarlMcB 01/07/16 07:40:07 AM
#607   .0001 is on oil $20.00 barrel CarlCarlMcB 01/07/16 07:38:49 AM
#606   I think ur right it may even go hotdawg 01/05/16 01:06:35 PM
#605   .055 CarlCarlMcB 01/05/16 12:09:52 PM
#604   Looking Good $$$ CarlCarlMcB 01/05/16 05:56:18 AM
#603   Yep,good stock. CarlCarlMcB 01/04/16 04:55:19 PM
#602   I will keep an eye out tomorrow and parrot head 01/04/16 04:54:22 PM
#601   Second rip money is made. Big move back CarlCarlMcB 01/04/16 04:47:03 PM
#600   No reason to doubt you. But I am parrot head 01/04/16 04:44:51 PM
#599   Back to .84 CarlCarlMcB 01/04/16 04:42:53 PM
#598   Look here, nice day. Back to where I parrot head 01/04/16 04:41:18 PM
#597   .055 CarlCarlMcB 01/04/16 11:10:21 AM
#596   Heart beat $$$ CarlCarlMcB 12/29/15 05:19:57 PM
#595   .01 is on CarlCarlMcB 12/28/15 11:26:01 AM
#594   CEO should trade debt for shares. CarlCarlMcB 12/23/15 07:25:16 AM
#593   Time to move back up. hotdawg 12/22/15 12:00:15 PM
#592   Yep, I'm trying to get confirmation.055 CarlCarlMcB 12/22/15 10:20:22 AM
#591   Trying to load the boat. hotdawg 12/22/15 09:35:45 AM
PostSubject