Paragon Offshore operating loss narrows to $1.97 million in November

By Caroline Salls

Pittsburgh, Jan. 4 – Paragon Offshore plc reported a $1.97 million operating loss for November on zero operating revenue, according to its monthly operating report filed Wednesday with the Securities and Exchange Commission.

In comparison, Paragon posted a $2.01 million operating loss for October, also on zero operating revenue.

The net loss for November was $6.76 million, narrowing from a $9.25 million October net loss.

The company had $344.29 million in cash and cash equivalents as of Nov. 30, up slightly from $344.15 million at the end of October.

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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