0001104659-17-000651.txt : 20170104 0001104659-17-000651.hdr.sgml : 20170104 20170104170759 ACCESSION NUMBER: 0001104659-17-000651 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170104 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170104 DATE AS OF CHANGE: 20170104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARAGON OFFSHORE PLC CENTRAL INDEX KEY: 0001594590 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 981146017 STATE OF INCORPORATION: X0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36465 FILM NUMBER: 17506803 BUSINESS ADDRESS: STREET 1: 3151 BRIARPARK DRIVE STREET 2: SUITE 700 CITY: HOUSTON STATE: TX ZIP: 77042 BUSINESS PHONE: 44 20 3300 2300 MAIL ADDRESS: STREET 1: 3151 BRIARPARK DRIVE STREET 2: SUITE 700 CITY: HOUSTON STATE: TX ZIP: 77042 FORMER COMPANY: FORMER CONFORMED NAME: PARAGON OFFSHORE LTD. DATE OF NAME CHANGE: 20140211 FORMER COMPANY: FORMER CONFORMED NAME: NOBLE SPINCO LTD. DATE OF NAME CHANGE: 20131218 8-K 1 a17-1291_18k.htm 8-K

 

 

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): January 4, 2017

 

 

Paragon Offshore plc

(Exact name of registrant as specified in its charter)

 

 

England and Wales

 

001-36465

 

98-1146017

(State or Other Jurisdiction
of Incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

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 January 4, 2017, the Debtors filed their monthly operating report for the period beginning November 1, 2016 and ending November 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 November 30, 2016, filed with the United States Bankruptcy Court for the District of Delaware

 

2


 

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.

 

 

 

 

Paragon Offshore plc

 

 

 

 

 

 

January 4, 2017

By:

/s/ Lee M. Ahlstrom

 

 

Name:

Lee M. Ahlstrom

 

 

Title:

SVP & CFO

 

3


 

Exhibit Index

 

Exhibit No.

 

Description

99.1

 

Monthly Operating Report for the month ended November 30, 2016, filed with the United States Bankruptcy Court for the District of Delaware

 

4

 EX-99.1 2 a17-1291_1ex99d1.htm EX-99.1

Exhibit 99.1

 

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

In re Paragon Offshore PLC, et al.

 

 

 

Case No. 16-10386 (CSS)

 

Reporting Period:

November 1 - 30, 2016

 

Federal Tax I.D. #   

98-1146017

 

 

MONTHLY OPERATING REPORT

 

 

 

 

REQUIRED DOCUMENTS

 

 

Form No.

Document Attached

Explanation Attached

Schedule of Cash Receipts and Disbursements

MOR-1

X

 

Bank Reconciliation (or copies of Debtors’ bank reconciliations)

MOR-1a

 

X

Schedule of Professional Fees Paid

MOR-1b

X

 

Budget to Actual Consolidated Cash Flow Variance Report

MOR-1c

X

 

Copies of Bank Statements (See Notes to the MOR)

 

 

X

Cash Disbursement Journals (See Notes to the MOR)

 

 

X

Statement of Operations (Income Statement)

MOR-2

X

 

Balance Sheet

MOR-3

X

 

Status of Post-Petition Taxes (See Notes to the MOR)

MOR-4

X

 

Copies of IRS Form 6123 or payment receipt (See Notes to the MOR)

 

 

X

Copies of tax returns filed during reporting period (See Notes to the MOR)

 

 

X

Summary of Unpaid Post-Petition Debts (See Notes to the MOR)

MOR-4

X

 

Accounts Receivable Reconciliation and Aging (See Notes to the MOR)

MOR-5

X

 

Debtor Questionnaire (See Notes to the MOR)

MOR-5

X

 

 

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.

 

 

 

/s/ A. Alejandra Veltmann

 

1/4/2017

 

 

 

Signature of Authorized Individual*

Date

 

 

 

 

 

 

 

 

 

 

 

 

/s/ A. Alejandra Veltmann

 

V.P.- Chief Accounting Officer

 

 

Printed Name of Authorized Individual

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)

 

Reporting Period:

November 1 - 30, 2016

 

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

Case Number

Paragon Offshore Drilling LLC

16-10385

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

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

Paragon FDR Holding Ltd.

16-10395

Paragon Offshore International Ltd.

16-10396

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

Paragon Holding NCS 2 S.a r.l.

16-10401

Paragon Leonard Jones LLC

16-10402

PGN Offshore Drilling (Malaysia) Sdn. Bhd.

16-10403

Paragon Offshore (Nederland) B.V.

16-10404

Paragon Offshore Contracting GmbH

16-10405

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

 

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:

November 1 - 30, 2016

 

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. As a result, the completeness and accuracy of this information is undetermined.

 

Certain amounts may appear to be clerically inaccurate as they are presented in thousands and are subject to rounding differences. Certain amounts in prior filings have been reclassified to conform to the current filing presentation.

 

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. The listing includes certain accounts that have subsequently been closed during the post petition period. The accounts have been 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 November 2016 contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustments. Certain amounts in prior filings have been reclassified to conform to the current filing presentation.

 

Accounts Receivable and Accounts Payable may include intercompany balances among the Debtors, and between the Debtors and Non-Debtors. See General Notes regarding elimination of these balances.

 

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 (October 2016) may not equate with the opening balances in MOR-4 (November 2016) due to ordinary course adjustments/reclassifications of certain tax liabilities after the October 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:

November 1 - 30, 2016

 

Federal Tax I.D. #

98-1146017

 

 

Notes to the Monthly Operating Report

 

Notes to MOR-5:

 

Accounts Receivable information included in MOR-5 excludes intercompany balances among the Debtors, and between the Debtors and Non-Debtors. See General Notes regarding these balances.

 

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].

 

Documentation is available upon request.

 


 

MOR-1

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

 

 

Reporting Period:

November 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

 

 

Case Number

 

 

External

 

Disbursements

 

 

 

Intercompany

 

Disbursements to

 

Non-Debtors

 

 

Total Disbursements

 

 

Cash Receipts

 

Paragon Offshore Drilling LLC

 

 

16-10385

 

 

$

(860

)

 

$

-

 

 

$

(860

)

 

$

2,134

 

Paragon Offshore plc

 

 

16-10386

 

 

(1,944

)

 

-

 

 

(1,944

)

 

61

 

Paragon Drilling Services 7 LLC

 

 

16-10387

 

 

(126

)

 

-

 

 

(126

)

 

-

 

Paragon Offshore Finance Company

 

 

16-10388

 

 

(2,762

)

 

-

 

 

(2,762

)

 

-

 

Paragon Offshore Leasing (Switzerland) GmbH

 

 

16-10389

 

 

(77

)

 

-

 

 

(77

)

 

-

 

Paragon Offshore do Brasil Ltda.

 

 

16-10390

 

 

(1,444

)

 

(2

)

 

(1,446

)

 

259

 

Paragon International Finance Company

 

 

16-10391

 

 

(372

)

 

(214

)

 

(586

)

 

65

 

Paragon Asset (ME) Ltd.

 

 

16-10392

 

 

(25

)

 

-

 

 

(25

)

 

-

 

Paragon Offshore Holdings US Inc.

 

 

16-10393

 

 

-

 

 

-

 

 

-

 

 

-

 

Paragon Asset (UK) Ltd.

 

 

16-10394

 

 

(1,391

)

 

-

 

 

(1,391

)

 

3,750

 

Paragon FDR Holding Ltd.

 

 

16-10395

 

 

(1

)

 

-

 

 

(1

)

 

-

 

Paragon Offshore International Ltd.

 

 

16-10396

 

 

(4,639

)

 

-

 

 

(4,639

)

 

745

 

Paragon Offshore (North Sea) Ltd.

 

 

16-10397

 

 

(1,017

)

 

-

 

 

(1,017

)

 

1,528

 

Paragon Duchess Ltd.

 

 

16-10398

 

 

(11

)

 

-

 

 

(11

)

 

-

 

Paragon (Middle East) Limited

 

 

16-10399

 

 

(1,193

)

 

-

 

 

(1,193

)

 

6,747

 

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

 

 

(1,249

)

 

-

 

 

(1,249

)

 

2,473

 

PGN Offshore Drilling (Malaysia) Sdn. Bhd.

