11.17.14 FSR Draft 4.xlsx

On November 17, 2014 Paragon Offshore released the attached Fleet Status Report. A copy of this report is available in PDF format at
www.paragonoffshore.com. The Company anticipates issuing its next Fleet Status Report on Monday, December 15, 2014. This summary of the Fleet
Status Report is provided as a courtesy and is not intended to replace a detailed review of the report. You are urged to review the Fleet Status Report in
detail.
Current Fleet Status Report Summary
New Contracts and Extensions
India:
L1112 - New contract from mid-October 2015 to mid-October 2018.
Middle East:
M1161 - New contract from late February 2015 to late February 2018 in India.
M786 - New contract from late January 2015 to late January 2018 in India.
Paragon Offshore
Fleet Status Report
November 17, 2014
Actual / Estimated Nonrevenue Days (j)
Q4 2014
Q1 2015
Operator
Dayrate
($000)
Estimated (e)
Contract Start
Estimated (e)
Contract End
BR
Petrobras
347
Early Dec 2013
Late Aug 2017
-
-
Eligible for a maximum 15% performance bonus.
5,600'
BR
Petrobras
300
Mid Aug 2012
Early Mar 2017
-
-
Eligible for a maximum 15% performance bonus.
DS
5,000'
BR
Petrobras
290
Late Oct 2012
Early May 2015
30
-
SS
4,000'
BR
Petrobras
270
Mid Oct 2010
Mid Oct 2015
5
-
Eligible for a maximum 15% performance bonus. Periodic class survey and upgrades
in 4Q2014.
Eligible for a maximum 10% performance bonus. Periodic class survey in 4Q2014.
JU
390'
MEX
Pemex
112
Mid Apr 2012
Late Jan 2015
-
-
JU
390'
MEX
Pemex
112
Early May 2012
Early Mar 2016
15
-
JU
390'
MEX
Pemex
112
Mid Apr 2012
Early Apr 2015
-
-
JU
300'
MEX
Pemex
101
Early Apr 2013
Early Apr 2016
9
-
Periodic class survey in 4Q2014.
JU
300'
MEX
-
-
-
-
-
-
Available.
JU
300'
MEX
Pemex
101
Early Apr 2013
Mid Mar 2016
-
-
JU
300'
MEX
Pemex
90
Early Jul 2012
Late Nov 2014
-
-
JU
300'
MEX
Pemex
82
Mid Sept 2011
Early Feb 2015
-
-
JU
250'
MEX
Pemex
69
Late Dec 2011
Late Mar 2015
-
-
JU
250'
MEX
Pemex
85
Late Jun 2012
Early May 2015
11
-
JU
250'
MEX
Pemex
85
Late Jun 2012
Late Mar 2015
-
-
DS
1,500'
IN
151
Mid May 2012
Mid May 2015
-
-
JU
300'
IN
Deepwater
Drilling (ONGC)
Jindal (ONGC)
Deepwater
Drilling (ONGC)
55
62
Late Feb 2010
Mid Oct 2015
Late Feb 2015
Mid Oct 2018
15
-
-
SOUTH EAST ASIA (f)
JU
300'
MY
Talisman
120
Mid Apr 2014
L785
(NGM)
Changes from the previous fleet status report are in red.
Mid Apr 2015
-
-
Rig (a,b)
BRAZIL
DPDS3
(NRE)
DPDS2
(NLS)
DPDS1
(NPH)
MSS2
(NTM)
Type (c)
Water
Depth
Area (d)
DS
7,200'
DS
Comments
(f,g)
MEXICO (f)
M841
(NBJ)
M842
(NEP)
M531
(NLJ)
B301
(NJH)
L1116
(NGR)
L1113
(NJS)
L1114
(NSN)
L781
(NRB)
M821
(NCN)
M824
(NTJ)
M823
(NEF)
INDIA (f,h)
MDS1
(NDU)
L1112
(NEH)
Periodic class survey in 4Q2014.
Well in progress in discussion for contract extension.
Periodic class survey in 4Q2014.
