Paragon Offshore Offers Comments Related to Pareto Securities Conference

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Paragon Offshore plc ("Paragon")
PGN
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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