 

 

16-10403

 

 

(104

)

 

-

 

 

(104

)

 

-

 

Paragon Offshore (Nederland) B.V.

 

 

16-10404

 

 

(5,495

)

 

-

 

 

(5,495

)

 

419

 

Paragon Offshore Contracting GmbH

 

 

16-10405

 

 

(227

)

 

-

 

 

(227

)

 

1,383

 

Paragon Offshore (Labuan) Pte. Ltd.

 

 

16-10406

 

 

(2

)

 

-

 

 

(2

)

 

-

 

Paragon Holding SCS 2 Ltd.

 

 

16-10407

 

 

(1

)

 

-

 

 

(1

)

 

-

 

Paragon Asset Company Ltd.

 

 

16-10408

 

 

(2,541

)

 

-

 

 

(2,541

)

 

-

 

Paragon Holding SCS 1 Ltd.

 

 

16-10409

 

 

(2

)

 

-

 

 

(2

)

 

-

 

Paragon Offshore Leasing (Luxembourg) S.a r.l.

 

 

16-10410

 

 

(4

)

 

-

 

 

(4

)

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

$

(25,487

)

 

$

(215

)

 

$

(25,703

)

 

$

19,565

 

 


 

MOR-1a

 

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

 

 

Reporting Period:

November 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
Account No.

Opening Account
Balance

Closing Account
Balance

 

Opening Cash
Book

Closing Cash
Book

 

Paragon Offshore Drilling LLC

 

16-10385

 

 

   $

-

   $

-

 

   $

-

   $

-

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore plc

 

16-10386

 

Sub Total

344,145

344,227

 

344,145

344,289

 

 

 

16-10386

 

6704

-

-

 

-

-

 

 

 

16-10386

 

9694

46

129

 

46

129

 

 

 

16-10386

 

3774

332,594

332,594

 

332,594

332,656

 

 

 

16-10386

 

9069

11,504

11,504

 

11,504

11,504

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Drilling Services 7 LLC

 

16-10387

 

8977

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore Finance Company

 

16-10388

 

2257

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore Leasing (Switzerland) GmbH

 

16-10389

 

Sub Total

98

63

 

77

70

 

 

 

16-10389

 

3991

8

8

 

8

8

 

 

 

16-10389

 

701L

90

55

 

69

62

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore do Brasil Ltda.

 

16-10390

 

Sub Total

6,304

4,441

 

6,345

4,449

 

 

 

16-10390

 

4000

6,289

4,427

 

6,330

4,434

 

 

 

16-10390

 

7775

9

8

 

9

8

 

 

 

16-10390

 

5004

6

6

 

7

6

 

 

 

16-10390

 

Petty Cash

 

 

 

0

0

 

 

 

 

 

 

 

 

 

 

 

 

Paragon International Finance Company

 

16-10391

 

Sub Total

218,487

198,230

 

218,659

198,199

 

 

 

16-10391

 

4670

1

0

 

0

0

 

 

 

16-10391

 

4240

1,153

1,301

 

1,198

1,345

 

 

 

16-10391

 

7219

-

-

 

-

-

 

 

 

16-10391

 

7201

332

147

 

297

121

 

 

 

16-10391

 

7227

-

-

 

-

-

 

 

 

16-10391

 

7235

-

-

 

-

-

 

 

 

16-10391

 

4355

1

10

 

32

10

 

 

 

16-10391

 

1100

29

41

 

13

26

 

 

 

16-10391

 

3880

38,059

38,059

 

38,059

38,067

 

 

 

16-10391

 

9959

9,807

2

 

9,798

(7)

 

 

 

16-10391

 

4356

370

370

 

370

370

 

 

 

16-10391

 

7633

162,199

152,199

 

162,170

152,199

 

 

 

16-10391

 

9936

-

-

 

(20)

(20)

 

 

 

16-10391

 

1478

-

-

 

(2)

-

 

 

 

16-10391

 

3463

6,195

6,023

 

6,404

6,009

 

 

 

16-10391

 

9016

340

78

 

339

79

 

 

 

 

 

 

 

 

 

 

 

 

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

-

-

 

-

-

 

 


 

MOR-1a

 

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

 

 

Reporting Period:

November 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
Account No.

Opening Account
Balance

Closing Account
Balance

 

Opening Cash
Book

Closing Cash
Book

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore International Ltd.

 

16-10396

 

Sub Total

435

629

 

452

577

 

 

 

16-10396

 

-001

1

1

 

1

0

 

 

 

16-10396

 

5110

6

6

 

6

6

 

 

 

16-10396

 

6490

19

18

 

19

18

 

 

 

16-10396

 

6500

1

1

 

1

1

 

 

 

16-10396

 

9901

4

4

 

4

4

 

 

 

16-10396

 

0000

9

9

 

9

9

 

 

 

16-10396

 

2501

298

299

 

298

299

 

 

 

16-10396

 

4001

96

291

 

96

291

 

 

 

16-10396

 

1012

-

-

 

-

-

 

 

 

16-10396

 

0570

-

-

 

-

(61)

 

 

 

16-10396

 

Petty Cash

 

 

 

18

9

 

 

 

 

 

 

 

 

 

 

 

 

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

-

-

 

-

-

 

 

 

16-10400

 

8969

-

-

 

-

-

 

 

 

16-10400

 

1728

-

-

 

-

-

 

 

 

 

 

 

 

 

 

-

 

 

Paragon Holding NCS 2 S.a r.l.

 

16-10401

 

5235

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Leonard Jones LLC

 

16-10402

 

Sub Total

280

501

 

280

501

 

 

 

16-10402

 

8256

-

-

 

-

(0)

 

 

 

16-10402

 

8032

-

-

 

-

-

 

 

 

16-10402

 

3350

3

2

 

3

2

 

 

 

16-10402

 

7021

17

366

 

18

366

 

 

 

16-10402

 

8378

217

1

 

217

1

 

 

 

16-10402

 

3492

43

132

 

43

132

 

 

 

 

 

 

 

 

 

 

 

 

PGN Offshore Drilling (Malaysia) Sdn. Bhd.

 

16-10403

 

Sub Total

199

142

 

199

141

 

 

 

16-10403

 

3875

-

-

 

-

-

 

 

 

16-10403

 

0775

199

142

 

199

141

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore (Nederland) B.V.

 

16-10404

 

Sub Total

3,504

2,763

 

3,529

2,866

 

 

 

16-10404

 

2286

-

-

 

-

-

 

 

 

16-10404

 

1106

42

33

 

42

33

 

 

 

16-10404

 

6254

885

7

 

1,013

133

 

 

 

16-10404

 

NL2A

2,049

207

 

2,042

210

 

 

 

16-10404

 

0016

197

1,913

 

204

1,921

 

 

 

16-10404

 

0024

19

37

 

20

39

 

 

 

16-10404

 

3476

311

565

 

206

531

 

 

 

16-10404

 

7760

-

-

 

-

-

 

 

 

16-10404

 

Petty Cash

 

 

 

2

-

 

 


 

MOR-1a

 

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

 

 

Reporting Period:

November 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
Account No.

Opening Account
Balance

Closing Account
Balance

 

Opening Cash
Book

Closing Cash
Book

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore Contracting GmbH

 

16-10405

 

Sub Total

2,312

2,282

 

2,337

2,281

 

 

 

16-10405

 

8002

-

-

 

-

0

 

 

 

16-10405

 

2377

216

-

 

216

-

 

 

 

16-10405

 

8788

-

-

 

-

-

 

 

 

16-10405

 

8876

1,691

1,539

 

1,712

1,540

 

 

 

16-10405

 

4010

337

437

 

341

436

 

 

 

16-10405

 

403W

15

14

 

15

14

 

 

 

16-10405

 

8556

1

1

 

1

1

 

 

 

16-10405

 

3489

53

291

 

52

290

 

 

 

16-10405

 

Petty Cash

 

 

 

1

-

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore (Labuan) Pte. Ltd.

