UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 
FORM 8-K

 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported): February 1, 2017

 
Paragon Offshore plc
(Exact name of registrant as specified in its charter)

 

England and Wales	 	001-36465	 	98-1146017	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
 
3151 Briarpark Drive, Suite 700
Houston, Texas 77042 
 (Address of principal executive offices) (Zip Code)
 
+44 20 330 2300
(Registrant’s telephone number, including area code)
 
(Not applicable)
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
 
o             Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
Item 7.01 Regulation FD Disclosure.
 
As previously reported, on February 14, 2016, Paragon Offshore plc (the “ Company ”) and certain of its subsidiaries (collectively, the “ Debtors ”) filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”).
 
On February 1, 2017, the Debtors filed their monthly operating report for the period beginning December 1, 2016 and ending December 31, 2016 (the “ Monthly Operating Report ”) with the Bankruptcy Court.  The Monthly Operating Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference.  This Current Report on Form 8-K (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely by Regulation FD .
 
The information contained in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.
 
Cautionary Statement Regarding the Monthly Operating Report
 
The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company.  The Monthly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court.  The Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with generally accepted accounting principles in the United States, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation.  There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete.  The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in the Company’s reports pursuant to the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results for the period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act.  Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.
 
Cautionary Note Regarding Forward-Looking Statements
 
This release contains forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to risks associated with the Company’s reorganization, the general nature of the oil and gas industry, actions by regulatory authorities, customers and other third parties, and other factors detailed in the “Risk Factors” section of the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2015, and in its other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov.  Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
 
Item 9.01  Financial Statements and Exhibits.
 
(d) Exhibits
 
99.1                   Monthly Operating Report for the month ended December 31, 2016, filed with the United States Bankruptcy Court for the District of Delaware
 
2 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized .

 	 	Paragon Offshore plc	

February 1, 2017	By:	/s/ Lee M. Ahlstrom	
 	 	Name: Lee M. Ahlstrom	
 	 	Title: SVP & CFO	
 
3 

 
Exhibit Index

Exhibit No.	 	Description	
99.1	 	Monthly Operating Report for the month ended December 31, 2016, filed with the United States Bankruptcy Court for the District of Delaware	
 
4 

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:	December 1 - 31, 2016	
 	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	 	
Bank Reconciliation (or copies of Debtors’ bank reconciliations)	MOR-1a	 	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)	 	 	X	
Cash Disbursement Journals (See Notes to the MOR)	 	 	X	
Statement of Operations (Income Statement)	MOR-2	X	 	
Balance Sheet	MOR-3	X	 	
Status of Post-Petition Taxes (See Notes to the MOR)	MOR-4	X	 	
Copies of IRS Form 6123 or payment receipt (See Notes to the MOR)	 	 	X	
Copies of tax returns filed during reporting period (See Notes to the MOR)	 	 	X	
Summary of Unpaid Post-Petition Debts (See Notes to the MOR)	MOR-4	X	 	
Accounts Receivable Reconciliation and Aging (See Notes to the MOR)	MOR-5	X	 	
Debtor Questionnaire (See Notes to the MOR)	MOR-5	X	 	
 
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	 	2/1/2017	 	 	 	
Signature of Authorized Individual*	Date	 	 	

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:	December 1 - 31, 2016	
 	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:	December 1 - 31, 2016	
 	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.
 
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 December 2016 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.
 
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 (November 2016) may not equate with the opening balances in MOR-4 (December 2016) due to ordinary course adjustments/reclassifications of certain tax liabilities after the November 2016 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.

 
MOR Notes

In re Paragon Offshore PLC, et al.	 	
 	Case No. 16-10386 (CSS)	
 	Reporting Period:	December 1 - 31, 2016	
 	Federal Tax I.D. #	98-1146017	

Notes to the Monthly Operating Report	
 
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].
 
Question #5 -
 
1. Paragon Offshore International Limited - Bank of America account ending 7773
 
Documentation is available upon request.

 
MOR-1

In re Paragon Offshore PLC, et al.	 	 	 	 	 	
 	 	 	 	 	Case No. 16-10386 (CSS)	
 	 	 	 	Reporting Period:	December 1 - 31, 2016	
 	 	 	 	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
 
Disbursements	 	 	 
Intercompany
 
Disbursements to
 
Non-Debtors	 	 	Total Disbursements	 	 	Cash Receipts	 	
Paragon Offshore Drilling LLC	 	 	16-10385	 	 	$	(473	)	 	$	-	 	 	$	(473	)	 	$	1,052	 	
Paragon Offshore plc	 	 	16-10386	 	 	(2,290	)	 	-	 	 	(2,290	)	 	91	 	
Paragon Drilling Services 7 LLC	 	 	16-10387	 	 	(106	)	 	-	 	 	(106	)	 	-	 	
Paragon Offshore Finance Company	 	 	16-10388	 	 	(2,828	)	 	-	 	 	(2,828	)	 	-	 	
Paragon Offshore Leasing (Switzerland) GmbH	 	 	16-10389	 	 	(41	)	 	-	 	 	(41	)	 	-	 	
Paragon Offshore do Brasil Ltda.	 	 	16-10390	 	 	(1,210	)	 	-	 	 	(1,210	)	 	2,806	 	
Paragon International Finance Company	 	 	16-10391	 	 	(500	)	 	(425	)	 	(926	)	 	2,706	 	
Paragon Asset (ME) Ltd.	 	 	16-10392	 	 	(22	)	 	-	 	 	(22	)	 	-	 	
Paragon Offshore Holdings US Inc.	 	 	16-10393	 	 	(24	)	 	-	 	 	(24	)	 	-	 	
Paragon Asset (UK) Ltd.	 	 	16-10394	 	 	(830	)	 	-	 	 	(830	)	 	2,337	 	
Paragon FDR Holding Ltd.	 	 	16-10395	 	 	-	 	 	-	 	 	-	 	 	-	 	
Paragon Offshore International Ltd.	 	 	16-10396	 	 	(6,446	)	 	-	 	 	(6,446	)	 	7,505	 	
Paragon Offshore (North Sea) Ltd.	 	 	16-10397	 	 	(1,056	)	 	-	 	 	(1,056	)	 	2,880	 	
Paragon Duchess Ltd.	 	 	16-10398	 	 	(37	)	 	-	 	 	(37	)	 	-	 	
Paragon (Middle East) Limited	 	 	16-10399	 	 	(1,551	)	 	-	 	 	(1,551	)	 	6,154	 	
Paragon Offshore (Luxembourg) S.a r.l.	 	 	16-10400	 	 	-	 	 	-	 	 	-	 	 	-	 	
Paragon Holding NCS 2 S.a r.l.	 	 	16-10401	 	 	(1	)	 	-	 	 	(1	)	 	-	 	
Paragon Leonard Jones LLC	 	 	16-10402	 	 	(590	)	 	-	 	 	(590	)	 	-	 	
PGN Offshore Drilling (Malaysia) Sdn. Bhd.	 	 	16-10403	 	 	(92	)	 	-	 	 	(92	)	 	-	 	
Paragon Offshore (Nederland) B.V.	 	 	16-10404	 	 	(2,427	)	 	(370	)	 	(2,797	)	 	217	 	
Paragon Offshore Contracting GmbH	 	 	16-10405	 	 	(688	)	 	-	 	 	(688	)	 	2,015	 	
Paragon Offshore (Labuan) Pte. Ltd.	 	 	16-10406	 	 	(2	)	 	-	 	 	(2	)	 	-	 	
Paragon Holding SCS 2 Ltd.	 	 	16-10407	 	 	-	 	 	-	 	 	-	 	 	-	 	
Paragon Asset Company Ltd.	 	 	16-10408	 	 	(2,523	)	 	-	 	 	(2,523	)	 	-	 	
Paragon Holding SCS 1 Ltd.	 	 	16-10409	 	 	-	 	 	-	 	 	-	 	 	-	 	
Paragon Offshore Leasing (Luxembourg) S.a r.l.	 	 	16-10410	 	 	(1,124	)	 	-	 	 	(1,124	)	 	-	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	 	 	$	(24,860	)	 	$	(795	)	 	$	(25,655	)	 	$	27,763	 	

 
MOR-1a

In re Paragon Offshore PLC, et al.	 	 	 	 	 	
 	 	 	 	 	Case No. 16-10386 (CSS)	
 	 	 	 	Reporting Period:	December 1 - 31, 2016	
 	 	 	 	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	 	Last 4 Digits of
Account No.	Opening Account
Balance	Closing Account
Balance	 	Opening Cash
Book	Closing Cash
Book	 	
Paragon Offshore Drilling LLC	 	16-10385	 	 	   $	-	   $	-	 	   $	-	   $	-	 	
 	 	 	 	 	 	 	 	 	 	 	
Paragon Offshore plc	 	16-10386	 	Sub Total	344,227	344,380	 	344,289	344,379	 	
 	 	16-10386	 	6704	-	-	 	-	-	 	
 	 	16-10386	 	9694	129	129	 	129	127	 	
 	 	16-10386	 	3774	332,594	332,747	 	332,656	332,747	 	
 	 	16-10386	 	9069	11,504	11,504	 	11,504	11,504	 	
 	 	 	 	 	 	 	 	 	 	 	
Paragon Drilling Services 7 LLC	 	16-10387	 	8977	-	-	 	-	-	 	
 	 	 	 	 	 	 	 	 	 	 	
Paragon Offshore Finance Company	 	16-10388	 	2257	-	-	 	-	-	 	
 	 	 	 	 	 	 	 	 	 	 	
Paragon Offshore Leasing (Switzerland) GmbH	 	16-10389	 	Sub Total	63	38	 	70	56	 	
 	 	16-10389	 	3991	8	8	 	8	8	 	
 	 	16-10389	 	701L	55	30	 	62	48	 	
 	 	 	 	 	 	 	 	 	 	 	
