Rig: Paragon M841

Name Paragon M841
Owner Borr Drilling
Manager Borr Drilling
Rig Type Jackup
Sub Type Independent Leg Cantilever
Jackup Type Premium
Max Water Depth (ft) 350
Max Drill Depth (ft) 25000
Dimensions (ft) 248 x 201 x 25
Leg Length (ft) 500
Competitive Yes

Current Location

Country USA
Region North America

Drilling Equipment

Drawworks Type Continental Emsco C3 Type II
Drawworks HP 3000
Mud Pumps Type Continental Emsco FB-1600 Triplex
Top Drive National Oilwell Varco PS2-750A
Hookload Capacity (lbs) 1300000

Rig Construction Details

Rig Design LeTourneau
Rig Model 84-C (Enhanced)
Year Built 1975
Country of Build UK
Yard Name Clydebank Shipyard
Group Yard Name Marathon LeTourneau Offshore

Rig Contract Details

Operating Status Retired
Operator

Rig Images

News

4 Feb 2014

Noble Corporation to name spinoff company Paragon Offshore

Noble Corporation plc (NYSE: NE) today announced that Randall D. (Randy) Stilley has been selected to serve as president and chief executive officer of Paragon Offshore, the standard specification offshore drilling company to be created upon separation from Noble. "The Board of Directors is pleased that Randy will lead Paragon Offshore," said David W. Williams, Chairman, President and Chief Executive Officer, Noble Corporation. "His proven leadership skills, depth of experience and offshore drilling industry knowledge have given our Board the utmost confidence that he will be able to lead this Company in providing safe and reliable drilling services for its customers, which has long been a hallmark of Noble." Stilley previously served as Chief Executive Officer and President of Seahawk Drilling, Inc., Chief Executive Officer of the mat-supported jackup rig business at Pride International Inc., as well as President and Chief Executive Officer of Hercules Offshore, Inc. He has over 38 years of experience in the oil and gas industry and has also held executive level positions at Weatherford International, Inc., Halliburton Company and Seitel, Inc. Stilley is a registered professional engineer in the state of Texas and a Member of the Society of Petroleum Engineers. He holds a B.S. degree in Aerospace Engineering from the University of Texas at Austin. "I consider it a privilege to accept this opportunity with Paragon Offshore," Stilley said. "It's exciting to be appointed to lead a company with a reputation for providing operational excellence worldwide. We have an outstanding team and a very capable fleet of assets to build upon. I look forward to working with our customers, employees and investors in this exciting new opportunity." Other members of the Paragon Offshore executive team were also announced. Charlie Yester, who currently serves as Vice President and Division Manager for Noble'sWest Africa operations, will be named as Senior Vice President of Operations; Andrew Tietz, who currently serves as Noble's Vice President Marketing and Contracts, will be named as Senior Vice President Marketing and Contracts; Lee Ahlstrom, who currently serves as Senior Vice President for Strategic Development, will be named as Senior Vice President of Investor Relations, Strategy and Planning; and Todd Strickler, who currently serves as Noble's Associate General Counsel, Corporate, will be named as Vice President and General Counsel. The Company anticipates making additional announcements regarding the appointment of other members of the management team and Board of Directors as the process moves forward. Williams added, "I'm excited with the degree of talent these individuals bring to the emerging organization. Each of them has contributed significantly to the success of Noble in recent years and their professionalism and experience in the industry positions Paragon Offshore for success in the future."

24 Sep 2013

Noble Corporation announces plan to create independent standard specification drilling company

Noble Corporation (NYSE: NE) announced today that its Board of Directors has approved a plan to separate a business comprised of many of its standard specification drilling units, resulting in the creation of two separate and highly focused offshore drilling companies. The drilling units that would be owned and operated by the new company comprise most of the standard specification drilling units in the Noble fleet, including five drillships, three semisubmersibles, 34 jackups, two submersibles, and one FPSO. The new company would also be responsible for the Hibernia platform operations. Noble will continue to own and operate its high-specification assets with particular operating focus in deepwater and ultra-deepwater markets for drillships and semisubmersibles and harsh environment and high-specification markets for jackups. The plan approved by the Board of Directors involves the separation of the standard specification business through the distribution of the shares of the new company to Noble shareholders in a spin-off that would be tax-free to shareholders. Subject to business, market, regulatory and other considerations, the separation may be preceded by an initial public offering of up to 20 percent of the shares of the new company. Consummation of the transaction is contingent upon the receipt of a tax ruling from the IRS, which Noble expects to receive soon. If Noble proceeds with the IPO as part of the spin-off, Noble expects that the new company would file a registration statement for the IPO with the U.S. Securities and Exchange Commission in late 2013 or early 2014. The transaction is also subject to the approval of Noble's shareholders, which the company anticipates seeking in the second quarter of 2014. Noble anticipates that the spin-off would be completed by the end of 2014. Noble expects that the new company would use the net proceeds from borrowings by the new company (and the IPO if undertaken) to repay to Noble the debt the new company would incur to Noble in order to acquire the standard specification business and assets from Noble. Noble expects that, in turn, it would use such proceeds to repay outstanding indebtedness of Noble and its subsidiaries. The purpose of the separation is to: • separate Noble's existing rig fleet into high specification and deepwater and ultra-deepwater assets, which will remain with Noble, and many standard specification assets, which will comprise the new company's fleet, as set forth in the attachment to this release; • allow each company to have a more focused business and operational strategy; • enhance each company's growth potential and overall valuation of its assets; • provide each company with a greater ability to make business and operational decisions in the best interests of its particular business and to allocate capital and corporate resources with a focus on achieving its strategic priorities; • better utilize the professionalism and skills of Noble's team and culture to deliver excellent service, safety and operational integrity to its customers; • improve each company's ability to attract and retain individuals with the appropriate skill sets as well as to better align compensation and incentives with the performance of these different businesses; and • allow the financial markets and investors to evaluate each company more effectively. David W. Williams, who will remain as Chairman, President and Chief Executive Officer of Noble, said, "The purpose of the separation is for Noble to move forward with our development as a robust high specification and deepwater drilling company through continued execution of newbuilds and fleet enhancements. By separating these two businesses, we believe each company will be able to better leverage the overall value of its fleet by focusing on the drivers of its particular business." There can be no assurance that Noble's proposed plan will lead to an initial public offering or spin-off of the new company or any other transaction, or that if any transaction is pursued, that it will be consummated. This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. This announcement is being issued pursuant to, and in accordance with, Rule 135 under the Securities Act of 1933, as amended.

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