UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 29, 2016
Paragon Offshore plc
(Exact name of registrant as specified in its charter)
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England and Wales |
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001-36465 |
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98-1146017 |
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(State or Other Jurisdiction |
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(Commission |
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(IRS Employer |
3151 Briarpark Drive, Suite 700
Houston, Texas 77042
(Address of principal executive offices) (Zip Code)
+44 20 330 2300
(Registrant’s telephone number, including area code)
(Not applicable)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure.
As previously reported, on February 14, 2016, Paragon Offshore plc (the “Company”) and certain of its subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).
On July 29, 2016, the Debtors filed their monthly operating report for the period beginning June 1, 2016 and ending June 30, 2016 (the “Monthly Operating Report”) with the Bankruptcy Court. The Monthly Operating Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference. This Current Report on Form 8-K (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely by Regulation FD.
The information contained in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.
Cautionary Statement Regarding the Monthly Operating Report
The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with generally accepted accounting principles in the United States, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete. The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in the Company’s reports pursuant to the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results for the period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to risks associated with the Company’s reorganization, the ability of the Company to implement the transactions contemplated by its plan of reorganization in Bankruptcy Court, the general nature of the oil and gas industry, actions by regulatory authorities, customers and other third parties, and other factors detailed in the “Risk Factors” section of the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2015, and in its other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Monthly Operating Report for the month ended June 30, 2016, filed with the United States Bankruptcy Court for the District of Delaware
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Paragon Offshore plc | |
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July 29, 2016 |
By: |
/s/ Steven A. Manz |
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Name: Steven A. Manz |
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Title: Senior Vice President & Chief Financial Officer |
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) |
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Reporting Period: |
June 1 - 30, 2016 |
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Federal Tax I.D. # |
98-1146017 |
MONTHLY OPERATING REPORT
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REQUIRED DOCUMENTS |
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Form No. |
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Document Attached |
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Explanation Attached |
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Schedule of Cash Receipts and Disbursements |
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MOR-1 |
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X |
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Bank Reconciliation (or copies of Debtors’ bank reconciliations) |
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MOR-1a |
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X |
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Schedule of Professional Fees Paid |
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MOR-1b |
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X |
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Budget to Actual Consolidated Cash Flow Variance Report |
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MOR-1c |
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X |
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Copies of Bank Statements (See Notes to the MOR) |
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X |
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Cash Disbursement Journals (See Notes to the MOR) |
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X |
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Statement of Operations (Income Statement) |
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MOR-2 |
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X |
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Balance Sheet |
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MOR-3 |
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X |
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Status of Post-Petition Taxes (See Notes to the MOR) |
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MOR-4 |
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X |
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Copies of IRS Form 6123 or payment receipt (See Notes to the MOR) |
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X |
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Copies of tax returns filed during reporting period (See Notes to the MOR) |
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X |
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Summary of Unpaid Post-Petition Debts (See Notes to the MOR) |
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MOR-4 |
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X |
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Accounts Receivable Reconciliation and Aging (See Notes to the MOR) |
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MOR-5 |
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X |
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Debtor Questionnaire (See Notes to the MOR) |
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MOR-5 |
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X |
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I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
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/s/ Alejandra Veltmann |
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7/29/2016 |
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Signature of Authorized Individual* |
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Date |
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/s/ Alejandra Veltmann |
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V.P. - Chief Accounting Officer |
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Printed Name of Authorized Individual |
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Title of Authorized Individual |
*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.
MOR Notes
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) |
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Reporting Period: |
June 1 - 30, 2016 |
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Federal Tax I.D. # |
98-1146017 |
Notes to the Monthly Operating Report
GENERAL:
The report includes activity from the following Debtors and related Case Numbers:
|
Debtor |
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Case Number |
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Paragon Offshore Drilling LLC |
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16-10385 |
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Paragon Offshore plc |
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16-10386 |
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Paragon Drilling Services 7 LLC |
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16-10387 |
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Paragon Offshore Finance Company |
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16-10388 |
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Paragon Offshore Leasing (Switzerland) GmbH |
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16-10389 |
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Paragon Offshore do Brasil Ltda. |
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16-10390 |
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Paragon International Finance Company |
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16-10391 |
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Paragon Asset (ME) Ltd. |
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16-10392 |
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Paragon Offshore Holdings US Inc. |
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16-10393 |
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Paragon Asset (UK) Ltd. |
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16-10394 |
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Paragon FDR Holding Ltd. |
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16-10395 |
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Paragon Offshore International Ltd. |
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16-10396 |
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Paragon Offshore (North Sea) Ltd. |
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16-10397 |
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Paragon Duchess Ltd. |
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16-10398 |
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Paragon (Middle East) Limited |
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16-10399 |
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Paragon Offshore (Luxembourg) S.a r.l. |
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16-10400 |
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Paragon Holding NCS 2 S.a r.l. |
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16-10401 |
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Paragon Leonard Jones LLC |
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16-10402 |
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PGN Offshore Drilling (Malaysia) Sdn. Bhd. |
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16-10403 |
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Paragon Offshore (Nederland) B.V. |
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16-10404 |
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Paragon Offshore Contracting GmbH |
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16-10405 |
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Paragon Offshore (Labuan) Pte. Ltd. |
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16-10406 |
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Paragon Holding SCS 2 Ltd. |
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16-10407 |
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Paragon Asset Company Ltd. |
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16-10408 |
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Paragon Holding SCS 1 Ltd. |
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16-10409 |
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Paragon Offshore Leasing (Luxembourg) S.a r.l. |
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16-10410 |
General Notes:
The financial and supplemental information contained herein are preliminary, unaudited, and may not comply in all material respects with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Individual Debtor entities are presented in the accompanying statement of operations.
The financial information has been derived from the books and records of the Debtors. This information, however, has not been subject to certain procedures that would typically be applied to financial information in accordance with U.S. GAAP, and upon application of such procedures, the Debtors believe that the financial information could be subject to changes, which could be material.
The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustments.
The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the combined results of operations and financial position of the Debtors in the future.
MOR Notes
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
June 1 - 30, 2016 |
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Federal Tax I.D. # |
98-1146017 |
Notes to the Monthly Operating Report
General Notes (cont’d):
Receivables and payables among the Debtors and between the Debtors and Non-Debtors have not been eliminated from the Statement of Operations (Income Statements) or Balance Sheets contained herein. No conclusion as to the legal obligation related to these intercompany transactions is made by the presentation herein.
Certain amounts may appear to be clerically inaccurate as they are presented in thousands and are subject to rounding differences.
Notes to MOR-1 and MOR-1a:
Cash receipts and disbursements have been assigned to the Debtor entity they relate to rather than the Debtor that received / made the payment. Such movements may therefore not reflect the movement in individual Debtor bank accounts.
Attached to MOR-1 is a listing of the Debtors’ bank accounts (see MOR-1a), by account number, and opening and closing bank balances for the reporting period. Such accounts were reconciled in accordance with the Debtors’ ordinary course accounting practices during the reporting period. The disbursements reported in MOR-1 include outstanding checks and any reconciling items.
Notes to MOR-1b:
Payments of Professional Fees to retained professionals were made during the period. Total paid in the month and to date is disclosed in MOR-1b.
Notes to MOR-1c:
Paragon does not prepare cash flows on an individual entity basis. Attached at MOR-1c is a consolidated cash flow including comparison to budget. The cash flows are prepared at weekly rests and do not reflect performance per calendar month.
The “Professional Fees” listed in MOR-1c include payments made to professionals representing the Agent for the Revolver Lenders and the Agent for the Term Loan Lenders in accordance with the Final Order (I) Authorizing the Debtors to Utilize Cash Collateral; and (II) Granting JPMorgan Chase Bank, N.A., as Administrative Agent for the Revolver Lenders and Collateral Agent for the Revolver Lenders and Term Loan Lenders, and Cortland Capital Market Services L.L.C., as Successor Administrative Agent for the Term Loan Lenders, Adequate Protection Pursuant to Sections 105, 361, 362, 363 and 507 of the Bankruptcy Code (D.I. No. 140).
Notes to MOR-2 and MOR-3:
The financial information for June 2016 contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustments.
Notes to MOR-4:
The post-petition tax activity presented includes pre-and post- petition tax liabilities. The closing tax position disclosed in MOR-4 (May 2016) will not equate with the opening balances in MOR-4 (June 2016) due to ordinary course adjustments/reclassifications of certain tax liabilities after the May 2016 MOR was filed.
To the best of the Debtors’ knowledge, and except as otherwise set forth in this Monthly Operating Report, all of the Debtors have filed all necessary federal, state and local tax returns and have timely made (or are in the process of remediating any immaterial late filings or prepayments) all related required post-petition tax payments.
MOR Notes
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
June 1 - 30, 2016 |
|
Federal Tax I.D. # |
98-1146017 |
Notes to the Monthly Operating Report
Notes to MOR-5:
Accounts Receivable information includes both Pre- and Post- Receivables per entity.
Earned revenue is considered “billed” to the customer on the date for which the invoice is physically mailed or electronically delivered to the customer.
“Unbilled” Accounts Receivable consists of any earned revenue item which has not been billed to the customer.
Notes to MOR-5 Debtor Questionnaire:
Question #2 -
The Debtors have disbursed funds from certain non-Debtor accounts in accordance with the Final Order (I) Authorizing Debtors to (A) Continue Existing Cash Management System, (B) Maintain Business Forms and Existing Bank Accounts, and (C) Continue Intercompany Arrangements; (II) Waiver of the Requirements of Section 345(b) of the Bankruptcy Code; and (III) Granting Related Relief [D.I. No. 236].
Question #5 -
One bank account was opened during the reporting period:
1. Paragon International Finance Company - Bank of America account ending 1478
Documentation is available upon request.