 

16-10406

 

Sub Total

1,149

1,163

 

1,149

1,163

 

 

 

16-10406

 

7995

-

-

 

-

-

 

 

 

16-10406

 

-101

15

13

 

15

13

 

 

 

16-10406

 

-725

1,133

1,150

 

1,133

1,150

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Subtotal

51

23

 

63

49

 

 

 

16-10410

 

6362

5

-

 

5

-

 

 

 

16-10410

 

8000

46

23

 

58

49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

   $

576,962

   $

554,465

 

   $

577,236

   $

554,585

 

 


 

MOR-1b

 

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

 

 

Reporting Period:

November 1 - 30, 2016

 

 

 

 

Federal Tax I.D. #

98-1146017

 

 

 

 

 

 

 

Schedule of Professional Fees Paid

(000’s)

 

Of the total disbursements shown on the Schedule of Disbursements Report (MOR-1) list the amount paid to Retained Professionals.

See Notes to the MOR related to MOR-1b

 

Retained Professionals

 

 

 

 

 

 

 

Name

 

 

Amount Paid During Month

 

 

Total Paid to Date

 

Weil, Gotshal & Manges LLP

 

 

$

878

 

 

$

5,679

 

Richards, Layton & Finger, PA

 

 

-

 

 

452

 

AlixPartners LLP

 

 

281

 

 

3,322

 

Lazard, Freres & Co LLC

 

 

143

 

 

1,000

 

Norton Rose Fulbright US LLP

 

 

-

 

 

354

 

BDO USA LLP

 

 

66

 

 

195

 

KCC

 

 

-

 

 

556

 

Total Payments to Professionals

 

 

$

1,367

 

 

$

11,557

 

 


 

MOR-1c

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

Reporting Period:

 

 

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

 

11/29/16 - 12/02/16

 

Budget

 

Actual

 

F/(U)

 

 

 

 

 

 

 

 

 

Total Receipts

 

25,133

 

31,265

 

6,133

 

 

 

 

 

 

 

 

 

Total Operating Disbursements

 

(22,120

)

(11,747

)

10,373

 

Total Capital Expenditures

 

(1,951

)

(1,052

)

899

 

Total Payroll & Benefits

 

(12,103

)

(8,231

)

3,872

 

Total Other

 

(614

)

(3,213

)

(2,600

)

 

 

 

 

 

 

 

 

Total I/C Disbursements to Non Debtor Entities

 

(14,928

)

(10,056

)

4,871

 

 

 

 

 

 

 

 

 

Total Disbursements

 

(51,716

)

(34,300

)

17,416

 

 

 

 

 

 

 

 

 

Net Operating Cash Flow

 

(26,583

)

(3,034

)

23,549

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

Other

 

-      

 

18,000

 

18,000

 

Total Deposits

 

-      

 

18,000

 

18,000

 

 

 

 

 

 

 

 

 

Total Debt Service

 

(8,464

)

(8,770

)

(306

)

Total Professional Fees

 

(2,765

)

(6,441

)

(3,676

)

 

 

 

 

 

 

 

 

Total Non-Operating Disbursements

 

(11,229

)

2,789

 

14,018

 

 

 

 

 

 

 

 

 

Net Cash Flow

 

(37,813

)

(246

)

37,567

 

 

 

 

 

 

 

 

 

Debtor Ending Cash Balance - Encumbered

 

193,354

 

212,281

 

18,927

 

Debtor Cash Balance - Unencumbered

 

344,099

 

344,160

 

61

 

Total Debtor Cash Balance

 

537,453

 

556,441

 

18,989

 

 

 

 

 

 

 

 

 

Non Debtor Ending Cash Balance

 

372,077

 

371,647

 

(430

)

Total Debtor & Non Debtor Ending Cash Balance

 

909,529

 

928,088

 

18,559

 

 


 

In re Paragon Offshore PLC, et al.

MOR-2

 

 

 

Case No. 16-10386 (CSS)

 

 

Reporting Period:

November 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 November 30, 2016

 

 

 

16-10385

16-10386

16-10387

16-10388

16-10389

16-10390

16-10391

 

Paragon Offshore
Drilling LLC

Paragon
Offshore plc

Paragon Drilling
Services 7 LLC

Paragon Offshore
Finance Company

 

 

Paragon Offshore
Leasing
(Switzerland) GmbH

Paragon Offshore do
Brasil Ltda.

Paragon International
Finance Company

Operating Revenues

 

 

 

 

 

 

 

Contract Drilling Revenue

$

1,129

$

-

$

-

$

-

$

-

$

-

$

-

Reimbursable Revenues

3

-

-

-

-

10

-

Labor Contract Revenues

-

-

-

-

-

-

-

Intercompany Revenues

-

47,739

-

-

-

-

-

Other Revenues

-

-

-

-

-

-

-

Operating revenues

1,132

47,739

-

-

-

10

-

 

 

 

 

 

 

 

 

Operating Costs and Expenses

-

-

-

-

-

-

-

Contract Drilling Expenses

(906)

-

(214)

-

(146)

(5,051)

-

Labor Contract

-

-

-

-

-

-

-

Reimbursable Expenses

(3)

-

-

-

-

(14)

-

Depreciation and Amortization

(565)

(6)

(12)

-

(382)

(10)

-

General & Administrative

(7)

(24,542)

-

-

(19)

-

(21)

Corporate Operations

-

(24,982)

-

-

-

-

-

Local Administrative Expense

(229)

-

-

-

-

(559)

-

Operating costs and expenses

(1,710)

(49,530)

(226)

-

(546)

(5,634)

(21)

 

-

-

-

-

-

-

-

Operating Income

(578)

(1,790)

(226)

-

(546)

(5,623)

(21)

 

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

 

Interest expense, net of amount capitalized

-

(1,934)

-

(2,762)

-

(35)

(4)

Interest Income

500

62

-

-

-

-

37

Reorganization Items

-

(3,136)

-

-

-

-

-

Other, net

(26)

42

-

-

(8)

(3)

(93)

Income before income taxes

(104)

(6,755)

(226)

(2,762)

(555)

(5,661)

(81)

Income tax provision

(47)

-

-

-

-

-

-

Net Income

(151)

(6,755)

(226)

(2,762)

(555)

(5,661)

(81)

 


 

In re Paragon Offshore PLC, et al.

MOR-2

 

 

 

 

 

Unaudited Statement of Operations (Income Statement)

(000’s)

(See Notes to the MOR related to MOR-2)

 

For Month Ending November 30, 2016

 

 

 

 

 

16-10392

16-10393

16-10394

16-10395

16-10396

 

 

Paragon Asset
(ME) Ltd.

Paragon Offshore
Holdings US Inc.

Paragon Asset
(UK) Ltd.

 

 

 

Paragon FDR
Holding Ltd.

Paragon Offshore
International Ltd.

Operating Revenues

 

 

 

 

 

 

Contract Drilling Revenue

 

$

-

$

-

$

1,920

$

-

$

4,842

Reimbursable Revenues

 

-

-

91

-

44

Labor Contract Revenues

 

-

-

-

-

-

Intercompany Revenues

 

-

-

-

-

82

Other Revenues

 

-

-

-

-

-

Operating revenues

 

-

-

2,012

-

4,968

 

 

 

 

 

 

 

Operating Costs and Expenses

 

-

-

-

-

-

Contract Drilling Expenses

 

7

-

(1,825)

-

(5,404)

Labor Contract

 

-

-

-

-

-

Reimbursable Expenses

 

-

-

(46)

-

(0)

Depreciation and Amortization

 

(373)

-

-

-

(1,355)

General & Administrative

 

-

(95)

(65)

(15)

99

Corporate Operations

 

-

(139)

(141)

(23)

(38)

Local Administrative Expense

 

-

-

(76)

-

(958)

Operating costs and expenses

 

(366)

(234)

(2,154)

(38)

(7,656)

 

 

-

-

-

-

-

Operating Income

 

(366)

(234)

(142)

(38)

(2,688)

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

Interest expense, net of amount capitalized

 

-

-

-

-

(6)

Interest Income

 

-

-

-

20

-

Reorganization Items

 

-

-

-

-

-

Other, net

 

-

-

7

-

(110)

Income before income taxes

 

(366)

(234)

(135)

(19)

(2,803)

Income tax provision

 

-

-

-

-

-

Net Income

 

(366)

(234)

(135)

(19)

(2,803)

 


 

In re Paragon Offshore PLC, et al.

