Paragon Offshore plc announced it had borrowed approximately $332 million under its senior secured revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other parties party thereto, which represented substantially all of the remaining undrawn amount that was available to Paragon under the senior secured revolving credit facility.

Following the completion of this borrowing, Paragon's aggregate principal amount of borrowings under the senior secured revolving credit facility were approximately $697 million, in addition to approximately $93 million of letters of credit, and Paragon's current cash balance was approximately $734 million. Paragon intends to use these funds to preserve and enhance Paragon's liquidity and financial flexibility.