Attached files
| file | filename |
|---|---|
| 8-K - 8-K - PARAGON OFFSHORE PLC | a17-12231_18k.htm |
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: |
March 1 - 31, 2017 |
|
|
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 |
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|
Bank Reconciliation (or copies of Debtors’ bank reconciliations) |
|
MOR-1a |
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|
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) |
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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 |
|
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) |
|
MOR-5 |
|
X |
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Debtor Questionnaire (See Notes to the MOR) |
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MOR-5 |
|
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.
|
/s/ A. Alejandra Veltmann |
|
5/2/2017 |
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Signature of Authorized Individual* |
Date | |
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| |
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| |
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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: |
March 1 - 31, 2017 |
|
|
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: |
March 1 - 31, 2017 |
|
|
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.
Non-Debtor Paragon Offshore Services LLC paid, among other things, the Debtors’ annual insurance premiums and made certain payments to the Debtors’ professionals and secured lenders approved under prior orders of the Court. All such amounts were reconciled by intercompany payables from the Debtors’ accounts to the non-Debtors’ accounts.
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 March 2017 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.
MOR Notes
In re Paragon Offshore PLC, et al.
|
|
|
Case No. 16-10386 (CSS) |
|
|
Reporting Period: |
March 1 - 31, 2017 |
|
|
Federal Tax I.D. # |
98-1146017 |
Notes to the Monthly Operating Report
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 (February 2017) may not equate with the opening balances in MOR-4 (March 2017) due to ordinary course adjustments/reclassifications of certain tax liabilities after the February 2017 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.
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: |
March 1 - 31, 2017 |
|
|
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 |
|
Intercompany |
|
Non Debtor on Behalf of |
|
Total Disbursements |
|
Cash Receipts |
| |||||
|
Paragon Offshore Drilling LLC |
|
16-10385 |
|
$ |
(380 |
) |
$ |
— |
|
$ |
— |
|
$ |
(380 |
) |
$ |
2,078 |
|
|
Paragon Offshore plc |
|
16-10386 |
|
(2,246 |
) |
— |
|
(13,993 |
) |
(16,239 |
) |
435 |
| |||||
|
Paragon Drilling Services 7 LLC |
|
16-10387 |
|
(115 |
) |
— |
|
— |
|
(115 |
) |
— |
| |||||
|
Paragon Offshore Finance Company |
|
16-10388 |
|
(3,116 |
) |
— |
|
— |
|
(3,116 |
) |
— |
| |||||
|
Paragon Offshore Leasing (Switzerland) GmbH |
|
16-10389 |
|
(0 |
) |
— |
|
— |
|
(0 |
) |
— |
| |||||
|
Paragon Offshore do Brasil Ltda. |
|
16-10390 |
|
(1,140 |
) |
— |
|
— |
|
(1,140 |
) |
412 |
| |||||
|
Paragon International Finance Company |
|
16-10391 |
|
(533 |
) |
(1,009 |
) |
— |
|
(1,542 |
) |
58 |
| |||||
|
Paragon Asset (ME) Ltd. |
|
16-10392 |
|
(40 |
) |
— |
|
— |
|
(40 |
) |
— |
| |||||
|
Paragon Offshore Holdings US Inc. |
|
16-10393 |
|
(1 |
) |
— |
|
— |
|
(1 |
) |
— |
| |||||
|
Paragon Asset (UK) Ltd. |
|
16-10394 |
|
(612 |
) |
— |
|
— |
|
(612 |
) |
— |
| |||||
|
Paragon FDR Holding Ltd. |
|
16-10395 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Offshore International Ltd. |
|
16-10396 |
|
(2,160 |
) |
— |
|
— |
|
(2,160 |
) |
5,372 |
| |||||
|
Paragon Offshore (North Sea) Ltd. |
|
16-10397 |
|
(362 |
) |
— |
|
— |
|
(362 |
) |
19 |
| |||||
|
Paragon Duchess Ltd. |
|
16-10398 |
|
(30 |
) |
— |
|
— |
|
(30 |
) |
— |
| |||||
|
Paragon (Middle East) Limited |
|
16-10399 |
|
(1,480 |
) |
— |
|
— |
|
(1,480 |
) |
7,277 |
| |||||
|
Paragon Offshore (Luxembourg) S.a r.l. |
|
16-10400 |
|
(29 |
) |
— |
|
— |
|
(29 |
) |
— |
| |||||
|
Paragon Holding NCS 2 S.a r.l. |
|
16-10401 |
|
(21 |
) |
— |
|
— |
|
(21 |
) |
— |
| |||||
|
Paragon Leonard Jones LLC |
|
16-10402 |
|
(1,554 |
) |
— |
|
— |
|
(1,554 |
) |
29 |
| |||||
|
PGN Offshore Drilling (Malaysia) Sdn. Bhd. |
|
16-10403 |
|
(43 |
) |
— |
|
— |
|
(43 |
) |
— |
| |||||
|
Paragon Offshore (Nederland) B.V. |
|
16-10404 |
|
(1,088 |
) |
(163 |
) |
— |
|
(1,250 |
) |
302 |
| |||||
|
Paragon Offshore Contracting GmbH |
|
16-10405 |
|
(137 |
) |
— |
|
— |
|
(137 |
) |
265 |
| |||||
|
Paragon Offshore (Labuan) Pte. Ltd. |
|
16-10406 |
|
(2 |
) |
— |
|
— |
|
(2 |
) |
— |
| |||||
|
Paragon Holding SCS 2 Ltd. |
|
16-10407 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Asset Company Ltd. |
|
16-10408 |
|
(1,019 |
) |
— |
|
— |
|
(1,019 |
) |
— |
| |||||
|
Paragon Holding SCS 1 Ltd. |
|
16-10409 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Offshore Leasing (Luxembourg) S.a r.l. |
|
16-10410 |
|
(27 |
) |
— |
|
— |
|
(27 |
) |
— |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total |
|
|
|
$ |
(16,134 |
) |
$ |
(1,171 |
) |
|
|
$ |
(31,298 |
) |
$ |
16,246 |
| |
MOR-1a
In re Paragon Offshore PLC, et al.
