Paragon Acquires Majority Stake in Prospector
Paragon Offshore plc reported that it has acquired 52,749,014 shares of Prospector Offshore Drilling S.A., a publicly traded offshore drilling company listed on Oslo Axess. Paragon acquired the shares at a price of 14.50 Norwegian kroner (NOK) per share, or $2.13 per share based on the exchange rate of one United States dollar to 6.80 NOK. Following this transaction, Paragon owns a total of 52,749,014 shares of Prospector, equal to 55.8 percent of the outstanding shares of Prospector.
Chinese Shipyard Notified to Halt on Rig Jack-up System
Dalian Shipbuilding Industry Offshore has been notified by Friede & Goldman Marketing BV (F&G) to temporarily suspend construction of its rig jacking systems. Arising from the recent accident during the construction of a similar rig at the Jurong Shipyard in Singapore, Prospector Offshore Drilling S.A. which has four jack-up rigs under construction in Dalian Shipbuilding Industry Offshore Co. Ltd. (DSIC-Offshore), has been informed that DSIC-Offshore has been notified by Friede & Goldman Marketing BV (F&G) to temporarily suspend work on the rigs’ jacking systems, pending testing. F&G is the engineering firm that has designed the jack-up and which has supplied the entire jacking system through their own sub-suppliers.
