HOUSTON, Dec. 18, 2015 /PRNewswire/ -- Paragon
Offshore plc ("Paragon") (NYSE: PGN) today announced that it
received notification from The New York Stock Exchange (the "NYSE")
notifying Paragon that the NYSE had suspended trading in Paragon's
shares effective immediately. The NYSE determined that
Paragon's ordinary shares were no longer suitable for listing based
on "abnormally low" price levels, pursuant to Section 802.01D of
the NYSE's Listed Company Manual. As a result of this
notification, Paragon will not submit a business plan to the NYSE
as previously disclosed in Paragon's press release dated
December 8, 2015.
Paragon has applied to be quoted on the OTCQX over-the-counter
marketplace effective as of the open today under the ticker symbol
"PGNPF."
The NYSE's delisting action does not affect Paragon's business
operations and does not conflict with or cause an event of default
under any of Paragon's material debt or other agreements.
Paragon intends to continue to file periodic and other reports with
the U.S. Securities and Exchange Commission in accordance with
applicable federal securities laws.
Forward-Looking Disclosure Statement
This release contains forward-looking statements. Statements
regarding future trading in the OTCQX markets, 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
|
Lee M.
Ahlstrom
|
&
Media:
|
Senior Vice President
– Investor Relations, Strategy and Planning
|
|
+1.832.783.4040
|
|
|
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SOURCE Paragon Offshore plc