Paragon Offshore - Complete Fleet Status As Of March 10, 2017 And Commentary

Summary

• The company indicated a backlog of $242 million as of December 31, 2016 (now estimated at $195 million as of March 10, 2017).
• Paragon Offshore reported also its 4Q'16 results today. Total revenues were $61 million, down 51.2% quarter over quarter.
• Sometimes by losing a battle and moving on earlier, you find a way to win the war.

To read the complete fleet status report of March 10, 2017, click here.

1. Class: Jackups

#	Name Year Built	Spec. Feet/K feet	Contract End	Current Day rate	Location Rate at 0 revenue
1	Dhabi II 1982/2006	120/20	mid 7/17	76	[NDC ZADCO] UAE
2	M1161 1980	300/20	Early 4/18	62	[Dynamic Drilling/ONGC] Bareboat chartered India
3	B152 1982/2004	150/20	Late 11/17	81	[NDC] UAE
4	(L1112) Noble Ed Holt 1981/2003	300/20	Late 10/18	38	[Dynamic Drilling/ONGC] Bareboat chartered India
5	L786 1983/1998	300/25	mid 3/18	53	[Dynamic Drilling/ONGC] Bareboat chartered India
6	Prospector 5 6/2014	JU 2000E HS-HE	mid 11/17	218	[Total] UK NS Sold to SinoEnergy
7	B 391 1981-2001	JU	Late March 17 - Late June 17	55	[Centrica] UK NS 4-wells
8	Prospector 1	JU 2000E HS-HE	Mid 2/18	113 Swap with C461	[ONE] NL Sold to SinoEnergy

Click to enlarge

3. Prospector Offshore HE-HS Jack-up new build.

#	Name Year built	Spec. Feet/K feet	Contract End	Information
1	Prospector 6 Delayed	JU 2000E HS-HE	Available	Option
2	Prospector 7 delayed	JU 2000E HS-HE	Available	Option
3	Prospector 8 delayed	JU 2000E HS-HE	Available	Option

Click to enlarge

Note: The company has the option to delay the delivery of Prospector 6. The three rigs (P6, P7 and P8) are being constructed on a non-recourse basis with no parent company guarantees. They do not figure into the fleet status anymore.

Cold Stacked and Ready Stacked Rigs

Note: Ready stacked includes warm stacked, hot stacked and available (When the status or rig name is marked in blue you can click to get more information).

	Name	Year built	Location	Last contract date	status
Drillships
1	DPDS1	1979	US GoM	11/14	Cold stacked
2	DPDS2	1981/2002 2011	Puerto Rico	9/15	Cold Stacked
3	DPDS3	1977/2005 2013	Puerto

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I day trade PGNPQ on special occasion.