MOR-1
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
June 1 - 30, 2016 |
|
Federal Tax I.D. # |
98-1146017 |
Schedule of Cash Receipts and Disbursements
(000’s)
|
See Notes to the MOR related to MOR-1 |
|
|
Debtor |
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Case Number |
|
External |
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Intercompany |
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Total Disbursements |
|
Cash Receipts |
| ||||
|
Paragon Offshore Drilling LLC |
|
16-10385 |
|
$ |
(839 |
) |
$ |
— |
|
$ |
(839 |
) |
$ |
4,652 |
|
|
Paragon Offshore plc |
|
16-10386 |
|
(1,344 |
) |
— |
|
(1,344 |
) |
57 |
| ||||
|
Paragon Drilling Services 7 LLC |
|
16-10387 |
|
(655 |
) |
— |
|
(655 |
) |
— |
| ||||
|
Paragon Offshore Finance Company |
|
16-10388 |
|
(2,764 |
) |
— |
|
(2,764 |
) |
— |
| ||||
|
Paragon Offshore Leasing (Switzerland) GmbH |
|
16-10389 |
|
(28 |
) |
— |
|
(28 |
) |
0 |
| ||||
|
Paragon Offshore do Brasil Ltda. |
|
16-10390 |
|
(5,921 |
) |
(0 |
) |
(5,922 |
) |
4,905 |
| ||||
|
Paragon International Finance Company |
|
16-10391 |
|
(913 |
) |
(2,772 |
) |
(3,685 |
) |
357 |
| ||||
|
Paragon Asset (ME) Ltd. |
|
16-10392 |
|
(25 |
) |
— |
|
(25 |
) |
— |
| ||||
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Paragon Offshore Holdings US Inc. |
|
16-10393 |
|
— |
|
— |
|
— |
|
17,691 |
| ||||
|
Paragon Asset (UK) Ltd. |
|
16-10394 |
|
(49 |
) |
— |
|
(49 |
) |
6,875 |
| ||||
|
Paragon FDR Holding Ltd. |
|
16-10395 |
|
(0 |
) |
— |
|
(0 |
) |
— |
| ||||
|
Paragon Offshore International Ltd. |
|
16-10396 |
|
(8,911 |
) |
— |
|
(8,911 |
) |
4,666 |
| ||||
|
Paragon Offshore (North Sea) Ltd. |
|
16-10397 |
|
(178 |
) |
— |
|
(178 |
) |
8,385 |
| ||||
|
Paragon Duchess Ltd. |
|
16-10398 |
|
(103 |
) |
— |
|
(103 |
) |
4 |
| ||||
|
Paragon (Middle East) Limited |
|
16-10399 |
|
(2,760 |
) |
— |
|
(2,760 |
) |
2,360 |
| ||||
|
Paragon Offshore (Luxembourg) S.a r.l. |
|
16-10400 |
|
(28 |
) |
— |
|
(28 |
) |
0 |
| ||||
|
Paragon Holding NCS 2 S.a r.l. |
|
16-10401 |
|
(151 |
) |
— |
|
(151 |
) |
— |
| ||||
|
Paragon Leonard Jones LLC |
|
16-10402 |
|
(434 |
) |
— |
|
(434 |
) |
399 |
| ||||
|
PGN Offshore Drilling (Malaysia) Sdn. Bhd. |
|
16-10403 |
|
(99 |
) |
(1 |
) |
(100 |
) |
1 |
| ||||
|
Paragon Offshore (Nederland) B.V. |
|
16-10404 |
|
(2,525 |
) |
— |
|
(2,525 |
) |
10,153 |
| ||||
|
Paragon Offshore Contracting GmbH |
|
16-10405 |
|
(986 |
) |
— |
|
(986 |
) |
19 |
| ||||
|
Paragon Offshore (Labuan) Pte. Ltd. |
|
16-10406 |
|
(2 |
) |
— |
|
(2 |
) |
0 |
| ||||
|
Paragon Holding SCS 2 Ltd. |
|
16-10407 |
|
(2 |
) |
— |
|
(2 |
) |
— |
| ||||
|
Paragon Asset Company Ltd. |
|
16-10408 |
|
(222 |
) |
— |
|
(222 |
) |
— |
| ||||
|
Paragon Holding SCS 1 Ltd. |
|
16-10409 |
|
(0 |
) |
— |
|
(0 |
) |
— |
| ||||
|
Paragon Offshore Leasing (Luxembourg) S.a r.l. |
|
16-10410 |
|
(3 |
) |
— |
|
(3 |
) |
— |
| ||||
|
Total |
|
|
|
$ |
(28,944 |
) |
$ |
(2,773 |
) |
$ |
(31,716 |
) |
$ |
60,526 |
|
MOR-1a
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
June 1 - 30, 2016 |
|
Federal Tax I.D. # |
98-1146017 |
Bank Reconciliation (or copies of Debtors’ bank reconciliations)
(000’s)
|
See Notes to the MOR related to MOR-1a |
|
|
Entity |
|
Case Number |
|
Last 4 Digits of |
|
Opening Account |
|
Closing Account |
|
Opening Cash |
|
Closing Cash |
| |||
|
Paragon Offshore Drilling LLC |
|
16-10385 |
|
|
|
$ |
— |
|
$ |
— |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Paragon Offshore plc |
|
16-10386 |
|
Sub Total |
|
343,905 |
|
344,015 |
|
343,905 |
|
344,011 |
| |||
|
|
|
16-10386 |
|
6704 |
|
4 |
|
4 |
|
4 |
|
4 |
| |||
|
|
|
16-10386 |
|
9694 |
|
152 |
|
203 |
|
152 |
|
199 |
| |||
|
|
|
16-10386 |
|
3774 |
|
332,249 |
|
332,308 |
|
332,249 |
|
332,308 |
| |||
|
|
|
16-10386 |
|
9069 |
|
11,500 |
|
11,500 |
|
11,500 |
|
11,500 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Paragon Drilling Services 7 LLC |
|
16-10387 |
|
8977 |
|
— |
|
— |
|
— |
|
— |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Paragon Offshore Finance Company |
|
16-10388 |
|
2257 |
|
— |
|
— |
|
— |
|
— |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Paragon Offshore Leasing (Switzerland) GmbH |
|
16-10389 |
|
Sub Total |
|
131 |
|
113 |
|
116 |
|
97 |
| |||
|
|
|
16-10389 |
|
3991 |
|
8 |
|
8 |
|
8 |
|
8 |
| |||
|
|
|
16-10389 |
|
701L |
|
123 |
|
105 |
|
108 |
|
89 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Paragon Offshore do Brasil Ltda. |
|
16-10390 |
|
Sub Total |
|
6,308 |
|
6,225 |
|
6,358 |
|
6,485 |
| |||
|
|
|
16-10390 |
|
4000 |
|
6,261 |
|
6,173 |
|
6,309 |
|
6,430 |
| |||
|
|
|
16-10390 |
|
7775 |
|
11 |
|
37 |
|
11 |
|
39 |
| |||
|
|
|
16-10390 |
|
5004 |
|
36 |
|
15 |
|
36 |
|
15 |
| |||
|
|
|
16-10390 |
|
Petty Cash |
|
|
|
|
|
2 |
|
0 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Paragon International Finance Company |
|
16-10391 |
|
Sub Total |
|
197,696 |
|
209,321 |
|
198,108 |
|
209,636 |
| |||
|
|
|
16-10391 |
|
4670 |
|
59 |
|
1 |
|
59 |
|
1 |
| |||
|
|
|
16-10391 |
|
4240 |
|
40,863 |
|
4,402 |
|
40,862 |
|
4,453 |
| |||
|
|
|
16-10391 |
|
7219 |
|
321 |
|
187 |
|
313 |
|
1 |
| |||
|
|
|
16-10391 |
|
7201 |
|
1,562 |
|
115 |
|
1,602 |
|
158 |
| |||
|
|
|
16-10391 |
|
7227 |
|
100 |
|
88 |
|
100 |
|
87 |
| |||
|
|
|
16-10391 |
|
7235 |
|
27 |
|
68 |
|
27 |
|
68 |
| |||
|
|
|
16-10391 |
|
4355 |
|
26 |
|
16 |
|
26 |
|
49 |
| |||
|
|
|
16-10391 |
|
1100 |
|
1,684 |
|
147 |
|
1,731 |
|
204 |
| |||
|
|
|
16-10391 |
|
3880 |
|
16,025 |
|
38,028 |
|
16,025 |
|
38,028 |
| |||
|
|
|
16-10391 |
|
9959 |
|
3 |
|
9,222 |
|
3 |
|
9,222 |
| |||
|
|
|
16-10391 |
|
4356 |
|
— |
|
— |
|
370 |
|
370 |
| |||
|
|
|
16-10391 |
|
7633 |
|
137,026 |
|
157,050 |
|
137,018 |
|
157,026 |
| |||
|
|
|
16-10391 |
|
9936 |
|
— |
|
— |
|
(29 |
) |
(30 |
) | |||
|
|
|
16-10391 |
|
1478 |
|
— |
|
— |
|
— |
|
— |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Paragon Asset (ME) Ltd. |
|
16-10392 |
|
|
|
— |
|
— |
|
— |
|
— |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Paragon Offshore Holdings US Inc. |
|
16-10393 |
|
|
|
— |
|
— |
|
— |
|
— |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Paragon Asset (UK) Ltd. |
|
16-10394 |
|
|
|
— |
|
— |
|
— |
|
— |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Paragon FDR Holding Ltd. |
|
16-10395 |
|
3867 |
|
92 |
|
92 |
|
92 |
|
92 |
| |||
MOR-1a
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
June 1 - 30, 2016 |
|
Federal Tax I.D. # |
98-1146017 |
Bank Reconciliation (or copies of Debtors’ bank reconciliations)
(000’s)
|
See Notes to the MOR related to MOR-1a |
|
|
Entity |
|
Case Number |
|
Last 4 Digits of |
|
Opening Account |
|
Closing Account |
|
Opening Cash |
|
Closing Cash |
|
|
Paragon Offshore International Ltd. |
|
16-10396 |
|
Sub Total |
|
1,173 |
|
893 |
|
1,184 |
|
961 |
|
|
|
|
16-10396 |
|
-001 |
|
1 |
|
1 |
|
1 |
|
1 |
|
|
|
|
16-10396 |
|
5110 |
|
6 |
|
6 |
|
6 |
|
6 |
|
|
|
|
16-10396 |
|
6490 |
|
22 |
|
21 |
|
22 |
|
21 |
|
|
|
|
16-10396 |
|
6500 |
|
1 |
|
1 |
|
1 |
|
1 |
|
|
|
|
16-10396 |
|
9901 |
|
4 |
|
4 |
|
4 |
|
4 |
|
|
|
|
16-10396 |
|
0000 |
|
9 |
|
9 |
|
9 |
|
9 |
|
|
|
|
16-10396 |
|
2501 |
|
324 |
|
316 |
|
316 |
|
311 |
|
|
|
|
16-10396 |
|
4001 |
|
806 |
|
535 |
|
763 |
|
536 |
|
|
|
|
16-10396 |
|
Petty Cash |
|
|
|
|
|
63 |
|
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon Offshore (North Sea) Ltd. |
|
16-10397 |
|
|
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon Duchess Ltd. |
|
16-10398 |
|
|
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon (Middle East) Limited |
|
16-10399 |
|
|
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon Offshore (Luxembourg) S.a r.l. |
|
16-10400 |
|
Sub Total |
|
92 |
|
92 |
|
92 |
|
92 |
|
|
|
|
16-10400 |
|
8969 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
16-10400 |
|
1728 |
|
92 |
|
92 |
|
92 |
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon Holding NCS 2 S.a r.l. |
|
16-10401 |
|
5235 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon Leonard Jones LLC |
|
16-10402 |
|
Sub Total |
|
769 |
|
3,452 |
|
769 |
|
3,471 |
|
|
|
|
16-10402 |
|
8256 |
|
— |
|
— |
|
0 |
|
0 |
|
|
|
|
16-10402 |
|
8032 |
|
32 |
|
7 |
|
32 |
|
7 |
|
|
|
|
16-10402 |
|
3350 |
|
3 |
|
3 |
|
3 |
|
3 |
|
|
|
|
16-10402 |
|
7021 |
|
735 |
|
948 |
|
