Paragon Offshore: Complete Fleet Analysis After October 13, 2014, And Commentary
- Noble Corp. spun off a large part of its rig fleet under a new company, called Paragon Offshore Plc., with a distribution date of August 1, 2014.
- Paragon has an active fleet of 39 rigs, including 33 jackups. PGN presents a few weaknesses, especially when we look at its fleet age and quality.
- Paragon will struggle in 2015, primarily because of its lack of competitiveness relative to this challenging market, aggravated now by a low oil price.