Paragon Offshore lands three new contracts

Paragon Offshore has announced the award of a new contract and two contract extensions via its latest fleet status report.

Semi-submersible rig MSS1 has been awarded a one-well contract by Centrica for operations offshore UK, with work expected to commence early August 2017.

Aditionally, jackup rigs B152 and Dhabi II have been awarded contract extensions by UAE-based National Drilling Company, part of ADNOC, extending each contract by two years through to 2019.

Day rates for the contracts were not disclosed by Paragon, who also reported today a first quarter loss of $70.4m.

Paragon expects to exit chapter 11 next month after a restructuring agreement was reached earlier this month with secured and unsecured lenders.