|
|
|
Case No. 16-10386 (CSS) |
|
|
Reporting Period: |
March 1 - 31, 2017 |
|
|
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 |
|
Bank Name |
|
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 |
|
344,486 |
|
344,716 |
|
344,581 |
|
344,835 |
| ||||
|
|
|
16-10386 |
|
Wells Fargo |
|
6704 |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
16-10386 |
|
HSBC |
|
9694 |
|
131 |
|
265 |
|
130 |
|
250 |
| ||||
|
|
|
16-10386 |
|
Goldman Sachs |
|
3774 |
|
332,851 |
|
332,947 |
|
332,947 |
|
333,081 |
| ||||
|
|
|
16-10386 |
|
Bank of America |
|
9069 |
|
11,504 |
|
11,504 |
|
11,504 |
|
11,504 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Paragon Drilling Services 7 LLC |
|
16-10387 |
|
Wells Fargo |
|
8977 |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Paragon Offshore Finance Company |
|
16-10388 |
|
Wells Fargo |
|
2257 |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Paragon Offshore Leasing (Switzerland) GmbH |
|
16-10389 |
|
|
|
Sub Total |
|
112 |
|
57 |
|
(11 |
) |
(77 |
) | ||||
|
|
|
16-10389 |
|
HSBC |
|
3991 |
|
8 |
|
8 |
|
8 |
|
8 |
| ||||
|
|
|
16-10389 |
|
UBS |
|
701L |
|
104 |
|
49 |
|
(19 |
) |
(85 |
) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Paragon Offshore do Brasil Ltda. |
|
16-10390 |
|
|
|
Sub Total |
|
4,823 |
|
4,403 |
|
4,757 |
|
4,280 |
| ||||
|
|
|
16-10390 |
|
Banco Itau |
|
4000 |
|
4,741 |
|
4,320 |
|
4,750 |
|
4,273 |
| ||||
|
|
|
16-10390 |
|
Banco Bradesco |
|
7775 |
|
4 |
|
4 |
|
4 |
|
4 |
| ||||
|
|
|
16-10390 |
|
Banco Itau |
|
5004 |
|
79 |
|
79 |
|
3 |
|
3 |
| ||||
|
|
|
16-10390 |
|
|
|
Petty Cash |
|
|
|
|
|
— |
|
— |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Paragon International Finance Company |
|
16-10391 |
|
|
|
Sub Total |
|
165,481 |
|
139,592 |
|
165,742 |
|
139,883 |
| ||||
|
|
|
16-10391 |
|
JPMorgan Chase |
|
4670 |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
16-10391 |
|
Wells Fargo |
|
4240 |
|
537 |
|
404 |
|
697 |
|
567 |
| ||||
|
|
|
16-10391 |
|
Wells Fargo |
|
7219 |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
16-10391 |
|
Wells Fargo |
|
7201 |
|
98 |
|
45 |
|
149 |
|
107 |
| ||||
|
|
|
16-10391 |
|
Wells Fargo |
|
7227 |
|
— |
|
0 |
|
— |
|
— |
| ||||
|
|
|
16-10391 |
|
Wells Fargo |
|
7235 |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
16-10391 |
|
Wells Fargo |
|
4355 |
|
10 |
|
— |
|
10 |
|
— |
| ||||
|
|
|
16-10391 |
|
Wells Fargo |
|
1100 |
|
41 |
|
— |
|
113 |
|
45 |
| ||||
|
|
|
16-10391 |
|
Goldman Sachs |
|
3880 |
|
38,089 |
|
38,100 |
|
38,100 |
|
38,116 |
| ||||
|
|
|
16-10391 |
|
Bank of America |
|
9959 |
|
1,739 |
|
4,544 |
|
1,746 |
|
4,551 |
| ||||
|
|
|
16-10391 |
|
Bank of America |
|
4356 |
|
370 |
|
370 |
|
370 |
|
370 |
| ||||
|
|
|
16-10391 |
|
Bank of America |
|
7633 |
|
122,313 |
|
92,353 |
|
122,313 |
|
92,353 |
| ||||
|
|
|
16-10391 |
|
Wells Fargo |
|
9936 |
|
— |
|
— |
|
(20 |
) |
(20 |
) | ||||
|
|
|
16-10391 |
|
Bank of America |
|
1478 |
|
— |
|
— |
|
57 |
|
58 |
| ||||
|
|
|
16-10391 |
|
Bank of America |
|
3463 |
|
2,231 |
|
3,700 |
|
2,150 |
|
3,655 |
| ||||
|
|
|
16-10391 |
|
Bank of America |
|
9016 |
|
52 |
|
76 |
|
56 |
|
81 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
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 |
|
Wells Fargo |
|
3867 |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Entity |
|
Case Number |
|
Bank Name |
|
Last 4 Digits of |
|
Opening Account |
|
Closing Account |
|
Opening Cash |
|
Closing Cash |
|
|
Paragon Offshore International Ltd. |
|
16-10396 |
|
|
|
Sub Total |
|
556 |
|
427 |
|
1,159 |
|
881 |
|
|
|
|
16-10396 |
|
HSBC |
|
-001 |
|
1 |
|
0 |
|
1 |
|
0 |
|
|
|
|
16-10396 |
|
HSBC |
|
5110 |
|
6 |
|
6 |
|
6 |
|
6 |
|
|
|
|
16-10396 |
|
HSBC |
|
6490 |
|
17 |
|
17 |
|
17 |
|
17 |
|
|
|
|
16-10396 |
|
HSBC |
|
6500 |
|
1 |
|
1 |
|
1 |
|
1 |
|
|
|
|
16-10396 |
|
Ecobank |
|
9901 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
16-10396 |
|
CCEI Bank GE Malabo |
|
0000 |
|
9 |
|
9 |
|
8 |
|
— |
|
|
|
|
16-10396 |
|
Standard Charter |
|
2501 |
|
299 |
|
299 |
|
299 |
|
299 |
|
|
|
|
16-10396 |
|
HSBC |
|
4001 |
|
223 |
|
94 |
|
223 |
|
93 |
|
|
|
|
16-10396 |
|
Bank of America |
|
1012 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
16-10396 |
|
Wells Fargo |
|
0570 |
|
— |
|
— |
|
3 |
|
7 |
|
|
|
|
16-10396 |
|
Bank of America |
|
7773 |
|
503 |
|
369 |
|
532 |
|
397 |
|
|
|
|
16-10396 |
|
Wells Fargo |
|
4872 |
|
— |
|
— |
|
46 |
|
43 |
|
|
|
|
16-10396 |
|
|
|
Petty Cash |
|
— |
|
— |
|
23 |
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Wells Fargo |
|
8969 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
16-10400 |
|
Wells Fargo |
|
1728 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
Paragon Holding NCS 2 S.a r.l. |
|
16-10401 |
|
Wells Fargo |
|
5235 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon Leonard Jones LLC |
|
16-10402 |
|
|
|
Sub Total |
|
126 |
|
124 |
|
126 |
|
124 |
|
|
|
|
16-10402 |
|
Wells Fargo |
|
8256 |
|
— |
|
— |
|
— |
|
(0 |
) |
|
|
|
16-10402 |
|
Wells Fargo |
|
8032 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
16-10402 |
|
HSBC |
|
3350 |
|
2 |
|
2 |
|
2 |
|
2 |
|
|
|
|
16-10402 |
|
HSBC |
|
7021 |
|
58 |
|
5 |
|
58 |
|
5 |
|
|
|
|
16-10402 |
|
Bank of America |
|
8378 |
|
1 |
|
29 |
|
1 |
|
29 |
|
|
|
|
16-10402 |
|
Bank of America |
|
3492 |
|
65 |
|
89 |
|
65 |
|
89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PGN Offshore Drilling (Malaysia) Sdn. Bhd. |
|
16-10403 |
|
|
|
Sub Total |
|
41 |
|
40 |
|
198 |
|
156 |
|
|
|
|
16-10403 |
|
Wells Fargo |
|
3875 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
16-10403 |
|
Standard Charter |
|
0775 |
|
41 |
|
40 |
|
198 |
|
156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon Offshore (Nederland) B.V. |
|
16-10404 |
|
|
|
Sub Total |
|
1,596 |
|
2,286 |
|
1,719 |
|
2,415 |
|
|
|
|
16-10404 |
|
Wells Fargo |
|
2286 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
16-10404 |
|
Wells Fargo |
|
1106 |
|
47 |
|
40 |
|
48 |
|
39 |
|
|
|
|
16-10404 |
|
Barclays |
|
6254 |
|
315 |
|
424 |
|
441 |
|
550 |
|
|
|
|
16-10404 |
|
ABN AMRO |
|
NL2A |
|
933 |
|
1,227 |
|
941 |
|
1,226 |
|
|
|
|
16-10404 |
|
Bank of America |
|
0016 |
|
24 |
|
76 |
|
25 |
|
77 |
|
|
|
|
16-10404 |
|
Bank of America |
|
0024 |
|
86 |
|
28 |
|
87 |
|
28 |
|
|
|
|
16-10404 |
|
Bank of America |
|
3476 |
|
191 |
|
491 |
|
178 |
|
494 |
|
|
|
|
16-10404 |
|
Bank of America |
|
7760 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
16-10404 |
|
|
|
Petty Cash |
|
— |
|
— |
|
— |
|
— |
|
|
Entity |
|
Case Number |
|
Bank Name |
|
Last 4 Digits of |
|
Opening Account |
|
Closing Account |
|
Opening Cash |
|
Closing Cash |
| ||||
|
Paragon Offshore Contracting GmbH |
|
16-10405 |
|
|
|
Sub Total |
|
3,160 |
|
2,640 |
|
3,174 |
|
2,642 |
| ||||
|
|
|
16-10405 |
|
Wells Fargo |
|
8002 |
|
— |
|
— |
|
(0 |
) |
(0 |
) | ||||
|
|
|
16-10405 |
|
Wells Fargo |
|
2377 |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
16-10405 |
|
Wells Fargo |
|
8788 |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
16-10405 |
|
Banamex |
|
8876 |
|
1,601 |
|
1,704 |
|
1,608 |
|
1,705 |
| ||||
|
|
|
16-10405 |
|
Banamex |
|
4010 |
|
638 |
|
680 |
|
645 |
|
680 |
| ||||
|
|
|
16-10405 |
|
UBS |
|
403W |
|
16 |
|
16 |
|
16 |
|
16 |
| ||||
|
|
|
16-10405 |
|
Bank of America |
|
8556 |
|
744 |
|
214 |
|
744 |
|
214 |
| ||||
|
|
|
16-10405 |
|
Bank of America |
|
3489 |
|
162 |
|
27 |
|
162 |
|
27 |
| ||||
|
|
|
16-10405 |
|
|
|
Petty Cash |
|
|
|
|
|
— |
|
— |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Paragon Offshore (Labuan) Pte. Ltd. |
|
16-10406 |
|
|
|
Sub Total |
|
1,183 |
|
1,181 |
|
1,183 |
|
1,181 |
| ||||
|
|
|
16-10406 |
|
Wells Fargo |
|
7995 |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
16-10406 |
|
HSBC |
|
-101 |
|
16 |
|
14 |
|
16 |
|
14 |
| ||||
|
|
|
16-10406 |
|
HSBC |
|
-725 |
|
1,168 |
|
1,168 |
|
1,168 |
|
1,168 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
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 |
|
1,147 |
|
1,166 |
|
1,158 |
|
1,168 |
| ||||
|
|
|
16-10410 |
|
Wells Fargo |
|
6362 |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
16-10410 |
|
BCEE |
|
8000 |
|
1,147 |
|
1,166 |
|
1,158 |
|
1,168 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
Total |
|
|
|
|
|
$ |
522,711 |
|
$ |
496,632 |
|
$ |
523,786 |
|
$ |
497,488 |
|
MOR-1b
In re Paragon Offshore PLC, et al.