735 |
|
967 |
|
|
|
|
16-10402 |
|
8378 |
|
— |
|
2,494 |
|
— |
|
2,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PGN Offshore Drilling (Malaysia) Sdn. Bhd. |
|
16-10403 |
|
Sub Total |
|
263 |
|
237 |
|
262 |
|
243 |
|
|
|
|
16-10403 |
|
3875 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
16-10403 |
|
0775 |
|
263 |
|
237 |
|
262 |
|
243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon Offshore (Nederland) B.V. |
|
16-10404 |
|
Sub Total |
|
1,065 |
|
1,676 |
|
1,081 |
|
1,728 |
|
|
|
|
16-10404 |
|
2286 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
16-10404 |
|
1106 |
|
9 |
|
1 |
|
9 |
|
1 |
|
|
|
|
16-10404 |
|
6254 |
|
85 |
|
704 |
|
93 |
|
751 |
|
|
|
|
16-10404 |
|
NL2A |
|
971 |
|
971 |
|
964 |
|
974 |
|
|
|
|
16-10404 |
|
Petty Cash |
|
|
|
|
|
15 |
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon Offshore Contracting GmbH |
|
16-10405 |
|
Sub Total |
|
6,665 |
|
9,478 |
|
6,666 |
|
6,114 |
|
|
|
|
16-10405 |
|
8002 |
|
— |
|
— |
|
0 |
|
0 |
|
|
|
|
16-10405 |
|
2377 |
|
216 |
|
216 |
|
216 |
|
216 |
|
|
|
|
16-10405 |
|
8788 |
|
46 |
|
12 |
|
46 |
|
12 |
|
|
|
|
16-10405 |
|
8876 |
|
6,364 |
|
6,432 |
|
6,364 |
|
3,049 |
|
|
|
|
16-10405 |
|
4010 |
|
21 |
|
19 |
|
21 |
|
37 |
|
|
|
|
16-10405 |
|
403W |
|
17 |
|
18 |
|
18 |
|
18 |
|
|
|
|
16-10405 |
|
8556 |
|
— |
|
2,781 |
|
— |
|
2,781 |
|
|
|
|
16-10405 |
|
Petty Cash |
|
|
|
|
|
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon Offshore (Labuan) Pte. Ltd. |
|
16-10406 |
|
Sub Total |
|
1,034 |
|
1,106 |
|
1,034 |
|
1,107 |
|
|
|
|
16-10406 |
|
7995 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
16-10406 |
|
-101 |
|
26 |
|
25 |
|
26 |
|
25 |
|
|
|
|
16-10406 |
|
-725 |
|
1,008 |
|
1,081 |
|
1,008 |
|
1,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon Holding SCS 2 Ltd. |
|
16-10407 |
|
|
|
— |
|
— |
|
— |
|
— |
|
MOR-1a
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
June 1 - 30, 2016 |
|
Federal Tax I.D. # |
98-1146017 |
Bank Reconciliation (or copies of Debtors’ bank reconciliations)
(000’s)
|
See Notes to the MOR related to MOR-1a |
|
|
Entity |
|
Case Number |
|
Last 4 Digits of |
|
Opening Account |
|
Closing Account |
|
Opening Cash |
|
Closing Cash |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Paragon Asset Company Ltd. |
|
16-10408 |
|
|
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Paragon Holding SCS 1 Ltd. |
|
16-10409 |
|
|
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Paragon Offshore Leasing (Luxembourg) S.a r.l. |
|
16-10410 |
|
Subtotal |
|
61 |
|
61 |
|
62 |
|
61 |
| ||||
|
|
|
16-10410 |
|
6362 |
|
5 |
|
5 |
|
5 |
|
5 |
| ||||
|
|
|
16-10410 |
|
8000 |
|
56 |
|
56 |
|
57 |
|
56 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Total |
|
$ |
559,256 |
|
$ |
576,762 |
|
$ |
559,730 |
|
$ |
574,098 |
| ||||
MOR-1b
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
June 1 - 30, 2016 |
|
Federal Tax I.D. # |
98-1146017 |
Schedule of Professional Fees Paid
(000’s)
|
See Notes to the MOR related to MOR-1b |
|
Of the total disbursements shown on the Schedule of Disbursements Report (MOR-1) list the amount paid to Retained Professionals.
Professionals
|
Name |
|
Amount Paid During Month |
|
Total Paid to Date |
| ||
|
Weil, Gotshal & Manges LLP |
|
$ |
1,249 |
|
$ |
1,249 |
|
|
Richards, Layton & Finer |
|
102 |
|
102 |
| ||
|
AlixPartners LLP |
|
1,209 |
|
1,209 |
| ||
|
|
|
|
|
|
| ||
|
Total Payments to Professionals |
|
$ |
2,560 |
|
$ |
2,560 |
|
MOR-1c
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
June 1 - 30, 2016 |
|
Federal Tax I.D. # |
98-1146017 |
Paragon Offshore PLC, et al
Budget to Actual Consolidated Cash Flow Variance Report
(000’s)
|
See Notes to the MOR related to MOR-1c |
|
|
|
|
|
|
|
|
Variance |
|
|
05/28/16 - 07/01/16 |
|
Budget |
|
Actual |
|
F/(U) |
|
|
|
|
|
|
|
|
|
|
|
Total Receipts |
|
40,457 |
|
74,990 |
|
34,533 |
|
|
|
|
|
|
|
|
|
|
|
Total Operating Disbursements |
|
(20,100 |
) |
(18,972 |
) |
1,128 |
|
|
Total Capital Expenditures |
|
(6,291 |
) |
(4,078 |
) |
2,213 |
|
|
Total Payroll & Benefits |
|
(15,688 |
) |
(14,071 |
) |
1,617 |
|
|
Total Other |
|
(5,612 |
) |
(898 |
) |
4,713 |
|
|
|
|
|
|
|
|
|
|
|
Total I/C Disbursements to Non Debtor Entities |
|
(16,999 |
) |
(10,774 |
) |
6,225 |
|
|
|
|
|
|
|
|
|
|
|
Total Disbursements |
|
(64,689 |
) |
(48,794 |
) |
15,896 |
|
|
|
|
|
|
|
|
|
|
|
Net Operating Cash Flow |
|
(24,232 |
) |
26,196 |
|
50,428 |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
Other |
|
(18,500 |
) |
— |
|
18,500 |
|
|
Total Deposits |
|
(18,500 |
) |
— |
|
18,500 |
|
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
(9,632 |
) |
(8,842 |
) |
790 |
|
|
Total Professional Fees |
|
(5,704 |
) |
(3,609 |
) |
2,095 |
|
|
|
|
|
|
|
|
|
|
|
Total Non-Operating Disbursements |
|
(33,836 |
) |
(12,451 |
) |
21,385 |
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flow |
|
(58,068 |
) |
13,745 |
|
71,813 |
|
|
|
|
|
|
|
|
|
|
|
Debtor Ending Cash Balance - Encumbered |
|
169,239 |
|
222,446 |
|
53,207 |
|
|
Debtor Cash Balance - Unencumbered |
|
343,749 |
|
343,872 |
|
123 |
|
|
Total Debtor Cash Balance |
|
512,988 |
|
566,318 |
|
53,330 |
|
|
|
|
|
|
|
|
|
|
|
Non Debtor Ending Cash Balance |
|
315,841 |
|
352,409 |
|
36,568 |
|
|
Total Debtor & Non Debtor Ending Cash Balance |
|
828,829 |
|
918,727 |
|
89,898 |
|
MOR-2
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
June 1 - 30, 2016 |
|
Federal Tax I.D. # |
98-1146017 |
Unaudited Statement of Operations (Income Statement)
(000’s)
(See Notes to the MOR related to MOR-2)
For Month Ending June 30, 2016
|
|
|
16-10385 |
|
16-10386 |
|
16-10387 |
|
16-10388 |
|
16-10389 |
|
16-10390 |
|
16-10391 |
| |||||||
|
|
|
Paragon Offshore |
|
Paragon |
|
Paragon Drilling |
|
Paragon Offshore |
|
Paragon Offshore |
|
Paragon Offshore do |
|
Paragon International |
| |||||||
|
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Contract Drilling Revenue |
|
$ |
1,165 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
894 |
|
$ |
— |
|
|
Reimbursable Revenues |
|
40 |
|
— |
|
— |
|
— |
|
— |
|
2,236 |
|
— |
| |||||||
|
Labor Contract Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Other Revenues |
|
— |
|
— |
|
— |
|
— |
|
7,092 |
|
— |
|
— |
| |||||||
|
Operating revenues |
|
1,205 |
|
— |
|
— |
|
— |
|
7,092 |
|
3,130 |
|
— |
| |||||||
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Operating Costs and Expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Contract Drilling Expenses |
|
3,808 |
|
— |
|
(1,777 |
) |
— |
|
(147 |
) |
(2,420 |
) |
— |
| |||||||
|
Labor Contract |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Reimbursable Expenses |
|
(40 |
) |
— |
|
— |
|
— |
|
— |
|
(1,891 |
) |
— |
| |||||||
|
Depreciation and Amortization |
|
(567 |
) |
(6 |
) |
(47 |
) |
— |
|
(198 |
) |
(10 |
) |
— |
| |||||||
|
General & Administrative |
|
— |
|
(1,027 |
) |
— |
|
(2 |
) |
(44 |
) |
— |
|
(7 |
) | |||||||
|
Corporate Operations |
|
— |
|
(419 |
) |
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Local Administrative Expense |
|
(198 |
) |
— |
|
— |
|
— |
|
— |
|
(731 |
) |
— |
| |||||||
|
Unusual Event |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Operating costs and expenses |
|
3,002 |
|
(1,452 |
) |
(1,824 |
) |
(2 |
) |
(389 |
) |
(5,051 |
) |
(7 |
) | |||||||
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Operating Income |
|
4,208 |
|
(1,452 |
) |
(1,824 |
) |
(2 |
) |
6,703 |
|
(1,922 |
) |
(7 |
) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Other Income (Expense) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Interest expense, net of amount capitalized |
|
— |
|
(1,817 |
) |
— |
|
(2,800 |
) |
— |
|
(41 |
) |
(577 |
) | |||||||
|
Interest Income |
|
240 |
|
59 |
|
— |
|
— |
|
— |
|
— |
|
12 |
| |||||||
|
Reorganization Items |
|
— |
|
(5,789 |
) |
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Other, net |
|
46 |
|
29 |
|
— |
|
— |
|
36 |
|
(541 |
) |
(387 |
) | |||||||
|
Income before income taxes |
|
4,494 |
|
(8,970 |
) |
(1,824 |
) |
(2,802 |
) |
6,739 |
|
(2,504 |
) |
(959 |
) | |||||||
|
Income tax provision |
|
148 |
|
— |
|
— |
|
— |
|
(667 |
) |
— |
|
— |
| |||||||
|
Net Income |
|
4,642 |
|
(8,970 |
) |
(1,824 |
) |
(2,802 |
) |
6,072 |
|
(2,504 |
) |
(959 |
) | |||||||
MOR-2
In re Paragon Offshore PLC, et al.