MOR-2

 

 

 

 

 

 

Unaudited Statement of Operations (Income Statement)

 

(000’s)

 

(See Notes to the MOR related to MOR-2)

 

 

 

For Month Ending November 30, 2016

 

 

 

 

16-10397

16-10398

16-10399

16-10400

16-10401

16-10402

 

Paragon Offshore
(North Sea) Ltd.

Paragon Duchess Ltd.

Paragon (Middle East)
Limited

 

 

 

Paragon Offshore
(Luxembourg) S.a r.l.

Paragon Holding
NCS 2 S.a r.l.

Paragon Leonard
Jones LLC

Operating Revenues

 

 

 

 

 

 

Contract Drilling Revenue

$

3

$

-

$

5,745

$

-

$

-

$

-

Reimbursable Revenues

39

-

34

-

-

-

Labor Contract Revenues

-

-

-

-

-

-

Intercompany Revenues

-

-

3,115

-

-

-

Other Revenues

-

-

-

-

-

-

Operating revenues

42

-

8,893

-

-

-

 

 

 

 

 

 

 

Operating Costs and Expenses

-

-

-

-

-

-

Contract Drilling Expenses

18

39

(2,931)

-

(48)

6

Labor Contract

-

-

-

-

-

-

Reimbursable Expenses

(47)

-

(25)

-

-

-

Depreciation and Amortization

-

-

(3,248)

-

(6)

-

General & Administrative

-

-

-

-

-

(6)

Corporate Operations

-

-

-

-

-

(8)

Local Administrative Expense

(126)

-

-

-

-

284

Operating costs and expenses

(156)

39

(6,203)

-

(53)

276

 

-

-

-

-

-

-

Operating Income

(114)

39

2,690

-

(53)

276

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

Interest expense, net of amount capitalized

-

-

-

-

(475)

-

Interest Income

-

-

-

-

1

(23)

Reorganization Items

-

-

-

-

-

-

Other, net

-

-

-

0

-

(17)

Income before income taxes

(114)

39

2,690

0

(527)

236

Income tax provision

-

-

(147)

-

-

-

Net Income

(114)

39

2,543

0

(527)

236

 


 

 

In re Paragon Offshore PLC, et al.

MOR-2

 

 

 

 

 

 

Unaudited Statement of Operations (Income Statement)

 

(000’s)

 

(See Notes to the MOR related to MOR-2)

 

 

 

For Month Ending November 30, 2016

 

 

 

16-10403

16-10404

16-10405

16-10406

16-10407

16-10408

 

PGN Offshore Drilling
(Malaysia) Sdn. Bhd.

Paragon Offshore
(Nederland) B.V.

Paragon Offshore
Contracting GmbH

 

 

 

Paragon Offshore
(Labuan) Pte. Ltd.

Paragon Holding
SCS 2 Ltd.

Paragon Asset
Company Ltd.

Operating Revenues

 

 

 

 

 

 

Contract Drilling Revenue

$

-

$

-

$

(99)

$

-

$

-

$

-

Reimbursable Revenues

-

-

-

-

-

-

Labor Contract Revenues

-

-

-

-

-

-

Intercompany Revenues

144

3,800

-

2,164

-

2,379

Other Revenues

-

-

-

-

-

-

Operating revenues

144

3,800

(99)

2,164

-

2,379

 

 

 

 

 

 

 

Operating Costs and Expenses

-

-

-

-

-

-

Contract Drilling Expenses

(136)

(1,179)

(191)

-

-

(4,655)

Labor Contract

-

-

-

-

-

-

Reimbursable Expenses

-

-

-

-

-

-

Depreciation and Amortization

-

(0)

(31)

-

-

(3,985)

General & Administrative

-

422

(0)

-

(913)

-

Corporate Operations

-

323

-

-

(1,546)

-

Local Administrative Expense

2

(633)

(352)

(2,147)

-

(43)

Operating costs and expenses

(133)

(1,067)

(575)

(2,147)

(2,458)

(8,683)

 

-

-

-

-

-

-

Operating Income

10

2,733

(674)

17

(2,458)

(6,304)

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

Interest expense, net of amount capitalized

-

(0)

(500)

-

-

(1)

Interest Income

(75)

33

(127)

-

475

-

Reorganization Items

-

-

-

-

-

-

Other, net

(4)

(174)

(199)

(1)

-

-

Income before income taxes

(69)

2,592

(1,499)

16

(1,983)

(6,306)

Income tax provision

-

(5)

(0)

-

(1,524)

-

Net Income

(69)

2,587

(1,499)

16

(3,507)

(6,306)

 


 

In re Paragon Offshore PLC, et al.

MOR-2

 

 

 

 

 

 

Unaudited Statement of Operations (Income Statement)

 

(000’s)

 

(See Notes to the MOR related to MOR-2)

 

 

 

For Month Ending November 30, 2016

 

 

 

16-10409

16-10410

 

Paragon Holding
SCS 1 Ltd.

 

 

 

Paragon Offshore
Leasing
(Luxembourg) S.a r.l.

Operating Revenues

 

 

Contract Drilling Revenue

  $

 -

  $

 -

Reimbursable Revenues

-

-

Labor Contract Revenues

-

-

Intercompany Revenues

-

-

Other Revenues

-

-

Operating revenues

-

-

 

 

 

Operating Costs and Expenses

-

-

Contract Drilling Expenses

-

(95)

Labor Contract

-

-

Reimbursable Expenses

-

-

Depreciation and Amortization

-

(571)

General & Administrative

120

-

Corporate Operations

-

-

Local Administrative Expense

-

-

Operating costs and expenses

120

(666)

 

-

-

Operating Income

120

(666)

 

 

 

Other Income (Expense)

 

 

Interest expense, net of amount capitalized

-

(855)

Interest Income

911

-

Reorganization Items

-

-

Other, net

-

1

Income before income taxes

1,031

(1,520)

Income tax provision

-

-

Net Income

1,031

(1,520)

 


 

In re Paragon Offshore PLC, et al.

MOR-3

 

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

Reporting Period:

November 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 November 30, 2016

 

 

 

 

 

 

 

 

16-10385

 

 

16-10386

 

 

16-10387

 

 

 

 

 

Paragon Offshore Drilling
LLC

 

 

Paragon Offshore plc

 

 

Paragon Drilling Services 7
LLC

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

-    

 

 

344,289

 

 

-    

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

Accounts Receivable

 

 

143,149

 

 

173,175

 

 

316,769

 

Prepaid Expenses & Deposits

 

 

72

 

 

955

 

 

-    

 

Taxes Receivable

 

 

-    

 

 

-    

 

 

-    

 

Total Other Current Assets

 

 

11,248

 

 

392

 

 

-    

 

Total current assets

 

 

154,469

 

 

518,811

 

 

316,769

 

Investments in Subsidiaries

 

 

182,682

 

 

3,462,388

 

 

-    

 

Intercompany Notes Receivable

 

 

158,059

 

 

-    

 

 

-    

 

Long Term Notes & Investments

 

 

340,741

 

 

3,462,388

 

 

-    

 

Gross PPE

 

 

97,082

 

 

483

 

 

64,525

 

Accumulated Depreciation

 

 

(75,904

)

 

(86

)

 

(62,525

)

Property and Equipment

 

 

21,178

 

 

397

 

 

2,000

 

Other Assets

 

 

1,140

 

 

16,733

 

 

106

 

Deferred Regulatory Inspection

 

 

685

 

 

-    

 

 

106

 

Deferred Pension Costs

 

 

-    

 

 

-    

 

 

-    

 

Other Long Term Assets

 

 

-    

 

 

7,472

 

 

-    

 

Restriccted Cash

 

 

-    

 

 

9,261

 

 

-    

 

Long Term Prepaid Mob

 

 

455

 

 

-    

 

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

517,528

 

 

3,998,329

 

 

318,875

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Accounts Payable

 

 

48,349

 

 

812,962

 

 

215,135

 

Payroll and Benefits Related Accruals

 

 

1,097

 

 

-    

 

 

-    

 

Taxes Payable

 

 

1,212

 

 

321

 

 

-    

 

Interest Payable

 

 

-    

 

 

373

 

 

-    

 

Other Current Liabilities

 

 

4,901

 

 

1,402

 

 

-    

 

Total current liabilities

 

 

55,559

 

 

815,058

 

 

215,135

 

Total Long-Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

-    

 

Other NonCurrent Liabilities

 

 

3,646

 

 

3,337

 

 

-    

 

Liabilities Subject to Compromise

 

 

-    

 

 

1,709,947

 

 

-    

 

Total liabilities

 

 

59,205

 

 

2,528,342

 

 

215,135

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Ordinary Shares-par Val $0.01 per share

 

 

-    

 

 

879

 

 

-    

 

Capital in Excess of par value

 

 

(1,019,894

)

 

1,501,426

 

 

206,689

 

Retained Earnings

 

 

1,478,217

 

 

(32,318

)

 

(102,949

)

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

-    

 

Total shareholders’ equity

 

 

458,323

 

 

1,469,987

 

 

103,740

 

Total liabilities and shareholders’ equity

 

 

517,528

 

 

3,998,329

 

 

318,875

 

 


 

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 November 30, 2016

 

 

 

 

 

 

 

 

16-10388

 

 

16-10389

 

 

16-10390

 

 

 

 

Paragon Offshore
Finance Company

 

 

Paragon Offshore
Leasing
(Switzerland) GmbH

 

 

Paragon Offshore do
Brasil Ltda.