|
|
|
Case No. 16-10386 (CSS) |
|
|
Reporting Period: |
March 1 - 31, 2017 |
|
|
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.
Retained Professionals
|
Name |
|
Amount Paid During Month |
|
Total Paid to Date |
| ||
|
Weil, Gotshal & Manges LLP |
|
$ |
— |
|
$ |
8,600 |
|
|
Richards, Layton & Finger, PA |
|
129 |
|
805 |
| ||
|
AlixPartners LLP |
|
— |
|
4,162 |
| ||
|
Lazard, Freres & Co LLC |
|
— |
|
1,470 |
| ||
|
Norton Rose Fulbright US LLP |
|
— |
|
354 |
| ||
|
KCC |
|
— |
|
813 |
| ||
|
Total Payments to Professionals |
|
$ |
129 |
|
$ |
16,204 |
|
MOR-1c
In re Paragon Offshore PLC, et al.
|
|
|
Case No. 16-10386 (CSS) |
|
|
Reporting Period: |
March 1 - 31, 2017 |
|
|
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 |
|
|
3/04/16 - 03/31/17 |
|
Budget |
|
Actual |
|
F/(U) |
|
|
|
|
|
|
|
|
|
|
|
Total Receipts |
|
9,614 |
|
14,756 |
|
5,142 |
|
|
|
|
|
|
|
|
|
|
|
Total Operating Disbursements |
|
(5,397 |
) |
(6,476 |
) |
(1,079 |
) |
|
Total Capital Expenditures |
|
(2,679 |
) |
(588 |
) |
2,092 |
|
|
Total Payroll & Benefits |
|
(11,699 |
) |
(3,728 |
) |
7,971 |
|
|
Total Other |
|
(347 |
) |
(1,822 |
) |
(1,475 |
) |
|
|
|
|
|
|
|
|
|
|
Total I/C Disbursements to Non Debtor Entities |
|
(14,079 |
) |
(27,719 |
) |
(13,640 |
) |
|
|
|
|
|
|
|
|
|
|
Total Disbursements |
|
(34,202 |
) |
(40,334 |
) |
(6,131 |
) |
|
|
|
|
|
|
|
|
|
|
Net Operating Cash Flow |
|
(24,588 |
) |
(25,578 |
) |
(989 |
) |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
Utility Deposits |
|
— |
|
— |
|
— |
|
|
Other |
|
— |
|
— |
|
— |
|
|
Total Deposits |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
(5,069 |
) |
(5,108 |
) |
(39 |
) |
|
Total Professional Fees |
|
(6,064 |
) |
(1,442 |
) |
4,622 |
|
|
|
|
|
|
|
|
|
|
|
Total Non-Operating Disbursements |
|
(11,133 |
) |
(6,550 |
) |
4,583 |
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flow |
|
(35,721 |
) |
(32,127 |
) |
3,594 |
|
|
|
|
|
|
|
|
|
|
|
Debtor Ending Cash Balance - Encumbered |
|
147,381 |
|
152,713 |
|
5,332 |
|
|
Debtor Cash Balance - Unencumbered |
|
344,355 |
|
344,451 |
|
96 |
|
|
Total Debtor Cash Balance |
|
491,736 |
|
497,164 |
|
5,428 |
|
|
|
|
|
|
|
|
|
|
|
Non Debtor Ending Cash Balance |
|
366,863 |
|
372,672 |
|
5,810 |
|
|
Total Debtor & Non Debtor Ending Cash Balance |
|
858,598 |
|
869,836 |
|
11,238 |
|
|
In re Paragon Offshore PLC, et al. |
MOR-2 |
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
March 1 - 31, 2017 |
|
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 March 31, 2017
|
|
|
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 |
|
$ |
1,191 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Reimbursable Revenues |
|
2 |
|
— |
|
— |
|
— |
|
— |
|
22 |
|
— |
| |||||||
|
Labor Contract Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Intercompany Revenues |
|
— |
|
3,916 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Other Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Operating revenues |
|
1,194 |
|
3,916 |
|
— |
|
— |
|
— |
|
22 |
|
— |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Operating Costs and Expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Contract Drilling Expenses |
|
(456 |
) |
— |
|
263 |
|
— |
|
(391 |
) |
— |
|
2,533 |
| |||||||
|
Reimbursable Expenses |
|
(2 |
) |
— |
|
— |
|
— |
|
— |
|
(18 |
) |
— |
| |||||||
|
Depreciation and Amortization |
|
(649 |
) |
(6 |
) |
— |
|
— |
|
(346 |
) |
— |
|
— |
| |||||||
|
General & Administrative |
|
— |
|
(408 |
) |
— |
|
(25 |
) |
13 |
|
— |
|
(10 |
) | |||||||
|
Corporate Operations |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Local Administrative Expense |
|
(144 |
) |
— |
|
— |
|
— |
|
— |
|
(602 |
) |
— |
| |||||||
|
Other Operating Expenses |
|
— |
|
(4,502 |
) |
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Operating costs and expenses |
|
(1,252 |
) |
(4,916 |
) |
263 |
|
(25 |
) |
(724 |
) |
(620 |
) |
2,522 |
| |||||||
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Operating Income |
|
(59 |
) |
(1,000 |
) |
263 |
|
(25 |
) |
(724 |
) |
(598 |
) |
2,522 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Interest expense, net of amount capitalized |
|
— |
|
(2,194 |
) |
— |
|
(3,073 |
) |
— |
|
(2 |
) |
(969 |
) | |||||||
|
Interest Income |
|
517 |
|
138 |
|
— |
|
— |
|
— |
|
— |
|
56 |
| |||||||
|
Reorganization Items |
|
— |
|
(9,892 |
) |
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Other, net |
|
(17 |
) |
934 |
|
— |
|
— |
|
1 |
|
71 |
|
66 |
| |||||||
|
Income before income taxes |
|
441 |
|
(12,014 |
) |
263 |
|
(3,098 |
) |
(723 |
) |
(530 |
) |
1,675 |
| |||||||
|
Income tax provision |
|
(50 |
) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Net Income |
|
392 |
|
(12,014 |
) |
263 |
|
(3,098 |
) |
(723 |
) |
(530 |
) |
1,675 |
| |||||||
|
|
|
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 |
|
$ |
— |
|
$ |
— |
|
$ |
123 |
|
$ |
— |
|
$ |
2,464 |
|
|
Reimbursable Revenues |
|
— |
|
— |
|
15 |
|
— |
|
78 |
| |||||
|
Labor Contract Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Intercompany Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Other Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Operating revenues |
|
— |
|
— |
|
138 |
|
— |
|
2,542 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Costs and Expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Contract Drilling Expenses |
|
198 |
|
— |
|
17 |
|
— |
|
(1,900 |
) | |||||
|
Reimbursable Expenses |
|
— |
|
— |
|
(5 |
) |
— |
|
(52 |
) | |||||
|
Depreciation and Amortization |
|
(381 |
) |
— |
|
— |
|
— |
|
(136 |
) | |||||
|
General & Administrative |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Corporate Operations |
|
— |
|
— |
|
— |
|
— |
|
(19 |
) | |||||
|
Local Administrative Expense |
|
— |
|
— |
|
27 |
|
— |
|
(663 |
) | |||||
|
Other Operating Expenses |
|
— |
|
