Overview of Paragon Offshore HISTORY WORLDWIDE PRESENCE PGN + Newbuild Shared history with Noble Corporation from NW Europe Rig Type PROS Options 1921 to 2014 9 Jackups 34 3 1 Floaters 6 0 Spin-off completed 1-Aug-2014 GoM…
Paragons Competitive Advantages High quality low cost operations Experienced, well-trained people The rig itself is only one Well-maintained, reliable rigs component of what a Drilling Contractor delivers Long-standing customer…
Safe, Reliable, Efficient Operations Continuously improving operational performance Expenses down more than operating days Operational Downtime 1H 2016 Days & Rig-Based Expenses Days /Day 5% 3,355 3,400 131,600 140,000 4 3,300…
Where Are We in the Restructuring Process Acted quickly to commence our restructuringbelieve we may see more in our industry Reached agreement on a revised restructuring plan Upon emergencemuch greater runway if downturn persists…
What Paragon Should Look like After Restructuring Today After Emerging Available Cash: 950 million (as of 7/31/16) 450 million Debt Categories: Bonds: 984 million 60 million Term Loan: 641 million 641 million Converted to…
Industry Outlook Producers have significantly reduced capital budgets; some have had The current market is multiple budget reductions challenged Brent prices and European gas prices continue to be volatile4th quarter prices will…
Historically, Downturns Have Lasted Less Than 24 Months; We Appear to Have Turned the Corner on Commodity Price 100% 90% Vs. the Peak (100%) of Each Downturn Percentage of Oil Price at the Trough 80% Jun. 92 70% Jul. 87…
But Pressure Could Keep Us Range-Bound in the Near Term Number of Long or Oil Price Commodity traders continue Short Bets on Oil /bbl to influence prices 400,000 90 As prices approach 300,000 50, Short Bets 80 increase…
General Cycle Evolution and Paragon Positioning ILLUSTRATIVE Utilization HS Dayrates Standard Dayrates Paragon positioned to compete effectively in Phases 3 and 4 : Lowest possible cost structure to withstand…
Focusing Utilization for Paragons Existing Fleet Focus for High ILLUSTRATIVE In a differentiated Suitability for High Spec JU Spec Fleet Deeper water; market, where Standard Spec and High Spec rigs Focus for Standard HPHT…
278 Working* Jackups: 50% of Working Rigs Older Than 10 Years Norway 11 Saudi 43 UK UAE China 9 29 28 GoM Neth. Qatar 4 2 8 Iran Thai. Den. 23 8 6 Egypt Vietnam Mexico 10 8 23 Mal. 4 India Nigeria 32 2…
Market by Market Review Highlights North SeaKEY FOCUS AREA Paragon has a long history of efficient operations in the North Sea Middle EastKEY FOCUS AREA New contract for the MSS1 with several Historically strong market for…
Jackup Rig Construction Update 109 Anticipated Jackup Deliveries Through 2020 120 109 9 Completed & on 15 standby 80 100 50 40 7 21 6 1 0 Total Newbuilds to Contracted Rigs Rigs Under China Singapore Other (UAE, India, be…
Paragons Near-Term Focus Continued Focus on Operational Excellence Successfully emerge from chapter 11 process Identify additional opportunities to eliminate waste and reduce cost Contract Drilling Services, Corporate G&A, and…
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