Paragon Offshore granted court approval to sell rigs for $2.7 million

By Caroline Salls

Pittsburgh, April 26 – Paragon Offshore plc received court approval to sell its Paragon L782 and Paragon L783 rigs to Dixstone Holdings Ltd. for a total of $2.7 million, according to an order filed April 25 with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company agreed to sell the Paragon L782 for $1.4 million and the Paragon L783 for $1.3 million.

According to the motion, the rigs have been stacked since the end of their last contracts at a cost of roughly $190,000 per rig per month.

Paragon said it may cost up to $200,000 per rig per month to continue to stack the rigs at the current facility.

Paragon, a Houston-based provider of offshore drilling rigs, filed for bankruptcy on Feb. 14, 2016. The Chapter 11 case number is 16-10386.

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