The Million Dollar Question for Investors. ..there are known knowns, i.e., there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also…
Industry Outlook Current oil price does not support increased drilling activity The current The rig supply is expanding, but is chasing fewer jobs market is bleak Oil companies have slashed their cap-ex budgets Traditional consumers…
Overview of Paragon Offshore Business Overview Worldwide Offshore Presence North Sea Offshore contract drilling services provider Semis: 1 Jackups: 9 Canada Hibernia Spin-off from Noble Corporation completed Platform…
Strong Operations in a Difficult Environment Second Quarter and First Half 2015 Results 2nd Quarter 1st Half Contract Drilling Services Revenues: 363 million 763 million EBITDA: 158 million 325 million Net Income: 53 million 93 million…
Many Accomplishments, But Cash on the Balance Sheet as of 2nd Quarter EPS: June 30: 0.57 vs. 0.08 Analyst 112 million or Estimates or 1.9X Market Cap a 600% Beat + Revolver Capacity Expanded EBITDA Margin: + Paragons Market…
Many Challenges Impacting Us Oil prices have taken another leg down amid concerns of /BBL 65.00 60.00 55.00 50.00 45.00 40.00 www.paragonoffshore.com 8
Many Challenges Impacting Us Idle assets Customer Disputes Balance Sheet: Debt Concerns Oversupply of newbuild assets Well- Maintained, but Aging Fleet www.paragonoffshore.com 9
2015 Industry Backlog Additions 2015 Paragon Contract Awards and Extensions In Millions North Sea: 2,800 Paragon C20051 Extended from early Dec. 2015 to late May 2016 Paragon C463 Backlog swapped with C462 and extended from early…
The Current EnvironmentRough Waters Ahead 2015 remains challenging Oil price has improved from YTD lows, but: 2015 customer budgets are largely fixed Some analysts predict a second oil price dip Some customers are continuing to…
Jackup Units Being Stacked Rather Than Retired/Scrapped Number of 140 Very few actual Rigs retirements so far; cold- 120 stacking has not dramatically increased 100 80 60 40 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep…
Newbuild Jackup Orders According to IHS August 25, 2015 130 Anticipated Jackup Deliveries 160 130 10 10 110 120 67 80 None built 30 40 in China 13 0 Total Newbuilds to be Contracted Rigs Rigs on Order/ Rigs Under China…
Offshore, 43 Floaters Retired, Scrapped or Held for Sale Since January 2014More to Come Number of Average Rigs Age of Rigs 24 40 20 36 16 32 12 21 28 8 9 24 4 6 3 2 2 0 20 RIG DO ESV NE ATW PGN Floaters…
Our FocusManaging What We Can Control Maintaining and improving Safety Performance Continuing our industry-leading Operational Uptime Maximizing Utilization of our Rigs; Stacking Idle Rigs Quickly Preserving Financial…
ConclusionWhy Paragon Offshore Significant Scale, Size, and Expertise High Quality, Low Cost Drilling Contractor Strong Backlog and Established Diverse Customer Base Well-Maintained Workhorse Fleet of Rigs…
NYSE Listed: PGN 3151 Briarpark Drive Houston, TX 77042 832.783.4000 For additional information, contact: Lee M. Ahlstrom SVP-Investor Relations, Strategy & Planning lahlstromparagonoffshore.com www.paragonoffshore.com
Appendix www.paragonoffshore.com 18
2Q15 Reconciliation of As Reported Net Income (GAAP) to Adjusted Net Income (Non-GAAP) (In thousands, except per share amounts) (Unaudited) The following tables sets forth the reconciliation of adjusted net income (non-GAAP) to net…
2Q15 Reconciliation of As Reported Measures (GAAP) to As Adjusted Measures (Non-GAAP) (Unaudited) As Reported Rigs Retained or Sold by Noble As Adjusted Three Months Ended Three Months Ended Three Months Ended June 30, March 31,…
2Q15 As Reported and As Adjusted Operational Information (Unaudited) As Reported Rigs Retained or Sold by Noble As Adjusted Three Months Ended Three Months Ended Three Months Ended June 30, March 31, June 30, March 31, June 30,…
June 30, 2015 Summary Balance Sheet Assets (in thousands) Cash 112,359 Total Current Assets 568,022 PPE, Net 2,318,460 Other Assets 138,365 Total Assets 3,024,847 Liabilities and Equity Total Current Liabilities 349,283…
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