(161 |
) |
(203 |
) |
(194 |
) |
(1,687 |
) | |||||
|
Operating costs and expenses |
|
(183 |
) |
(161 |
) |
(164 |
) |
(194 |
) |
(4,846 |
) | |||||
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Operating Income |
|
(183 |
) |
(161 |
) |
(26 |
) |
(194 |
) |
(2,304 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest expense, net of amount capitalized |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Interest Income |
|
— |
|
— |
|
— |
|
34 |
|
— |
| |||||
|
Reorganization Items |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Other, net |
|
— |
|
— |
|
— |
|
— |
|
23 |
| |||||
|
Income before income taxes |
|
(183 |
) |
(161 |
) |
(26 |
) |
(160 |
) |
(2,281 |
) | |||||
|
Income tax provision |
|
— |
|
(1 |
) |
— |
|
— |
|
— |
| |||||
|
Net Income |
|
(183 |
) |
(161 |
) |
(26 |
) |
(160 |
) |
(2,281 |
) | |||||
|
|
|
16-10397 |
|
16-10398 |
|
16-10399 |
|
16-10400 |
|
16-10401 |
|
16-10402 |
| ||||||
|
|
|
Paragon Offshore |
|
Paragon Duchess Ltd. |
|
Paragon (Middle East) |
|
Paragon Offshore |
|
Paragon Holding |
|
Paragon Leonard |
| ||||||
|
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Contract Drilling Revenue |
|
$ |
— |
|
$ |
— |
|
$ |
5,980 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Reimbursable Revenues |
|
— |
|
— |
|
30 |
|
— |
|
— |
|
— |
| ||||||
|
Labor Contract Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Intercompany Revenues |
|
— |
|
— |
|
1,687 |
|
— |
|
— |
|
— |
| ||||||
|
Other Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating revenues |
|
— |
|
— |
|
7,697 |
|
— |
|
— |
|
— |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Operating Costs and Expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Contract Drilling Expenses |
|
104 |
|
(12 |
) |
(1,875 |
) |
— |
|
(49 |
) |
0 |
| ||||||
|
Reimbursable Expenses |
|
— |
|
— |
|
(25 |
) |
— |
|
— |
|
— |
| ||||||
|
Depreciation and Amortization |
|
— |
|
— |
|
(3,444 |
) |
— |
|
(114 |
) |
— |
| ||||||
|
General & Administrative |
|
— |
|
(3 |
) |
— |
|
— |
|
— |
|
— |
| ||||||
|
Corporate Operations |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Local Administrative Expense |
|
432 |
|
— |
|
— |
|
— |
|
— |
|
(29 |
) | ||||||
|
Other Operating Expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
16 |
| ||||||
|
Operating costs and expenses |
|
536 |
|
(15 |
) |
(5,343 |
) |
— |
|
(162 |
) |
(12 |
) | ||||||
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating Income |
|
536 |
|
(15 |
) |
2,354 |
|
— |
|
(162 |
) |
(12 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest expense, net of amount capitalized |
|
— |
|
— |
|
— |
|
— |
|
(550 |
) |
— |
| ||||||
|
Interest Income |
|
— |
|
— |
|
— |
|
— |
|
1 |
|
34 |
| ||||||
|
Reorganization Items |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Other, net |
|
0 |
|
— |
|
— |
|
— |
|
— |
|
(21 |
) | ||||||
|
Income before income taxes |
|
536 |
|
(15 |
) |
2,354 |
|
— |
|
(711 |
) |
1 |
| ||||||
|
Income tax provision |
|
— |
|
— |
|
(154 |
) |
— |
|
— |
|
— |
| ||||||
|
Net Income |
|
536 |
|
(15 |
) |
2,200 |
|
— |
|
(711 |
) |
1 |
| ||||||
|
|
|
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 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Reimbursable Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Labor Contract Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Intercompany Revenues |
|
— |
|
1,014 |
|
— |
|
— |
|
— |
|
88 |
| ||||||
|
Other Revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating revenues |
|
— |
|
1,014 |
|
— |
|
— |
|
— |
|
88 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Operating Costs and Expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Contract Drilling Expenses |
|
32 |
|
(0 |
) |
(86 |
) |
— |
|
— |
|
(3,464 |
) | ||||||
|
Reimbursable Expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Depreciation and Amortization |
|
— |
|
— |
|
(24 |
) |
— |
|
— |
|
(3,343 |
) | ||||||
|
General & Administrative |
|
— |
|
— |
|
54 |
|
— |
|
— |
|
— |
| ||||||
|
Corporate Operations |
|
— |
|
113 |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Local Administrative Expense |
|
(4 |
) |
(1,043 |
) |
(44 |
) |
(4 |
) |
— |
|
7 |
| ||||||
|
Other Operating Expenses |
|
— |
|
82 |
|
(42 |
) |
— |
|
(3,353 |
) |
(1,230 |
) | ||||||
|
Operating costs and expenses |
|
28 |
|
(848 |
) |
(143 |
) |
(4 |
) |
(3,353 |
) |
(8,031 |
) | ||||||
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating Income |
|
28 |
|
166 |
|
(143 |
) |
(4 |
) |
(3,353 |
) |
(7,943 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest expense, net of amount capitalized |
|
— |
|
— |
|
(517 |
) |
— |
|
— |
|
(1 |
) | ||||||
|
Interest Income |
|
79 |
|
— |
|
139 |
|
— |
|
550 |
|
— |
| ||||||
|
Reorganization Items |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Other, net |
|
0 |
|
(13 |
) |
133 |
|
0 |
|
— |
|
— |
| ||||||
|
Income before income taxes |
|
108 |
|
153 |
|
(388 |
) |
(4 |
) |
(2,803 |
) |
(7,944 |
) | ||||||
|
Income tax provision |
|
— |
|
— |
|
— |
|
(3 |
) |
(1,720 |
) |
— |
| ||||||
|
Net Income |
|
108 |
|
153 |
|
(388 |
) |
(7 |
) |
(4,523 |
) |
(7,944 |
) | ||||||
|
|
|
16-10409 |
|
16-10410 |
| ||
|
|
|
Paragon Holding |
|
Paragon Offshore |
| ||
|
Operating Revenues |
|
|
|
|
| ||
|
Contract Drilling Revenue |
|
$ |
— |
|
$ |
— |
|
|
Reimbursable Revenues |
|
— |
|
— |
| ||
|
Labor Contract Revenues |
|
— |
|
— |
| ||
|
Intercompany Revenues |
|
— |
|
— |
| ||
|
Other Revenues |
|
— |
|
— |
| ||
|
Operating revenues |
|
— |
|
— |
| ||
|
|
|
|
|
|
| ||
|
Operating Costs and Expenses |
|
— |
|
— |
| ||
|
Contract Drilling Expenses |
|
— |
|
(417 |
) | ||
|
Reimbursable Expenses |
|
— |
|
— |
| ||
|
Depreciation and Amortization |
|
— |
|
(339 |
) | ||
|
General & Administrative |
|
— |
|
(0 |
) | ||
|
Corporate Operations |
|
— |
|
— |
| ||
|
Local Administrative Expense |