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

-    

 

 

70

 

 

4,449

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

Accounts Receivable

 

 

-    

 

 

164,085

 

 

19,032

 

Prepaid Expenses & Deposits

 

 

21

 

 

5

 

 

661

 

Taxes Receivable

 

 

-    

 

 

289

 

 

9,089

 

Total Other Current Assets

 

 

1,469

 

 

-    

 

 

-    

 

Total current assets

 

 

1,490

 

 

164,449

 

 

33,231

 

Investments in Subsidiaries

 

 

4,105,589

 

 

-    

 

 

-    

 

Intercompany Notes Receivable

 

 

-    

 

 

-    

 

 

-    

 

Long Term Notes & Investments

 

 

4,105,589

 

 

-    

 

 

-    

 

Gross PPE

 

 

-    

 

 

152,390

 

 

3,266

 

Accumulated Depreciation

 

 

-    

 

 

(129,668

)

 

(2,776

)

Property and Equipment

 

 

-    

 

 

22,722

 

 

490

 

Other Assets

 

 

-    

 

 

339

 

 

-    

 

Deferred Regulatory Inspection

 

 

-    

 

 

339

 

 

-    

 

Deferred Pension Costs

 

 

-    

 

 

-    

 

 

-    

 

Other Long Term Assets

 

 

-    

 

 

-    

 

 

-    

 

Restriccted Cash

 

 

-    

 

 

-    

 

 

-    

 

Long Term Prepaid Mob

 

 

-    

 

 

-    

 

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

4,107,079

 

 

187,510

 

 

33,721

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-    

 

 

-    

 

 

13,878

 

Accounts Payable

 

 

51,615

 

 

156,260

 

 

116,957

 

Payroll and Benefits Related Accruals

 

 

-    

 

 

37

 

 

2,047

 

Taxes Payable

 

 

-    

 

 

50

 

 

841

 

Interest Payable

 

 

-    

 

 

-    

 

 

958

 

Other Current Liabilities

 

 

5,073

 

 

-    

 

 

4,351

 

Total current liabilities

 

 

56,688

 

 

156,347

 

 

139,032

 

Total Long-Term Debt

 

 

-    

 

 

-    

 

 

10,071

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

-    

 

Other NonCurrent Liabilities

 

 

-    

 

 

-    

 

 

-    

 

Liabilities Subject to Compromise

 

 

634,616

 

 

-    

 

 

-    

 

Total liabilities

 

 

691,304

 

 

156,347

 

 

149,103

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(115,127

)

 

103,333

 

 

(101,898

)

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

(18,993

)

Total shareholders’ equity

 

 

3,415,774

 

 

31,165

 

 

(115,383

)

Total liabilities and shareholders’ equity

 

 

4,107,079

 

 

187,510

 

 

33,721

 

 


 

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 November 30, 2016

 

 

 

 

 

 

 

 

16-10391

 

 

16-10392

 

 

16-10393

 

 

 

 

Paragon International
Finance Company

 

 

 

Paragon Asset
(ME) Ltd.

 

 

Paragon Offshore
Holdings US Inc.

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

198,199

 

 

-    

 

 

-    

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

Accounts Receivable

 

 

3,598,709

 

 

70,584

 

 

19,771

 

Prepaid Expenses & Deposits

 

 

144

 

 

-    

 

 

-    

 

Taxes Receivable

 

 

-    

 

 

-    

 

 

4,175

 

Total Other Current Assets

 

 

-    

 

 

-    

 

 

-    

 

Total current assets

 

 

3,797,052

 

 

70,584

 

 

23,946

 

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

 

 

-    

 

 

81,713

 

 

-    

 

Accumulated Depreciation

 

 

-    

 

 

(43,647

)

 

-    

 

Property and Equipment

 

 

-    

 

 

38,066

 

 

-    

 

Other Assets

 

 

-    

 

 

724

 

 

-    

 

Deferred Regulatory Inspection

 

 

-    

 

 

724

 

 

-    

 

Deferred Pension Costs

 

 

-    

 

 

-    

 

 

-    

 

Other Long Term Assets

 

 

-    

 

 

-    

 

 

-    

 

Restriccted Cash

 

 

-    

 

 

-    

 

 

-    

 

Long Term Prepaid Mob

 

 

-    

 

 

-    

 

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

8,087,567

 

 

109,424

 

 

(1,315,497

)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

61,747

 

 

-    

 

 

-    

 

Accounts Payable

 

 

5,011,841

 

 

2,545

 

 

14,088

 

Payroll and Benefits Related Accruals

 

 

-    

 

 

77

 

 

-    

 

Taxes Payable

 

 

-    

 

 

-    

 

 

38

 

Interest Payable

 

 

1,439

 

 

-    

 

 

-    

 

Other Current Liabilities

 

 

-    

 

 

-    

 

 

-    

 

Total current liabilities

 

 

5,075,027

 

 

2,622

 

 

14,126

 

Total Long-Term Debt

 

 

32,994

 

 

-    

 

 

-    

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

-    

 

Other NonCurrent Liabilities

 

 

-    

 

 

-    

 

 

-    

 

Liabilities Subject to Compromise

 

 

-    

 

 

-    

 

 

-    

 

Total liabilities

 

 

5,108,021

 

 

2,622

 

 

14,126

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

50,641

 

 

62,502

 

 

(791,034

)

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

-    

 

Total shareholders’ equity

 

 

2,979,547

 

 

106,803

 

 

(1,329,623

)

Total liabilities and shareholders’ equity

 

 

8,087,567

 

 

109,424

 

 

(1,315,497

)

 


 

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 November 30, 2016

 

 

 

 

 

 

 

 

16-10394

 

 

16-10395

 

 

16-10396

 

 

 

 

Paragon Asset
(UK) Ltd.

 

 

 

Paragon FDR
Holding Ltd.

 

 

Paragon Offshore 
International Ltd.

