HOUSTON, Dec. 8, 2015 /PRNewswire/ -- Paragon Offshore plc
("Paragon") (NYSE: PGN) today announced that it received a letter
from The New York Stock Exchange (the "NYSE") notifying Paragon
that it had fallen below the NYSE's continued listing standard that
requires listed companies to have a minimum average market
capitalization greater than $50
million over a 30 trading-day period and total stockholders'
equity greater than $50 million.
Pursuant to the NYSE's customary procedures, Paragon has 45
calendar days to submit a business plan (the "Plan") to the NYSE
demonstrating how it intends to regain compliance with the NYSE's
continuing listing standards on or before June 2, 2017. Paragon currently intends to
submit a Plan to the NYSE within the required timeframe.
If the NYSE accepts the Plan, Paragon's shares will continue to
trade on the NYSE and Paragon will be subject to quarterly
monitoring by the NYSE for compliance with the Plan. If the
NYSE rejects the Plan, however, the NYSE will commence procedures
to delist Paragon's shares from the NYSE. If the NYSE rejects
Paragon's Plan, Paragon intends to seek the transfer to an
alternate exchange or trading market.
As previously reported on August 8,
2015, Paragon received a notice from the NYSE that it was
not in compliance with another of the NYSE's continued listing
standards as the Company did not maintain an average closing price
of greater than $1.00 over 30
consecutive trading days. Paragon has 180 days, or until
February 8, 2016, to regain
compliance with the NYSE's minimum share price requirement.
However, as previously disclosed, if Paragon determines that
it must cure the price condition by taking an action that will
require approval of its shareholders, Paragon may also regain
compliance by: (i) obtaining the requisite shareholder approval by
no later than Paragon's next annual meeting, and (ii) implementing
the action promptly thereafter; provided that the price of
Paragon's common shares promptly exceeds $1.00 per share, and the price remains above the
level for at least the following 30 trading days.
These NYSE notifications do not affect Paragon's business
operations and do not conflict with or cause an event of default
under any of Paragon's material debt or other agreements.
Forward-Looking Disclosure Statement
This release contains forward-looking statements. Statements
regarding the future price of Paragon's common shares, intention
and/or ability to maintain the listing of its common shares on the
NYSE, the submission or content of Paragon's Plan, as well as any
other statements that are not historical facts in this release, 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 annual report
on Form 10-K for the fiscal year ended December 31, 2014, Paragon's most recently filed
report on Form 10-Q, 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.
About Paragon Offshore
Paragon is a global provider of offshore drilling rigs.
Paragon's operated fleet includes 34 jackups, including two high
specification heavy duty/harsh environment jackups, and six
floaters (four drillships and two 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.
For additional information, contact:
For
Investors
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Lee M.
Ahlstrom
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&
Media:
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Senior Vice President
– Investor Relations, Strategy and Planning
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+1.832.783.4040
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SOURCE Paragon Offshore plc