|
— |
|
— |
| ||
|
Other Operating Expenses |
|
— |
|
— |
| ||
|
Operating costs and expenses |
|
— |
|
(756 |
) | ||
|
|
|
— |
|
— |
| ||
|
Operating Income |
|
— |
|
(756 |
) | ||
|
|
|
|
|
|
| ||
|
Other Income (Expense) |
|
|
|
|
| ||
|
Interest expense, net of amount capitalized |
|
— |
|
(884 |
) | ||
|
Interest Income |
|
941 |
|
— |
| ||
|
Reorganization Items |
|
— |
|
— |
| ||
|
Other, net |
|
— |
|
16 |
| ||
|
Income before income taxes |
|
941 |
|
(1,624 |
) | ||
|
Income tax provision |
|
— |
|
— |
| ||
|
Net Income |
|
941 |
|
(1,624 |
) | ||
|
In re Paragon Offshore PLC, et al. |
MOR-3 |
|
|
Case No. 16-10386 (CSS) |
|
Reporting Period: |
March 1 - 31, 2017 |
|
Federal Tax I.D. # |
98-1146017 |
Unaudited Balance Sheet
(000’s)
(See Notes to the MOR related to MOR-3)
For Month Ending March 31, 2017
|
|
|
16-10385 |
|
16-10386 |
|
16-10387 |
|
|
|
|
Paragon Offshore |
|
Paragon Offshore plc |
|
Paragon Drilling Services 7 |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
— |
|
344,835 |
|
— |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
150,452 |
|
204,294 |
|
318,763 |
|
|
Prepaid Expenses & Deposits |
|
104 |
|
579 |
|
— |
|
|
Taxes Receivable |
|
— |
|
— |
|
— |
|
|
Total Other Current Assets |
|
13,162 |
|
385 |
|
— |
|
|
Total current assets |
|
163,718 |
|
550,093 |
|
318,763 |
|
|
Investments in Subsidiaries |
|
182,682 |
|
3,464,784 |
|
— |
|
|
Intercompany Notes Receivable |
|
158,059 |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
340,741 |
|
3,464,784 |
|
— |
|
|
Gross PPE |
|
97,462 |
|
480 |
|
45,499 |
|
|
Accumulated Depreciation |
|
(78,238 |
) |
(110 |
) |
(44,499 |
) |
|
Property and Equipment |
|
19,224 |
|
370 |
|
1,000 |
|
|
Other Assets |
|
913 |
|
16,978 |
|
— |
|
|
Other Assets |
|
913 |
|
16,978 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
524,596 |
|
4,032,225 |
|
319,763 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
— |
|
|
Accounts Payable |
|
54,206 |
|
882,267 |
|
216,324 |
|
|
Payroll and Benefits Related Accruals |
|
1,045 |
|
— |
|
— |
|
|
Taxes Payable |
|
1,215 |
|
223 |
|
— |
|
|
Interest Payable |
|
— |
|
172 |
|
— |
|
|
Other Current Liabilities |
|
4,630 |
|
1,402 |
|
— |
|
|
Total current liabilities |
|
61,096 |
|
884,064 |
|
216,324 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
— |
|
|
Deferred Taxes |
|
— |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
2,314 |
|
2,500 |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
1,709,947 |
|
— |
|
|
Total liabilities |
|
63,410 |
|
2,596,511 |
|
216,324 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
461,188 |
|
1,435,714 |
|
103,439 |
|
|
Noncontrolling Interests |
|
— |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
461,188 |
|
1,435,714 |
|
103,439 |
|
|
Total liabilities and shareholders’ equity |
|
524,596 |
|
4,032,225 |
|
319,763 |
|
|
|
|
16-10388 |
|
16-10389 |
|
16-10390 |
|
|
|
|
Paragon Offshore |
|
Paragon Offshore |
|
Paragon Offshore do |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
— |
|
(77 |
) |
4,280 |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
1,469 |
|
164,177 |
|
18,283 |
|
|
Prepaid Expenses & Deposits |
|
43 |
|
— |
|
792 |
|
|
Taxes Receivable |
|
— |
|
292 |
|
9,766 |
|
|
Total Other Current Assets |
|
— |
|
— |
|
— |
|
|
Total current assets |
|
1,512 |
|
164,392 |
|
33,121 |
|
|
Investments in Subsidiaries |
|
4,105,589 |
|
— |
|
— |
|
|
Intercompany Notes Receivable |
|
— |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
4,105,589 |
|
— |
|
— |
|
|
Gross PPE |
|
— |
|
151,830 |
|
2,740 |
|
|
Accumulated Depreciation |
|
— |
|
(131,049 |
) |
(2,733 |
) |
|
Property and Equipment |
|
— |
|
20,781 |
|
7 |
|
|
Other Assets |
|
— |
|
— |
|
— |
|
|
Other Assets |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
4,107,101 |
|
185,173 |
|
33,128 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
13,878 |
|
|
Accounts Payable |
|
67,561 |
|
156,877 |
|
118,617 |
|
|
Payroll and Benefits Related Accruals |
|
— |
|
10 |
|
1,115 |
|
|
Taxes Payable |
|
— |
|
46 |
|
536 |
|
|
Interest Payable |
|
— |
|
— |
|
1,102 |
|
|
Other Current Liabilities |
|
1,001 |
|
— |
|
3,045 |
|
|
Total current liabilities |
|
68,562 |
|
156,933 |
|
138,293 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
10,071 |
|
|
Deferred Taxes |
|
— |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
— |
|
|
Liabilities Subject to Compromise |
|
634,616 |
|
— |
|
— |
|
|
Total liabilities |
|
703,178 |
|
156,933 |
|
148,364 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
3,403,922 |
|
28,240 |
|
(115,236 |
) |
|
Noncontrolling Interests |
|
— |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
3,403,922 |
|
28,240 |
|
(115,236 |
) |
|
Total liabilities and shareholders’ equity |
|
4,107,101 |
|
185,173 |
|
33,128 |
|
|
|
|
16-10391 |
|
16-10392 |
|
16-10393 |
|
|
|
|
Paragon International |
|
Paragon Asset |
|
Paragon Offshore |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
139,883 |
|
— |
|
— |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
3,839,262 |
|
70,597 |
|
19,905 |
|
|
Prepaid Expenses & Deposits |
|
129 |
|
— |
|
— |
|
|
Taxes Receivable |
|
— |
|
— |
|
4,175 |
|
|
Total Other Current Assets |
|
— |
|
236 |
|
— |
|
|
Total current assets |
|
3,979,274 |
|
70,833 |
|
24,080 |
|
|
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 |
|
— |
|
81,478 |
|
— |
|
|
Accumulated Depreciation |
|
— |
|
(45,092 |
) |
— |
|
|
Property and Equipment |
|
— |
|
36,386 |
|
— |
|
|
Other Assets |
|
— |
|
674 |
|
— |
|
|
Other Assets |
|
— |
|
674 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
8,269,789 |
|
107,943 |
|
(1,315,363 |
) |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
61,747 |
|
— |
|
— |
|
|
Accounts Payable |
|
5,193,038 |
|
2,494 |
|
15,029 |
|
|
Payroll and Benefits Related Accruals |
|
— |
|
— |
|
