Paragon Offshore embarks upon wave of cold stacking
Paragon Offshore Plc (“Paragon”) has announced it has taken the decision over the past month to cold stack eight jackup rigs. The announcement follows the company’s release of its updated fleet report in which Paragon has laid out plans to cold stack four jackups in the USA following their move from Mexico (B301, L1113, L781 and M821). In addition to these four units, the company has cold stacked the L785 jackup in Malaysia, the L783 jackup in Cameroon and the L1116 and M531 units in the USA. The eight jackups have a combined average age of 37 years and are at the older end of the operational rig fleet spectrum. This wave of cold stacking comes as these units concluded their existing contracts and with no future contracts on the horizon, Paragon has taken the decision to remove them from its active fleet.