Paragon Offshore do Brasil Ltda.	 	16-10390	 	Sub Total	4,441	6,539	 	4,449	6,575	 	
 	 	16-10390	 	4000	4,427	6,533	 	4,434	6,570	 	
 	 	16-10390	 	7775	8	3	 	8	3	 	
 	 	16-10390	 	5004	6	3	 	6	3	 	
 	 	16-10390	 	Petty Cash	 	 	 	0	-	 	
 	 	 	 	 	 	 	 	 	 	 	
Paragon International Finance Company	 	16-10391	 	Sub Total	198,230	192,563	 	198,199	192,920	 	
 	 	16-10391	 	4670	0	-	 	0	-	 	
 	 	16-10391	 	4240	1,301	4,560	 	1,345	4,700	 	
 	 	16-10391	 	7219	-	-	 	-	-	 	
 	 	16-10391	 	7201	147	26	 	121	62	 	
 	 	16-10391	 	7227	-	-	 	-	-	 	
 	 	16-10391	 	7235	-	-	 	-	-	 	
 	 	16-10391	 	4355	10	10	 	10	10	 	
 	 	16-10391	 	1100	41	40	 	26	110	 	
 	 	16-10391	 	3880	38,059	38,077	 	38,067	38,077	 	
 	 	16-10391	 	9959	2	2,758	 	(7)	2,768	 	
 	 	16-10391	 	4356	370	370	 	370	370	 	
 	 	16-10391	 	7633	152,199	142,230	 	152,199	142,230	 	
 	 	16-10391	 	9936	-	-	 	(20)	(20 )	 	
 	 	16-10391	 	1478	-	-	 	-	55	 	
 	 	16-10391	 	3463	6,023	4,103	 	6,009	4,154	 	
 	 	16-10391	 	9016	78	389	 	79	404	 	
 	 	 	 	 	 	 	 	 	 	 	
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	 	3867	-	-	 	-	-	 	

 
MOR-1a

In re Paragon Offshore PLC, et al.	 	 	 	 	 	
 	 	 	 	 	Case No. 16-10386 (CSS)	
 	 	 	 	Reporting Period:	December 1 - 31, 2016	
 	 	 	 	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	 	Last 4 Digits of
Account No.	Opening Account
Balance	Closing Account
Balance	 	Opening Cash
Book	Closing Cash
Book	 	
Paragon Offshore International Ltd.	 	16-10396	 	Sub Total	629	416	 	577	489	 	
 	 	16-10396	 	-001	1	0	 	0	0	 	
 	 	16-10396	 	5110	6	6	 	6	6	 	
 	 	16-10396	 	6490	18	17	 	18	17	 	
 	 	16-10396	 	6500	1	1	 	1	1	 	
 	 	16-10396	 	9901	4	3	 	4	3	 	
 	 	16-10396	 	0000	9	9	 	9	8	 	
 	 	16-10396	 	2501	299	299	 	299	299	 	
 	 	16-10396	 	4001	291	79	 	291	79	 	
 	 	16-10396	 	1012	-	-	 	-	-	 	
 	 	16-10396	 	0570	-	-	 	(61)	(155 )	 	
 	 	16-10396	 	7773	-	-	 	-	233	 	
 	 	16-10397	 	4872	-	-	 	-	(9 )	 	
 	 	16-10396	 	Petty Cash	 	 	 	9	6	 	
 	 	 	 	 	 	 	 	 	 	 	
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	 	8969	-	-	 	-	-	 	
 	 	16-10400	 	1728	-	-	 	-	-	 	
 	 	 	 	 	 	 	 	 	-	 	
Paragon Holding NCS 2 S.a r.l.	 	16-10401	 	5235	-	-	 	-	-	 	
 	 	 	 	 	 	 	 	 	 	 	
Paragon Leonard Jones LLC	 	16-10402	 	Sub Total	501	216	 	501	216	 	
 	 	16-10402	 	8256	-	-	 	(0)	-	 	
 	 	16-10402	 	8032	-	-	 	-	-	 	
 	 	16-10402	 	3350	2	2	 	2	2	 	
 	 	16-10402	 	7021	366	66	 	366	66	 	
 	 	16-10402	 	8378	1	1	 	1	1	 	
 	 	16-10402	 	3492	132	148	 	132	148	 	
 	 	 	 	 	 	 	 	 	 	 	
PGN Offshore Drilling (Malaysia) Sdn. Bhd.	 	16-10403	 	Sub Total	142	96	 	141	96	 	
 	 	16-10403	 	3875	-	-	 	-	-	 	
 	 	16-10403	 	0775	142	96	 	141	96	 	
 	 	 	 	 	 	 	 	 	 	 	
Paragon Offshore (Nederland) B.V.	 	16-10404	 	Sub Total	2,763	1,443	 	2,866	1,590	 	
 	 	16-10404	 	2286	-	-	 	-	-	 	
 	 	16-10404	 	1106	33	17	 	33	17	 	
 	 	16-10404	 	6254	7	7	 	133	133	 	
 	 	16-10404	 	NL2A	207	412	 	210	421	 	
 	 	16-10404	 	0016	1,913	87	 	1,921	98	 	
 	 	16-10404	 	0024	37	36	 	39	39	 	
 	 	16-10404	 	3476	565	883	 	531	883	 	
 	 	16-10404	 	7760	-	-	 	-	-	 	
 	 	16-10404	 	Petty Cash	 	 	 	-	-	 	

 
MOR-1a

In re Paragon Offshore PLC, et al.	 	 	 	 	 	
 	 	 	 	 	Case No. 16-10386 (CSS)	
 	 	 	 	Reporting Period:	December 1 - 31, 2016	
 	 	 	 	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	 	Last 4 Digits of
Account No.	Opening Account
Balance	Closing Account
Balance	 	Opening Cash
Book	Closing Cash
Book	 	
Paragon Offshore Contracting GmbH	 	16-10405	 	Sub Total	2,282	4,579	 	2,281	4,584	 	
 	 	16-10405	 	8002	-	-	 	0	-	 	
 	 	16-10405	 	2377	-	-	 	-	-	 	
 	 	16-10405	 	8788	-	-	 	-	-	 	
 	 	16-10405	 	8876	1,539	2,117	 	1,540	2,121	 	
 	 	16-10405	 	4010	437	607	 	436	608	 	
 	 	16-10405	 	403W	14	16	 	14	16	 	
 	 	16-10405	 	8556	1	1,838	 	1	1,838	 	
 	 	16-10405	 	3489	291	2	 	290	2	 	
 	 	16-10405	 	Petty Cash	 	 	 	-	-	 	
 	 	 	 	 	 	 	 	 	 	 	
Paragon Offshore (Labuan) Pte. Ltd.	 	16-10406	 	Sub Total	1,163	1,161	 	1,163	1,161	 	
 	 	16-10406	 	7995	-	-	 	-	-	 	
 	 	16-10406	 	-101	13	10	 	13	10	 	
 	 	16-10406	 	-725	1,150	1,150	 	1,150	1,150	 	
 	 	 	 	 	 	 	 	 	 	 	
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	23	1,136	 	49	1,171	 	
 	 	16-10410	 	6362	-	-	 	-	-	 	
 	 	16-10410	 	8000	23	1,136	 	49	1,171	 	
 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	 	   $	554,465	   $	552,566	 	   $	554,585	   $	553,237	 	

 
MOR-1b

In re Paragon Offshore PLC, et al.	 	 	 	 	 	
 	 	 	 	 	Case No. 16-10386 (CSS)	
 	 	 	 	Reporting Period:	December 1 - 31, 2016	
 	 	 	 	Federal Tax I.D. #	98-1146017	

 

Schedule of Professional Fees Paid	
(000’s)	

Of the total disbursements shown on the Schedule of Disbursements Report (MOR-1) list the amount paid to Retained Professionals.  	See Notes to the MOR related to MOR-1b	

Retained Professionals	 	 	 	 	 	 	 	
Name	 	 	Amount Paid During Month	 	 	Total Paid to Date	 	
Weil, Gotshal & Manges LLP	 	 	$	-	 	 	$	5,679	 	
Richards, Layton & Finger, PA	 	 	164	 	 	617	 	
AlixPartners LLP	 	 	-	 	 	3,322	 	
Lazard, Freres & Co LLC	 	 	-	 	 	1,000	 	
Norton Rose Fulbright US LLP	 	 	-	 	 	354	 	
KCC	 	 	-	 	 	556	 	
Total Payments to Professionals	 	 	$	164	 	 	$	11,526	 	

 
MOR-1c

In re Paragon Offshore PLC, et al.	 	 	
 	 	 	