— |
|
|
Taxes Payable |
|
— |
|
1 |
|
1,817 |
|
|
Interest Payable |
|
1,790 |
|
— |
|
— |
|
|
Other Current Liabilities |
|
— |
|
— |
|
— |
|
|
Total current liabilities |
|
5,256,575 |
|
2,495 |
|
16,846 |
|
|
Total Long-Term Debt |
|
33,653 |
|
— |
|
— |
|
|
Deferred Taxes |
|
— |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
5,290,228 |
|
2,495 |
|
16,846 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
2,979,562 |
|
105,447 |
|
(1,332,209 |
) |
|
Noncontrolling Interests |
|
— |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
2,979,562 |
|
105,447 |
|
(1,332,209 |
) |
|
Total liabilities and shareholders’ equity |
|
8,269,789 |
|
107,943 |
|
(1,315,363 |
) |
|
|
|
16-10394 |
|
16-10395 |
|
16-10396 |
|
|
|
|
Paragon Asset |
|
Paragon FDR |
|
Paragon Offshore |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
— |
|
— |
|
881 |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
163,779 |
|
412,386 |
|
1,040,976 |
|
|
Prepaid Expenses & Deposits |
|
— |
|
— |
|
1,331 |
|
|
Taxes Receivable |
|
162 |
|
— |
|
529 |
|
|
Total Other Current Assets |
|
— |
|
19,989 |
|
11,111 |
|
|
Total current assets |
|
163,941 |
|
432,375 |
|
1,054,828 |
|
|
Investments in Subsidiaries |
|
— |
|
410,651 |
|
7,435 |
|
|
Intercompany Notes Receivable |
|
— |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
— |
|
410,651 |
|
7,435 |
|
|
Gross PPE |
|
— |
|
— |
|
45,217 |
|
|
Accumulated Depreciation |
|
— |
|
— |
|
(33,779 |
) |
|
Property and Equipment |
|
— |
|
— |
|
11,438 |
|
|
Other Assets |
|
— |
|
— |
|
87 |
|
|
Other Assets |
|
— |
|
— |
|
87 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
163,941 |
|
843,026 |
|
1,073,788 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
— |
|
|
Accounts Payable |
|
148,458 |
|
2,918 |
|
896,205 |
|
|
Payroll and Benefits Related Accruals |
|
30 |
|
— |
|
13,047 |
|
|
Taxes Payable |
|
— |
|
— |
|
3,345 |
|
|
Interest Payable |
|
— |
|
— |
|
— |
|
|
Other Current Liabilities |
|
— |
|
— |
|
— |
|
|
Total current liabilities |
|
148,488 |
|
2,918 |
|
912,597 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
— |
|
|
Deferred Taxes |
|
— |
|
— |
|
1,133 |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
148,488 |
|
2,918 |
|
913,730 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
15,453 |
|
840,109 |
|
160,059 |
|
|
Noncontrolling Interests |
|
— |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
15,453 |
|
840,109 |
|
160,059 |
|
|
Total liabilities and shareholders’ equity |
|
163,941 |
|
843,026 |
|
1,073,788 |
|
|
|
|
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 |
|
242,357 |
|
240 |
|
357,797 |
|
|
Prepaid Expenses & Deposits |
|
124 |
|
— |
|
43 |
|
|
Taxes Receivable |
|
194 |
|
135 |
|
— |
|
|
Total Other Current Assets |
|
— |
|
— |
|
355 |
|
|
Total current assets |
|
242,675 |
|
375 |
|
358,195 |
|
|
Investments in Subsidiaries |
|
— |
|
(47,110 |
) |
— |
|
|
Intercompany Notes Receivable |
|
— |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
— |
|
(47,110 |
) |
— |
|
|
Gross PPE |
|
— |
|
1,991 |
|
377,177 |
|
|
Accumulated Depreciation |
|
— |
|
(991 |
) |
(318,552 |
) |
|
Property and Equipment |
|
— |
|
1,000 |
|
58,625 |
|
|
Other Assets |
|
— |
|
— |
|
1,839 |
|
|
Other Assets |
|
— |
|
— |
|
1,839 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
242,675 |
|
(45,735 |
) |
418,659 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
— |
|
|
Accounts Payable |
|
214,025 |
|
7,726 |
|
49,236 |
|
|
Payroll and Benefits Related Accruals |
|
38 |
|
— |
|
5,277 |
|
|
Taxes Payable |
|
(66 |
) |
— |
|
476 |
|
|
Interest Payable |
|
— |
|
— |
|
— |
|
|
Other Current Liabilities |
|
— |
|
— |
|
1,013 |
|
|
Total current liabilities |
|
213,997 |
|
7,726 |
|
56,002 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
— |
|
|
Deferred Taxes |
|
— |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
5 |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
213,997 |
|
7,726 |
|
56,007 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
28,677 |
|
(53,462 |
) |
362,651 |
|
|
Noncontrolling Interests |
|
— |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
28,677 |
|
(53,462 |
) |
362,651 |
|
|
Total liabilities and shareholders’ equity |
|
242,675 |
|
(45,735 |
) |
418,659 |
|
|
|
|
16-10400 |
|
16-10401 |
|
16-10402 |
|
|
|
|
Paragon Offshore |
|
Paragon Holding |
|
Paragon Leonard Jones |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
— |
|
— |
|
124 |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
274,337 |
|
53,707 |
|
80,249 |
|
|
Prepaid Expenses & Deposits |
|
— |
|
— |
|
3 |
|
|
Taxes Receivable |
|
28 |
|
13 |
|
465 |
|
|
Total Other Current Assets |
|
— |
|
10 |
|
— |
|
|
Total current assets |
|
274,365 |
|
53,730 |
|
80,841 |
|
|
Investments in Subsidiaries |
|
(1,506 |
) |
42,808 |
|
35,000 |
|
|
Intercompany Notes Receivable |
|
— |
|
300 |
|
13,485 |
|
|
Long Term Notes & Investments |
|
(1,506 |
) |
43,108 |
|
48,485 |
|
|
Gross PPE |
|
— |
|
20,544 |
|
— |
|
|
Accumulated Depreciation |
|
— |
|
(17,806 |
) |
— |
|
|
Property and Equipment |
|
— |
|
2,738 |
|
— |
|
|
Other Assets |
|
— |
|
203 |
|
— |
|
|
Other Assets |
|
— |
|
203 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
272,859 |
|
99,779 |
|
129,326 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
— |
|
|
Accounts Payable |
|
272,748 |
|
60,963 |
|
66,715 |
|
|
Payroll and Benefits Related Accruals |
|
— |
|
— |
|
— |
|
|
Taxes Payable |
|
3 |
|
21 |
|
1,924 |
|
|
Interest Payable |
|
— |
|
9,098 |
|
— |
|
|
Other Current Liabilities |
|
— |
|
— |
|
254 |
|
|
Total current liabilities |
|
272,751 |
|
70,082 |
|
68,893 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
— |
|
|
Deferred Taxes |
|
— |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
272,751 |
|
70,082 |
|
68,893 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
