Paragon operating loss shrinks to $1 million in March; revenue down

By Caroline Salls

Pittsburgh, May 2 – Paragon Offshore plc reported a $1 million operating loss for March on $3.92 million in operating revenue, according to its monthly operating report filed Tuesday with the Securities and Exchange Commission.

In comparison, Paragon posted a $7.98 million operating loss for February on $3.96 million in operating revenue.

The net loss for March was $12.01 million, narrowing from a $14.54 million February net loss.

The company had $344.84 million in cash and cash equivalents as of March 31, up from $344.58 million at the end of February.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.