Unaudited Statement of Operations (Income Statement)
(000’s)
(See Notes to the MOR related to MOR-2)
For Month Ending June 30, 2016
|
|
|
16-10392 |
|
16-10393 |
|
16-10394 |
|
16-10395 |
|
16-10396 |
| |||||
|
|
|
Paragon Asset |
|
Paragon Offshore |
|
Paragon Asset |
|
Paragon FDR |
|
Paragon Offshore |
| |||||
|
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Contract Drilling Revenue |
|
$ |
— |
|
$ |
— |
|
$ |
4,254 |
|
$ |
— |
|
$ |
7,441 |
|
|
Reimbursable Revenues |
|
— |
|
— |
|
182 |
|
— |
|
435 |
| |||||
|
Labor Contract Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Other Revenues |
|
— |
|
— |
|
— |
|
— |
|
111 |
| |||||
|
Operating revenues |
|
— |
|
— |
|
4,436 |
|
— |
|
7,988 |
| |||||
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Operating Costs and Expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Contract Drilling Expenses |
|
(225 |
) |
— |
|
(3,815 |
) |
— |
|
(7,547 |
) | |||||
|
Labor Contract |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Reimbursable Expenses |
|
— |
|
— |
|
(151 |
) |
— |
|
(109 |
) | |||||
|
Depreciation and Amortization |
|
(402 |
) |
— |
|
— |
|
— |
|
(1,419 |
) | |||||
|
General & Administrative |
|
— |
|
(63 |
) |
(232 |
) |
(28 |
) |
(1 |
) | |||||
|
Corporate Operations |
|
— |
|
(47 |
) |
(211 |
) |
(25 |
) |
(29 |
) | |||||
|
Local Administrative Expense |
|
(0 |
) |
— |
|
(93 |
) |
— |
|
(1,730 |
) | |||||
|
Unusual Event |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Operating costs and expenses |
|
(628 |
) |
(110 |
) |
(4,503 |
) |
(53 |
) |
(10,835 |
) | |||||
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Operating Income |
|
(628 |
) |
(110 |
) |
(67 |
) |
(53 |
) |
(2,847 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Income (Expense) |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Interest expense, net of amount capitalized |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Interest Income |
|
— |
|
— |
|
— |
|
29 |
|
— |
| |||||
|
Reorganization Items |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Other, net |
|
— |
|
— |
|
27 |
|
— |
|
(714 |
) | |||||
|
Income before income taxes |
|
(628 |
) |
(110 |
) |
(40 |
) |
(23 |
) |
(3,561 |
) | |||||
|
Income tax provision |
|
— |
|
147 |
|
(314 |
) |
1,803 |
|
(2,687 |
) | |||||
|
Net Income |
|
(628 |
) |
37 |
|
(354 |
) |
1,779 |
|
(6,248 |
) | |||||
MOR-2
In re Paragon Offshore PLC, et al.
Unaudited Statement of Operations (Income Statement)
(000’s)
(See Notes to the MOR related to MOR-2)
For Month Ending June 30, 2016
|
|
|
16-10397 |
|
16-10398 |
|
16-10399 |
|
16-10400 |
|
16-10401 |
|
16-10402 |
| ||||||
|
|
|
Paragon Offshore |
|
Paragon Duchess Ltd. |
|
Paragon (Middle |
|
Paragon Offshore |
|
Paragon Holding |
|
Paragon Leonard |
| ||||||
|
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Contract Drilling Revenue |
|
$ |
7,407 |
|
$ |
— |
|
$ |
4,392 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Reimbursable Revenues |
|
296 |
|
— |
|
19 |
|
— |
|
— |
|
— |
| ||||||
|
Labor Contract Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Other Revenues |
|
— |
|
— |
|
4,267 |
|
— |
|
— |
|
— |
| ||||||
|
Operating revenues |
|
7,702 |
|
— |
|
8,678 |
|
— |
|
— |
|
— |
| ||||||
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating Costs and Expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Contract Drilling Expenses |
|
(7,491 |
) |
(26 |
) |
(1,980 |
) |
— |
|
(48 |
) |
(7,089 |
) | ||||||
|
Labor Contract |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Reimbursable Expenses |
|
(159 |
) |
— |
|
(19 |
) |
— |
|
— |
|
— |
| ||||||
|
Depreciation and Amortization |
|
— |
|
(9 |
) |
(3,288 |
) |
— |
|
(44 |
) |
— |
| ||||||
|
General & Administrative |
|
— |
|
— |
|
— |
|
(9 |
) |
(6 |
) |
12 |
| ||||||
|
Corporate Operations |
|
— |
|
— |
|
— |
|
— |
|
— |
|
14 |
| ||||||
|
Local Administrative Expense |
|
(213 |
) |
(0 |
) |
(0 |
) |
— |
|
— |
|
(18 |
) | ||||||
|
Unusual Event |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating costs and expenses |
|
(7,864 |
) |
(35 |
) |
(5,288 |
) |
(9 |
) |
(98 |
) |
(7,081 |
) | ||||||
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating Income |
|
(161 |
) |
(35 |
) |
3,390 |
|
(9 |
) |
(98 |
) |
(7,081 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Other Income (Expense) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Interest expense, net of amount capitalized |
|
— |
|
— |
|
— |
|
— |
|
(79 |
) |
— |
| ||||||
|
Interest Income |
|
— |
|
— |
|
— |
|
— |
|
1 |
|
12 |
| ||||||
|
Reorganization Items |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Other, net |
|
— |
|
— |
|
— |
|
0 |
|
0 |
|
(12 |
) | ||||||
|
Income before income taxes |
|
(161 |
) |
(35 |
) |
3,390 |
|
(9 |
) |
(176 |
) |
(7,081 |
) | ||||||
|
Income tax provision |
|
— |
|
149 |
|
(160 |
) |
— |
|
(12 |
) |
812 |
| ||||||
|
Net Income |
|
(161 |
) |
114 |
|
3,230 |
|
(9 |
) |
(188 |
) |
(6,269 |
) | ||||||
MOR-2
In re Paragon Offshore PLC, et al.
Unaudited Statement of Operations (Income Statement)
(000’s)
(See Notes to the MOR related to MOR-2)
For Month Ending June 30, 2016
|
|
|
16-10403 |
|
16-10404 |
|
16-10405 |
|
16-10406 |
|
16-10407 |
|
16-10408 |
| ||||||
|
|
|
PGN Offshore Drilling |
|
Paragon Offshore |
|
Paragon Offshore |
|
Paragon Offshore |
|
Paragon Holding |
|
Paragon Asset |
| ||||||
|
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Contract Drilling Revenue |
|
$ |
— |
|
$ |
10,122 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Reimbursable Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Labor Contract Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Other Revenues |
|
216 |
|
779 |
|
1 |
|
1,527 |
|
— |
|
15,691 |
| ||||||
|
Operating revenues |
|
216 |
|
10,901 |
|
1 |
|
1,527 |
|
— |
|
15,691 |
| ||||||
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating Costs and Expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Contract Drilling Expenses |
|
(202 |
) |
(10,101 |
) |
(4,855 |
) |
— |
|
— |
|
(5,353 |
) | ||||||
|
Labor Contract |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Reimbursable Expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Depreciation and Amortization |
|
— |
|
(0 |
) |
(31 |
) |
— |
|
— |
|
(10,160 |
) | ||||||
|
General & Administrative |
|
— |
|
— |
|
(4 |
) |
— |
|
(1,323 |
) |
— |
| ||||||
|
Corporate Operations |
|
— |
|
(132 |
) |
— |
|
— |
|
(1,111 |
) |
— |
| ||||||
|
Local Administrative Expense |
|
(8 |
) |
(1,039 |
) |
51 |
|
(1,519 |
) |
— |
|
9 |
| ||||||
|
Unusual Event |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating costs and expenses |
|
(210 |
) |
(11,272 |
) |
(4,840 |
) |
(1,519 |
) |
(2,434 |
) |
(15,504 |
) | ||||||
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating Income |
|
6 |
|
(371 |
) |
(4,839 |
) |
8 |
|
(2,434 |
) |
187 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Other Income (Expense) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Interest expense, net of amount capitalized |
|
— |
|
— |
|
(240 |
) |
— |
|
— |
|
(1 |
) | ||||||
|
Interest Income |
|
48 |
|
33 |
|
107 |
|
— |
|
79 |
|
— |
| ||||||
|
Reorganization Items |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Other, net |
|
(1 |
) |
285 |
|
45 |
|
1 |
|
— |
|
— |
| ||||||
|
Income before income taxes |
|
53 |
|
(53 |
) |
(4,928 |
) |
9 |
|
(2,355 |
) |
186 |
| ||||||
|
Income tax provision |
|
3,037 |
|
(161 |
) |
(518 |
) |
— |
|
(3,502 |
) |
1,657 |
| ||||||
|
Net Income |
|
3,090 |
|
(214 |
) |
(5,445 |
) |
9 |
|
(5,856 |
) |
1,843 |
| ||||||
MOR-2
In re Paragon Offshore PLC, et al.
