HOUSTON, Sept. 12, 2014 /PRNewswire/ -- Paragon Offshore
plc ("Paragon") (NYSE: PGN) President and Chief Executive Officer
Randall D. Stilley spoke recently at
the Pareto Securities Oil and Offshore Conference in Oslo, Norway. In prepared remarks, the
accompanying slides for which are available on Paragon's website at
www.paragonoffshore.com, Stilley commented on the strength of the
business, steady market outlook for the standard specification
jackup business, and Paragon's history of delivering safe,
reliable, and cost effective services to its customers.
"I am confident in Paragon's position in the standard
specification drilling market," Stilley said. "Paragon enjoys a
backlog of $2.3 billion as
of June 30, 2014, stretching into 2017. Furthermore, we
anticipate announcing new contracts and contract extensions in a
variety of regions in the coming months that will extend our
backlog and further demonstrate the continued marketability of our
rigs."
Stilley also addressed Paragon's capital allocation
strategy. "Management and the board of directors are
committed to the long-term strength of Paragon and to increasing
shareholder value. Our board is currently discussing our
strategy for capital allocation, including our dividend policy, and
the Company anticipates making an announcement regarding this topic
by the end of September."
Stilley concluded, "The fundamentals of our business are strong,
our operations are proceeding well, and our customers have been
very supportive of Paragon's strategy and position in the
market. We look forward to taking advantage of opportunities
to grow our business in the coming years."
About Paragon Offshore
Paragon is a pure-play global provider of standard specification
offshore drilling rigs. Paragon's drilling fleet consists
solely of standard specification rigs and includes 34 jackups and
eight floaters (five drillships and three semisubmersibles).
Paragon's primary business is contracting its rigs, related
equipment and work crews to conduct oil and gas drilling and
workover operations for its exploration and production customers on
a dayrate basis around the world. Paragon's principal executive
offices are located in Houston,
Texas. Paragon is a public limited company registered in
England and Wales with company number 08814042 and
registered office at 20-22 Bedford
Row, London, WC1R 4JS,
England. Additional information is
available at www.paragonoffshore.com.
Forward-Looking Disclosure Statement
This release contains forward-looking statements. Statements
regarding the outlook for the standard specification drilling
market, Paragon's capital allocation strategy, backlog, and
contracts, as well as any other statements that are not historical
facts in this release, are forward-looking statements that involve
certain risks, uncertainties and assumptions. These include but are
not limited to risks associated with the general nature of the oil
and gas industry, risks associated with the operation of Paragon as
a separate, publicly traded company following the spin-off, actions
by regulatory authorities, customers and other third parties, and
other factors detailed in the "Risk Factors" section of Paragon's
registration statement on Form 10 as filed with the Securities and
Exchange Commission (the "SEC") on July 14,
2014, in Paragon's Quarterly Report on Form 10-Q for the
fiscal quarter ended June 30, 2014,
and in Paragon's other filings with the SEC, which are available
free of charge on the SEC's website at www.sec.gov. Should one or
more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated.
For additional
information, contact:
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For
Investors
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Lee M.
Ahlstrom
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&
Media:
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Senior Vice President
– Investor Relations, Strategy and Planning
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+1.832.783.4040
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SOURCE Paragon Offshore plc