Two extensions, one cancellation for Paragon Offshore’s jack-up rigs

Offshore drilling contractor Paragon Offshore has received two contract extensions and one contract termination for its jack-up drilling rigs. 

According to Paragon’s latest fleet status report, the contract for Paragon’s 1979-built jack-up drilling rig Paragon M1162, operating in the UAE, was extended from mid January 2017 to late January 2019.

Paragon said it was in discussions with NDC (ADMA-OPCO) regarding the current terms for the extension period.

Further, the offshore driller’s 1981-built jack-up rig Paragon L784, also working in the UAE, received an early termination notice pursuant to NDC (ZADCO)’s right to terminate with 180 days notice plus 30 days standby.

The effective end date for this contract is expected to be early November 2016.

In addition, the contract for Paragon’s 1981-built jack-up rig Paragon B391 was extended from late March 2016 to late May 2016.

The rig is operating for Centrica in the North Sea. The dayrate was reduced from  $154,000 to $85,000.

Paragon also reported that its 1971-built semi-submersible drilling rig Paragon MSS2, under a contract with Petrobras offshore Brazil with a dayrate of $270,000, would be demobilized for
stacking after the rig’s contract expires this month.

Paragon also stacked one rig in February 2016. The company’s 1975-built drillship was without a contract since October 2015.

Offshore Energy Today Staff

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