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

-    

 

 

-    

 

 

577

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

Accounts Receivable

 

 

160,602

 

 

412,373

 

 

1,005,341

 

Prepaid Expenses & Deposits

 

 

-    

 

 

-    

 

 

2,223

 

Taxes Receivable

 

 

162

 

 

-    

 

 

530

 

Total Other Current Assets

 

 

-    

 

 

19,929

 

 

11,160

 

Total current assets

 

 

160,764

 

 

432,302

 

 

1,019,831

 

Investments in Subsidiaries

 

 

-    

 

 

410,651

 

 

7,435

 

Intercompany Notes Receivable

 

 

-    

 

 

-    

 

 

-    

 

Long Term Notes & Investments

 

 

-    

 

 

410,651

 

 

7,435

 

Gross PPE

 

 

-    

 

 

-    

 

 

213,355

 

Accumulated Depreciation

 

 

-    

 

 

-    

 

 

(160,511

)

Property and Equipment

 

 

-    

 

 

-    

 

 

52,844

 

Other Assets

 

 

2,204

 

 

-    

 

 

181

 

Deferred Regulatory Inspection

 

 

-    

 

 

-    

 

 

181

 

Deferred Pension Costs

 

 

-    

 

 

-    

 

 

-    

 

Other Long Term Assets

 

 

2,204

 

 

-    

 

 

-    

 

Restriccted Cash

 

 

-    

 

 

-    

 

 

-    

 

Long Term Prepaid Mob

 

 

-    

 

 

-    

 

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

162,968

 

 

842,953

 

 

1,080,291

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Accounts Payable

 

 

144,085

 

 

2,585

 

 

852,176

 

Payroll and Benefits Related Accruals

 

 

643

 

 

-    

 

 

14,546

 

Taxes Payable

 

 

-    

 

 

-    

 

 

3,329

 

Interest Payable

 

 

-    

 

 

-    

 

 

-    

 

Other Current Liabilities

 

 

4

 

 

-    

 

 

-    

 

Total current liabilities

 

 

144,732

 

 

2,585

 

 

870,051

 

Total Long-Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

1,133

 

Other NonCurrent Liabilities

 

 

-    

 

 

-    

 

 

-    

 

Liabilities Subject to Compromise

 

 

-    

 

 

-    

 

 

-    

 

Total liabilities

 

 

144,732

 

 

2,585

 

 

871,184

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Ordinary Shares-par Val $0.01 per share

 

 

5,000

 

 

-    

 

 

-    

 

Capital in Excess of par value

 

 

-    

 

 

829,425

 

 

293,024

 

Retained Earnings

 

 

13,236

 

 

10,944

 

 

(83,212

)

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

(705

)

Total shareholders’ equity

 

 

18,236

 

 

840,369

 

 

209,107

 

Total liabilities and shareholders’ equity

 

 

162,968

 

 

842,953

 

 

1,080,291

 

 


 

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 November 30, 2016

 

 

 

 

 

 

 

 

16-10397

 

 

16-10398

 

 

16-10399

 

 

 

 

Paragon Offshore 
(North Sea) Ltd.

 

 

Paragon Duchess Ltd.

 

 

Paragon (Middle
East) Limited

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

-    

 

 

-    

 

 

-    

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

Accounts Receivable

 

 

233,220

 

 

115

 

 

325,258

 

Prepaid Expenses & Deposits

 

 

183

 

 

-    

 

 

3

 

Taxes Receivable

 

 

194

 

 

255

 

 

-    

 

Total Other Current Assets

 

 

-    

 

 

-    

 

 

811

 

Total current assets

 

 

233,597

 

 

370

 

 

326,072

 

Investments in Subsidiaries

 

 

-    

 

 

(47,110

)

 

-    

 

Intercompany Notes Receivable

 

 

-    

 

 

-    

 

 

-    

 

Long Term Notes & Investments

 

 

-    

 

 

(47,110

)

 

-    

 

Gross PPE

 

 

-    

 

 

1,991

 

 

375,648

 

Accumulated Depreciation

 

 

-    

 

 

(991

)

 

(305,574

)

Property and Equipment

 

 

-    

 

 

1,000

 

 

70,074

 

Other Assets

 

 

-    

 

 

-    

 

 

2,079

 

Deferred Regulatory Inspection

 

 

-    

 

 

-    

 

 

1,660

 

Deferred Pension Costs

 

 

-    

 

 

-    

 

 

-    

 

Other Long Term Assets

 

 

-    

 

 

-    

 

 

-    

 

Restriccted Cash

 

 

-    

 

 

-    

 

 

-    

 

Long Term Prepaid Mob

 

 

-    

 

 

-    

 

 

419

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

233,597

 

 

(45,740

)

 

398,225

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Accounts Payable

 

 

206,451

 

 

7,633

 

 

32,372

 

Payroll and Benefits Related Accruals

 

 

399

 

 

1

 

 

4,895

 

Taxes Payable

 

 

(1,533

)

 

-    

 

 

433

 

Interest Payable

 

 

-    

 

 

-    

 

 

-    

 

Other Current Liabilities

 

 

-    

 

 

-    

 

 

999

 

Total current liabilities

 

 

205,317

 

 

7,634

 

 

38,699

 

Total Long-Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

-    

 

Other NonCurrent Liabilities

 

 

-    

 

 

-    

 

 

318

 

Liabilities Subject to Compromise

 

 

-    

 

 

-    

 

 

-    

 

Total liabilities

 

 

205,317

 

 

7,634

 

 

39,017

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

18,714

 

 

(90,419

)

 

290,943

 

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

-    

 

Total shareholders’ equity

 

 

28,279

 

 

(53,376

)

 

359,210

 

Total liabilities and shareholders’ equity

 

 

233,597

 

 

(45,740

)

 

398,225

 

 


 

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 November 30, 2016

 

 

 

 

 

 

 

 

16-10400

 

 

16-10401

 

 

16-10402

 

 

 

 

Paragon Offshore
(Luxembourg)
S.a r.l.

 

 

Paragon Holding
NCS 2 S.a r.l.

 

 

Paragon Leonard Jones 
LLC

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

-    

 

 

-    

 

 

501

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

Accounts Receivable

 

 

274,321

 

 

53,702

 

 

87,853

 

Prepaid Expenses & Deposits

 

 

-    

 

 

-    

 

 

12

 

Taxes Receivable

 

 

27

 

 

13

 

 

142

 

Total Other Current Assets

 

 

-    

 

 

46

 

 

10

 

Total current assets

 

 

274,348

 

 

53,761

 

 

88,518

 

Investments in Subsidiaries

 

 

208,494

 

 

42,808

 

 

35,000

 

Intercompany Notes Receivable

 

 

-    

 

 

300

 

 

11,485

 

Long Term Notes & Investments

 

 

208,494

 

 

43,108

 

 

46,485

 

Gross PPE

 

 

-    

 

 

20,505

 

 

-    

 

Accumulated Depreciation

 

 

-    

 

 

(17,764

)

 

-    

 

Property and Equipment

 

 

-    

 

 

2,741

 

 

-    

 

Other Assets

 

 

-    

 

 

291

 

 

-    

 

Deferred Regulatory Inspection

 

 

-    

 

 

291

 

 

-    

 

Deferred Pension Costs

 

 

-    

 

 

-    

 

 

-    

 

Other Long Term Assets

 

 

-    

 

 

-    

 

 

-    

 

Restriccted Cash

 

 

-    

 

 

-    

 

 

-    

 

Long Term Prepaid Mob

 

 

-    

 

 

-    

 

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

482,842

 

 

99,901

 

 

135,003

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Accounts Payable

 

 

272,717

 

 

60,767

 

 

67,105

 

Payroll and Benefits Related Accruals

 

 

-    

 

 

-    

 

 

-    

 

Taxes Payable

 

 

3

 

 

21

 

 

2,240

 

Interest Payable

 

 

-    

 

 

6,416

 

 

-    

 

Other Current Liabilities

 

 

-    

 

 

-    

 

 

3,073

 

Total current liabilities

 

 

272,720

 

 

67,204

 

 

72,418

 

Total Long-Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

-    

 

Other NonCurrent Liabilities

 

 

-    

 

 

-    

 

 

-    

 

Liabilities Subject to Compromise

 

 

-    

 

 

-    

 

 

-    

 

Total liabilities

 

 

272,720

 

 

67,204

 

 

72,418

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(373,511

)

 

(63,582

)

 

(73,592

)

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

-    

 

Total shareholders’ equity

 

 

210,122

 

 

32,697

 

 

62,587

 

Total liabilities and shareholders’ equity

 

 

482,842

 

 

99,901

 

 

135,003

 

 


 

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 November 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16-10403

 

 

16-10404

 

 

16-10405

 

 

 

 

 

PGN Offshore Drilling
(Malaysia) Sdn. Bhd.

 

 

Paragon Offshore
(Nederland) B.V.