 	 	Case No. 16-10386 (CSS)	
 	Reporting Period:	December 1 - 31, 2016	
 	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	 	
12/03/16 - 12/30/16	 	Budget	 	Actual	 	F/(U)	 	
 	 	 	 	 	 	 	 	
Total Receipts	 	20,895	 	29,667	 	8,772	 	
 	 	 	 	 	 	 	 	
Total Operating Disbursements	 	(10,906	)	(10,206	)	700	 	
Total Capital Expenditures	 	(711	)	(2,235	)	(1,525	)	
Total Payroll & Benefits	 	(5,802	)	(3,564	)	2,237	 	
Total Other	 	(200	)	(758	)	(558	)	
 	 	 	 	 	 	 	 	
Total I/C Disbursements to Non Debtor Entities	 	(7,245	)	(11,733	)	(4,488	)	
 	 	 	 	 	 	 	 	
Total Disbursements	 	(24,863	)	(28,496	)	(3,633	)	
 	 	 	 	 	 	 	 	
Net Operating Cash Flow	 	(3,968	)	1,171	 	5,139	 	
 	 	 	 	 	 	 	 	
Deposits	 	 	 	 	 	 	 	
Other	 	-      	 	-      	 	-      	 	
Total Deposits	 	-      	 	-      	 	-      	 	
 	 	 	 	 	 	 	 	
Total Debt Service	 	(4,607	)	(4,757	)	(150	)	
Total Professional Fees	 	(4,130	)	(1,831	)	2,299	 	
 	 	 	 	 	 	 	 	
Total Non-Operating Disbursements	 	(8,737	)	(6,587	)	2,150	 	
 	 	 	 	 	 	 	 	
Net Cash Flow	 	(12,705	)	(5,417	)	7,288	 	
 	 	 	 	 	 	 	 	
Debtor Ending Cash Balance - Encumbered	 	202,040	 	208,345	 	6,305	 	
Debtor Cash Balance - Unencumbered	 	344,160	 	344,251	 	91	 	
Total Debtor Cash Balance	 	546,200	 	552,596	 	6,396	 	
 	 	 	 	 	 	 	 	
Non Debtor Ending Cash Balance	 	367,552	 	366,610	 	(943	)	
Total Debtor & Non Debtor Ending Cash Balance	 	913,752	 	919,206	 	5,453	 	

 

In re Paragon Offshore PLC, et al.	MOR-2	

 	Case No. 16-10386 (CSS)	 	
 	Reporting Period:	December 1 - 31, 2016	 	
 	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 December 31, 2016

 	16-10385	16-10386	16-10387	16-10388	16-10389	16-10390	16-10391	
 	Paragon Offshore
Drilling LLC	Paragon
Offshore plc	Paragon Drilling
Services 7 LLC	Paragon Offshore
Finance Company	 
 
Paragon Offshore
Leasing
(Switzerland) GmbH	Paragon Offshore do
Brasil Ltda.	Paragon International
Finance Company	
Operating Revenues	 	 	 	 	 	 	 	
Contract Drilling Revenue	$	1,061	$	-	$	-	$	-	$	-	$	-	$	-	
Reimbursable Revenues	4	-	-	-	-	29	-	
Labor Contract Revenues	-	-	-	-	-	-	-	
Intercompany Revenues	-	4,938	868	-	-	-	-	
Other Revenues	-	-	-	-	-	-	-	
Operating revenues	1,066	4,938	868	-	-	29	-	
 	 	 	 	 	 	 	 	
Operating Costs and Expenses	-	-	-	-	-	-	-	
Contract Drilling Expenses	1,128	(0)	(210)	-	(148)	2,773	-	
Labor Contract	-	-	-	-	-	-	-	
Reimbursable Expenses	(4)	-	-	-	-	(28)	-	
Depreciation and Amortization	(622)	(6)	(13)	-	(394)	(10)	-	
General & Administrative	(120)	(3,604)	-	(100)	(57)	-	(27)	
Corporate Operations	-	(3,142)	-	-	-	-	-	
Local Administrative Expense	(217)	-	-	-	-	(187)	-	
Unusual Event	-	-	(760)	-	(560)	(572)	-	
Operating costs and expenses	165	(6,752)	(983)	(100)	(1,159)	1,976	(27)	
 	-	-	-	-	-	-	-	
Operating Income	1,230	(1,814)	(116)	(100)	(1,159)	2,005	(27)	
 	 	 	 	 	 	 	 	
Other Income (Expense)	 	 	 	 	 	 	 	
Interest expense, net of amount capitalized	-	(2,020)	-	(2,924)	-	(31)	(843)	
Interest Income	515	92	-	-	-	-	41	
Reorganization Items	-	(4,634)	-	-	-	-	-	
Other, net	(39)	91	-	-	(1)	(819)	(151)	
Income before income taxes	1,706	(8,285)	(116)	(3,024)	(1,160)	1,155	(980)	
Income tax provision	(62)	(142)	-	-	4	65	-	
Net Income	1,644	(8,427)	(116)	(3,024)	(1,156)	1,220	(980)	

 

In re Paragon Offshore PLC, et al.	MOR-2	

 

Unaudited Statement of Operations (Income Statement)	
(000’s)	
(See Notes to the MOR related to MOR-2)	

For Month Ending December 31, 2016	

 

 	 	16-10392	16-10393	16-10394	16-10395	16-10396	
 	 	Paragon Asset
(ME) Ltd.	Paragon Offshore
Holdings US Inc.	Paragon Asset
(UK) Ltd.	 

Paragon FDR
Holding Ltd.	Paragon Offshore
International Ltd.	
Operating Revenues	 	 	 	 	 	 	
Contract Drilling Revenue	 	$	-	$	-	$	(1,208)	$	-	$	2,499	
Reimbursable Revenues	 	-	-	32	-	72	
Labor Contract Revenues	 	-	-	-	-	-	
Intercompany Revenues	 	-	-	-	-	56	
Other Revenues	 	-	-	-	-	-	
Operating revenues	 	-	-	(1,176)	-	2,627	
 	 	 	 	 	 	 	
Operating Costs and Expenses	 	-	-	-	-	-	
Contract Drilling Expenses	 	(2)	-	1,664	-	(2,576)	
Labor Contract	 	-	-	-	-	-	
Reimbursable Expenses	 	-	-	(10)	-	(35)	
Depreciation and Amortization	 	(386)	-	-	-	(1,400)	
General & Administrative	 	-	(128)	(230)	(25)	-	
Corporate Operations	 	-	(111)	(200)	(21)	(42)	
Local Administrative Expense	 	-	-	132	-	(1,683)	
Unusual Event	 	-	-	-	-	(39,803)	
Operating costs and expenses	 	(388)	(239)	1,356	(46)	(45,540)	
 	 	-	-	-	-	-	
Operating Income	 	(388)	(239)	180	(46)	(42,913)	
 	 	 	 	 	 	 	
Other Income (Expense)	 	 	 	 	 	 	
Interest expense, net of amount capitalized	 	-	-	-	-	-	
Interest Income	 	-	-	-	(13)	-	
Reorganization Items	 	-	-	-	-	-	
Other, net	 	-	-	(0)	-	(33)	
Income before income taxes	 	(388)	(239)	180	(59)	(42,946)	
Income tax provision	 	(1)	(1,803)	(2,204)	-	(85)	
Net Income	 	(389)	(2,042)	(2,023)	(59)	(43,032)	

 

In re Paragon Offshore PLC, et al.	MOR-2	

 

 	Unaudited Statement of Operations (Income Statement)	
 	(000’s)	
 	(See Notes to the MOR related to MOR-2)	

 	 	For Month Ending December 31, 2016	

 

 	16-10397	16-10398	16-10399	16-10400	16-10401	16-10402	
 	Paragon Offshore
(North Sea) Ltd.	Paragon Duchess Ltd.	Paragon (Middle East)
Limited	 

Paragon Offshore
(Luxembourg) S.a r.l.	Paragon Holding
NCS 2 S.a r.l.	Paragon Leonard
Jones LLC	
Operating Revenues	 	 	 	 	 	 	
Contract Drilling Revenue	$	1,724	$	-	$	5,955	$	-	$	-	$	-	
Reimbursable Revenues	134	-	18	-	-	-	
Labor Contract Revenues	-	-	-	-	-	-	
Intercompany Revenues	-	-	565	-	-	-	
Other Revenues	-	-	-	-	-	-	
Operating revenues	1,858	-	6,538	-	-	-	
 	 	 	 	 	 	 	
Operating Costs and Expenses	-	-	-	-	-	-	
Contract Drilling Expenses	(709)	16	(4,782)	-	(48)	(1,069)	
Labor Contract	-	-	-	-	-	-	
Reimbursable Expenses	(143)	-	(11)	-	-	-	
Depreciation and Amortization	-	-	(3,407)	-	(6)	-	
General & Administrative	-	(3)	-	(4)	-	(7)	
Corporate Operations	-	-	-	-	-	(6)	
Local Administrative Expense	(232)	-	-	-	-	193	
Unusual Event	-	-	-	-	(2)	-	
Operating costs and expenses	(1,084)	13	(8,200)	(4)	(56)	(890)	
 	-	-	-	-	-	-	
Operating Income	775	13	(1,661)	(4)	(56)	(890)	
 	 	 	 	 	 	 	
Other Income (Expense)	 	 	 	 	 	 	
Interest expense, net of amount capitalized	-	-	-	-	(1,086)	-	
Interest Income	-	-	-	-	1	72	
Reorganization Items	-	-	-	-	-	-	
Other, net	(87)	-	0	(0)	0	5	
Income before income taxes	688	13	(1,661)	(4)	(1,141)	(813)	
Income tax provision	(668)	-	(194)	-	-	(1,243)	
Net Income	20	13	(1,855)	(4)	(1,141)	(2,056)	

 

In re Paragon Offshore PLC, et al.	MOR-2	

 

 	Unaudited Statement of Operations (Income Statement)	
 	(000’s)	
 	(See Notes to the MOR related to MOR-2)	

 	 	For Month Ending December 31, 2016	

 	16-10403	16-10404	16-10405	16-10406	16-10407	16-10408	
 	PGN Offshore Drilling
(Malaysia) Sdn. Bhd.	Paragon Offshore
(Nederland) B.V.	Paragon Offshore
Contracting GmbH	 

Paragon Offshore
(Labuan) Pte. Ltd.	Paragon Holding
SCS 2 Ltd.	Paragon Asset
Company Ltd.	
Operating Revenues	 	 	 	 	 	 	
Contract Drilling Revenue	$	-	$	-	$	8	$	-	$	-	$	-	
Reimbursable Revenues	-	-	-	-	-	-	
Labor Contract Revenues	-	-	-	-	-	-	
Intercompany Revenues	(40)	839	-	(418)	-	7,148	
Other Revenues	-	-	-	-	-	-	
Operating revenues	(40)	839	8	(418)	-	7,148	
 	 	 	 	 	 	 	
Operating Costs and Expenses	-	-	-	-	-	-	
Contract Drilling Expenses	(133)	(1,812)	1,819	-	-	(21,252)	
Labor Contract	-	-	-	-	-	-	
Reimbursable Expenses	-	-	-	-	-	-	
Depreciation and Amortization	-	(0)	(32)	-	-	(3,913)	
General & Administrative	-	-	-	-	(1,843)	-	
Corporate Operations	-	(22)	-	-	(1,606)	-	
Local Administrative Expense	(5)	(306)	135	408	-	(26)	
Unusual Event	-	(0)	(1,232)	-	-	(59,811)	
Operating costs and expenses	(139)	(2,141)	690	408	(3,449)	(85,003)	
 	-	-	-	-	-	-	
Operating Income	(178)	(1,302)	698	(10)	(3,449)	(77,855)	
 	 	 	 	 	 	 	
Other Income (Expense)	 	 	 	 	 	 	
Interest expense, net of amount capitalized	-	-	(515)	-	-	(1)	
Interest Income	229	28	385	-	1,086	-	
Reorganization Items	-	-	-	-	-	-	
Other, net	0	856	3	(0)	-	-	
Income before income taxes	51	(418)	571	(10)	(2,363)	(77,857)	
Income tax provision	(31)	(303)	547	-	3,761	(11,718)	
Net Income	20	(721)	1,118	(10)	1,399	(89,575)	

 

In re Paragon Offshore PLC, et al.	MOR-2	

 

 	Unaudited Statement of Operations (Income Statement)	
 	(000’s)	
 	(See Notes to the MOR related to MOR-2)	
 	 	
 	For Month Ending December 31, 2016	

 	16-10409	16-10410	
 	Paragon Holding
SCS 1 Ltd.	 