Unaudited Statement of Operations (Income Statement)
(000’s)
(See Notes to the MOR related to MOR-2)
For Month Ending June 30, 2016
|
|
|
16-10409 |
|
16-10410 |
| ||
|
|
|
Paragon Holding |
|
Paragon Offshore |
| ||
|
Operating Revenues |
|
|
|
|
| ||
|
Contract Drilling Revenue |
|
$ |
— |
|
$ |
— |
|
|
Reimbursable Revenues |
|
— |
|
— |
| ||
|
Labor Contract Revenues |
|
— |
|
— |
| ||
|
Other Revenues |
|
— |
|
4,902 |
| ||
|
Operating revenues |
|
— |
|
4,902 |
| ||
|
|
|
— |
|
— |
| ||
|
Operating Costs and Expenses |
|
— |
|
— |
| ||
|
Contract Drilling Expenses |
|
— |
|
(88 |
) | ||
|
Labor Contract |
|
— |
|
— |
| ||
|
Reimbursable Expenses |
|
— |
|
— |
| ||
|
Depreciation and Amortization |
|
— |
|
(724 |
) | ||
|
General & Administrative |
|
(2 |
) |
(101 |
) | ||
|
Corporate Operations |
|
— |
|
— |
| ||
|
Local Administrative Expense |
|
— |
|
— |
| ||
|
Unusual Event |
|
— |
|
— |
| ||
|
Operating costs and expenses |
|
(2 |
) |
(913 |
) | ||
|
|
|
— |
|
— |
| ||
|
Operating Income |
|
(2 |
) |
3,989 |
| ||
|
|
|
|
|
|
| ||
|
Other Income (Expense) |
|
— |
|
— |
| ||
|
Interest expense, net of amount capitalized |
|
— |
|
(41 |
) | ||
|
Interest Income |
|
96 |
|
— |
| ||
|
Reorganization Items |
|
— |
|
— |
| ||
|
Other, net |
|
— |
|
7 |
| ||
|
Income before income taxes |
|
94 |
|
3,956 |
| ||
|
Income tax provision |
|
— |
|
(540 |
) | ||
|
Net Income |
|
94 |
|
3,416 |
| ||
|
In re Paragon Offshore PLC, et al. |
MOR-3 |
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
June 1 - 30, 2016 |
|
Federal Tax I.D. # |
98-1146017 |
Unaudited Balance Sheet
(000’s)
(See Notes to the MOR related to MOR-3)
For Month Ending June 30, 2016
|
|
|
16-10385 |
|
16-10386 |
|
16-10387 |
|
|
|
|
Paragon Offshore Drilling |
|
Paragon Offshore plc |
|
Paragon Drilling |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
— |
|
344,011 |
|
— |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
137,273 |
|
30,253 |
|
316,412 |
|
|
Prepaid Expenses & Deposits |
|
72 |
|
515 |
|
— |
|
|
Taxes Receivable |
|
— |
|
— |
|
— |
|
|
Total Other Current Assets |
|
7,704 |
|
399 |
|
— |
|
|
Total current assets |
|
145,049 |
|
375,178 |
|
316,412 |
|
|
Investments in Subsidiaries |
|
182,682 |
|
3,459,465 |
|
— |
|
|
Intercompany Notes Receivable |
|
158,059 |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
340,741 |
|
3,459,465 |
|
— |
|
|
Gross PPE |
|
96,435 |
|
483 |
|
64,525 |
|
|
Accumulated Depreciation |
|
(73,137 |
) |
(56 |
) |
(62,534 |
) |
|
Property and Equipment |
|
23,298 |
|
427 |
|
1,991 |
|
|
Other Assets |
|
1,423 |
|
16,609 |
|
260 |
|
|
Deferred Regulatory Inspection |
|
760 |
|
— |
|
260 |
|
|
Deferred Pension Costs |
|
— |
|
— |
|
— |
|
|
Other Long Term Assets |
|
— |
|
16,609 |
|
— |
|
|
Long Term Prepaid Mob |
|
663 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
510,511 |
|
3,851,679 |
|
318,663 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
— |
|
|
Accounts Payable |
|
42,120 |
|
626,345 |
|
212,138 |
|
|
Payroll and Benefits Related Accruals |
|
942 |
|
10 |
|
5 |
|
|
Taxes Payable |
|
1,239 |
|
320 |
|
— |
|
|
Interest Payable |
|
— |
|
315 |
|
— |
|
|
Other Current Liabilities |
|
4,685 |
|
1,402 |
|
— |
|
|
Total current liabilities |
|
48,986 |
|
628,392 |
|
212,143 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
— |
|
|
Deferred Taxes |
|
— |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
5,341 |
|
3,351 |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
1,709,347 |
|
— |
|
|
Total liabilities |
|
54,327 |
|
2,341,090 |
|
212,143 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Ordinary Shares-par Val $0.01 per share |
|
— |
|
888 |
|
— |
|
|
Capital in Excess of par value |
|
(1,019,894 |
) |
1,434,008 |
|
206,689 |
|
|
Retained Earnings |
|
1,476,079 |
|
75,693 |
|
(100,171 |
) |
|
Accumulated Other Comprehensive Loss |
|
— |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
456,185 |
|
1,510,589 |
|
106,518 |
|
|
Total liabilities and shareholders’ equity |
|
510,511 |
|
3,851,679 |
|
318,663 |
|
|
In re Paragon Offshore PLC, et al. |
MOR-3 |
Unaudited Balance Sheet
(000’s)
(See Notes to the MOR related to MOR-3)
For Month Ending June 30, 2016
|
|
|
16-10388 |
|
16-10389 |
|
16-10390 |
|
|
|
|
Paragon Offshore |
|
Paragon Offshore |
|
Paragon Offshore do |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
— |
|
97 |
|
6,485 |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
— |
|
168,900 |
|
27,342 |
|
|
Prepaid Expenses & Deposits |
|
33 |
|
5 |
|
785 |
|
|
Taxes Receivable |
|
— |
|
301 |
|
10,169 |
|
|
Total Other Current Assets |
|
1,469 |
|
— |
|
— |
|
|
Total current assets |
|
1,502 |
|
169,303 |
|
44,781 |
|
|
Investments in Subsidiaries |
|
4,105,589 |
|
— |
|
— |
|
|
Intercompany Notes Receivable |
|
— |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
4,105,589 |
|
— |
|
— |
|
|
Gross PPE |
|
— |
|
152,586 |
|
3,430 |
|
|
Accumulated Depreciation |
|
— |
|
(127,704 |
) |
(2,882 |
) |
|
Property and Equipment |
|
— |
|
24,882 |
|
548 |
|
|
Other Assets |
|
— |
|
289 |
|
— |
|
|
Deferred Regulatory Inspection |
|
— |
|
289 |
|
— |
|
|
Deferred Pension Costs |
|
— |
|
— |
|
— |
|
|
Other Long Term Assets |
|
— |
|
— |
|
— |
|
|
Long Term Prepaid Mob |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
4,107,091 |
|
194,474 |
|
45,329 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
634,234 |
|
— |
|
13,878 |
|
|
Accounts Payable |
|
37,527 |
|
155,604 |
|
104,926 |
|
|
Payroll and Benefits Related Accruals |
|
— |
|
28 |
|
6,670 |
|
|
Taxes Payable |
|
— |
|
303 |
|
1,702 |
|
|
Interest Payable |
|
— |
|
— |
|
789 |
|
|
Other Current Liabilities |
|
5,073 |
|
— |
|
5,125 |
|
|
Total current liabilities |
|
676,834 |
|
155,935 |
|
133,090 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
10,071 |
|
|
Deferred Taxes |
|
— |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
676,834 |
|
155,935 |
|
143,161 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Ordinary Shares-par Val $0.01 per share |
|
— |
|
— |
|
(9 |
) |
|
Capital in Excess of par value |
|
3,530,901 |
|
(72,168 |
) |
5,517 |
|
|
Retained Earnings |
|
(100,645 |
) |
110,709 |
|
(91,454 |
) |
|
Accumulated Other Comprehensive Loss |
|
— |
|
— |
|
(11,886 |
) |
|
Total shareholders’ equity |
|
3,430,256 |
|
38,541 |
|
(97,832 |
) |
|
Total liabilities and shareholders’ equity |
|
4,107,091 |
|
194,474 |
|
45,329 |
|
|
In re Paragon Offshore PLC, et al. |
MOR-3 |
Unaudited Balance Sheet
(000’s)
(See Notes to the MOR related to MOR-3)
For Month Ending June 30, 2016
|
|
|
16-10391 |
|
16-10392 |
|
16-10393 |
|
|
|
|
Paragon International |
|
Paragon Asset |
|
Paragon Offshore |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
209,636 |
|
— |
|
— |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
2,764,823 |
|
70,575 |
|
17,693 |
|
|
Prepaid Expenses & Deposits |
|
144 |
|
— |
|
— |
|
|
Taxes Receivable |
|
— |
|
— |
|
4,175 |
|
|
Total Other Current Assets |
|
— |
|
— |
|
— |
|
|
Total current assets |
|
2,974,603 |
|
70,575 |
|
21,868 |
|
|
Investments in Subsidiaries |
|
4,290,515 |
|
50 |
|
(1,339,443 |
) |
|
Intercompany Notes Receivable |
|
— |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
4,290,515 |
|
50 |
|
(1,339,443 |
) |
|
Gross PPE |
|
— |
|
81,753 |
|
— |
|
|
Accumulated Depreciation |
|
— |
|
(41,795 |
) |
— |
|
|
Property and Equipment |
|
— |
|
39,958 |
|
— |
|
|
Other Assets |
|
— |
|
446 |
|
— |
|
|
Deferred Regulatory Inspection |
|
— |
|
446 |
|
— |
|
|
Deferred Pension Costs |
|
— |
|
— |
|
— |
|
|
Other Long Term Assets |
|
— |
|
— |
|
— |
|
|
Long Term Prepaid Mob |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
7,265,118 |
|
111,029 |
|
(1,317,575 |
) |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
61,747 |
|
— |
|
— |
|
|
Accounts Payable |
|
4,188,470 |
|
1,702 |
|
10,927 |
|
|
Payroll and Benefits Related Accruals |
|
— |
|
171 |
|
— |