Rig is on a modified bareboat chartered to Deepwater Drilling which is contracted to
ONGC.
Rig is on a modified bareboat charter to Jindal which is contracted to ONGC through
late February 2015. Periodic class survey in 4Q2014. Modified bareboat charter to
Deepwater Drilling which is contracted to ONGC from mid-October 2015 to midOctober 2018.
Page 2 of 4
Paragon Offshore
Fleet Status Report
November 17, 2014
Actual / Estimated Nonrevenue Days (j)
Q4 2014
Q1 2015
Dayrate
($000)
Estimated (e)
Contract Start
Estimated (e)
Contract End
135
Mid Jan 2014
Mid Jan 2017
-
-
140
Early Apr 2014
Mid Dec 2014
-
-
-
-
-
-
-
-
QA
Total
111
Mid Feb 2013
Early Mar 2016
-
-
300'
UAE
62
Late Feb 2015
Late Feb 2018
-
-
300'
UAE
53
Late Jan 2015
Late Jan 2018
-
-
250'
UAE
Deepwater
Drilling (ONGC)
Deepwater
Drilling (ONGC)
-
-
-
-
-
-
150'
UAE
NDC (ADOC)
95
Late Nov 2013
Late Nov 2015
-
-
150'
UAE
NDC (ADOC)
89
Mid Jul 2013
Mid Jul 2015
-
-
SS
1,500'
UK
Nexen
280
Late Jun 2014
Late Jun 2015
-
-
JU
390'
UK
Centrica
154
Early Apr 2013
Early Apr 2016
-
35
JU
360'
NL
Total
176
Early Jun 2014
Early Dec 2015
-
-
JU
300'
NL
DANA
180
Late Jul 2014
Mid Jan 2015
-
-
JU
250'
JU
250'
NL
NL
NL
TAQA / ONE
ONE
GDF SUEZ
JU
250'
NL
GDF SUEZ
164
170
168
167
168
Early Aug 2014
Mid April 2015
Early Apr 2014
Mid Feb 2015
Mid Feb 2014
Mid April 2015
Mid Nov 2015
Mid Feb 2015
Late Dec 2015
Early Mar 2015
-
-
JU
250'
UK
Wintershall
168
Late Dec 2013
Late Jun 2015
-
-
WEST AFRICA (f,i)
JU
L782
(NPJ)
300'
CG
EG
EG
SOCO
Marathon
Marathon
125
172
165
Mid Jul 2014
Early Dec 2014
Early Mar 2015
Late Nov 2014
Early Mar 2015
Early May 2015
-
-
Contract preparation for Marathon from late November 2014 to early December 2014 at
a dayrate of $100K.
JU
300'
BEN
SAPETRO
145
Mid Oct 2013
Mid Jan 2015
-
-
Estimated end moved from early December to mid-January due to operator's well
plans.
JU
250'
CM
Perenco
141
Late Sep 2014
Late Mar 2016
-
-
JU
250'
CM
Perenco
136
Early Feb 2013
Early Dec 2014
-
-
JU
150'
CM
Rig (a,b)
Type (c)
Water
Depth
Area (d)
Operator
300'
UAE
300'
QA
NDC (ADMAOPCO)
RasGas
300'
UAE
300'
Comments
(f)
MIDDLE EAST
JU
M1162
(NRR)
JU
L784
(NJP)
JU
L1111
(NGA)
JU
L1115
(NHD)
JU
M1161
(NCY)
JU
L786
(NKD)
JU
M822
(NCS)
JU
B152
(NDF)
JU
Dhabi II
(Dhabi II)
NORTH SEA
MSS1
(NTvL)
B391
(NJR)
C20051
(NAW)
C20052
(NBW)
C461
(NLB)
C462
(NPvE)
C463
(NRH)
HZ1
(NGS)
L783
(NTC)
M825
(NEN)
M826
(NLN)
B153
(NDW)
Estimated end moved from early December to mid-December due to operator's
well plans.
Available.