 

 

Paragon Offshore
Contracting GmbH

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

141

 

 

2,866

 

 

2,281

 

Restricted Cash

 

 

-

 

 

-

 

 

-

 

Accounts Receivable

 

 

6,591

 

 

395,515

 

 

296,070

 

Prepaid Expenses & Deposits

 

 

-

 

 

538

 

 

74

 

Taxes Receivable

 

 

3

 

 

934

 

 

-

 

Total Other Current Assets

 

 

2

 

 

14,797

 

 

845

 

Total current assets

 

 

6,737

 

 

414,650

 

 

299,270

 

Investments in Subsidiaries

 

 

-

 

 

-

 

 

30,000

 

Intercompany Notes Receivable

 

 

32,994

 

 

7,959

 

 

47,778

 

Long Term Notes & Investments

 

 

32,994

 

 

7,959

 

 

77,778

 

Gross PPE

 

 

-

 

 

1

 

 

9,689

 

Accumulated Depreciation

 

 

-

 

 

(1

)

 

(1,213

)

Property and Equipment

 

 

-

 

 

-

 

 

8,476

 

Other Assets

 

 

-

 

 

974

 

 

-

 

Deferred Regulatory Inspection

 

 

-

 

 

-

 

 

-

 

Deferred Pension Costs

 

 

-

 

 

974

 

 

-

 

Other Long Term Assets

 

 

-

 

 

-

 

 

-

 

Restriccted Cash

 

 

-

 

 

-

 

 

-

 

Long Term Prepaid Mob

 

 

-

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

39,731

 

 

423,583

 

 

385,524

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-

 

 

-

 

 

-

 

Accounts Payable

 

 

68,082

 

 

228,106

 

 

116,952

 

Payroll and Benefits Related Accruals

 

 

144

 

 

1,727

 

 

-

 

Taxes Payable

 

 

3

 

 

73

 

 

2,285

 

Interest Payable

 

 

-

 

 

-

 

 

11,298

 

Other Current Liabilities

 

 

20

 

 

4,645

 

 

536

 

Total current liabilities

 

 

68,249

 

 

234,551

 

 

131,071

 

Total Long-Term Debt

 

 

-

 

 

-

 

 

158,059

 

Deferred Taxes

 

 

-

 

 

201

 

 

-

 

Other NonCurrent Liabilities

 

 

-

 

 

2

 

 

-

 

Liabilities Subject to Compromise

 

 

-

 

 

-

 

 

-

 

Total liabilities

 

 

68,249

 

 

234,754

 

 

289,130

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

19,104

 

 

175,411

 

 

36,292

 

Accumulated Other Comprehensive Loss

 

 

-

 

 

625

 

 

87

 

Total shareholders’ equity

 

 

(28,516

)

 

188,830

 

 

96,393

 

Total liabilities and shareholders’ equity

 

 

39,731

 

 

423,583

 

 

385,524

 

 


 

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 November 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16-10406

 

 

16-10407

 

 

16-10408

 

 

 

 

 

Paragon Offshore
(Labuan) Pte. Ltd.

 

 

Paragon Holding
SCS 2 Ltd.

 

 

Paragon Asset
Company Ltd.

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

1,163

 

 

-

 

 

-

 

Restricted Cash

 

 

-

 

 

-

 

 

-

 

Accounts Receivable

 

 

9,940

 

 

31,739

 

 

920,842

 

Prepaid Expenses & Deposits

 

 

1

 

 

-

 

 

-

 

Taxes Receivable

 

 

-

 

 

-

 

 

-

 

Total Other Current Assets

 

 

-

 

 

6,416

 

 

-

 

Total current assets

 

 

11,104

 

 

38,155

 

 

920,842

 

Investments in Subsidiaries

 

 

-

 

 

2,472,887

 

 

65,504

 

Intercompany Notes Receivable

 

 

-

 

 

-

 

 

-

 

Long Term Notes & Investments

 

 

-

 

 

2,472,887

 

 

65,504

 

Gross PPE

 

 

-

 

 

-

 

 

1,012,645

 

Accumulated Depreciation

 

 

-

 

 

-

 

 

(798,554

)

Property and Equipment

 

 

-

 

 

-

 

 

214,091

 

Other Assets

 

 

-

 

 

-

 

 

13,512

 

Deferred Regulatory Inspection

 

 

-

 

 

-

 

 

1,794

 

Deferred Pension Costs

 

 

-

 

 

-

 

 

-

 

Other Long Term Assets

 

 

-

 

 

-

 

 

11,718

 

Restriccted Cash

 

 

-

 

 

-

 

 

-

 

Long Term Prepaid Mob

 

 

-

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

11,104

 

 

2,511,042

 

 

1,213,949

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-

 

 

-

 

 

-

 

Accounts Payable

 

 

10,199

 

 

133,978

 

 

541,026

 

Payroll and Benefits Related Accruals

 

 

1

 

 

-

 

 

30

 

Taxes Payable

 

 

-

 

 

3,391

 

 

-

 

Interest Payable

 

 

-

 

 

-

 

 

46

 

Other Current Liabilities

 

 

-

 

 

-

 

 

-

 

Total current liabilities

 

 

10,200

 

 

137,369

 

 

541,102

 

Total Long-Term Debt

 

 

-

 

 

-

 

 

300

 

Deferred Taxes

 

 

-

 

 

-

 

 

-

 

Other NonCurrent Liabilities

 

 

-

 

 

18,251

 

 

-

 

Liabilities Subject to Compromise

 

 

-

 

 

-

 

 

-

 

Total liabilities

 

 

10,200

 

 

155,620

 

 

541,402

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

394

 

 

(1,659,775

)

 

386,378

 

Accumulated Other Comprehensive Loss

 

 

-

 

 

-

 

 

-

 

Total shareholders’ equity

 

 

904

 

 

2,355,422

 

 

672,552

 

Total liabilities and shareholders’ equity

 

 

11,104

 

 

2,511,042

 

 

1,213,949

 

 


 

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 November 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16-10409

 

 

16-10410

 

 

 

 

 

 

 

Paragon Holding
SCS 1 Ltd.

 

 

Paragon Offshore
Leasing
(Luxembourg) S.a r.l.

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

-

 

 

49

 

 

 

 

Restricted Cash

 

 

-

 

 

-

 

 

 

 

Accounts Receivable

 

 

120,670

 

 

115,344

 

 

 

 

Prepaid Expenses & Deposits

 

 

-

 

 

-

 

 

 

 

Taxes Receivable

 

 

-

 

 

33

 

 

 

 

Total Other Current Assets

 

 

120,273

 

 

-

 

 

 

 

Total current assets

 

 

240,943

 

 

115,426

 

 

 

 

Investments in Subsidiaries

 

 

1,230,952

 

 

(72,168

)

 

 

 

Intercompany Notes Receivable

 

 

-

 

 

-

 

 

 

 

Long Term Notes & Investments

 

 

1,230,952

 

 

(72,168

)

 

 

 

Gross PPE

 

 

-

 

 

123,985

 

 

 

 

Accumulated Depreciation

 

 

-

 

 

(99,376

)

 

 

 

Property and Equipment

 

 

-

 

 

24,609

 

 

 

 

Other Assets

 

 

-

 

 

1,054

 

 

 

 

Deferred Regulatory Inspection

 

 

-

 

 

1,054

 

 

 

 

Deferred Pension Costs

 

 

-

 

 

-

 

 

 

 

Other Long Term Assets

 

 

-

 

 

-

 

 

 

 

Restriccted Cash

 

 

-

 

 

-

 

 

 

 

Long Term Prepaid Mob

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

1,471,895

 

 

68,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-

 

 

-

 

 

 

 

Accounts Payable

 

 

220

 

 

25,653

 

 

 

 

Payroll and Benefits Related Accruals

 

 

-

 

 

-

 

 

 

 

Taxes Payable

 

 

-

 

 

-

 

 

 

 

Interest Payable

 

 

-

 

 

80,671

 

 

 

 

Other Current Liabilities

 

 

-

 

 

45

 

 

 

 

Total current liabilities

 

 

220

 

 

106,369

 

 

 

 

Total Long-Term Debt

 

 

-

 

 

-

 

 

 

 

Deferred Taxes

 

 

-

 

 

-

 

 

 

 

Other NonCurrent Liabilities

 

 

-

 

 

-

 

 

 

 

Liabilities Subject to Compromise

 

 

-

 

 

-

 

 

 

 

Total liabilities

 

 

220

 

 

106,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Ordinary Shares-par Val $0.01 per share

 

 

9

 

 

-

 

 

 

 

Capital in Excess of par value

 

 

1,325,327

 

 

1,519,680

 

 

 

 

Retained Earnings

 

 

146,340

 

 

(1,557,126

)

 

 

 

Accumulated Other Comprehensive Loss

 

 

-

 

 

-

 

 

 

 

Total shareholders’ equity

 

 

1,471,676

 

 

(37,446

)

 

 

 

Total liabilities and shareholders’ equity

 

 

1,471,895

 

 

68,921

 

 

 

 

 


 

MOR-4

 

 

 

In re Paragon Offshore PLC, et al.

