Paragon posts $7.98 million operating loss for February; revenue down

By Caroline Salls

Pittsburgh, March 31 – Paragon Offshore plc reported a $7.98 million operating loss for February on $3.96 million in operating revenue, according to its monthly operating report filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

In comparison, Paragon posted $4.31 million of operating income for January on $4.06 million in operating revenue.

The net loss for February was $14.54 million, widening from a $1.62 million January net loss.

The company had $344.58 million in cash and cash equivalents as of Feb. 28, up from $344.48 million at the end of January.

Paragon, a Houston-based provider of offshore drilling rigs, filed for bankruptcy on Feb. 14, 2016. 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.