Paragons Acquisition of 93.5% of Prospector Offshore November 17, 2014
Transaction Overview As of Monday November 17th, Paragon Offshore has acquired approximately 93.5% of the outstanding shares in Prospector Offshore Drilling S.A. (Prospector), a drilling contractor listed on the Oslo Stock Exchange under…
Transaction Rationale Enhances Paragons position in the key North Sea market Strengthens Paragons relationship with Total, already an important customer Excellent Expands the technical capabilities of Paragons fleet immediately and…
Prospector Revenue and EBITDA Forecast Revenue and EBITDA Estimates Year-End Net Debt Estimate millions millions 160 300 144 283 144 144 140 250 235 Reflects contributions 120 only from Prospector 1 176 200 100 and Prospector 5…
Builds on PGNs Strengths in Key Jackup Markets Paragon fleet Prospector fleet Jack-Ups, marketed utilization World NW Europe Mexico Jack-Ups Drillships Jack-Ups, operating 100% Semisubmersibles Other Jack-Ups, under construction…
Total Contract Terms Summary PROSPECTOR 1 PROSPECTOR 5 Area of Operations Total E&P UK Ltd. and Elf Total E&P UK Ltd. and Elf Contractor: Exploration UK Ltd. Exploration UK Ltd. Contract Value: USD 135 million USD 249 million…
Elgin-Franklin A Key Asset for Total Elgin-Franklin profile Elgin-Franklin was shut down for 12 months 180 following a gas leak in March 2012 160 154 Before incident, Elgin-Franklin produced 7% of the 151 UKs gas production 140…
Acquisition Improves Fleet Age by 5 Years Average fleet age in years, Jack-Up fleets Jack-Up fleet sizes ( rigs) 0 10 20 30 40 0 10 20 30 40 50 Prospector 0 Ensco 42 Seadrill 3 PGN + PROS 39 Transocean 7 Shelf Drilling 39…
JU-2000E Harsh Environment, High Spec Design Operations in water depths up to 400 feet Up to 35,000 feet drilling depth 2 million pounds hook load capacity 14,300,000 pounds variable deck load HP/HT capable Accommodation for 140…
Contract Overview and Delivery Schedule PROSPECTOR 1 has a firm charter duration of 730 days, plus one 1-year option and four 6-month options with Total The total revenue backlog for firm period is estimated to be USD 135 MM excluding…
Prospector Price and USDNOK Exchange Rate Trends USDNOK Exchange Rate Impact PROS Share Price History 6.90 5.00 Latest close (14 Nov): NOK 9.76 6.80 4.50 VWAP and volume: 6.70 4.00 (NOK, calendar months) USDNOK (NOK per…
Summary Paragon has acquired 93.5% of Prospector Offshore Drilling from a broad group of selling shareholders Paragon will commence a mandatory tender offer for the remaining outstanding shares in Prospector within four weeks with the…
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