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Paragon Offshore closes $300 million sale-leaseback financing facility


Published Jul 27, 2015
Paragon Offshore plc-2

Paragon Offshore plc says that certain wholly owned subsidiaries of the company, which were part of the company's acquisition of Prospector Offshore Drilling S.A. (Prospector), have closed the combined $300 million sale-leaseback financing facility that was announced on June 4, 2015. Net of fees and expenses, Prospector received net proceeds of approximately $292 million.

The company also disclosed that a wholly-owned subsidiary has signed an agreement with Shanghai Waigaoqiao Shipbuilding Co., LTD., to extend the delivery date of the high specification Friede and Goldman JU-2000E jackup Prospector 6 to April 15, 2016. Under the terms of the agreement, no payments are due to the shipyard until the delivery date and upon completion of the delivery protocol.

Tags: Paragon Offshore plc




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