Paragon Offshore
Leasing
(Luxembourg) S.a r.l.	
Operating Revenues	 	 	
Contract Drilling Revenue	  $	 -	  $	 -	
Reimbursable Revenues	-	-	
Labor Contract Revenues	-	-	
Intercompany Revenues	-	-	
Other Revenues	-	-	
Operating revenues	-	-	
 	 	 	
Operating Costs and Expenses	-	-	
Contract Drilling Expenses	-	(165)	
Labor Contract	-	-	
Reimbursable Expenses	-	-	
Depreciation and Amortization	-	(589)	
General & Administrative	(115)	(16)	
Corporate Operations	-	-	
Local Administrative Expense	-	-	
Unusual Event	-	(20,216)	
Operating costs and expenses	(115)	(20,986)	
 	-	-	
Operating Income	(115)	(20,986)	
 	 	 	
Other Income (Expense)	 	 	
Interest expense, net of amount capitalized	-	(884)	
Interest Income	941	-	
Reorganization Items	-	-	
Other, net	-	(7)	
Income before income taxes	826	(21,876)	
Income tax provision	-	-	
Net Income	826	(21,876)	

 

In re Paragon Offshore PLC, et al.	MOR-3	

 	 	 	 	
 	 	Case No. 16-10386 (CSS)	
 	 	Reporting Period:	December 1 - 31, 2016	
 	 	Federal Tax I.D. #	98-1146017	

 

 	Unaudited Balance Sheet	
 	(000’s)	
 	(See Notes to the MOR related to MOR-3)	

 	 	 	For Month Ending December 31, 2016	 	 	 	 	

 	 	 	16-10385	 	 	16-10386	 	 	16-10387	 	
 	 	 	 
Paragon Offshore Drilling
LLC	 	 	Paragon Offshore plc	 	 	Paragon Drilling Services 7
LLC	 	
ASSETS	 	 	 	 	 	 	 	 	 	 	
Current assets	 	 	 	 	 	 	 	 	 	 	
Total Cash and Cash Equivalents	 	 	-    	 	 	344,379	 	 	-    	 	
Restricted Cash	 	 	-    	 	 	-    	 	 	-    	 	
Accounts Receivable	 	 	146,206	 	 	179,893	 	 	317,760	 	
Prepaid Expenses & Deposits	 	 	72	 	 	983	 	 	-    	 	
Taxes Receivable	 	 	-    	 	 	28	 	 	-    	 	
Total Other Current Assets	 	 	11,750	 	 	382	 	 	-    	 	
Total current assets	 	 	158,028	 	 	525,665	 	 	317,760	 	
Investments in Subsidiaries	 	 	182,682	 	 	3,463,886	 	 	-    	 	
Intercompany Notes Receivable	 	 	158,059	 	 	-    	 	 	-    	 	
Long Term Notes & Investments	 	 	340,741	 	 	3,463,886	 	 	-    	 	
Gross PPE	 	 	97,312	 	 	480	 	 	49,961	 	
Accumulated Depreciation	 	 	(76,510	)	 	(93	)	 	(48,721	)	
Property and Equipment	 	 	20,802	 	 	387	 	 	1,240	 	
Other Assets	 	 	1,083	 	 	16,852	 	 	93	 	
Deferred Regulatory Inspection	 	 	670	 	 	-    	 	 	93	 	
Deferred Pension Costs	 	 	-    	 	 	-    	 	 	-    	 	
Other Long Term Assets	 	 	-    	 	 	7,590	 	 	-    	 	
Restricted Cash	 	 	-    	 	 	9,262	 	 	-    	 	
Long Term Prepaid Mob	 	 	413	 	 	-    	 	 	-    	 	
 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	520,654	 	 	4,006,790	 	 	319,093	 	
 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS’ EQUITY	 	 	 	 	 	 	 	 	 	 	
Current liabilities	 	 	 	 	 	 	 	 	 	 	
Current Maturities & Short Term Debt	 	 	-    	 	 	-    	 	 	-    	 	
Accounts Payable	 	 	50,464	 	 	828,465	 	 	215,469	 	
Payroll and Benefits Related Accruals	 	 	999	 	 	-    	 	 	-    	 	
Taxes Payable	 	 	1,227	 	 	227	 	 	-    	 	
Interest Payable	 	 	-    	 	 	401	 	 	-    	 	
Other Current Liabilities	 	 	4,689	 	 	1,402	 	 	-    	 	
Total current liabilities	 	 	57,379	 	 	830,495	 	 	215,469	 	
Total Long-Term Debt	 	 	-    	 	 	-    	 	 	-    	 	
Deferred Taxes	 	 	-    	 	 	-    	 	 	-    	 	
Other NonCurrent Liabilities	 	 	3,308	 	 	3,335	 	 	-    	 	
Liabilities Subject to Compromise	 	 	-    	 	 	1,709,947	 	 	-    	 	
Total liabilities	 	 	60,687	 	 	2,543,777	 	 	215,469	 	
 	 	 	 	 	 	 	 	 	 	 	
Shareholders’ equity	 	 	 	 	 	 	 	 	 	 	
Shareholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Ordinary Shares-par Val $0.01 per share	 	 	-    	 	 	884	 	 	-    	 	
Capital in Excess of par value	 	 	(1,019,894	)	 	1,502,872	 	 	206,689	 	
Retained Earnings	 	 	1,479,860	 	 	(40,745	)	 	(103,065	)	
Accumulated Other Comprehensive Loss	 	 	-    	 	 	-    	 	 	-    	 	
Total shareholders’ equity	 	 	459,966	 	 	1,463,011	 	 	103,624	 	
Total liabilities and shareholders’ equity	 	 	520,654	 	 	4,006,790	 	 	319,093	 	

 

In re Paragon Offshore PLC, et al.	MOR-3	

 

 

 	Unaudited Balance Sheet	
 	(000’s)	
 	(See Notes to the MOR related to MOR-3)	

 	 	 	For Month Ending December 31, 2016	 	 	 	 	

 	 	 	16-10388	 	 	16-10389	 	 	16-10390	 	
 	 	 	Paragon Offshore
Finance Company	 	 	Paragon Offshore
Leasing
(Switzerland) GmbH	 	 	Paragon Offshore do
Brasil Ltda.	 	
ASSETS	 	 	 	 	 	 	 	 	 	 	
Current assets	 	 	 	 	 	 	 	 	 	 	
Total Cash and Cash Equivalents	 	 	-    	 	 	56	 	 	6,575	 	
Restricted Cash	 	 	-    	 	 	-    	 	 	-    	 	
Accounts Receivable	 	 	1,469	 	 	164,086	 	 	18,697	 	
Prepaid Expenses & Deposits	 	 	21	 	 	5	 	 	666	 	
Taxes Receivable	 	 	-    	 	 	286	 	 	9,552	 	
Total Other Current Assets	 	 	-    	 	 	-    	 	 	(212	)	
Total current assets	 	 	1,490	 	 	164,433	 	 	35,278	 	
Investments in Subsidiaries	 	 	4,105,589	 	 	-    	 	 	-    	 	
Intercompany Notes Receivable	 	 	-    	 	 	-    	 	 	-    	 	
Long Term Notes & Investments	 	 	4,105,589	 	 	-    	 	 	-    	 	
Gross PPE	 	 	-    	 	 	151,830	 	 	2,808	 	
Accumulated Depreciation	 	 	-    	 	 	(130,027	)	 	(2,656	)	
Property and Equipment	 	 	-    	 	 	21,803	 	 	152	 	
Other Assets	 	 	-    	 	 	303	 	 	-    	 	
Deferred Regulatory Inspection	 	 	-    	 	 	303	 	 	-    	 	
Deferred Pension Costs	 	 	-    	 	 	-    	 	 	-    	 	
Other Long Term Assets	 	 	-    	 	 	-    	 	 	-    	 	
Restricted Cash	 	 	-    	 	 	-    	 	 	-    	 	
Long Term Prepaid Mob	 	 	-    	 	 	-    	 	 	-    	 	
 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	4,107,079	 	 	186,539	 	 	35,430	 	
 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS’ EQUITY	 	 	 	 	 	 	 	 	 	 	
Current liabilities	 	 	 	 	 	 	 	 	 	 	
Current Maturities & Short Term Debt	 	 	-    	 	 	-    	 	 	13,878	 	
Accounts Payable	 	 	58,615	 	 	156,446	 	 	118,527	 	
Payroll and Benefits Related Accruals	 	 	-    	 	 	39	 	 	1,658	 	
Taxes Payable	 	 	-    	 	 	45	 	 	861	 	
Interest Payable	 	 	96	 	 	-    	 	 	988	 	
Other Current Liabilities	 	 	1,001	 	 	-    	 	 	3,167	 	
Total current liabilities	 	 	59,712	 	 	156,530	 	 	139,079	 	
Total Long-Term Debt	 	 	-    	 	 	-    	 	 	10,071	 	
Deferred Taxes	 	 	-    	 	 	-    	 	 	-    	 	
Other NonCurrent Liabilities	 	 	-    	 	 	-    	 	 	-    	 	
Liabilities Subject to Compromise	 	 	634,616	 	 	-    	 	 	-    	 	
Total liabilities	 	 	694,328	 	 	156,530	 	 	149,150	 	
 	 	 	 	 	 	 	 	 	 	 	