|
|
Taxes Payable |
|
— |
|
— |
|
38 |
|
|
Interest Payable |
|
1,006 |
|
— |
|
— |
|
|
Other Current Liabilities |
|
— |
|
— |
|
— |
|
|
Total current liabilities |
|
4,251,223 |
|
1,873 |
|
10,965 |
|
|
Total Long-Term Debt |
|
33,109 |
|
— |
|
— |
|
|
Deferred Taxes |
|
— |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
4,284,332 |
|
1,873 |
|
10,965 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Ordinary Shares-par Val $0.01 per share |
|
— |
|
— |
|
— |
|
|
Capital in Excess of par value |
|
2,928,906 |
|
44,301 |
|
(538,589 |
) |
|
Retained Earnings |
|
51,881 |
|
64,856 |
|
(789,951 |
) |
|
Accumulated Other Comprehensive Loss |
|
— |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
2,980,787 |
|
109,157 |
|
(1,328,540 |
) |
|
Total liabilities and shareholders’ equity |
|
7,265,119 |
|
111,029 |
|
(1,317,575 |
) |
|
In re Paragon Offshore PLC, et al. |
MOR-3 |
Unaudited Balance Sheet
(000’s)
(See Notes to the MOR related to MOR-3)
For Month Ending June 30, 2016
|
|
|
16-10394 |
|
16-10395 |
|
16-10396 |
|
|
|
|
Paragon Asset |
|
Paragon FDR |
|
Paragon Offshore |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
— |
|
92 |
|
961 |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
125,763 |
|
411,864 |
|
923,012 |
|
|
Prepaid Expenses & Deposits |
|
— |
|
— |
|
2,194 |
|
|
Taxes Receivable |
|
6,288 |
|
— |
|
(643 |
) |
|
Total Other Current Assets |
|
— |
|
19,804 |
|
12,299 |
|
|
Total current assets |
|
132,051 |
|
431,760 |
|
937,823 |
|
|
Investments in Subsidiaries |
|
— |
|
410,651 |
|
7,433 |
|
|
Intercompany Notes Receivable |
|
— |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
— |
|
410,651 |
|
7,433 |
|
|
Gross PPE |
|
— |
|
— |
|
212,150 |
|
|
Accumulated Depreciation |
|
— |
|
— |
|
(153,708 |
) |
|
Property and Equipment |
|
— |
|
— |
|
58,442 |
|
|
Other Assets |
|
2,204 |
|
— |
|
327 |
|
|
Deferred Regulatory Inspection |
|
— |
|
— |
|
327 |
|
|
Deferred Pension Costs |
|
— |
|
— |
|
— |
|
|
Other Long Term Assets |
|
2,204 |
|
— |
|
— |
|
|
Long Term Prepaid Mob |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
134,255 |
|
842,411 |
|
1,004,025 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
— |
|
|
Accounts Payable |
|
113,435 |
|
1,960 |
|
759,847 |
|
|
Payroll and Benefits Related Accruals |
|
134 |
|
— |
|
12,225 |
|
|
Taxes Payable |
|
— |
|
— |
|
6,455 |
|
|
Interest Payable |
|
— |
|
— |
|
— |
|
|
Other Current Liabilities |
|
— |
|
— |
|
1,281 |
|
|
Total current liabilities |
|
113,569 |
|
1,960 |
|
779,808 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
— |
|
|
Deferred Taxes |
|
— |
|
— |
|
1,133 |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
113,569 |
|
1,960 |
|
780,941 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Ordinary Shares-par Val $0.01 per share |
|
5,000 |
|
— |
|
— |
|
|
Capital in Excess of par value |
|
— |
|
829,425 |
|
293,022 |
|
|
Retained Earnings |
|
15,686 |
|
11,027 |
|
(69,537 |
) |
|
Accumulated Other Comprehensive Loss |
|
— |
|
— |
|
(405 |
) |
|
Total shareholders’ equity |
|
20,686 |
|
840,452 |
|
223,080 |
|
|
Total liabilities and shareholders’ equity |
|
134,255 |
|
842,411 |
|
1,004,025 |
|
|
In re Paragon Offshore PLC, et al. |
MOR-3 |
Unaudited Balance Sheet
(000’s)
(See Notes to the MOR related to MOR-3)
For Month Ending June 30, 2016
|
|
|
16-10397 |
|
16-10398 |
|
16-10399 |
|
|
|
|
Paragon Offshore |
|
Paragon Duchess Ltd. |
|
Paragon (Middle |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
— |
|
— |
|
— |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
192,702 |
|
102 |
|
272,849 |
|
|
Prepaid Expenses & Deposits |
|
(1 |
) |
— |
|
16 |
|
|
Taxes Receivable |
|
203 |
|
— |
|
— |
|
|
Total Other Current Assets |
|
— |
|
— |
|
810 |
|
|
Total current assets |
|
192,904 |
|
102 |
|
273,675 |
|
|
Investments in Subsidiaries |
|
— |
|
(47,110 |
) |
— |
|
|
Intercompany Notes Receivable |
|
— |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
— |
|
(47,110 |
) |
— |
|
|
Gross PPE |
|
— |
|
2,012 |
|
374,764 |
|
|
Accumulated Depreciation |
|
— |
|
(989 |
) |
(289,393 |
) |
|
Property and Equipment |
|
— |
|
1,023 |
|
85,371 |
|
|
Other Assets |
|
— |
|
45 |
|
2,798 |
|
|
Deferred Regulatory Inspection |
|
— |
|
45 |
|
1,831 |
|
|
Deferred Pension Costs |
|
— |
|
— |
|
— |
|
|
Other Long Term Assets |
|
— |
|
— |
|
— |
|
|
Long Term Prepaid Mob |
|
— |
|
— |
|
967 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
192,904 |
|
(45,940 |
) |
361,844 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
— |
|
|
Accounts Payable |
|
160,723 |
|
7,237 |
|
16,239 |
|
|
Payroll and Benefits Related Accruals |
|
1,670 |
|
— |
|
4,965 |
|
|
Taxes Payable |
|
(582 |
) |
2 |
|
573 |
|
|
Interest Payable |
|
— |
|
— |
|
— |
|
|
Other Current Liabilities |
|
— |
|
276 |
|
999 |
|
|
Total current liabilities |
|
161,811 |
|
7,515 |
|
22,776 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
— |
|
|
Deferred Taxes |
|
— |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
734 |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
161,811 |
|
7,515 |
|
23,510 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Ordinary Shares-par Val $0.01 per share |
|
— |
|
— |
|
— |
|
|
Capital in Excess of par value |
|
9,565 |
|
37,043 |
|
68,267 |
|
|
Retained Earnings |
|
21,528 |
|
(90,499 |
) |
270,067 |
|
|
Accumulated Other Comprehensive Loss |
|
— |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
31,093 |
|
(53,456 |
) |
338,334 |
|
|
Total liabilities and shareholders’ equity |
|
192,904 |
|
(45,940 |
) |
361,844 |
|
|
In re Paragon Offshore PLC, et al. |
MOR-3 |
Unaudited Balance Sheet
(000’s)
(See Notes to the MOR related to MOR-3)
For Month Ending June 30, 2016
|
|
|
16-10400 |
|
16-10401 |
|
16-10402 |
|
|
|
|
Paragon Offshore |
|
Paragon Holding |
|
Paragon Leonard |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
92 |
|
— |
|
3,471 |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
274,224 |
|
53,643 |
|
91,455 |
|
|
Prepaid Expenses & Deposits |
|
— |
|
— |
|
24 |
|
|
Taxes Receivable |
|
21 |
|
13 |
|
1,042 |
|
|
Total Other Current Assets |
|
— |
|
38 |
|
— |
|
|
Total current assets |
|
274,337 |
|
53,694 |
|
95,992 |
|
|
Investments in Subsidiaries |
|
208,494 |
|
42,808 |
|
35,000 |
|
|
Intercompany Notes Receivable |
|
— |
|
300 |
|
7,553 |
|
|
Long Term Notes & Investments |
|
208,494 |
|
43,108 |
|
42,553 |
|
|
Gross PPE |
|
— |
|
20,508 |
|
— |
|
|
Accumulated Depreciation |
|
— |
|
(17,642 |
) |
— |
|
|
Property and Equipment |
|
— |
|
2,866 |
|
— |
|
|
Other Assets |
|
— |
|
318 |
|
— |
|
|
Deferred Regulatory Inspection |
|
— |
|
318 |
|
— |
|
|
Deferred Pension Costs |
|
— |
|
— |
|
— |
|
|
Other Long Term Assets |
|
— |
|
— |
|
— |
|
|
Long Term Prepaid Mob |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
482,831 |
|
99,986 |
|
138,545 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
— |
|
|
Accounts Payable |
|
272,675 |
|
60,433 |
|
66,701 |
|
|
Payroll and Benefits Related Accruals |
|
— |
|
— |
|
294 |
|
|
Taxes Payable |
|
22 |
|
52 |
|
5,691 |
|
|
Interest Payable |
|
— |
|
2,172 |
|
— |
|
|
Other Current Liabilities |
|
— |
|
— |
|
3,073 |
|
|
Total current liabilities |
|
272,697 |
|
62,657 |
|
75,759 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
— |
|
|
Deferred Taxes |
|
— |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
272,697 |
|
62,657 |
|
75,759 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Ordinary Shares-par Val $0.01 per share |
|
— |
|
— |
|
— |
|
|
Capital in Excess of par value |
|
583,633 |
|
96,279 |
|
136,179 |
|
|
Retained Earnings |
|
(373,500 |
) |
(58,948 |
) |
(73,394 |
) |
|
Accumulated Other Comprehensive Loss |
|
— |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
210,133 |
|
37,331 |
|
62,785 |
|
|
Total liabilities and shareholders’ equity |
|
482,831 |
|
99,986 |
|
138,545 |
|
MOR-3
ln re Paragon Offshore PLC, et al.
