Paragon Engineering Services Inc News

Three Vericor Power Systems' TF50 marine aeroderivative gas turbines have been selected to power the 118 Wallypower high-speed yacht being built by Intermarine Shipyard, Sarzana, Italy for Wally Yacht. This is Wally Yacht's first foray into high-speed power yachts, and the company's initial application of gas turbines. Wally Yacht, based in Monte Carlo, Monaco, is a world-renowned designer of high-speed sailing and power yachts. The 118-ft. yacht will feature three TF50 gas turbines in a Combined Diesel Or Gas (CODOG) turbine configuration. Two TF50s will be used as side or "wing" engines, with one small auxiliary diesel engine connected to each wing engine. The diesels will provide for very slow maneuvering only.

John Augustine has joined Paragon Engineering Services, Inc. of Houston as senior vice president to serve as one of the company's top executives, reporting to James R. Gattis, P.E., president of Paragon. Augustine brings to Paragon extensive global expertise in administering lump sum EPCI-engineering, procurement, construction and installation-projects. Augustine will administer Paragon's engineering and design capabilities. His responsibilities also include quality assurance and control issues, human resources and safety. "In administering these areas, we will keep an open-door policy at all times and empower and support our people, giving them the tools they need to succeed.

Stolt Offshore S.A. signed a letter of intent to acquire a majority ownership of Paragon Engineering Services Inc. (PES) of Houston from Kenneth Arnold, the current controlling shareholder. A new holding company, Paragon Engineering Services International (PESI), will be established which will operate from the existing PES office in Houston and through a new company, Paragon Europe (PE), in Paris. This represents an investment by Stolt Offshore of approximately $13 million. The transaction is expected to close during the second quarter of this year. PES provides front end engineering and design studies, detailed engineering, procurement, construction and project management services to customers for both offshore and onshore production facilities and pipelines.

Stolt Offshore S.A. signed a letter of intent to acquire a majority ownership of Paragon Engineering Services Inc. (PES) of Houston from Mr. Kenneth Arnold, the current controlling shareholder. A new holding company, Paragon Engineering Services International (PESI), will be established which will operate from the existing PES office in Houston and through a new company, Paragon Europe (PE), in Paris. This represents an investment by Stolt Offshore of approximately $13 million. The transaction is expected to close during the second quarter of this year. PES provides front end engineering and design studies, detailed engineering, procurement, construction and project management services to customers for both offshore and onshore production facilities and pipelines.

Nick Candela, a Project Management Professional (PMP), has joined Paragon Engineering Services, Inc., of Houston as manager of Project Controls, responsible for staffing project controls personnel on Paragon projects both in Houston and worldwide. Candela’s immediate role involves enhancing Paragon’s project controls systems through the development of standards and procedures for planning, scheduling, cost control, progress measurement and change management. Candela also is developing corresponding training programs for project managers, lead engineers and project controls personnel in these essential functions. Candela brings more than 20 years’ experience leading capital project teams in global environments.

Paragon Engineering Services, Inc. recently offered support of Atlantia Offshore on the TotalFinaElf E&P USA, Inc. Matterhorn project in the Gulf of Mexico. "Atlantia is focused on delivering a turnkey package for a reliable, fit-for-purpose solution for deepwater field developments, with strong emphasis on cost, schedule and operational success," said , Bill Wenger, Paragon project manager. The TotalFinaElf-operated Matterhorn Deepwater Production Facility project calls for the installation of a mono-column tension-leg platform (TLP) on Mississippi Canyon Block 243 in 2,835 ft. of water. Atlantia Offshore of Houston has a lump-sum turnkey contract to deliver the facility for installation in summer 2003.