Shareholders’ equity	 	 	 	 	 	 	 	 	 	 	
Shareholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Ordinary Shares-par Val $0.01 per share	 	 	-    	 	 	-    	 	 	(9	)	
Capital in Excess of par value	 	 	3,530,901	 	 	(72,168	)	 	5,517	 	
Retained Earnings	 	 	(118,151	)	 	102,177	 	 	(100,678	)	
Accumulated Other Comprehensive Loss	 	 	-    	 	 	-    	 	 	(18,549	)	
Total shareholders’ equity	 	 	3,412,750	 	 	30,009	 	 	(113,719	)	
Total liabilities and shareholders’ equity	 	 	4,107,079	 	 	186,539	 	 	35,430	 	

 

In re Paragon Offshore PLC, et al.	MOR-3	

 

 	Unaudited Balance Sheet	
 	(000’s)	
 	(See Notes to the MOR related to MOR-3)	

 	 	 	For Month Ending December 31, 2016	 	 	 	 	

 	 	 	16-10391	 	 	16-10392	 	 	16-10393	 	
 	 	 	Paragon International
Finance Company	 	 	 
Paragon Asset
(ME) Ltd.	 	 	Paragon Offshore
Holdings US Inc.	 	
ASSETS	 	 	 	 	 	 	 	 	 	 	
Current assets	 	 	 	 	 	 	 	 	 	 	
Total Cash and Cash Equivalents	 	 	192,920	 	 	-    	 	 	-    	 	
Restricted Cash	 	 	-    	 	 	-    	 	 	-    	 	
Accounts Receivable	 	 	3,721,545	 	 	70,595	 	 	19,804	 	
Prepaid Expenses & Deposits	 	 	144	 	 	-    	 	 	-    	 	
Taxes Receivable	 	 	-    	 	 	-    	 	 	4,175	 	
Total Other Current Assets	 	 	-    	 	 	-    	 	 	-    	 	
Total current assets	 	 	3,914,609	 	 	70,595	 	 	23,979	 	
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	 	 	-    	 	 	81,713	 	 	-    	 	
Accumulated Depreciation	 	 	-    	 	 	(44,019	)	 	-    	 	
Property and Equipment	 	 	-    	 	 	37,694	 	 	-    	 	
Other Assets	 	 	-    	 	 	712	 	 	-    	 	
Deferred Regulatory Inspection	 	 	-    	 	 	712	 	 	-    	 	
Deferred Pension Costs	 	 	-    	 	 	-    	 	 	-    	 	
Other Long Term Assets	 	 	-    	 	 	-    	 	 	-    	 	
Restricted Cash	 	 	-    	 	 	-    	 	 	-    	 	
Long Term Prepaid Mob	 	 	-    	 	 	-    	 	 	-    	 	
 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	8,205,124	 	 	109,051	 	 	(1,315,464	)	
 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS’ EQUITY	 	 	 	 	 	 	 	 	 	 	
Current liabilities	 	 	 	 	 	 	 	 	 	 	
Current Maturities & Short Term Debt	 	 	61,747	 	 	-    	 	 	-    	 	
Accounts Payable	 	 	5,130,100	 	 	2,572	 	 	14,384	 	
Payroll and Benefits Related Accruals	 	 	-    	 	 	63	 	 	-    	 	
Taxes Payable	 	 	-    	 	 	1	 	 	1,817	 	
Interest Payable	 	 	1,485	 	 	-    	 	 	-    	 	
Other Current Liabilities	 	 	-    	 	 	-    	 	 	-    	 	
Total current liabilities	 	 	5,193,332	 	 	2,636	 	 	16,201	 	
Total Long-Term Debt	 	 	33,225	 	 	-    	 	 	-    	 	
Deferred Taxes	 	 	-    	 	 	-    	 	 	-    	 	
Other NonCurrent Liabilities	 	 	-    	 	 	-    	 	 	-    	 	
Liabilities Subject to Compromise	 	 	-    	 	 	-    	 	 	-    	 	
Total liabilities	 	 	5,226,557	 	 	2,636	 	 	16,201	 	
 	 	 	 	 	 	 	 	 	 	 	
Shareholders’ equity	 	 	 	 	 	 	 	 	 	 	
Shareholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Ordinary Shares-par Val $0.01 per share	 	 	-    	 	 	-    	 	 	-    	 	
Capital in Excess of par value	 	 	2,928,906	 	 	44,301	 	 	(538,589	)	
Retained Earnings	 	 	49,661	 	 	62,113	 	 	(793,076	)	
Accumulated Other Comprehensive Loss	 	 	-    	 	 	-    	 	 	-    	 	
Total shareholders’ equity	 	 	2,978,567	 	 	106,414	 	 	(1,331,665	)	
Total liabilities and shareholders’ equity	 	 	8,205,124	 	 	109,051	 	 	(1,315,464	)	

 

In re Paragon Offshore PLC, et al.	MOR-3	

 

 

 	Unaudited Balance Sheet	
 	(000’s)	
 	(See Notes to the MOR related to MOR-3)	

 	 	 	For Month Ending December 31, 2016	 	 	 	 	

 	 	 	16-10394	 	 	16-10395	 	 	16-10396	 	
 	 	 	Paragon Asset
(UK) Ltd.	 	 	 
Paragon FDR
Holding Ltd.	 	 	Paragon Offshore
International Ltd.	 	
ASSETS	 	 	 	 	 	 	 	 	 	 	
Current assets	 	 	 	 	 	 	 	 	 	 	
Total Cash and Cash Equivalents	 	 	-    	 	 	-    	 	 	489	 	
Restricted Cash	 	 	-    	 	 	-    	 	 	-    	 	
Accounts Receivable	 	 	161,588	 	 	412,380	 	 	1,013,229	 	
Prepaid Expenses & Deposits	 	 	-    	 	 	-    	 	 	1,938	 	
Taxes Receivable	 	 	162	 	 	-    	 	 	530	 	
Total Other Current Assets	 	 	-    	 	 	19,916	 	 	11,160	 	
Total current assets	 	 	161,750	 	 	432,296	 	 	1,027,346	 	
Investments in Subsidiaries	 	 	-    	 	 	410,651	 	 	7,435	 	
Intercompany Notes Receivable	 	 	-    	 	 	-    	 	 	-    	 	
Long Term Notes & Investments	 	 	-    	 	 	410,651	 	 	7,435	 	
Gross PPE	 	 	-    	 	 	-    	 	 	45,440	 	
Accumulated Depreciation	 	 	-    	 	 	-    	 	 	(33,516	)	
Property and Equipment	 	 	-    	 	 	-    	 	 	11,924	 	
Other Assets	 	 	-    	 	 	-    	 	 	153	 	
Deferred Regulatory Inspection	 	 	-    	 	 	-    	 	 	153	 	
Deferred Pension Costs	 	 	-    	 	 	-    	 	 	-    	 	
Other Long Term Assets	 	 	-    	 	 	-    	 	 	-    	 	
Restricted Cash	 	 	-    	 	 	-    	 	 	-    	 	
Long Term Prepaid Mob	 	 	-    	 	 	-    	 	 	-    	 	
 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	161,750	 	 	842,947	 	 	1,046,858	 	
 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS’ EQUITY	 	 	 	 	 	 	 	 	 	 	
Current liabilities	 	 	 	 	 	 	 	 	 	 	
Current Maturities & Short Term Debt	 	 	-    	 	 	-    	 	 	-    	 	
Accounts Payable	 	 	144,880	 	 	2,637	 	 	862,890	 	
Payroll and Benefits Related Accruals	 	 	657	 	 	-    	 	 	13,345	 	
Taxes Payable	 	 	-    	 	 	-    	 	 	3,446	 	
Interest Payable	 	 	-    	 	 	-    	 	 	-    	 	
Other Current Liabilities	 	 	-    	 	 	-    	 	 	-    	 	
Total current liabilities	 	 	145,537	 	 	2,637	 	 	879,681	 	
Total Long-Term Debt	 	 	-    	 	 	-    	 	 	-    	 	
Deferred Taxes	 	 	-    	 	 	-    	 	 	1,133	 	
Other NonCurrent Liabilities	 	 	-    	 	 	-    	 	 	-    	 	
Liabilities Subject to Compromise	 	 	-    	 	 	-    	 	 	-    	 	
Total liabilities	 	 	145,537	 	 	2,637	 	 	880,814	 	
 	 	 	 	 	 	 	 	 	 	 	
Shareholders’ equity	 	 	 	 	 	 	 	 	 	 	
Shareholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Ordinary Shares-par Val $0.01 per share	 	 	5,000	 	 	-    	 	 	-    	 	
Capital in Excess of par value	 	 	-    	 	 	829,425	 	 	293,024	 	
Retained Earnings	 	 	11,212	 	 	10,885	 	 	(126,247	)	
Accumulated Other Comprehensive Loss	 	 	-    	 	 	-    	 	 	(735	)	
Total shareholders’ equity	 	 	16,212	 	 	840,310	 	 	166,042	 	
Total liabilities and shareholders’ equity	 	 	161,750	 	 	842,947	 	 	1,046,858	 	

 

In re Paragon Offshore PLC, et al.	MOR-3	

 

 	Unaudited Balance Sheet	
 	(000’s)	
 	(See Notes to the MOR related to MOR-3)	

