PARAGON OFFSHORE PLC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2017 10-Q, filed May 10, 2017. Its latest SEC filing is a 8-K from Jul 18, 2017.

The sections below describe the company as of the FY2016 annual report.

What Did They Do?

Contracts offshore drilling rigs, related equipment and crews to oil and gas exploration and production companies.

How Did They Make Money?

Oil and gas producers contract for rigs, related equipment and crews. They generally pay a fixed amount for each operating day, beginning when services start.

FY2016 revenue

Who Were Their Customers?

Oil and gas producers, including national, international and independent companies, hire rigs under individual contracts, often awarded through competitive bidding.

Did Revenues Turn Into Profits?

Not on paper. It lost $338.4M in FY2016, but brought in more cash than it spent: $210M of free cash flow.

Operating income, FY2016

−27% of revenue

▼ −82% (Loss) vs FY2015 (−$941.4M, −63%)

Net income, FY2016

−53% of revenue

▼ −66% (Loss) vs FY2015 (−$999.6M, −67%)

Free cash flow, FY2016

33% of revenue

▼ −25% vs FY2015 ($280.8M, 19%)

How Were They Changing?

Since the FY2016 annual report

Latest quarter: Q1 FY2017, the three months to Mar 31, 2017

Revenue: ▼ −78%; vs $265.1M in Q1 FY2016
Net income: ▲ +1252% (Loss); vs −$5.2M in Q1 FY2016

Jul 18, 2017 Paragon completed restructuring and emerged from Chapter 11 The plan eliminated approximately $2.3 billion of debt; existing Paragon plc shares were deemed worthless.
Jun 8, 2017 Bankruptcy court confirmed Paragon’s reorganization plan Creditors were to receive equity in a new parent company, with no recovery for existing shareholders.
May 23, 2017 Joint administrators were appointed to manage Paragon plc They assumed power to manage the company’s affairs as part of its Chapter 11 reorganization.

Shrank. Revenue fell 59% in 4 years, from $1.5B in FY2012 to $636.2M in FY2016, about 20% a year.

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