Paragon Offshore plc (OTCMKTS:PGNPQ) Files An 8-K Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure.

As previously reported, on February14, 2016, Paragon Offshore plc
(the Company) and
certain of its subsidiaries (collectively, the Debtors) filed
voluntary petitions for relief under chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for
the District of Delaware (the Bankruptcy
Court).

On May2, 2017, the Debtors filed their monthly operating report
for the period beginning March1, 2017 and ending March31, 2017
(the Monthly
Operating Report) with the Bankruptcy Court. The
Monthly Operating Report is attached hereto as Exhibit99.1 and is
incorporated herein by reference. This Current Report on Form8-K
(including the exhibit hereto) will not be deemed an admission as
to the materiality of any information required to be disclosed
solely by Regulation FD.

The information contained in this Item 7.01 shall not be deemed
to be filed for purposes of Section18 of the Securities Exchange
Act of 1934, as amended (the Exchange Act), or
otherwise subject to the liabilities of that section, and shall
not be deemed to be incorporated by reference into any of the
Companys filings under the Securities Act of 1933, as amended, or
the Exchange Act, whether made before or after the date hereof
and regardless of any general incorporation language in such
filings, except to the extent expressly set forth by specific
reference in such a filing.

Cautionary Statement Regarding the Monthly Operating
Report

The Company cautions investors and potential investors not to
place undue reliance upon the information contained in the
Monthly Operating Report, which was not prepared for the purpose
of providing the basis for an investment decision relating to any
of the securities of the Company. The Monthly Operating Report is
limited in scope, covers a limited time period and has been
prepared solely for the purpose of complying with the monthly
reporting requirements of the Bankruptcy Court. The Monthly
Operating Report was not audited or reviewed by independent
accountants, was not prepared in accordance with generally
accepted accounting principles in the United States, is in a
format prescribed by applicable bankruptcy laws, and is subject
to future adjustment and reconciliation. There can be no
assurance that, from the perspective of an investor or potential
investor in the Companys securities, the Monthly Operating Report
is complete. The Monthly Operating Report also contains
information for periods which are shorter or otherwise different
from those required in the Companys reports to the Exchange Act,
and such information might not be indicative of the Companys
financial condition or operating results for the period that
would be reflected in the Companys financial statements or in its
reports to the Exchange Act. Results set forth in the Monthly
Operating Report should not be viewed as indicative of future
results.

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 Companys
reorganization, 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 Companys annual report on Form10-K for the fiscal year
ended December31, 2015, and in its other filings with the SEC,
which are available free of charge on the SECs 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.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits

About Paragon Offshore plc (OTCMKTS:PGNPQ)

Paragon Offshore plc (Paragon) is a global provider of offshore drilling rigs. The Company’s operated fleet includes approximately 34 jackups (including two high specification heavy duty/harsh environment jackups), four drillships and two semisubmersibles. The Company refers to its semisubmersibles and drillships collectively as floaters. The Company operates in Contract Drilling Services segment. Its 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. The Company operates in hydrocarbon-producing geographies throughout the world, including Mexico, Brazil, the North Sea, West Africa, the Middle East and India. The Company conducts offshore contract drilling operations. The Company provides drilling and maintenance services (but do not provide a rig) on the Hibernia Project in the Canadian Atlantic.

Paragon Offshore plc (OTCMKTS:PGNPQ) Recent Trading Information

Paragon Offshore plc (OTCMKTS:PGNPQ) closed its last trading session down -0.0085 at 0.0225 with shares trading hands.