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Paragon Offshore plc ("Paragon")
President and Chief Executive Officer Randall D. Stilley spoke
recently at the Pareto Securities Oil and Offshore Conference in Oslo,
Norway. In prepared remarks, the accompanying slides for which are available
on Paragon's website at www.paragonoffshore.com, Stilley commented on the
strength of the business, steady market outlook for the standard specification
jackup business, and Paragon's history of delivering safe, reliable, and cost
effective services to its customers.
"I am confident in Paragon's position in the standard specification drilling
market," Stilley said. "Paragon enjoys a backlog of $2.3 billion as of June
30, 2014, stretching into 2017. Furthermore, we anticipate announcing new
contracts and contract extensions in a variety of regions in the coming months
that will extend our backlog and further demonstrate the continued
marketability of our rigs."
Stilley also addressed Paragon's capital allocation strategy. "Management and
the board of directors are committed to the long-term strength of Paragon and
to increasing shareholder value. Our board is currently discussing our
strategy for capital allocation, including our dividend policy, and the
Company anticipates making an announcement regarding this topic by the end of
September."
Stilley concluded, "The fundamentals of our business are strong, our
operations are proceeding well, and our customers have been very supportive of
Paragon's strategy and position in the market. We look forward to taking
advantage of opportunities to grow our business in the coming years."
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