Item 7.01

Regulation FD Disclosure.

As previously reported, on March 24, 2016, Paragon Offshore plc (the “ Company ”) and certain of its subsidiaries (collectively, the “ Debtors ”) filed an amended plan of reorganization and amended disclosure statement with the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”). Further revised versions of the plan of reorganization (the “ Amended Plan ”) and disclosure statement (the “ Amended Disclosure Statement ”) were filed on April 4, 2016. On April 6, 2016 the Bankruptcy Court approved the Company’s disclosure statement (the “ Approved Disclosure Statement ”) with certain changes from the previously filed Amended Disclosure Statement. The further amended plan of reorganization to be included with the Approved Disclosure Statement removed from Section 10.6(b) of the Amended Plan the third party releases provided by the holders of claims or interests that are unimpaired thereunder. In addition, the Approved Disclosure Statement included revised disclosures regarding Prospector Offshore Drilling S.à r.l. (“ Prospector ”). The Debtors revised Section II.C.2 of the Amended Disclosure Statement to reflect the fact that on April 5, 2016, the Company obtained a forbearance of the event of default relating to the filing of the chapter 11 cases under certain lease agreements to which certain subsidiaries of Prospector are parties, which forbearance will become a permanent waiver upon the occurrence of certain conditions, including that the effective date of the plan of reorganization occurs by the outside date set forth in the Plan Support Agreement the Debtors entered into with certain creditors and removed from Section XI.C. of the Amended Disclosure Statement the Prospector chapter 11 filing risk factor.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to risks associated with the Company’s reorganization, the ability of the Company to implement the transaction contemplated by the Amended Plan in Bankruptcy Court, the general nature of the oil and gas industry, actions by regulatory authorities, customers and other third parties, and other factors detailed in the “Risk Factors” section of the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2015, and in its 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.