Unaudited Balance Sheet
(000’s)
(See Notes to the MOR related to MOR-3)
For Month Ending June 30, 2016
|
|
|
16-10403 |
|
16-10404 |
|
16-10405 |
|
|
|
|
PGN Offshore Drilling |
|
Paragon Offshore |
|
Paragon Offshore |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
243 |
|
1,728 |
|
6,114 |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
4,749 |
|
286,280 |
|
297,918 |
|
|
Prepaid Expenses & Deposits |
|
11 |
|
71 |
|
72 |
|
|
Taxes Receivable |
|
3 |
|
2,597 |
|
102 |
|
|
Total Other Current Assets |
|
— |
|
14,634 |
|
329 |
|
|
Total current assets |
|
5,006 |
|
305,310 |
|
304,535 |
|
|
Investments in Subsidiaries |
|
— |
|
— |
|
30,000 |
|
|
Intercompany Notes Receivable |
|
33,109 |
|
7,959 |
|
43,814 |
|
|
Long Term Notes & Investments |
|
33,109 |
|
7,959 |
|
73,814 |
|
|
Gross PPE |
|
— |
|
1 |
|
9,281 |
|
|
Accumulated Depreciation |
|
— |
|
(1 |
) |
(1,053 |
) |
|
Property and Equipment |
|
— |
|
— |
|
8,228 |
|
|
Other Assets |
|
— |
|
956 |
|
— |
|
|
Deferred Regulatory Inspection |
|
— |
|
— |
|
— |
|
|
Deferred Pension Costs |
|
— |
|
956 |
|
— |
|
|
Other Long Term Assets |
|
— |
|
— |
|
— |
|
|
Long Term Prepaid Mob |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
38,115 |
|
314,225 |
|
386,577 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
— |
|
|
Accounts Payable |
|
66,937 |
|
124,294 |
|
119,628 |
|
|
Payroll and Benefits Related Accruals |
|
62 |
|
1,681 |
|
1,151 |
|
|
Taxes Payable |
|
167 |
|
171 |
|
3,358 |
|
|
Interest Payable |
|
— |
|
— |
|
7,552 |
|
|
Other Current Liabilities |
|
23 |
|
5,615 |
|
465 |
|
|
Total current liabilities |
|
67,189 |
|
131,761 |
|
132,154 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
158,059 |
|
|
Deferred Taxes |
|
— |
|
224 |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
12 |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
67,189 |
|
131,997 |
|
290,213 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
Ordinary Shares-par Val $0.01 per share |
|
— |
|
— |
|
14 |
|
|
Capital in Excess of par value |
|
(47,620 |
) |
12,794 |
|
60,000 |
|
|
Retained Earnings |
|
18,546 |
|
168,804 |
|
36,264 |
|
|
Accumulated Other Comprehensive Loss |
|
— |
|
631 |
|
85 |
|
|
Total shareholders' equity |
|
(29,074 |
) |
182,229 |
|
96,363 |
|
|
Total liabilities and shareholders' equity |
|
38,115 |
|
314,225 |
|
386,577 |
|
MOR-3
ln re Paragon Offshore PLC, et al.
Unaudited Balance Sheet
(000’s)
(See Notes to the MOR related to MOR-3)
For Month Ending June 30, 2016
|
|
|
16-10406 |
|
16-10407 |
|
16-10408 |
|
|
|
|
Paragon Offshore |
|
Paragon Holding |
|
Paragon Asset |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
1,107 |
|
— |
|
— |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
4,391 |
|
16 |
|
869,858 |
|
|
Prepaid Expenses & Deposits |
|
8 |
|
— |
|
— |
|
|
Taxes Receivable |
|
— |
|
— |
|
— |
|
|
Total Other Current Assets |
|
— |
|
2,172 |
|
(479 |
) |
|
Total current assets |
|
5,506 |
|
2,188 |
|
869,379 |
|
|
Investments in Subsidiaries |
|
— |
|
2,472,887 |
|
65,504 |
|
|
Intercompany Notes Receivable |
|
— |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
— |
|
2,472,887 |
|
65,504 |
|
|
Gross PPE |
|
— |
|
— |
|
1,006,679 |
|
|
Accumulated Depreciation |
|
— |
|
— |
|
(767,513 |
) |
|
Property and Equipment |
|
— |
|
— |
|
239,166 |
|
|
Other Assets |
|
— |
|
— |
|
14,196 |
|
|
Deferred Regulatory Inspection |
|
— |
|
— |
|
1,978 |
|
|
Deferred Pension Costs |
|
— |
|
— |
|
— |
|
|
Other Long Term Assets |
|
— |
|
— |
|
12,218 |
|
|
Long Term Prepaid Mob |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
5,506 |
|
2,475,075 |
|
1,188,245 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
— |
|
|
Accounts Payable |
|
4,652 |
|
86,854 |
|
477,549 |
|
|
Payroll and Benefits Related Accruals |
|
— |
|
— |
|
(462 |
) |
|
Taxes Payable |
|
— |
|
— |
|
— |
|
|
Interest Payable |
|
— |
|
— |
|
38 |
|
|
Other Current Liabilities |
|
— |
|
— |
|
(404 |
) |
|
Total current liabilities |
|
4,652 |
|
86,854 |
|
476,721 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
300 |
|
|
Deferred Taxes |
|
— |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
18,464 |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
4,652 |
|
105,318 |
|
477,021 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
Ordinary Shares-par Val $0.01 per share |
|
— |
|
— |
|
— |
|
|
Capital in Excess of par value |
|
510 |
|
4,015,197 |
|
286,174 |
|
|
Retained Earnings |
|
343 |
|
(1,645,440 |
) |
425,052 |
|
|
Accumulated Other Comprehensive Loss |
|
— |
|
— |
|
— |
|
|
Total shareholders' equity |
|
853 |
|
2,369,757 |
|
711,226 |
|
|
Total liabilities and shareholders' equity |
|
5,506 |
|
2,475,075 |
|
1,188,246 |
|
MOR-3
ln re Paragon Offshore PLC, et al.
Unaudited Balance Sheet
(000’s)
(See Notes to the MOR related to MOR-3)
For Month Ending June 30, 2016
|
|
|
16-10409 |
|
16-10410 |
|
|
|
|
Paragon Holding |
|
Paragon Offshore |
|
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
— |
|
61 |
|
|
Restricted Cash |
|
— |
|
— |
|
|
Accounts Receivable |
|
120,333 |
|
105,540 |
|
|
Prepaid Expenses & Deposits |
|
— |
|
— |
|
|
Taxes Receivable |
|
— |
|
35 |
|
|
Total Other Current Assets |
|
111,883 |
|
— |
|
|
Total current assets |
|
232,216 |
|
105,636 |
|
|
Investments in Subsidiaries |
|
1,230,952 |
|
(72,168 |
) |
|
Intercompany Notes Receivable |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
1,230,952 |
|
(72,168 |
) |
|
Gross PPE |
|
— |
|
123,896 |
|
|
Accumulated Depreciation |
|
— |
|
(96,884 |
) |
|
Property and Equipment |
|
— |
|
27,012 |
|
|
Other Assets |
|
— |
|
1,783 |
|
|
Deferred Regulatory Inspection |
|
— |
|
1,783 |
|
|
Deferred Pension Costs |
|
— |
|
— |
|
|
Other Long Term Assets |
|
— |
|
— |
|
|
Long Term Prepaid Mob |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
Total assets |
|
1,463,168 |
|
62,263 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
|
Accounts Payable |
|
2 |
|
15,598 |
|
|
Payroll and Benefits Related Accruals |
|
— |
|
— |
|
|
Taxes Payable |
|
— |
|
— |
|
|
Interest Payable |
|
— |
|
72,565 |
|
|
Other Current Liabilities |
|
— |
|
— |
|
|
Total current liabilities |
|
2 |
|
88,163 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
|
Deferred Taxes |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
|
Total liabilities |
|
2 |
|
88,163 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
Ordinary Shares-par Val $0.01 per share |
|
— |
|
— |
|
|
Capital in Excess of par value |
|
1,389,831 |
|
1,519,680 |
|
|
Retained Earnings |
|
73,335 |
|
(1,545,579 |
) |
|
Accumulated Other Comprehensive Loss |
|
— |
|
— |
|
|
Total shareholders' equity |
|
1,463,166 |
|
(25,899 |
) |
|
Total liabilities and shareholders' equity |
|
1,463,168 |
|
62,263 |
|
MOR-4
In re Paragon Offshore PLC, et al.
