Item 1.03 Bankruptcy or Receivership

On May 17, 2017, the board of directors of Paragon Offshore plc (the “ Company ”) filed an administration application with the High Court of Justice, Chancery Division, Companies Court of England and Wales (the “ English Court ”) seeking the appointment (the “ Proposed Appointment ”) by order of the English Court of Neville Barry Kahn (insolvency practitioner number 8690) and David Philip Soden (insolvency practitioner number 15790), each of Deloitte LLP, Athene Place, 66 Shoe Lane, London, EC4A 3BQ, as proposed joint administrators of the Company (the “ Proposed Administrators ”). The hearing to consider the Proposed Appointment will take place on May 23, 2017 at the Companies Court, The Rolls Building, 7 Rolls Building, Fetter Lane, London, EC4A 1NL (the “ Administration Hearing ”). The Administration Hearing may be adjourned or continued from time to time by the English Court. For details of the timing of the Administration Hearing, including any adjournments or other changes, please visit the English Court’s website at http://www.justice.gov.uk/courts/court-lists/list-cause-rolls. Upon appointment by the English Court, the Proposed Administrators will assume all powers to manage the business and affairs of the Company; however, the Company’s existing board of directors has agreed to remain involved in an advisory capacity to the Proposed Administrators until the Company emerges from its insolvency proceedings under chapter 11 of the United States Bankruptcy Code , and the existing executive management team will remain responsible for the operational management of the Company and its subsidiaries. The purpose of the Proposed Appointment is to, among other things, implement the Company’s chapter 11 plan of reorganization (the “ Consensual Plan ”), subject to confirmation by the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”).