Paragon Offshore Board Sets Schedule for Dividend Payment

HOUSTON, Nov. 7, 2014 /PRNewswire/ -- The board of directors of Paragon Offshore plc ("Paragon") PGN today announced the scheduled payment of the Paragon quarterly cash dividend of $0.125 per fully diluted share.  The ex-dividend date for this payment is expected to be November 13, 2014, with a record date of November 17, 2014 and a payment date of November 25, 2014.  Paragon expects that this dividend will be treated as a qualified dividend for purposes of U.S. taxes.

About Paragon Offshore
Paragon is a global provider of standard specification offshore drilling rigs.  Paragon's drilling fleet consists solely of standard specification rigs and includes 34 jackups and eight floaters (five drillships and three semisubmersibles). Paragon's primary business is contracting its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragon's principal executive offices are located in Houston, Texas. Paragon is a public limited company registered in England and Wales with company number 08814042 and registered office at 20-22 Bedford Row, London, WC1R 4JS, England. Additional information is available at www.paragonoffshore.com.

Forward-Looking Disclosure Statement
This release contains forward-looking statements. Statements regarding the timing, tax treatment and amount of any dividend payment are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to risks associated with the general nature of the oil and gas industry, risks associated with the operation of Paragon as a separate, publicly traded company, actions by regulatory authorities, customers and other third parties, and other factors detailed in the "Risk Factors" section of Paragon's registration statement on Form 10 as filed with the Securities and Exchange Commission (the "SEC") on July 14, 2014, in Paragon's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2014, and in Paragon's other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

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SOURCE Paragon Offshore plc