|
|
|
Case No. 16-10386 (CSS) |
|
|
Reporting Period: |
June 1 - 30, 2016 |
|
|
Federal Tax I.D. # |
98-1146017 |
Status of Post-Petition Taxes (See Notes to the MOR)
(000’s)
|
Paragon Offshore PLC and its related debtor legal |
|
Beginning |
|
Amount |
|
Amount |
|
Ending Tax |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Corporate Income Tax |
|
$ |
9,383 |
|
$ |
990 |
|
$ |
(544 |
) |
$ |
9,828 |
|
|
Payroll Tax |
|
8,681 |
|
1,499 |
|
(1,337 |
) |
$ |
8,843 |
| |||
|
Withholding Tax |
|
(13,166 |
) |
70 |
|
(107 |
) |
$ |
(13,204 |
) | |||
|
Property Tax |
|
— |
|
— |
|
— |
|
$ |
— |
| |||
|
VAT Tax |
|
(6,566 |
) |
(280 |
) |
(419 |
) |
$ |
(7,265 |
) | |||
|
Other Tax |
|
2,584 |
|
120 |
|
(43 |
) |
$ |
2,662 |
| |||
|
Total Taxes |
|
$ |
915 |
|
$ |
2,399 |
|
$ |
(2,450 |
) |
$ |
864 |
|
Summary of Unpaid Post-Petition Debts (See Notes to the MOR)
(000’s)
|
Debtor |
|
Case Number |
|
Current |
|
0-30 |
|
31-60 |
|
Over 61 |
|
Total |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Accounts Payable |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Paragon Offshore Drilling LLC |
|
16-10385 |
|
$ |
112 |
|
$ |
16 |
|
$ |
— |
|
$ |
118 |
|
$ |
245 |
|
|
Paragon Offshore plc |
|
16-10386 |
|
1 |
|
0 |
|
— |
|
— |
|
2 |
| |||||
|
Paragon Drilling Services 7 LLC |
|
16-10387 |
|
68 |
|
37 |
|
— |
|
— |
|
105 |
| |||||
|
Paragon Offshore Finance Company |
|
16-10388 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Offshore Leasing (Switzerland) GmbH |
|
16-10389 |
|
2 |
|
2 |
|
11 |
|
10 |
|
26 |
| |||||
|
Paragon Offshore do Brasil Ltda. |
|
16-10390 |
|
151 |
|
260 |
|
4 |
|
37 |
|
453 |
| |||||
|
Paragon International Finance Company |
|
16-10391 |
|
2,583 |
|
713 |
|
79 |
|
352 |
|
3,726 |
| |||||
|
Paragon Asset (ME) Ltd. |
|
16-10392 |
|
4 |
|
— |
|
— |
|
— |
|
4 |
| |||||
|
Paragon Offshore Holdings US Inc. |
|
16-10393 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Asset (UK) Ltd. |
|
16-10394 |
|
721 |
|
18 |
|
(11 |
) |
4 |
|
732 |
| |||||
|
Paragon FDR Holding Ltd. |
|
16-10395 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Offshore International Ltd. |
|
16-10396 |
|
95 |
|
114 |
|
2 |
|
116 |
|
328 |
| |||||
|
Paragon Offshore (North Sea) Ltd. |
|
16-10397 |
|
53 |
|
2 |
|
— |
|
2 |
|
57 |
| |||||
|
Paragon Duchess Ltd. |
|
16-10398 |
|
— |
|
— |
|
0 |
|
— |
|
0 |
| |||||
|
Paragon (Middle East) Limited |
|
16-10399 |
|
177 |
|
47 |
|
— |
|
— |
|
223 |
| |||||
|
Paragon Offshore (Luxembourg) S.a r.l. |
|
16-10400 |
|
7 |
|
— |
|
— |
|
— |
|
7 |
| |||||
|
Paragon Holding NCS 2 S.a r.l. |
|
16-10401 |
|
1 |
|
— |
|
— |
|
— |
|
1 |
| |||||
|
Paragon Leonard Jones LLC |
|
16-10402 |
|
11 |
|
0 |
|
2 |
|
71 |
|
84 |
| |||||
|
PGN Offshore Drilling (Malaysia) Sdn. Bhd. |
|
16-10403 |
|
86 |
|
22 |
|
0 |
|
— |
|
108 |
| |||||
|
Paragon Offshore (Nederland) B.V. |
|
16-10404 |
|
2,125 |
|
13 |
|
18 |
|
62 |
|
2,218 |
| |||||
|
Paragon Offshore Contracting GmbH |
|
16-10405 |
|
11 |
|
14 |
|
15 |
|
(20 |
) |
21 |
| |||||
|
Paragon Offshore (Labuan) Pte. Ltd. |
|
16-10406 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Holding SCS 2 Ltd. |
|
16-10407 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Asset Company Ltd. |
|
16-10408 |
|
682 |
|
(25 |
) |
54 |
|
(2 |
) |
708 |
| |||||
|
Paragon Holding SCS 1 Ltd. |
|
16-10409 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Offshore Leasing (Luxembourg) S.a r.l. |
|
16-10410 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total Accounts Payable |
|
|
|
$ |
6,891 |
|
$ |
1,234 |
|
$ |
176 |
|
$ |
750 |
|
$ |
9,050 |
|
MOR-5
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) | |||
|
|
Reporting Period: |
June 1 - 30, 2016 | ||
|
|
|
Federal Tax I.D. # |
98-1146017 | |
Post-Petition Accounts Receivable Reconciliation and Aging (See Notes to the MOR)
(‘000s)
|
|
|
|
|
Billed Accounts Receivable |
|
Total Billed |
|
Unbilled Accounts Receivable |
|
Total |
|
Other Accounts Receivable |
|
Total Other |
|
Total |
|
Allowance |
|
Total Accounts |
| |||||||||||||||||||||||||||
|
Debtor |
|
Case Number |
|
0-60 |
|
60-90 |
|
>90 |
|
Receivable |
|
0-60 |
|
60-90 |
|
>90 |
|
Receivable |
|
0-60 |
|
60-90 |
|
>90 |
|
Receivable |
|
(Gross) |
|
Accounts |
|
Receivable (Net) |
| |||||||||||||||
|
Trade Receivables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
Paragon Offshore Drilling LLC |
|
16-10385 |
|
$ |
— |
|
$ |
— |
|
$ |
6,545 |
|
$ |
6,545 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
6,545 |
|
$ |
(6,544 |
) |
$ |
0 |
|
|
Paragon Offshore plc |
|
16-10386 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Drilling Services 7 LLC |
|
16-10387 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Offshore Finance Company |
|
16-10388 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Offshore Leasing (Switzerland) GmbH |
|
16-10389 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Offshore do Brasil Ltda. |
|
16-10390 |
|
— |
|
— |
|
— |
|
— |
|
9,652 |
|
3,455 |
|
6,779 |
|
19,886 |
|
— |
|
— |
|
— |
|
— |
|
19,886 |
|
(504 |
) |
19,382 |
| |||||||||||||||
|
Paragon International Finance Company |
|
16-10391 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Asset (ME) Ltd. |
|
16-10392 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Offshore Holdings US Inc. |
|
16-10393 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Asset (UK) Ltd. |
|
16-10394 |
|
6,439 |
|
— |
|
— |
|
6,439 |
|
4,452 |
|
— |
|
— |
|
4,452 |
|
— |
|
— |
|
— |
|
— |
|
10,891 |
|
— |
|
10,891 |
| |||||||||||||||
|
Paragon FDR Holding Ltd. |
|
16-10395 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Offshore International Ltd. |
|
16-10396 |
|
17,573 |
|
3,727 |
|
13,573 |
|
34,873 |
|
9,180 |
|
1 |
|
4,761 |
|
13,942 |
|
— |
|
— |
|
— |
|
— |
|
48,816 |
|
(6,909 |
) |
41,906 |
| |||||||||||||||
|
Paragon Offshore (North Sea) Ltd. |
|
16-10397 |
|
8,026 |
|
— |
|
— |
|
8,026 |
|
7,743 |
|
— |
|
— |
|
7,743 |
|
— |
|
— |
|
— |
|
— |
|
15,769 |
|
— |
|
15,769 |
| |||||||||||||||
|
Paragon Duchess Ltd. |
|
16-10398 |
|
— |
|
— |
|
3,612 |
|
3,612 |
|
— |
|
— |
|
0 |
|
0 |
|
— |
|
— |
|
— |
|
— |
|
3,612 |
|
(3,612 |
) |
0 |
| |||||||||||||||
|
Paragon (Middle East) Limited |
|
16-10399 |
|
12,400 |
|
4,594 |
|
— |
|
16,994 |
|
5,505 |
|
— |
|
342 |
|
5,847 |
|
— |
|
— |
|
— |
|
— |
|
22,841 |
|
— |
|
22,841 |
| |||||||||||||||
|
Paragon Offshore (Luxembourg) S.a r.l. |
|
16-10400 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Holding NCS 2 S.a r.l. |
|
16-10401 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Leonard Jones LLC |
|
16-10402 |
|
2,473 |
|
10,637 |
|
4,953 |
|
18,063 |
|
— |
|
— |
|
9,404 |
|
9,404 |
|
— |
|
— |
|
— |
|
— |
|
27,467 |
|
(1,918 |
) |
25,549 |
| |||||||||||||||
|
PGN Offshore Drilling (Malaysia) Sdn. Bhd. |
|
16-10403 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Offshore (Nederland) B.V. |
|
16-10404 |
|
3,030 |
|
— |
|
— |
|
3,030 |
|
12,853 |
|
— |
|
1 |
|
12,854 |
|
— |
|
— |
|
— |
|
— |
|
15,884 |
|
— |
|
15,884 |
| |||||||||||||||
|
Paragon Offshore Contracting GmbH |
|
16-10405 |
|
1,512 |
|
— |
|
— |
|
1,512 |
|
— |
|
— |
|
22,518 |
|
22,518 |
|
— |
|
— |
|
— |
|
— |
|
24,030 |
|
(18,386 |
) |
5,644 |
| |||||||||||||||
|
Paragon Offshore (Labuan) Pte. Ltd. |
|
16-10406 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Holding SCS 2 Ltd. |
|
16-10407 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Asset Company Ltd. |
|
16-10408 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Holding SCS 1 Ltd. |
|
16-10409 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
Paragon Offshore Leasing (Luxembourg) S.a r.l. |
|
16-10410 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
Total Trade Receivables |
|
|
|
$ |
51,454 |
|
$ |
18,958 |
|
$ |
28,682 |
|
$ |
99,094 |
|
$ |
49,385 |
|
$ |
3,456 |
|
$ |
43,805 |
|
$ |
96,646 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
195,740 |
|
$ |
(37,874 |
) |
$ |
157,866 |
|
MOR-5 (Cont)
In re Paragon Offshore PLC, et al.
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
June 1 - 30, 2016 |
|
Federal Tax I.D. # |
98-1146017 |
Debtor Questionnaire (See Notes to the MOR)
|
|
|
Yes |
|
No |
|
1. Have any assets been sold or transferred outside the normal course of business during this reporting period? If yes, provide an explanation below. |
|
|
|
X |
|
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. |
|
X |
|
|
|
3. Have all post petition tax returns been timely filed? If no, provide an explanation below. |
|
X |
|
|
|
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. |
|
X |
|
|
|
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. |
|
X |
|
|