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Paragon Offshore lands three new contracts

Paragon Offshore lands three new contracts

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Paragon Offshore has announced the award of a new contract and two contract extensions via its latest fleet status report.

Semi-submersible rig MSS1 has been awarded a one-well contract by Centrica for operations offshore UK, with work expected to commence early August 2017.

Aditionally, jackup rigs B152 and Dhabi II have been awarded contract extensions by UAE-based National Drilling Company, part of ADNOC, extending each contract by two years through to 2019.

Day rates for the contracts were not disclosed by Paragon, who also reported today a first quarter loss of $70.4m.

Paragon expects to exit chapter 11 next month after a restructuring agreement was reached earlier this month with secured and unsecured lenders.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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