Paragon Offshore board appoints interim president and CEO, interim CFO

By Caroline Salls

Pittsburgh, Nov. 10 – Paragon Offshore plc’s board of directors appointed Dean E. Taylor to serve as interim president and chief executive officer, effective immediately, and appointed Lee M. Ahlstrom as interim chief financial officer, according to a company news release.

Paragon said Taylor has been a director of the company since its founding in 2014. Ahlstrom is currently the company’s senior vice president of investor relations, strategy and planning.

Taylor and Ahlstrom succeed Randall D. Stilley and Steven A. Manz, who are no longer with the company. In addition, Stilley is no longer a member of the Paragon board.

“The board will work closely with [Taylor and Ahlstrom] and our advisers in bringing the company’s ongoing restructuring efforts to a successful conclusion,” chairman of the board J. Robinson West said in the release.

Paragon, a Houston-based provider of offshore drilling rigs, filed for bankruptcy on Feb. 14, 2016 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 16-10386.

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