 

 

 

 

Case No. 16-10386 (CSS)

 

Reporting Period:

November 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
entities

 

 

 

Beginning
Tax
Liability

 

 

Amount
Withheld or
Accrued

 

 

Amount
Paid

 

 

Ending Tax
Liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Income Tax

 

 

$

5,806

 

 

$

1,699

 

 

$

(301

)

 

$

7,203

 

Payroll Tax

 

 

$

9,165

 

 

1,061

 

 

(936

)

 

$

9,290

 

Withholding Tax

 

 

$

(12,712

)

 

(161

)

 

(484

)

 

$

(13,357

)

Property Tax

 

 

$

-    

 

 

 

 

 

 

 

 

$

-    

 

VAT Tax

 

 

$

(7,929

)

 

620

 

 

(809

)

 

$

(8,119

)

Other Tax

 

 

$

2,724

 

 

28

 

 

 

 

 

$

2,752

 

Total Taxes

 

 

$

(2,947

)

 

$

3,246

 

 

$

(2,530

)

 

$

(2,231

)

 

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

 

 

$

103

 

 

$

20

 

 

$

76

 

 

$

233

 

 

$

432

 

Paragon Offshore plc

 

 

16-10386

 

 

71

 

 

92

 

 

55

 

 

149

 

 

367

 

Paragon Drilling Services 7 LLC

 

 

16-10387

 

 

36

 

 

-    

 

 

-    

 

 

-    

 

 

36

 

Paragon Offshore Finance Company

 

 

16-10388

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Offshore Leasing (Switzerland) GmbH

 

 

16-10389

 

 

8

 

 

0

 

 

10

 

 

(20

)

 

(2

)

Paragon Offshore do Brasil Ltda.

 

 

16-10390

 

 

109

 

 

44

 

 

-    

 

 

-    

 

 

153

 

Paragon International Finance Company

 

 

16-10391

 

 

738

 

 

1,015

 

 

94

 

 

402

 

 

2,249

 

Paragon Asset (ME) Ltd.

 

 

16-10392

 

 

2

 

 

-    

 

 

(0

)

 

-    

 

 

2

 

Paragon Offshore Holdings US Inc.

 

 

16-10393

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Asset (UK) Ltd.

 

 

16-10394

 

 

50

 

 

19

 

 

7

 

 

(3

)

 

73

 

Paragon FDR Holding Ltd.

 

 

16-10395

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Offshore International Ltd.

 

 

16-10396

 

 

496

 

 

645

 

 

67

 

 

18

 

 

1,226

 

Paragon Offshore (North Sea) Ltd.

 

 

16-10397

 

 

94

 

 

30

 

 

2

 

 

(9

)

 

117

 

Paragon Duchess Ltd.

 

 

16-10398

 

 

27

 

 

-    

 

 

-    

 

 

(11

)

 

16

 

Paragon (Middle East) Limited

 

 

16-10399

 

 

366

 

 

263

 

 

14

 

 

(71

)

 

571

 

Paragon Offshore (Luxembourg) S.a r.l.

 

 

16-10400

 

 

-    

 

 

-    

 

 

-    

 

 

5

 

 

5

 

Paragon Holding NCS 2 S.a r.l.

 

 

16-10401

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Leonard Jones LLC

 

 

16-10402

 

 

2

 

 

275

 

 

-    

 

 

-    

 

 

276

 

PGN Offshore Drilling (Malaysia) Sdn. Bhd.

 

 

16-10403

 

 

17

 

 

15

 

 

-    

 

 

(18

)

 

15

 

Paragon Offshore (Nederland) B.V.

 

 

16-10404

 

 

788

 

 

576

 

 

32

 

 

122

 

 

1,519

 

Paragon Offshore Contracting GmbH

 

 

16-10405

 

 

410

 

 

37

 

 

-    

 

 

102

 

 

549

 

Paragon Offshore (Labuan) Pte. Ltd.

 

 

16-10406

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Holding SCS 2 Ltd.

 

 

16-10407

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Asset Company Ltd.

 

 

16-10408

 

 

120

 

 

182

 

 

55

 

 

(6

)

 

351

 

Paragon Holding SCS 1 Ltd.

 

 

16-10409

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Offshore Leasing (Luxembourg) S.a r.l.

 

 

16-10410

 

 

-    

 

 

-    

 

 

-    

 

 

(1

)

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Accounts Payable

 

 

 

 

 

$

3,436

 

 

$

3,213

 

 

$

413

 

 

$

892

 

 

$

7,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

MOR-5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

Case No. 16-10386 (CSS)

 

Reporting Period:

November 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

 

 

 

 

 

Unbilled Accounts Receivable

 

 

 

 

 

Other Accounts Receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

Debtor

Case Number

 

 

0-60

 

 

60-90

 

 

>90

 

 

Total Billed
Accounts
Receivable

 

 

0-60

 

 

60-90

 

 

>90

 

 

Total
Unbilled
Accounts
Receivable

 

 

0-60

 

 

60-90

 

 

>90

 

 

Total Other
Accounts
Receivable

 

 

Total
Accounts
Receivable
(Gross)

 

 

Allowance
for Doubtful
Accounts

 

 

Total Accounts
Receivable (Net)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore Drilling LLC

16-10385

 

 

$

2,265

 

 

$

-     

 

 

$

6,676

 

 

$

8,940

 

 

$

1,090

 

 

$

1

 

 

$

53

 

 

$

1,144

 

 

$

-     

 

 

$

-     

 

 

$

-     

 

 

$

-     

 

 

$

10,085

 

 

$

(6,545

)

 

$

3,540

 

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

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

7,310

 

 

7,310

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

7,310

 

 

(480

)

 

6,830

 

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

 

 

2,337

 

 

-     

 

 

-     

 

 

2,337

 

 

1,287

 

 

-     

 

 

-     

 

 

1,287

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

3,624

 

 

-     

 

 

3,624

 

Paragon FDR Holding Ltd.

16-10395

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

Paragon Offshore International Ltd.

16-10396

 

 

16,673

 

 

-     

 

 

9,630

 

 

26,303

 

 

2,520

 

 

12

 

 

2,524

 

 

5,055

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

31,358

 

 

(5,816

)

 

25,542

 

Paragon Offshore (North Sea) Ltd.

16-10397

 

 

1,636

 

 

-     

 

 

-     

 

 

1,636

 

 

9

 

 

-     

 

 

-     

 

 

9

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

1,645

 

 

-     

 

 

1,645

 

Paragon Duchess Ltd.

16-10398

 

 

-     

 

 

-     

 

 

455

 

 

455

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

455

 

 

(455

)

 

-     

 

Paragon (Middle East) Limited

16-10399

 

 

11,506

 

 

-     

 

 

-     

 

 

11,506

 

 

5,685

 

 

-     

 

 

403

 

 

6,088

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

17,594

 

 

-     

 

 

17,594

 

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

 

 

-     

 

 

29

 

 

3,863

 

 

3,892

 

 

-     

 

 

-     

 

 

5,029

 

 

5,029

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

8,921

 

 

(1,918

)

 

7,003

 

PGN Offshore Drilling (Malaysia) Sdn. Bhd.

16-10403

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

Paragon Offshore (Nederland) B.V.

16-10404

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

Paragon Offshore Contracting GmbH

16-10405

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

20,762

 

 

20,762

 

 

-     

 

 

-     

 

 

-     

 

 

-     

 

 

20,762

 

 

(18,386

)

 

2,376

 

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

 

 

 

$

34,417

 

 

$

29

 

 

$

20,623

 

 

$

55,069

 

 

$

10,591

 

 

$

12

 

 

$

36,081

 

 

$

46,684

 

 

$

-     

 

 

$

-     

 

 

$

-     

 

 

$

-     

 

 

$

101,753

 

 

$

(33,599

)

 

$

68,154

 

 


 

MOR-5 (Cont)

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

Reporting Period:

November 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