Paragon Offshore stacks two more rigs

Paragon Offshore stacks two
Image: Paragon Offshore; Paragon M826 on location next to a very small platform in Tanzania

Paragon Offshore, a global provider of offshore drilling rigs, has stacked two jack-up drilling rigs and has been awarded several contract extensions with reduced dayrates.

According to its latest fleet status report issued Tuesday, Paragon stacked the jack-up rig Paragon L1113 in the U.S. Gulf of Mexico. The rig’s contract with Pemex, offshore Mexico, with a dayrate of $101,000 expired in late May 2015.

In addition, Paragon stacked another jack-up drilling rig Paragon L1111 in the UAE.

In July 2015, the company also stacked two jack-up rigs and said it would be stacking four more jack-ups in the Gulf of Mexico, including the one stacked now, the jack-up Paragon L1113.

Extensions

The contract for the jack-up Paragon C20051 has been extended from early December 2015 to late May 2016, but with a slashed dayrate. The rig operates for French company Total in the North Sea.

Paragon said that dayrate reduction from $176,000 to $125,000 for the period of early May 2015 to late June 2015 will be recognized over the remaining term of the contract beginning July 1, 2015.

According to Paragon, backlog for the jack-up rig Paragon C463 has been swapped with Paragon C462 and extended from late December 2015 to early March 2016. The rigs operate in the North Sea for Engie (formerly known as GDF Suez).

Furthermore, dayrate reduction for the jack-up rig Paragon M841 from $112,000 to $70,000 for the period of early May 2015 to late June 2015 will be recognized over the remaining term of the contract beginning July 1, 2015. The rig is operating offshore Mexico for Pemex.

The drillship Paragon MDS1 is working on one well extension for Dynamic Drilling (ONGC) offshore India with a dayrate of $97,000. According to Paragon, the best estimated completion date is mid-October 2015.

Finally, the jack-up rig Paragon M826 is on a standby dayrate of $35,000 from early August 2015 to late August 2015 prior to start of operations offshore Tanzania. Come early September 2015, the rig is under a contract with PanAfrican Energy Tanzania Ltd. with a dayrate of $105,000.

Offshore Energy Today Staff

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