Paragon piles drillship, Offshore Puerto Rico

Paragon piles drillship, Offshore Puerto Rico

Offshore drilling contractor Paragon Offshore has stacked one of its drillships and a semi-sub drilling rig in Puerto Rico.

According to Paragon’s fleet status report on Monday, the 1981-built drillship Paragon DPDS2 was stacked in Puerto Rico.

Petrobras early-released the rig in September 2015, as the company is disputing approximately 520 days of the drilling contract, which was scheduled to end in early March 2017.

“We will pursue all legal remedies available to us under the contract,” Paragon reiterated.

Paragon DPDS2 is of a Gusto Engineering Pelican Class Drillship design built by Scheepswerven; Boele Bolnes. The rig is capable of drilling in water depth of 5,600 ft.

In addition to the drillship, Paragon also stacked its 1971-built semi-submersible drilling rig Paragon MSS2 in Puerto Rico.

The semi-sub rig was also previously under a contract with Petrobras offshore Brazil until April 2016 when the contract expired.

Furthermore, the contract for Paragon’s 1982-built jack-up drilling rig C20051 was extended with Total for light well intervention services from mid-July to mid-August.

Offshore Energy

Related News: Paragon Offshore gets two extensions, one cancellation for its jack-up rigs

Offshore drilling contractor Paragon Offshore has received two contract extensions and one contract termination for its jack-up drilling rigs.

According to Paragon’s latest fleet status report, the contract for Paragon’s 1979-built jack-up drilling rig Paragon M1162, operating in the UAE, was extended from mid January 2017 to late January 2019.

Paragon said it was in discussions with NDC (ADMA-OPCO) regarding the current terms for the extension period.

Further, the offshore driller’s 1981-built jack-up rig Paragon L784, also working in the UAE, received an early termination notice pursuant to NDC (ZADCO)’s right to terminate with 180 days notice plus 30 days standby.

The effective end date for this contract is expected to be early November 2016.

In addition, the contract for Paragon’s 1981-built jack-up rig Paragon B391 was extended from late March 2016 to late May 2016.

The rig is operating for Centrica in the North Sea. The dayrate was reduced from  $154,000 to $85,000.

Paragon also reported that its 1971-built semi-submersible drilling rig Paragon MSS2, under a contract with Petrobras offshore Brazil with a dayrate of $270,000, would be demobilized for
stacking after the rig’s contract expires this month.

Paragon also stacked one rig in February 2016. The company’s 1975-built drillship was without a contract since October 2015.

 

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