Paragon Offshore stacks one more rig

Paragon Offshore, an offshore drilling contractor, has stacked one of its drilling rigs after it arrived from India to UAE. 

According to the offshore driller’s February fleet status report, the 1975-built drillship Paragon MDS1 was stacked in the UAE as the rig was without a contract since October 2015.

The drillship’s last contract before it was stacked was for Dynamic Drilling in India with a dayrate of $97,000.

The Paragon MDS1 can operate at water depth of 1,500 ft and its drilling depth is 25,000 ft.

In addition, Paragon said that its semi-submersible drilling rig Paragon MSS1 continued working under well in progress for Nexen in the North Sea, but with a dayrate reduced from $200,000 to $150,000.

The rig is expected to complete the contract in late February 2016.

To remind, Paragon Offshore recently reached an agreement with its creditors to restructure its balance sheet and filed for Chapter 11 in the United States Bankruptcy Code.

Offshore Energy Today Staff

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