107 |
|
29,697 |
|
60,434 |
|
|
Noncontrolling Interests |
|
— |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
107 |
|
29,697 |
|
60,434 |
|
|
Total liabilities and shareholders’ equity |
|
272,859 |
|
99,779 |
|
129,326 |
|
|
|
|
16-10403 |
|
16-10404 |
|
16-10405 |
|
|
|
|
PGN Offshore Drilling |
|
Paragon Offshore |
|
Paragon Offshore |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
156 |
|
2,415 |
|
2,642 |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
6,748 |
|
420,528 |
|
295,991 |
|
|
Prepaid Expenses & Deposits |
|
— |
|
724 |
|
27 |
|
|
Taxes Receivable |
|
4 |
|
535 |
|
153 |
|
|
Total Other Current Assets |
|
— |
|
14,933 |
|
411 |
|
|
Total current assets |
|
6,908 |
|
439,135 |
|
299,224 |
|
|
Investments in Subsidiaries |
|
— |
|
— |
|
30,000 |
|
|
Intercompany Notes Receivable |
|
33,653 |
|
7,959 |
|
50,185 |
|
|
Long Term Notes & Investments |
|
33,653 |
|
7,959 |
|
80,185 |
|
|
Gross PPE |
|
— |
|
— |
|
7,905 |
|
|
Accumulated Depreciation |
|
— |
|
— |
|
(1,074 |
) |
|
Property and Equipment |
|
— |
|
— |
|
6,831 |
|
|
Other Assets |
|
— |
|
1,501 |
|
— |
|
|
Other Assets |
|
— |
|
1,501 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
40,561 |
|
448,595 |
|
386,240 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
— |
|
|
Accounts Payable |
|
68,641 |
|
255,324 |
|
116,469 |
|
|
Payroll and Benefits Related Accruals |
|
124 |
|
875 |
|
— |
|
|
Taxes Payable |
|
29 |
|
202 |
|
2,026 |
|
|
Interest Payable |
|
— |
|
— |
|
13,314 |
|
|
Other Current Liabilities |
|
2 |
|
3,123 |
|
— |
|
|
Total current liabilities |
|
68,796 |
|
259,524 |
|
131,809 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
158,059 |
|
|
Deferred Taxes |
|
— |
|
198 |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
68,796 |
|
259,722 |
|
289,868 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
(28,235 |
) |
188,872 |
|
96,373 |
|
|
Noncontrolling Interests |
|
— |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
(28,235 |
) |
188,872 |
|
96,373 |
|
|
Total liabilities and shareholders’ equity |
|
40,561 |
|
448,595 |
|
386,240 |
|
|
|
|
16-10406 |
|
16-10407 |
|
16-10408 |
|
|
|
|
Paragon Offshore |
|
Paragon Holding |
|
Paragon Asset |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
1,181 |
|
— |
|
— |
|
|
Restricted Cash |
|
— |
|
— |
|
— |
|
|
Accounts Receivable |
|
9,970 |
|
33,192 |
|
948,381 |
|
|
Prepaid Expenses & Deposits |
|
10 |
|
— |
|
— |
|
|
Taxes Receivable |
|
— |
|
— |
|
— |
|
|
Total Other Current Assets |
|
— |
|
9,098 |
|
— |
|
|
Total current assets |
|
11,161 |
|
42,290 |
|
948,381 |
|
|
Investments in Subsidiaries |
|
— |
|
2,472,887 |
|
65,504 |
|
|
Intercompany Notes Receivable |
|
— |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
— |
|
2,472,887 |
|
65,504 |
|
|
Gross PPE |
|
— |
|
— |
|
915,354 |
|
|
Accumulated Depreciation |
|
— |
|
— |
|
(778,110 |
) |
|
Property and Equipment |
|
— |
|
— |
|
137,244 |
|
|
Other Assets |
|
— |
|
— |
|
1,634 |
|
|
Other Assets |
|
— |
|
— |
|
1,634 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
11,161 |
|
2,515,177 |
|
1,152,763 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
— |
|
|
Accounts Payable |
|
10,280 |
|
147,841 |
|
595,094 |
|
|
Payroll and Benefits Related Accruals |
|
— |
|
— |
|
444 |
|
|
Taxes Payable |
|
3 |
|
842 |
|
— |
|
|
Interest Payable |
|
— |
|
— |
|
51 |
|
|
Other Current Liabilities |
|
— |
|
— |
|
575 |
|
|
Total current liabilities |
|
10,283 |
|
148,683 |
|
596,164 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
300 |
|
|
Deferred Taxes |
|
— |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
18,759 |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
— |
|
|
Total liabilities |
|
10,283 |
|
167,442 |
|
596,464 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
877 |
|
2,347,735 |
|
556,301 |
|
|
Noncontrolling Interests |
|
— |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
877 |
|
2,347,735 |
|
556,301 |
|
|
Total liabilities and shareholders’ equity |
|
11,161 |
|
2,515,177 |
|
1,152,763 |
|
|
|
|
16-10409 |
|
16-10410 |
|
|
|
|
Paragon Holding |
|
Paragon Offshore |
|
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Total Cash and Cash Equivalents |
|
— |
|
1,168 |
|
|
Restricted Cash |
|
— |
|
— |
|
|
Accounts Receivable |
|
120,610 |
|
115,352 |
|
|
Prepaid Expenses & Deposits |
|
— |
|
— |
|
|
Taxes Receivable |
|
— |
|
33 |
|
|
Total Other Current Assets |
|
123,972 |
|
(123 |
) |
|
Total current assets |
|
244,582 |
|
116,430 |
|
|
Investments in Subsidiaries |
|
1,230,952 |
|
(72,168 |
) |
|
Intercompany Notes Receivable |
|
— |
|
— |
|
|
Long Term Notes & Investments |
|
1,230,952 |
|
(72,168 |
) |
|
Gross PPE |
|
— |
|
51,322 |
|
|
Accumulated Depreciation |
|
— |
|
(47,562 |
) |
|
Property and Equipment |
|
— |
|
3,760 |
|
|
Other Assets |
|
— |
|
454 |
|
|
Other Assets |
|
— |
|
454 |
|
|
|
|
|
|
|
|
|
Total assets |
|
1,475,534 |
|
48,476 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Current Maturities & Short Term Debt |
|
— |
|
— |
|
|
Accounts Payable |
|
279 |
|
27,359 |
|
|
Payroll and Benefits Related Accruals |
|
— |
|
— |
|
|
Taxes Payable |
|
— |
|
— |
|
|
Interest Payable |
|
— |
|
84,094 |
|
|
Other Current Liabilities |
|
— |
|
45 |
|
|
Total current liabilities |
|
279 |
|
111,498 |
|
|
Total Long-Term Debt |
|
— |
|
— |
|
|
Deferred Taxes |
|
— |
|
— |
|
|
Other NonCurrent Liabilities |
|
— |
|
— |
|
|
Liabilities Subject to Compromise |
|
— |
|
— |
|
|
Total liabilities |
|
279 |
|
111,498 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
Shareholders’ Equity |
|
1,475,255 |
|
(63,024 |
) |
|
Noncontrolling Interests |
|
— |
|
— |
|
|
Total shareholders’ equity |
|
1,475,255 |
|
(63,024 |
) |
|
Total liabilities and shareholders’ equity |
|
1,475,534 |
|
48,476 |
|
MOR-4
In re Paragon Offshore PLC, et al.