Rig is on a modified bareboat charter to Deepwater Drilling which is contracted to
ONGC.
Rig is on a modified bareboat charter to Deepwater Drilling which is contracted to
ONGC.
Available.
Maintenance in 1Q2015.
Cold stacked.
Changes from the previous fleet status report are in red.
Page 3 of 4
Paragon Offshore
Fleet Status Report
November 17, 2014
Footnotes
(a)
A cross-reference of the Paragon rig names to the previous Noble rig names is available on our website at www.paragonoffshore.com in the "Our Fleet" section. On this Fleet Status Report, former Noble rig name is
indicated by a three letter abbreviation below the Paragon rig name.
(b)
Naming convention for rigs is based on rig design. Floaters begin with "DP" for Dynamic Positioning or "M" for Moored. Jackups begin with "B" for BMC 150, BMC 300 or BMC Europe; "C2005" for CFEM T-2005-C,
"C46" for CJ-46; "L111" for Levingston 111-C, "L78" for F&G L-780 Mod II; and "M" for MLT 116-C, MLT 82-C, MLT 82-SD-C, or MLT 84-ERC. The Dhabi II is a BMC 150, HZ1 is a NAM Nedlloyd-C, and FPSO1 is an
A1 Floating Production Storage and Offloading vessel.
(c)
The codes for type of rig are: DS - Drillship, JU - Jackup, and SS - Semisubmersible.
(d)
The codes for area of operations are: BEN - Benin, BR - Brazil, CG - Congo, CM - Cameroon, EG - Equatorial Guinea, IN - India, MY - Malaysia, MEX - Mexico, NL - Netherlands, QA - Quatar, UAE - United Arab
Emirates, and UK - United Kingdom.
(e)
The date ranges are defined as: Early is 1st - 10th, Mid is 11th - 20th and Late is 21st - Month End.
(f)
In various market segments, the Company contracts with certain parties for the provision of certain local services and advice. Compensation paid to such parties by the Company typically is based on a percentage
of the drilling contract’s daywork operating rate, and the Company accounts for such payments in its financial statements in the contract drilling services operating costs and expenses line item.
(g)
The drilling contract provides the client with the right to terminate the contract in the event of excessive downtime. While we have exceeded downtime thresholds in the past on certain rigs contracted with
Petrobras, we have not received any notification concerning contract cancellations nor do we anticipate receiving any such notifications.
(h)
Listed rigs are operated pursuant to a modified bareboat charter agreement; cost structure of such bareboat charter agreements varies by agreement. The contracted rates provided are net of costs associated with
the bareboat charter agreement.
(i)
The following rigs and FPSO are currently cold stacked: B153 (NDW), DPDS4 (NMO), MSS3 (NLoB), and FPSO1 (Seillean).
(j)
Non-revenue days include planned shipyard stays and surveys. They also include unpaid operational downtime greater than 5 days. Available / off contract days are not included.
This fleet status report contains information on contracts with our customers. The information contained in this fleet status report is as of the date of the report only and is subject to change without notice to the recipient, and we assume no duty to
update any portion of the information contained herein. This fleet status report contains statements that are not historical facts, which are “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements
include, but are not limited to, statements about estimated duration of client contracts, contract dayrate amounts, future contract commencement dates, timing and duration of shipyard projects, our business, financial performance and prospects.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to have been correct. Various factors could cause actual results to differ materially.
Dayrate reflects the full daywork operating rate payable to the Company by the operator as provided in the applicable drilling contract unless otherwise specified. The average dayrate over the term of the contract will be lower and could be
substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, foreign exchange currency movements, etc.) including some beyond our control. Our client contracts and operations are
generally subject to a number of risks and uncertainties. We discuss these factors, including risks, uncertainties and assumptions concerning actions by our clients, governments and other third parties, drilling activity levels, market conditions,
operational difficulties, weather related events and other matters, from time to time in our filings with the U.S. Securities and Exchange Commission (“SEC”), which we urge you to review and which are available free of charge on the SEC’s website at
www.sec.gov.
Page 4 of 4

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