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Paragon Offshore says Petrobras could tear up $400M in drilling contracts

Sep. 15, 2015 11:58 AM ETParagon Offshore PLC (PGNPQ) StockPBR, PGNPQBy: Carl Surran, SA News Editor9 Comments
  • Paragon Offshore (PGN +3%) is higher despite indicating in its latest fleet status report that Petrobras (PBR -0.9%) is attempting to cancel two contracts covering long-term leases of deepwater drillships.
  • According to PGN’s report, both contracts are set to last well into 2017 and both drillships are now eligible for a 15% performance bonus; the total backlog loss for PGN could exceed $400M if PBR walks away.
  • Earlier this month, PBR walked out of a binding contract with Vantage Drilling, terminating a long-term contract for an offshore deepwater drillship.

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