 	 	 	For Month Ending December 31, 2016	 	 	 	 	

 	 	 	16-10397	 	 	16-10398	 	 	16-10399	 	
 	 	 	 
Paragon Offshore
(North Sea) Ltd.	 	 	Paragon Duchess Ltd.	 	 	Paragon (Middle
East) Limited	 	
ASSETS	 	 	 	 	 	 	 	 	 	 	
Current assets	 	 	 	 	 	 	 	 	 	 	
Total Cash and Cash Equivalents	 	 	-     	 	 	-     	 	 	-     	 	
Restricted Cash	 	 	-     	 	 	-     	 	 	-     	 	
Accounts Receivable	 	 	240,618	 	 	115	 	 	334,831	 	
Prepaid Expenses & Deposits	 	 	267	 	 	-     	 	 	57	 	
Taxes Receivable	 	 	194	 	 	255	 	 	-     	 	
Total Other Current Assets	 	 	-     	 	 	-     	 	 	811	 	
Total current assets	 	 	241,079	 	 	370	 	 	335,699	 	
Investments in Subsidiaries	 	 	-     	 	 	(47,110	)	 	-     	 	
Intercompany Notes Receivable	 	 	-     	 	 	-     	 	 	-     	 	
Long Term Notes & Investments	 	 	-     	 	 	(47,110	)	 	-     	 	
Gross PPE	 	 	-     	 	 	1,991	 	 	376,641	 	
Accumulated Depreciation	 	 	-     	 	 	(991	)	 	(308,891	)	
Property and Equipment	 	 	-     	 	 	1,000	 	 	67,750	 	
Other Assets	 	 	-     	 	 	-     	 	 	2,361	 	
Deferred Regulatory Inspection	 	 	-     	 	 	-     	 	 	2,050	 	
Deferred Pension Costs	 	 	-     	 	 	-     	 	 	-     	 	
Other Long Term Assets	 	 	-     	 	 	-     	 	 	-     	 	
Restricted Cash	 	 	-     	 	 	-     	 	 	-     	 	
Long Term Prepaid Mob	 	 	-     	 	 	-     	 	 	311	 	
 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	241,079	 	 	(45,740	)	 	405,810	 	
 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS’ EQUITY	 	 	 	 	 	 	 	 	 	 	
Current liabilities	 	 	 	 	 	 	 	 	 	 	
Current Maturities & Short Term Debt	 	 	-     	 	 	-     	 	 	-     	 	
Accounts Payable	 	 	212,211	 	 	7,639	 	 	40,663	 	
Payroll and Benefits Related Accruals	 	 	428	 	 	-     	 	 	5,969	 	
Taxes Payable	 	 	140	 	 	-     	 	 	560	 	
Interest Payable	 	 	-     	 	 	-     	 	 	-     	 	
Other Current Liabilities	 	 	-     	 	 	-     	 	 	1,028	 	
Total current liabilities	 	 	212,779	 	 	7,639	 	 	48,220	 	
Total Long-Term Debt	 	 	-     	 	 	-     	 	 	-     	 	
Deferred Taxes	 	 	-     	 	 	-     	 	 	-     	 	
Other NonCurrent Liabilities	 	 	-     	 	 	-     	 	 	234	 	
Liabilities Subject to Compromise	 	 	-     	 	 	-     	 	 	-     	 	
Total liabilities	 	 	212,779	 	 	7,639	 	 	48,454	 	
 	 	 	 	 	 	 	 	 	 	 	
Shareholders’ equity	 	 	 	 	 	 	 	 	 	 	
Shareholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Ordinary Shares-par Val $0.01 per share	 	 	-     	 	 	-     	 	 	-     	 	
Capital in Excess of par value	 	 	9,565	 	 	37,043	 	 	68,267	 	
Retained Earnings	 	 	18,734	 	 	(90,423	)	 	289,087	 	
Accumulated Other Comprehensive Loss	 	 	-     	 	 	-     	 	 	-     	 	
Total shareholders’ equity	 	 	28,299	 	 	(53,380	)	 	357,354	 	
Total liabilities and shareholders’ equity	 	 	241,079	 	 	(45,740	)	 	405,810	 	

 

In re Paragon Offshore PLC, et al.	MOR-3	

 

 	Unaudited Balance Sheet	
 	(000’s)	
 	(See Notes to the MOR related to MOR-3)	

 	 	 	For Month Ending December 31, 2016	 	 	 	 	

 	 	 	16-10400	 	 	16-10401	 	 	16-10402	 	
 	 	 	Paragon Offshore
(Luxembourg)
S.a r.l.	 	 	Paragon Holding
NCS 2 S.a r.l.	 	 	Paragon Leonard Jones
LLC	 	
ASSETS	 	 	 	 	 	 	 	 	 	 	
Current assets	 	 	 	 	 	 	 	 	 	 	
Total Cash and Cash Equivalents	 	 	-     	 	 	-     	 	 	216	 	
Restricted Cash	 	 	-     	 	 	-     	 	 	-     	 	
Accounts Receivable	 	 	274,337	 	 	53,703	 	 	84,081	 	
Prepaid Expenses & Deposits	 	 	-     	 	 	-     	 	 	10	 	
Taxes Receivable	 	 	27	 	 	13	 	 	452	 	
Total Other Current Assets	 	 	-     	 	 	47	 	 	-     	 	
Total current assets	 	 	274,364	 	 	53,763	 	 	84,759	 	
Investments in Subsidiaries	 	 	(1,506	)	 	42,808	 	 	35,000	 	
Intercompany Notes Receivable	 	 	-     	 	 	300	 	 	11,267	 	
Long Term Notes & Investments	 	 	(1,506	)	 	43,108	 	 	46,267	 	
Gross PPE	 	 	-     	 	 	20,503	 	 	-     	 	
Accumulated Depreciation	 	 	-     	 	 	(17,765	)	 	-     	 	
Property and Equipment	 	 	-     	 	 	2,738	 	 	-     	 	
Other Assets	 	 	-     	 	 	286	 	 	-     	 	
Deferred Regulatory Inspection	 	 	-     	 	 	286	 	 	-     	 	
Deferred Pension Costs	 	 	-     	 	 	-     	 	 	-     	 	
Other Long Term Assets	 	 	-     	 	 	-     	 	 	-     	 	
Restricted Cash	 	 	-     	 	 	-     	 	 	-     	 	
Long Term Prepaid Mob	 	 	-     	 	 	-     	 	 	-     	 	
 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	272,858	 	 	99,895	 	 	131,026	 	
 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS’ EQUITY	 	 	 	 	 	 	 	 	 	 	
Current liabilities	 	 	 	 	 	 	 	 	 	 	
Current Maturities & Short Term Debt	 	 	-     	 	 	-     	 	 	-     	 	
Accounts Payable	 	 	272,745	 	 	60,816	 	 	66,687	 	
Payroll and Benefits Related Accruals	 	 	-     	 	 	-     	 	 	-     	 	
Taxes Payable	 	 	3	 	 	21	 	 	2,248	 	
Interest Payable	 	 	-     	 	 	7,502	 	 	-     	 	
Other Current Liabilities	 	 	-     	 	 	-     	 	 	385	 	
Total current liabilities	 	 	272,748	 	 	68,339	 	 	69,320	 	
Total Long-Term Debt	 	 	-     	 	 	-     	 	 	-     	 	
Deferred Taxes	 	 	-     	 	 	-     	 	 	1,176	 	
Other NonCurrent Liabilities	 	 	-     	 	 	-     	 	 	-     	 	
Liabilities Subject to Compromise	 	 	-     	 	 	-     	 	 	-     	 	
Total liabilities	 	 	272,748	 	 	68,339	 	 	70,496	 	
 	 	 	 	 	 	 	 	 	 	 	
Shareholders’ equity	 	 	 	 	 	 	 	 	 	 	
Shareholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Ordinary Shares-par Val $0.01 per share	 	 	-     	 	 	-     	 	 	-     	 	
Capital in Excess of par value	 	 	373,633	 	 	96,279	 	 	136,179	 	
Retained Earnings	 	 	(373,523	)	 	(64,723	)	 	(75,648	)	
Accumulated Other Comprehensive Loss	 	 	-     	 	 	-     	 	 	-     	 	
Total shareholders’ equity	 	 	110	 	 	31,556	 	 	60,531	 	
Total liabilities and shareholders’ equity	 	 	272,858	 	 	99,895	 	 	131,026	 	

 

In re Paragon Offshore PLC, et al.	MOR-3	

 

 

 	Unaudited Balance Sheet	
 	(000’s)	
 	(See Notes to the MOR related to MOR-3)	

 	 	 	For Month Ending December 31, 2016	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
 	 	 	16-10403	 	 	16-10404	 	 	16-10405	 	
 	 	 	 
