On March 29, 2018, Borr Drilling Limited (“Borr”) settled its tender offer for 100% of the shares of Paragon Offshore Limited. More than 99% of the outstanding shares were tendered by shareholders as of March 27, 2018, the expiration date of the tender.
Paragon Offshore Limited and its subsidiaries are now wholly owned subsidiaries of Borr. Neither Borr nor Paragon undertake any duty to update this website.
Future inquiries should be directed to www.borrdrilling.com
Information about Paragon Offshore plc’s Completed Financial Restructuring
On July 18, 2017, Paragon Offshore plc (“OldCo”) emerged from U.S. Bankruptcy reorganization (the “Effective Date”). As part of the restructuring, certain direct and indirect subsidiaries of OldCo and certain other assets of OldCo and/or certain of its direct and indirect subsidiaries (which together constitute the ongoing operational business of the Paragon Offshore group) were transferred directly or indirectly to Paragon Offshore Limited, a newly formed Cayman Islands company (“Paragon Offshore”).
OldCo will continue to exist as a separate entity subsequent to the Effective Date and its shares were not cancelled on the Effective Date; therefore, OldCo’s shares may continue to trade on over-the-counter markets. At this time, shares of Paragon Offshore are not traded on any market.
Please note that OldCo and Paragon Offshore are two separate and distinct entities and any shares you may see traded of OldCo DO NOT represent the equity of the reorganized Paragon Offshore nor any right to receive any equity or other interest in (or property of) Paragon Offshore.