|
|
|
Case No. 16-10386 (CSS) |
|
|
Reporting Period: |
March 1 - 31, 2017 |
|
|
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 |
|
$ |
6,991 |
|
$ |
2,227 |
|
$ |
(1,410 |
) |
$ |
7,808 |
|
|
Payroll Tax |
|
9,271 |
|
1,390 |
|
(362 |
) |
10,298 |
| ||||
|
Withholding Tax |
|
(12,229 |
) |
349 |
|
— |
|
(11,880 |
) | ||||
|
Property Tax |
|
— |
|
|
|
|
|
— |
| ||||
|
VAT Tax |
|
(9,707 |
) |
313 |
|
(279 |
) |
(9,672 |
) | ||||
|
Other Tax |
|
2,676 |
|
(10 |
) |
(2 |
) |
2,664 |
| ||||
|
Total Taxes |
|
$ |
(2,998 |
) |
$ |
4,268 |
|
$ |
(2,052 |
) |
$ |
(781 |
) |
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 |
|
$ |
25 |
|
$ |
30 |
|
$ |
3 |
|
$ |
802 |
|
$ |
861 |
|
|
Paragon Offshore plc |
|
16-10386 |
|
1 |
|
179 |
|
4 |
|
164 |
|
349 |
| |||||
|
Paragon Drilling Services 7 LLC |
|
16-10387 |
|
2 |
|
— |
|
3 |
|
— |
|
5 |
| |||||
|
Paragon Offshore Finance Company |
|
16-10388 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Offshore Leasing (Switzerland) GmbH |
|
16-10389 |
|
4 |
|
56 |
|
12 |
|
(20 |
) |
51 |
| |||||
|
Paragon Offshore do Brasil Ltda. |
|
16-10390 |
|
37 |
|
161 |
|
— |
|
— |
|
198 |
| |||||
|
Paragon International Finance Company |
|
16-10391 |
|
240 |
|
155 |
|
56 |
|
360 |
|
810 |
| |||||
|
Paragon Asset (ME) Ltd. |
|
16-10392 |
|
0 |
|
— |
|
— |
|
(0 |
) |
0 |
| |||||
|
Paragon Offshore Holdings US Inc. |
|
16-10393 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Asset (UK) Ltd. |
|
16-10394 |
|
66 |
|
2 |
|
3 |
|
(1 |
) |
70 |
| |||||
|
Paragon FDR Holding Ltd. |
|
16-10395 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Offshore International Ltd. |
|
16-10396 |
|
288 |
|
(5 |
) |
12 |
|
413 |
|
708 |
| |||||
|
Paragon Offshore (North Sea) Ltd. |
|
16-10397 |
|
106 |
|
1 |
|
(1 |
) |
(31 |
) |
75 |
| |||||
|
Paragon Duchess Ltd. |
|
16-10398 |
|
— |
|
— |
|
— |
|
(8 |
) |
(8 |
) | |||||
|
Paragon (Middle East) Limited |
|
16-10399 |
|
166 |
|
115 |
|
11 |
|
(6 |
) |
286 |
| |||||
|
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 |
|
79 |
|
(1 |
) |
(0 |
) |
— |
|
78 |
| |||||
|
PGN Offshore Drilling (Malaysia) Sdn. Bhd. |
|
16-10403 |
|
7 |
|
— |
|
(0 |
) |
(14 |
) |
(7 |
) | |||||
|
Paragon Offshore (Nederland) B.V. |
|
16-10404 |
|
617 |
|
502 |
|
30 |
|
64 |
|
1,213 |
| |||||
|
Paragon Offshore Contracting GmbH |
|
16-10405 |
|
1 |
|
0 |
|
— |
|
(13 |
) |
(12 |
) | |||||
|
Paragon Offshore (Labuan) Pte. Ltd. |
|
16-10406 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Holding SCS 2 Ltd. |
|
16-10407 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Asset Company Ltd. |
|
16-10408 |
|
456 |
|
37 |
|
(8 |
) |
(0 |
) |
485 |
| |||||
|
Paragon Holding SCS 1 Ltd. |
|
16-10409 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Paragon Offshore Leasing (Luxembourg) S.a r.l. |
|
16-10410 |
|
— |
|
— |
|
0 |
|
(20 |
) |
(20 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total Accounts Payable |
|
|
|
$ |
2,096 |
|
$ |
1,230 |
|
$ |
126 |
|
$ |
1,690 |
|
$ |
5,142 |
|
MOR-5
In re Paragon Offshore PLC, et al.
|
|
|
Case No. 16-10386 (CSS) |
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Reporting Period: |
March 1 - 31, 2017 |
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Federal Tax I.D. # |
98-1146017 |
Post-Petition Accounts Receivable Reconciliation and Aging (See Notes to the MOR)
(‘000s)
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Billed Accounts Receivable |
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Total Billed |
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Unbilled Accounts Receivable |
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Total |
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Other Accounts Receivable |
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Total Other |
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Total |
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Allowance |
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Total Accounts |
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Debtor |
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Case Number |
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0-60 |
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60-90 |
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>90 |
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Receivable |
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0-60 |
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60-90 |
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>90 |
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Receivable |
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0-60 |
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60-90 |
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>90 |
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Receivable |
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(Gross) |
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Accounts |
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Receivable (Net) |
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Trade Receivables |
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Paragon Offshore Drilling LLC |
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16-10385 |
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$ |
2,173 |
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$ |
17 |
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$ |
6,544 |
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$ |
8,734 |
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$ |
1,150 |
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$ |
— |
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$ |
41 |
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$ |
1,191 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
9,925 |
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$ |
(6,561 |
) |
$ |
3,364 |
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Paragon Offshore plc |
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16-10386 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Drilling Services 7 LLC |
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16-10387 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Offshore Finance Company |
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16-10388 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Offshore Leasing (Switzerland) GmbH |
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16-10389 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Offshore do Brasil Ltda. |
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16-10390 |
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— |
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— |
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— |
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— |
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28 |
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— |
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516 |
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544 |
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— |
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— |
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— |
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— |
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544 |
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(516 |
) |
28 |
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Paragon International Finance Company |
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16-10391 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Asset (ME) Ltd. |
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16-10392 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Offshore Holdings US Inc. |
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16-10393 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Asset (UK) Ltd. |
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16-10394 |
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1 |
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(53 |
) |
(141 |
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(193 |
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147 |
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— |
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— |
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147 |
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— |
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— |
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— |
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— |
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(46 |
) |
— |
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(46 |
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Paragon FDR Holding Ltd. |
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16-10395 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Offshore International Ltd. |
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16-10396 |
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2,140 |
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— |
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11,203 |
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13,343 |
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2,521 |
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12 |
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2,516 |
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5,049 |
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— |
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— |
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— |
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— |
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18,392 |
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(5,816 |
) |
12,576 |
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Paragon Offshore (North Sea) Ltd. |
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16-10397 |
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— |
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— |
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— |
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— |
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920 |
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— |
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— |
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920 |
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— |
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— |
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— |
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— |
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920 |
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— |
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920 |
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Paragon Duchess Ltd. |
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16-10398 |
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— |
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— |
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455 |
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455 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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455 |
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(455 |
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— |
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Paragon (Middle East) Limited |
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16-10399 |
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8,872 |
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— |
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— |
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8,872 |
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5,915 |
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— |
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302 |
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6,217 |
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— |
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— |
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— |
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— |
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15,089 |
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— |
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15,089 |
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Paragon Offshore (Luxembourg) S.a r.l. |
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16-10400 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Holding NCS 2 S.a r.l. |
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16-10401 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Leonard Jones LLC |
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16-10402 |
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— |
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— |
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— |
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— |
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— |
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— |
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12,033 |
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12,033 |
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— |
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— |
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— |
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— |
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12,033 |
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(12,033 |
) |
(0 |
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PGN Offshore Drilling (Malaysia) Sdn. Bhd. |
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16-10403 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Offshore (Nederland) B.V. |
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16-10404 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Offshore Contracting GmbH |
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16-10405 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Offshore (Labuan) Pte. Ltd. |
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16-10406 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Holding SCS 2 Ltd. |
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16-10407 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Asset Company Ltd. |
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16-10408 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Holding SCS 1 Ltd. |
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16-10409 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Paragon Offshore Leasing (Luxembourg) S.a r.l. |
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16-10410 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Total Trade Receivables |
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$ |
13,187 |
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$ |
(36 |
) |
$ |
18,060 |
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$ |
31,211 |
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$ |
10,681 |
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$ |
12 |
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$ |
15,407 |
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$ |
26,100 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
57,311 |
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$ |
(25,380 |
) |
$ |
31,931 |
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MOR-5 (Cont)
In re Paragon Offshore PLC, et al.
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|
|
Case No. 16-10386 (CSS) |
|
|
Reporting Period: |
March 1 - 31, 2017 |
|
|
Federal Tax I.D. # |
98-1146017 |
Debtor Questionnaire (See Notes to the MOR)
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Yes |
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No |
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1. Have any assets been sold or transferred outside the normal course of business during this reporting period? If yes, provide an explanation below. |
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X |
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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. |
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X |
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3. Have all post petition tax returns been timely filed? If no, provide an explanation below. |
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X |
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4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. |
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X |
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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. |
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X |