PGN Offshore Drilling
(Malaysia) Sdn. Bhd.	 	 	Paragon Offshore
(Nederland) B.V.	 	 	Paragon Offshore
Contracting GmbH	 	
ASSETS	 	 	 	 	 	 	 	 	 	 	
Current assets	 	 	 	 	 	 	 	 	 	 	
Total Cash and Cash Equivalents	 	 	96	 	 	1,590	 	 	4,584	 	
Restricted Cash	 	 	-	 	 	-	 	 	-	 	
Accounts Receivable	 	 	6,608	 	 	401,345	 	 	297,301	 	
Prepaid Expenses & Deposits	 	 	-	 	 	741	 	 	54	 	
Taxes Receivable	 	 	5	 	 	966	 	 	131	 	
Total Other Current Assets	 	 	-	 	 	14,825	 	 	-	 	
Total current assets	 	 	6,709	 	 	419,467	 	 	302,070	 	
Investments in Subsidiaries	 	 	-	 	 	-	 	 	30,000	 	
Intercompany Notes Receivable	 	 	33,225	 	 	7,959	 	 	47,492	 	
Long Term Notes & Investments	 	 	33,225	 	 	7,959	 	 	77,492	 	
Gross PPE	 	 	-	 	 	-	 	 	8,278	 	
Accumulated Depreciation	 	 	-	 	 	-	 	 	(1,004	)	
Property and Equipment	 	 	-	 	 	-	 	 	7,274	 	
Other Assets	 	 	-	 	 	1,461	 	 	-	 	
Deferred Regulatory Inspection	 	 	-	 	 	-	 	 	-	 	
Deferred Pension Costs	 	 	-	 	 	1,461	 	 	-	 	
Other Long Term Assets	 	 	-	 	 	-	 	 	-	 	
Restricted Cash	 	 	-	 	 	-	 	 	-	 	
Long Term Prepaid Mob	 	 	-	 	 	-	 	 	-	 	
 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	39,934	 	 	428,887	 	 	386,836	 	
 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS’ EQUITY	 	 	 	 	 	 	 	 	 	 	
Current liabilities	 	 	 	 	 	 	 	 	 	 	
Current Maturities & Short Term Debt	 	 	-	 	 	-	 	 	-	 	
Accounts Payable	 	 	68,216	 	 	235,403	 	 	116,506	 	
Payroll and Benefits Related Accruals	 	 	158	 	 	1,632	 	 	-	 	
Taxes Payable	 	 	36	 	 	379	 	 	2,409	 	
Interest Payable	 	 	-	 	 	-	 	 	11,813	 	
Other Current Liabilities	 	 	20	 	 	3,123	 	 	536	 	
Total current liabilities	 	 	68,430	 	 	240,537	 	 	131,264	 	
Total Long-Term Debt	 	 	-	 	 	-	 	 	158,059	 	
Deferred Taxes	 	 	-	 	 	196	 	 	-	 	
Other NonCurrent Liabilities	 	 	-	 	 	-	 	 	-	 	
Liabilities Subject to Compromise	 	 	-	 	 	-	 	 	-	 	
Total liabilities	 	 	68,430	 	 	240,733	 	 	289,323	 	
 	 	 	 	 	 	 	 	 	 	 	
Shareholders’ equity	 	 	 	 	 	 	 	 	 	 	
Shareholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Ordinary Shares-par Val $0.01 per share	 	 	-	 	 	-	 	 	14	 	
Capital in Excess of par value	 	 	(47,620	)	 	12,794	 	 	60,000	 	
Retained Earnings	 	 	19,125	 	 	174,690	 	 	37,411	 	
Accumulated Other Comprehensive Loss	 	 	-	 	 	669	 	 	88	 	
Total shareholders’ equity	 	 	(28,495	)	 	188,153	 	 	97,513	 	
Total liabilities and shareholders’ equity	 	 	39,934	 	 	428,887	 	 	386,836	 	

 

In re Paragon Offshore PLC, et al.	MOR-3	

 

 

 	Unaudited Balance Sheet	
 	(000’s)	
 	(See Notes to the MOR related to MOR-3)	

 	 	 	For Month Ending December 31, 2016	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
 	 	 	16-10406	 	 	16-10407	 	 	16-10408	 	
 	 	 	 
Paragon Offshore
(Labuan) Pte. Ltd.	 	 	Paragon Holding
SCS 2 Ltd.	 	 	Paragon Asset
Company Ltd.	 	
ASSETS	 	 	 	 	 	 	 	 	 	 	
Current assets	 	 	 	 	 	 	 	 	 	 	
Total Cash and Cash Equivalents	 	 	1,161	 	 	-	 	 	-	 	
Restricted Cash	 	 	-	 	 	-	 	 	-	 	
Accounts Receivable	 	 	9,943	 	 	32,215	 	 	931,560	 	
Prepaid Expenses & Deposits	 	 	2	 	 	-	 	 	-	 	
Taxes Receivable	 	 	-	 	 	-	 	 	-	 	
Total Other Current Assets	 	 	-	 	 	7,502	 	 	-	 	
Total current assets	 	 	11,106	 	 	39,717	 	 	931,560	 	
Investments in Subsidiaries	 	 	-	 	 	2,472,887	 	 	65,504	 	
Intercompany Notes Receivable	 	 	-	 	 	-	 	 	-	 	
Long Term Notes & Investments	 	 	-	 	 	2,472,887	 	 	65,504	 	
Gross PPE	 	 	-	 	 	-	 	 	920,966	 	
Accumulated Depreciation	 	 	-	 	 	-	 	 	(769,710	)	
Property and Equipment	 	 	-	 	 	-	 	 	151,256	 	
Other Assets	 	 	-	 	 	-	 	 	1,702	 	
Deferred Regulatory Inspection	 	 	-	 	 	-	 	 	1,702	 	
Deferred Pension Costs	 	 	-	 	 	-	 	 	-	 	
Other Long Term Assets	 	 	-	 	 	-	 	 	-	 	
Restricted Cash	 	 	-	 	 	-	 	 	-	 	
Long Term Prepaid Mob	 	 	-	 	 	-	 	 	-	 	
 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	11,106	 	 	2,512,604	 	 	1,150,022	 	
 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS’ EQUITY	 	 	 	 	 	 	 	 	 	 	
Current liabilities	 	 	 	 	 	 	 	 	 	 	
Current Maturities & Short Term Debt	 	 	-	 	 	-	 	 	-	 	
Accounts Payable	 	 	10,211	 	 	137,903	 	 	566,105	 	
Payroll and Benefits Related Accruals	 	 	1	 	 	-	 	 	-	 	
Taxes Payable	 	 	-	 	 	-	 	 	-	 	
Interest Payable	 	 	-	 	 	-	 	 	47	 	
Other Current Liabilities	 	 	-	 	 	-	 	 	597	 	
Total current liabilities	 	 	10,212	 	 	137,903	 	 	566,749	 	
Total Long-Term Debt	 	 	-	 	 	-	 	 	300	 	
Deferred Taxes	 	 	-	 	 	-	 	 	-	 	
Other NonCurrent Liabilities	 	 	-	 	 	17,881	 	 	-	 	
Liabilities Subject to Compromise	 	 	-	 	 	-	 	 	-	 	
Total liabilities	 	 	10,212	 	 	155,784	 	 	567,049	 	
 	 	 	 	 	 	 	 	 	 	 	
Shareholders’ equity	 	 	 	 	 	 	 	 	 	 	
Shareholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Ordinary Shares-par Val $0.01 per share	 	 	-	 	 	-	 	 	-	 	
Capital in Excess of par value	 	 	510	 	 	4,015,197	 	 	286,174	 	
Retained Earnings	 	 	384	 	 	(1,658,376	)	 	296,803	 	
Accumulated Other Comprehensive Loss	 	 	-	 	 	-	 	 	-	 	
Total shareholders’ equity	 	 	894	 	 	2,356,821	 	 	582,977	 	
Total liabilities and shareholders’ equity	 	 	11,106	 	 	2,512,604	 	 	1,150,022	 	

 

In re Paragon Offshore PLC, et al.	MOR-3     	

 

 

 	Unaudited Balance Sheet	
 	(000’s)	
 	(See Notes to the MOR related to MOR-3)	

 	 	 	For Month Ending December 31 , 2016	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
 	 	 	16-10409	 	 	16-10410	 	 	 	 	
 	 	 	Paragon Holding
SCS 1 Ltd.	 	 	Paragon Offshore
Leasing
(Luxembourg) S.a r.l.	 	 	 	 	
ASSETS	 	 	 	 	 	 	 	 	 	 	
Current assets	 	 	 	 	 	 	 	 	 	 	
Total Cash and Cash Equivalents	 	 	-	 	 	1,171	 	 	 	 	
Restricted Cash	 	 	-	 	 	-	 	 	 	 	
Accounts Receivable	 	 	120,610	 	 	115,344	 	 	 	 	
Prepaid Expenses & Deposits	 	 	-	 	 	-	 	 	 	 	
Taxes Receivable	 	 	-	 	 	33	 	 	 	 	
Total Other Current Assets	 	 	121,214	 	 	-	 	 	 	 	
Total current assets	 	 	241,824	 	 	116,548	 	 	 	 	
Investments in Subsidiaries	 	 	1,230,952	 	 	(72,168	)	 	 	 	
Intercompany Notes Receivable	 	 	-	 	 	-	 	 	 	 	
Long Term Notes & Investments	 	 	1,230,952	 	 	(72,168	)	 	 	 	
Gross PPE	 	 	-	 	 	51,198	 	 	 	 	
Accumulated Depreciation	 	 	-	 	 	(47,308	)	 	 	 	
Property and Equipment	 	 	-	 	 	3,890	 	 	 	 	
Other Assets	 	 	-	 	 	968	 	 	 	 	
Deferred Regulatory Inspection	 	 	-	 	 	968	 	 	 	 	
Deferred Pension Costs	 	 	-	 	 	-	 	 	 	 	
Other Long Term Assets	 	 	-	 	 	-	 	 	 	 	
Restricted Cash	 	 	-	 	 	-	 	 	 	 	
Long Term Prepaid Mob	 	 	-	 	 	-	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	1,472,776	 	 	49,238	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS’ EQUITY	 	 	 	 	 	 	 	 	 	 	
Current liabilities	 	 	 	 	 	 	 	 	 	 	
Current Maturities & Short Term Debt	 	 	-	 	 	-	 	 	 	 	
Accounts Payable	 	 	274	 	 	26,963	 	 	 	 	
Payroll and Benefits Related Accruals	 	 	-	 	 	-	 	 	 	 	
Taxes Payable	 	 	-	 	 	-	 	 	 	 	
Interest Payable	 	 	-	 	 	81,554	 	 	 	 	
Other Current Liabilities	 	 	-	 	 	44	 	 	 	 	
Total current liabilities	 	 	274	 	 	108,561	 	 	 	 	
Total Long-Term Debt	 	 	-	 	 	-	 	 	 	 	
Deferred Taxes	 	 	-	 	 	-	 	 	 	 	
Other NonCurrent Liabilities	 	 	-	 	 	-	 	 	 	 	
Liabilities Subject to Compromise	 	 	-	 	 	-	 	 	 	 	
Total liabilities	 	 	274	 	 	108,561	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Shareholders’ equity	 	 	 	 	 	 	 	 	 	 	
Shareholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Ordinary Shares-par Val $0.01 per share	 	 	9	 	 	-	 	 	 	 	
Capital in Excess of par value	 	 	1,325,327	 	 	1,519,680	 	 	 	 	
Retained Earnings	 	 	147,166	 	 	(1,579,003	)	 	 	 	
Accumulated Other Comprehensive Loss	 	 	-	 	 	-	 	 	 	 	
Total shareholders’ equity	 	 	1,472,502	 	 	(59,323	)	 	 	 	
Total liabilities and shareholders’ equity	 	 	1,472,776	 	 	49,238	 	 	 	 	

