Bermuda-based Borr Drilling has announced a binding tender agreement to buy all outstanding shares of Paragon Offshore.
Borr CEO Simon Johnson said the US$232.5 million transaction is expected to close on March 26, and is subject to customary closing conditions.
As of January, Paragon had a fleet of 32 drilling units: 31 jack-up vessels and one semisubmersible.
In March, the semisubmersible MSS1 is scheduled to start a long-term contract for TAQA in the North Sea.
The 2013-built jack-up vessel Prospector 1 and five of Paragon’s older jackups are working in the North Sea, India, and Middle East.
Four other jackups, including the 2014-built Prospector 5, are under contract or committed.
The remaining 21 jack-up vessels are stacked in different locations and may be scrapped due to increased safety standards and the high costs of reactivating them.
The best maritime site on the web. The sea's our scene!