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Paragon Offshore PSA Amendment Executed

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Paragon Offshore announced that the Company has executed an amendment to its amended plan support agreement (the ‘Amended PSA’) supporting a revised Plan of Reorganization with 100% of the lenders under its senior secured revolving credit agreement and holders of approximately 69% of the principal amount of its 6 3/4% Senior Unsecured Notes maturing July 2022 and 7 1/4% Senior Unsecured Notes maturing August 2024. On August 5, 2016, Paragon Offshore reached an agreement in principle with its bondholders and a steering committee of the revolver lenders with respect to the Amended PSA.

Randall D. Stilley, president and C.E.O. of Paragon Offshore comments, “We’re pleased that we’ve received definitive support for our Revised Plan, Our next milestone is to seek approval of the supplement to our disclosure statement at our hearing on August 16th before appearing before the court at the end of September to continue presenting our case. With the support of our Bondholders and Revolver Lenders, we remain confident that our restructuring plan will be approved. Our goal is to emerge from chapter 11 quickly as soon as we receive approval and turn our full attention once more to creating long-term shareholder value.”

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