 
MOR-4

 

In re Paragon Offshore PLC, et al.	 	 	
 	 	Case No. 16-10386 (CSS)	
 	Reporting Period:	December 1 - 31, 2016	
 	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
entities	 	Beginning
Tax
Liability	 	Amount
Withheld or
Accrued	 	Amount
Paid	 	Ending Tax
Liability	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate Income Tax	 	 	$	7,203	 	 	$	(460	)	 	$	532	 	 	$	7,276	 	
Payroll Tax	 	 	$	9,290	 	 	793	 	 	(873	)	 	$	9,210	 	
Withholding Tax	 	 	$	(13,357	)	 	1,608	 	 	(2	)	 	$	(11,751	)	
Property Tax	 	 	-   	 	 	 	 	 	 	 	 	-   	 	
VAT Tax	 	 	$	(8,119	)	 	(227	)	 	(534	)	 	$	(8,879	)	
Other Tax	 	 	$	2,752	 	 	105	 	 	-   	 	 	$	2,857	 	
Total Taxes	 	 	$	(2,231	)	 	$	1,819	 	 	$	(876	)	 	$	(1,288	)	

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	 	 	$	105	 	 	$	43	 	 	$	3	 	 	$	224	 	 	$	375	 	
Paragon Offshore plc	 	 	16-10386	 	 	-    	 	 	-    	 	 	-    	 	 	176	 	 	176	 	
Paragon Drilling Services 7 LLC	 	 	16-10387	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	
Paragon Offshore Finance Company	 	 	16-10388	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	
Paragon Offshore Leasing (Switzerland) GmbH	 	 	16-10389	 	 	1	 	 	29	 	 	4	 	 	(30	)	 	3	 	
Paragon Offshore do Brasil Ltda.	 	 	16-10390	 	 	112	 	 	79	 	 	(15	)	 	-    	 	 	176	 	
Paragon International Finance Company	 	 	16-10391	 	 	834	 	 	777	 	 	1,181	 	 	846	 	 	3,639	 	
Paragon Asset (ME) Ltd.	 	 	16-10392	 	 	-    	 	 	1	 	 	-    	 	 	(0	)	 	1	 	
Paragon Offshore Holdings US Inc.	 	 	16-10393	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	
Paragon Asset (UK) Ltd.	 	 	16-10394	 	 	13	 	 	1	 	 	(1	)	 	(13	)	 	(1	)	
Paragon FDR Holding Ltd.	 	 	16-10395	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	
Paragon Offshore International Ltd.	 	 	16-10396	 	 	211	 	 	312	 	 	38	 	 	50	 	 	611	 	
Paragon Offshore (North Sea) Ltd.	 	 	16-10397	 	 	140	 	 	74	 	 	3	 	 	(13	)	 	204	 	
Paragon Duchess Ltd.	 	 	16-10398	 	 	-    	 	 	-    	 	 	-    	 	 	(11	)	 	(11	)	
Paragon (Middle East) Limited	 	 	16-10399	 	 	501	 	 	466	 	 	30	 	 	2	 	 	999	 	
Paragon Offshore (Luxembourg) S.a r.l.	 	 	16-10400	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	
Paragon Holding NCS 2 S.a r.l.	 	 	16-10401	 	 	-    	 	 	-    	 	 	-    	 	 	(20	)	 	(20	)	
Paragon Leonard Jones LLC	 	 	16-10402	 	 	1	 	 	306	 	 	3	 	 	4	 	 	313	 	
PGN Offshore Drilling (Malaysia) Sdn. Bhd.	 	 	16-10403	 	 	36	 	 	-    	 	 	-    	 	 	(18	)	 	18	 	
Paragon Offshore (Nederland) B.V.	 	 	16-10404	 	 	279	 	 	212	 	 	66	 	 	(23	)	 	534	 	
Paragon Offshore Contracting GmbH	 	 	16-10405	 	 	18	 	 	195	 	 	(1	)	 	(20	)	 	192	 	
Paragon Offshore (Labuan) Pte. Ltd.	 	 	16-10406	 	 	-    	 	 	(0	)	 	-    	 	 	-    	 	 	(0	)	
Paragon Holding SCS 2 Ltd.	 	 	16-10407	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	
Paragon Asset Company Ltd.	 	 	16-10408	 	 	134	 	 	58	 	 	10	 	 	(4	)	 	199	 	
Paragon Holding SCS 1 Ltd.	 	 	16-10409	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	 	-    	 	
Paragon Offshore Leasing (Luxembourg) S.a r.l.	 	 	16-10410	 	 	-    	 	 	62	 	 	-    	 	 	(30	)	 	32	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Accounts Payable	 	 	 	 	 	$	2,385	 	 	$	2,613	 	 	$	1,321	 	 	$	1,119	 	 	$	7,438	 	

 
MOR-5

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
In re Paragon Offshore PLC, et al.	 	 	
 	 	 	
Case No. 16-10386 (CSS)	 	
Reporting Period:	December 1 - 31, 2016	 	
Federal Tax I.D. #	98-1146017	 	
 	 	 	
Post-Petition Accounts Receivable Reconciliation and Aging (See Notes to the MOR)	 	
(‘000s)	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Billed Accounts Receivable	 	 	 	 	 	Unbilled Accounts Receivable	 	 	 	 	 	Other Accounts Receivable	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debtor	Case Number	 	 	0-60	 	 	60-90	 	 	>90	 	 	Total Billed
Accounts
Receivable	 	 	0-60	 	 	60-90	 	 	>90	 	 	Total
Unbilled
Accounts
Receivable	 	 	0-60	 	 	60-90	 	 	>90	 	 	Total Other
Accounts
Receivable	 	 	Total
Accounts
Receivable
(Gross)	 	 	Allowance
for Doubtful
Accounts	 	 	Total Accounts
Receivable (Net)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Trade Receivables	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Paragon Offshore Drilling LLC	16-10385	 	 	$	2,255	 	 	$	-     	 	 	$	6,544	 	 	$	8,799	 	 	$	1,023	 	 	$	1	 	 	$	54	 	 	$	1,078	 	 	$	-     	 	 	$	-     	 	 	$	-     	 	 	$	-     	 	 	$	9,878	 	 	$	(6,544	)	 	$	3,333	 	
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	 	 	191	 	 	-     	 	 	-     	 	 	191	 	 	46	 	 	10	 	 	501	 	 	557	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	748	 	 	(501	)	 	247	 	
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	 	 	474	 	 	-     	 	 	-     	 	 	474	 	 	79	 	 	-     	 	 	-     	 	 	79	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	553	 	 	-     	 	 	553	 	
Paragon FDR Holding Ltd.	16-10395	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	
Paragon Offshore International Ltd.	16-10396	 	 	7,469	 	 	4,250	 	 	9,578	 	 	21,297	 	 	2,541	 	 	2	 	 	2,532	 	 	5,074	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	26,371	 	 	(5,806	)	 	20,565	 	
Paragon Offshore (North Sea) Ltd.	16-10397	 	 	69	 	 	-     	 	 	-     	 	 	69	 	 	925	 	 	-     	 	 	-     	 	 	925	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	994	 	 	-     	 	 	994	 	
Paragon Duchess Ltd.	16-10398	 	 	-     	 	 	-     	 	 	455	 	 	455	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	455	 	 	(455	)	 	-     	 	
Paragon (Middle East) Limited	16-10399	 	 	9,129	 	 	2	 	 	1,846	 	 	10,977	 	 	5,881	 	 	1	 	 	403	 	 	6,285	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	17,262	 	 	(0	)	 	17,261	 	
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	 	 	-     	 	 	-     	 	 	3,892	 	 	3,892	 	 	-     	 	 	-     	 	 	12,033	 	 	12,033	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	15,925	 	 	(12,033	)	 	3,892	 	
PGN Offshore Drilling (Malaysia) Sdn. Bhd.	16-10403	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	
Paragon Offshore (Nederland) B.V.	16-10404	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	
Paragon Offshore Contracting GmbH	16-10405	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	1,342	 	 	1,342	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	1,342	 	 	-     	 	 	1,342	 	
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	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	 	-     	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Trade Receivables	 	 	 	$	19,587	 	 	$	4,252	 	 	$	22,315	 	 	$	46,154	 	 	$	10,495	 	 	$	14	 	 	$	16,865	 	 	$	27,373	 	 	$	-     	 	 	$	-     	 	 	$	-     	 	 	$	-     	 	 	$	73,527	 	 	$	(25,339	)	 	$	48,188	 	

 
MOR-5 (Cont)

In re Paragon Offshore PLC, et al.	 	 	 	
 	 	 	Case No. 16-10386 (CSS)	
 	 	Reporting Period:	December 1 - 31, 2016	
 	 	Federal Tax I.D. #	98-1146017	

Debtor Questionnaire (See Notes to the MOR)	

 	 	Yes	 	 	No	
 
1.  Have any assets been sold or transferred outside the normal course of business during this reporting period?  If yes, provide an explanation below.	 	 	 	 	X	
 
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.	 	X	 	 	 	
 
3.  Have all post petition tax returns been timely filed?  If no, provide an explanation below.	 	X	 	 	 	
 
4.  Are workers compensation, general liability and other necessary insurance coverages in effect?  If no, provide an explanation below.	 	X	 	 	 	
 
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.	 	X