Borr Drilling to Acquire Paragon Offshore in Push to Consolidate Jack-Up Rig Market

By Nerijus Adomaitis OSLO, Feb 22 (Reuters) - Offshore rig firm Borr Drilling , controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday. A plunge in oil prices in 2014 forced oil firms to cut back on offshore exploration, reducing demand … [Read more...]

Corpus Christi’s Storm-Ravaged Energy Industry Begins Slow Recovery

By Erwin Seba HOUSTON, Aug 31 (Reuters) - Oil refiners and port facilities in Corpus Christi, Texas, are making strides resuming operations but Houston and other Gulf Coast energy hubs are still flooded by Hurricane Harvey, officials said on Thursday. Their efforts - which could take weeks to be fully complete - will need to be repeated across a broad swath of coastal … [Read more...]

Paragon Offshore is on the Hunt for Cash

As part of Paragon Offshore's anticipated spinoff from Noble Corporation this year, the company is fully focused on raising a vast amount of capital. This past week, Paragon notes they've gained $800 million via a senior secured revolving credit facility from a few different commercial and investment banks. Along with that, they are also looking to raise 1.2 billion via … [Read more...]

Noble Names Senior Leadership of New Drilling Company, Paragon Offshore

Noble Corporation plc (NYSE: NE) has announced today it's new standard specification offshore drilling company will be named Paragon Offshore and led by 38-year offshore industry veteran, Randall D. (Randy) Stilley, PE. "I consider it a privilege to accept this opportunity with Paragon Offshore," Stilley commented in an emailed statement.  His previous roles included CEO and … [Read more...]