Paragon Offshore was created to be the leading standard specification drilling company in the industry. We own a fleet of 40 Mobile Offshore Drilling Units (MODUs) and conduct contract labor operations on the Hibernia Platform offshore eastern Canada.
We operate for some of the largest oil and gas companies in the world, including National Oil Companies like Petrobras (Brazil), Pemex (Mexico), and ONGC (India). We also have customers like ExxonMobil and Total, who are among the largest major oil companies, and Centrica, Gaz de France, and Wintershall, some of the world’s most active independent oil companies. In all, Paragon provides services to more than 17 different customers in 12 countries on five continents.
In addition to our Houston headquarters, Paragon Offshore has a strong local presence in the regions in which we operate through our division structure. These include the:
Paragon operates a fleet of “standard specification” drilling units. We classify rigs as standard specification vs. “high specification” based on a number of factors, including age, technological capabilities, size, water depth and load capacity. Standard specification rigs are generally 15 or more years old, have a “hook load,” or derrick hoisting capacity, of less than two million pounds, and have drilling equipment operated by mechanical, rather than electronic, means.
Standard specification rigs operate in the same worldwide markets and environments as high specification rigs, subject to their technical capabilities. Our fleet includes the following rig types:
Jackup rigs are mobile, bottom-supported, self-elevating drilling platforms that stand on three or four legs on the seabed. When a jackup rig moves from one location to another, it lowers its platform down on the water until it floats, and is towed by a supply vessel or similar watercraft to its next location, where it lowers its legs to
the sea bottom and elevates its platform above sea level. Most jackup rigs, including
all of the jackup rigs owned by us, are “ILCs.” This means they have the ability to
move each leg independently and to move their drill floors aft of their own hulls
(Cantilever), so that multiple wells can be drilled at open water locations or over
wellhead platforms without re-positioning the rig. This improves the flexibility of our
operations and gives our customers added benefits. Our standard specification
jackups are generally capable of operating in water depths of up to 390 feet. Our
jackups provide drilling services in shallow water with capabilities up to a maximum
water depth of 390 feet. Nine of our jackups are also capable of operations in harsh environments, which typically command higher dayrates than operations conducted
in other environments.
Drillships are ships with on-board propulsion machinery, often constructed for drilling
in deepwater and ultra-deepwater. They are based on conventional ship hulls, but
have certain modifications. Drilling operations are conducted through openings in the
hull, or “moon pools.” Drillships normally have a higher load capacity, which is the
ability to carry materials, than semisubmersible rigs and are well suited to offshore
drilling in remote areas due to their mobility and high load capacity. Drillships can be
equipped with a conventional mooring system or a computerized dynamic positioning
system, or DP system, which automatically maintains a vessel’s position and heading
by using the DP system’s thrusters. Four of Paragon’s drillships are dynamically
positioned, while one is moored. Our rigs are capable of operating in water depths of
up to 7,200 feet depending on the design. We refer to drillships as "floaters".
Semisubmersible rigs are floating platforms with columns and pontoons featuring a
ballasting system, which allows these rigs to be submerged to a predetermined
depth so that a substantial portion of the hull is below the water surface during
drilling operations. Semisubmersible rigs maintain their position above the wellhead
either by means of a conventional mooring system, consisting of anchors and chains
or cables, or by a DP system. Paragon’s semisubmersible rigs are all moored and
are capable of operating in water depths of up to 4,000 feet depending on the design.
We refer to semisubmersibles as "semis" or "floater".
What are the key strengths and advantages that will enable us to execute our
business strategies? We believe they include: