Paragon Offshore (PGNPQ) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Entity [Abstract]
Entity Registrant Name	Paragon Offshore plc
Entity Central Index Key	1,594,590
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		87,856,937

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating revenues
Contract drilling services	$ 164,464	$ 363,089	$ 399,508	$ 762,908
Labor contract drilling services	5,485	7,206	12,233	14,371
Reimbursables and other	14,986	22,949	38,314	46,613
Total operating revenues	184,935	393,244	450,055	823,892
Operating costs and expenses
Contract drilling services	91,631	196,969	204,337	422,074
Labor contract drilling services	4,193	5,681	9,252	11,294
Reimbursables	13,308	18,678	33,092	38,656
Depreciation and amortization	59,556	94,673	131,462	184,748
General and administrative	9,821	13,737	21,995	29,101
Loss on impairments	0	1,701	0	1,701
(Gain) loss on sale of assets	0	4,078	0	(12,717)
(Gain) on repurchase of long-term debt	0	0	0	(4,345)
Total operating costs and expenses	178,509	335,517	400,138	670,512
Operating income before interest, reorganization items and income taxes	6,426	57,727	49,917	153,380
Interest expense, net (contractual interest of $31,013 and $67,119 for the three and six months ended June 30, 2016)	(12,836)	(29,029)	(39,853)	(59,207)
Other, net	(2,054)	156	(1,292)	2,404
Reorganization items, net	(17,549)	0	(39,391)	0
Income (loss) before income taxes	(26,013)	28,854	(30,619)	96,577
Income tax benefit	904	18,477	300	11,912
Net income (loss)	(25,109)	47,331	(30,319)	108,489
Net income attributable to non-controlling interest	0	0	0	(31)
Net income (loss) attributable to Paragon	$ (25,109)	$ 47,331	$ (30,319)	$ 108,458
Earnings (loss) per share
Basic and diluted (in dollars per share)	$ (0.29)	$ 0.51	$ (0.35)	$ 1.19
Weighted-average shares outstanding
Basic and diluted (in shares)	87,601	85,836	87,099	85,549

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Income Statement [Abstract]
Contractual interest	$ 31,013	$ 67,119

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (25,109)	$ 47,331	$ (30,319)	$ 108,489
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	6,083	525	8,151	(1,673)
Adjustments to pension plans	199	188	386	380
Total other comprehensive income (loss), net	6,282	713	8,537	(1,293)
Total comprehensive income (loss)	$ (18,827)	$ 48,044	$ (21,782)	$ 107,196

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 889,090	$ 773,571
Restricted cash	3,002	3,000
Accounts receivable, net of allowance for doubtful accounts of $38 million and $44 million as of June 30, 2016 and December 31, 2015, respectively	192,960	266,325
Prepaid and other current assets	93,278	110,027
Total current assets	1,178,330	1,152,923
Property and equipment, at cost	2,682,325	2,652,537
Accumulated depreciation	(1,666,461)	(1,541,439)
Property and equipment, net	1,015,864	1,111,098
Restricted cash	44,010	25,030
Other long-term assets	46,834	73,796
Total assets	2,285,038	2,362,847
Current liabilities
Current maturities of long-term debt	666,272	40,629
Accounts payable and accrued expenses	77,347	85,374
Accrued payroll and related costs	41,591	48,246
Taxes payable	37,181	34,381
Interest payable	314	34,085
Other current liabilities	34,571	41,174
Total current liabilities	857,276	283,889
Long-term debt	197,776	2,538,444
Deferred income taxes	7,908	9,373
Other liabilities	36,637	37,731
Liabilities subject to compromise	1,709,347	0
Total liabilities	2,808,944	2,869,437
Commitments and contingencies
Equity
Ordinary shares, $0.01 par value, 186,457,393 shares authorized; with 87,856,937 and 86,026,247 issued and outstanding as of June 30, 2016 and December 31, 2015, respectively	878	860
Additional paid-in capital	1,433,904	1,429,456
Accumulated deficit	(1,925,211)	(1,894,892)
Accumulated other comprehensive loss	(33,477)	(42,014)
Total shareholders’ deficit	(523,906)	(506,590)
Total liabilities and equity	$ 2,285,038	$ 2,362,847

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 38	$ 44
Ordinary shares
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	186,457,393	186,457,393
Shares issued (in shares)	87,856,937	86,026,247
Shares outstanding (in shares)	87,856,937	86,026,247

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Retained Earnings/(Accumulated Deficit)	Accumulated Other Comprehensive (Loss)/Income	Total Stockholders’ Equity/(Deficit)	Non-Controlling Interest
Balance (in shares) at Dec. 31, 2014		84,753,000
Beginning of period at Dec. 31, 2014	$ 494,249	$ 848	$ 1,423,153	$ (895,249)	$ (37,144)	$ 491,608	$ 2,641
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	108,489			108,458		108,458	31
Adjustments to distribution by former parent	(9,493)		(9,493)			(9,493)
Employee related equity activity:
Amortization of share-based compensation	9,154		9,154			9,154
Vesting of restricted stock unit awards (in shares)		1,233,000
Vesting of restricted stock unit awards	(757)	$ 12	(769)			(757)
Acquisition of Prospector non-controlling interest	(2,185)		487			487	(2,672)
Other comprehensive loss, net	(1,293)				(1,293)	(1,293)
Balance (in shares) at Jun. 30, 2015		85,986,000
End of period at Jun. 30, 2015	$ 598,164	$ 860	1,422,532	(786,791)	(38,437)	598,164	0
Balance (in shares) at Dec. 31, 2015	86,026,247	86,026,000
Beginning of period at Dec. 31, 2015	$ (506,590)	$ 860	1,429,456	(1,894,892)	(42,014)	(506,590)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(30,319)			(30,319)		(30,319)
Employee related equity activity:
Amortization of share-based compensation	4,588		4,588			4,588
Vesting of restricted stock unit awards (in shares)		1,831,000
Vesting of restricted stock unit awards	(122)	$ 18	(140)			(122)
Other comprehensive loss, net	$ 8,537				8,537	8,537
Balance (in shares) at Jun. 30, 2016	87,856,937	87,857,000
End of period at Jun. 30, 2016	$ (523,906)	$ 878	$ 1,433,904	$ (1,925,211)	$ (33,477)	$ (523,906)	$ 0

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net income (loss)	$ (30,319)	$ 108,489
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	131,462	184,748
Loss on impairments	0	1,701
(Gain) loss on sale of assets	0	(12,717)
Gain on repurchase of long-term debt	0	(4,345)
Deferred income taxes	7,461	(27,352)
Share-based compensation	5,550	9,705
Provision for doubtful accounts	0	14,302
Recoveries of doubtful accounts	(5,878)	0
Reorganization items, non-cash	18,791	0
Other, net	314	0
Net change in other assets and liabilities	80,686	32,489
Net cash provided by operating activities	208,067	307,020
Cash flows from investing activities
Capital expenditures	(29,882)	(113,071)
Change in accrued capital expenditures	(5,361)	(12,533)
Proceeds from sale of assets	0	29,316
Acquisition of Prospector Offshore Drilling S.A. non-controlling interest	0	(2,185)
Change in restricted cash	(18,982)	12,502
Net cash used in investing activities	(54,225)	(85,971)
Cash flows from financing activities
Net Activity – Revolving Credit Facility	0	11,000
Additional Borrowings - Revolving Credit Facility	0	200,000
Repayments on Sale-Leaseback Financing	(38,323)	0
Repayment of Term Loan Facility	0	(3,250)
Purchase of Senior Notes	0	(6,546)
Net cash used in financing activities	(38,323)	(165,462)
Net change in cash and cash equivalents	115,519	55,587
Cash and cash equivalents, beginning of period	773,571	56,772
Cash and cash equivalents, end of period	889,090	112,359
Line of Credit
Cash flows from financing activities
Repayment of Prospector debt	0	(265,666)
Callable Bond
Cash flows from financing activities
Repayment of Prospector debt	$ 0	$ (101,000)

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION, BASIS OF PRESENTATION AND CURRENT EVENTS	ORGANIZATION, BASIS OF PRESENTATION AND CURRENT EVENTS Paragon Offshore plc (together with its subsidiaries, “Paragon,” the “Company,” “we,” “us” or “our”) is a global provider of offshore drilling rigs. Our operated fleet includes 34 jackups (including two high specification heavy duty/harsh environment jackups), four drillships and two semisubmersibles. Our primary business is contracting our rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for our exploration and production customers on a dayrate basis around the world. The Company operates its geographically diverse fleet with well-established customer relationships. We operate in significant hydrocarbon-producing geographies throughout the world, including the North Sea, the Middle East, India, Brazil, Mexico, West Africa and Southeast Asia. As of June 30, 2016 , our contract backlog was $472 million and included contracts with leading national, international and independent oil and gas companies. We are a public limited company registered under the Companies Act 2006 of England. In July 2014, Noble Corporation plc (“Noble”) transferred to us the assets and liabilities (the “Separation”) constituting most of Noble’s standard specification drilling units and related assets, liabilities and business (our “Predecessor”). On August 1, 2014, Noble made a pro rata distribution to its shareholders of all of our issued and outstanding ordinary shares (the “Distribution” and, collectively with the Separation, the “Spin-Off”). Basis of Presentation All financial information presented in this Form 10-Q represents the consolidated results of operations, financial position and cash flows of Paragon. At the Spin-Off, Noble contributed its entire net parent investment in our Predecessor. Concurrent with the Spin-Off and in accordance with the terms of our Separation from Noble, certain assets and liabilities were transferred between us and Noble, which have been recorded as part of the net capital contributed by Noble. During the first quarter of 2015, we recorded an out-of-period adjustment to the opening balance sheet of our Predecessor of approximately $9 million to reflect transfers of fixed assets resulting from the Spin-Off between us and our former parent, as well as revisions in estimates of liabilities associated with the Spin-Off. This adjustment did not affect our Condensed Consolidated Statements of Operations. On November 17, 2014, we initiated the acquisition of the outstanding shares of Prospector, an offshore drilling company organized in Luxembourg and traded on the Oslo Axess, from certain shareholders and in open market purchases. On February 23, 2015, we acquired all remaining issued and outstanding shares of Prospector. We spent approximately $2 million in the first quarter of 2015 to purchase the remaining issued and outstanding shares of Prospector and funded the purchase using proceeds from our Revolving Credit Facility and cash on hand. Unaudited Interim Information The interim consolidated financial statements of Paragon and its subsidiaries are unaudited. However, they include all adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair statement of the Company’s consolidated financial position as of June 30, 2016 and the results of its operations and cash flows for the three and six months ended June 30, 2016 and 2015 . Certain information relating to the Company’s organization and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the SEC regarding interim financial reporting. The 2015 year-end balance sheet data was derived from audited financial statements This interim report does not include all disclosures required by U.S. GAAP for annual periods and should be read in conjunction with the Annual Report on Form 10-K of Paragon Offshore plc for the year ended December 31, 2015. The interim financial results may not be indicative of the results to be expected for the full year. Certain amounts in prior periods have been reclassified to conform to the current year presentation. Going Concern The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. Our ability to continue as a going concern is contingent upon the Bankruptcy Court’s approval of our plan of reorganization as described below. This represents a material uncertainty related to events and conditions that may cause significant doubt on our ability to continue as a going concern and, therefore, we may be unable to realize our assets and discharge our liabilities in the normal course of business. During the period that we are operating as debtors-in-possession under chapter 11 of the Bankruptcy Code, we may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business (and subject to restrictions in our debt agreements), for amounts other than those reflected in the accompanying consolidated financial statements. Further, the reorganization plan could materially change the amounts and classifications of assets and liabilities reported in the consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should we be unable to continue as a going concern. Chapter 11 Filing On February 12, 2016, the Debtors entered into a plan support agreement (the “PSA”) relating to a plan of reorganization (the “Plan”) pursuant to chapter 11 of the Bankruptcy Code with holders (the “Noteholder Group”) representing an aggregate of 77% of the outstanding $457 million of our 6.75% senior unsecured notes maturing July 2022 (the “2022 Senior Notes”) and the outstanding $527 million of our 7.25% senior unsecured notes maturing August 2024 (the “2024 Senior Notes”) together with lenders (the “Revolver Group”) representing an aggregate of 96% of the amounts outstanding (including letters of credit) under our Revolving Credit Agreement. On February 14, 2016, the Debtors filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court (the “Bankruptcy cases”). On April 6, 2016, the Bankruptcy Court approved the Company’s disclosure statement (subject to confirmation), which included a revised plan with the terms of the transactions as follows: • Lenders in our Revolving Credit Agreement shall receive a $165 million cash payment and corresponding permanent reduction in lending commitments. The Revolving Credit Agreement will be amended and all remaining amounts outstanding will be converted into a term loan with an extension of the maturity to 2021, a rate increase to LIBOR + 4.50% with a 1.00% LIBOR floor, a minimum liquidity covenant at all times set at $110 million (subject to a grace period if the minimum liquidity falls below $110 million but remains above $95 million ), a suspension of the net leverage ratio and interest coverage covenants until the first quarter of 2018, as well as certain other amendments. • Holders of our Senior Notes (the “Noteholders”) shall receive: (i) a pro rata share of a cash payment of $345 million (the “Noteholder Cash Payment”); (ii) a pro rata share of 35% of the ordinary shares of reorganized Paragon (the “Noteholder Equity”); and (iii) a deferred cash payment of $20 million if our consolidated EBITDA, as adjusted for other items as defined in the PSA (“Adjusted EBITDA”) for 2016 equals or exceeds $209 million , and a deferred cash payment of $15 million if our consolidated Adjusted EBITDA for 2017 equals or exceeds $248 million but is less than $276 million or $30 million if our consolidated Adjusted EBITDA for 2017 equals or exceeds $276 million (collectively, the “Deferred Cash Payments”). The Noteholder Group will also be entitled to designate one member to our board of directors. • Existing shareholders will retain ownership of 65% of the ordinary shares of reorganized Paragon following emergence from bankruptcy. • General unsecured claims are unimpaired under the Plan, and the Term Loan Facility shall be reinstated. • The Plan does not contemplate restructuring the financing arrangements created by the Sale-Leaseback Transaction as the Prospector subsidiaries are not Debtors in the chapter 11 filing. On April 5, 2016, the Company obtained a forbearance of the event of default relating to the filing of the chapter 11 cases under the Sale-Leaseback Transaction agreements. The forbearance will become a permanent waiver of the event of default upon the occurrence of certain conditions, including that the effective date of the Plan occurs by the outside date set forth in the PSA. On August 5, 2016, we reached an agreement in principle with an ad hoc committee of the Noteholders and a steering committee of the lenders under the Revolving Credit Facility (“Revolver Lenders”) for a proposed amendment to the PSA (the “PSA Amendment”). The PSA Amendment, among other things, provides for an extension of certain milestone dates and contains amendments to the Plan and Disclosure Statement. Additionally, on August 5, 2016, the Debtors also filed an amended and restated plan of reorganization (the “Amended Plan”) and a supplemental disclosure statement (the “Supplemental Disclosure Statement”) with the Bankruptcy Court. The Amended Plan provides for, among other things, revised treatment of the Noteholders consisting primarily of: (i) a reduction in the cash payment at emergence from $345 million to $285 million , (ii) elimination of the Deferred Cash Payments, (iii) an increase in the percentage of our common shares to be issued to the Noteholders from 35% to 47% (on a pro forma basis, after giving effect to the transactions contemplated by the Amended Plan), and (iv) receipt of a $60 million unsecured note maturing in 2021, with interest, accruing semi-annually, to be paid either: (x) in cash or our common shares at 12% per annum, or (y) in kind at 15% per annum (in our discretion) (the “Noteholder Unsecured Note”). If we elect to pay interest on the Noteholder Unsecured Note in the form of our common shares, we would request a vote of our shareholders to increase the number of common shares authorized for issuance. The Amended Plan also contemplates certain changes to the claims of the lenders in our Revolving Credit Agreement, primarily, changes to the proposed amendments to the Revolving Credit Agreement, including: (i) a reduction of the minimum liquidity threshold from $110 million to $103 million , and (ii) the net leverage and interest coverage ratio financial covenants will not apply until the first quarter of 2019. We received, in escrow, signatures to the PSA Amendment from holders of approximately 69% in principal amount of our Senior Notes, subject to the receipt of signatures from holders of a majority of the loans under our Revolving Credit Agreement. We are in the process of seeking the requisite signatures to the PSA Amendment from the Revolver Lenders. In order for PSA Amendment to be effective, we will require the unanimous consent of the Revolver Lenders. If we do not obtain such consent, we will consider a revised amendment to the plan of reorganization with regard to the treatment of the Revolver Lenders. Debtors-in-Possession Since the filing date, the Debtors have operated their business as “debtors-in-possession.” Under the Bankruptcy cases, the Debtor’s trade creditors and vendors are being paid in full in the ordinary course of business and all of the Company’s contracts have remained in effect in accordance with their terms preserving the rights of all parties. Certain subsidiaries of the Company were not party to the chapter 11 filing (the “Non-Filing entities”). The Non-Filing entities have continued to operate in the ordinary course of business. The reorganization is not expected to have a material impact on our operations. We expect to emerge from bankruptcy in the fourth quarter of 2016 after confirmation of the Amended Plan by the Bankruptcy Court. Settlement with Noble Corporation On February 12, 2016, we entered into a binding term sheet (the “Term Sheet”) with Noble with respect to the “Noble Settlement Agreement” (as described below), which we executed on April 29, 2016 and remains subject to the confirmation of our Amended Plan by the Bankruptcy Court. Upon effectiveness of the Noble Settlement Agreement, certain conditions of the Tax Sharing Agreement executed between Noble and Paragon for the Spin-Off will be modified. Pursuant to the Noble Settlement Agreement, Noble will provide direct bonding in fulfillment of the requirements necessary to challenge tax assessments in Mexico relating to our business for the tax years 2005 through 2010 (the “Mexican Tax Assessments”). The Mexican Tax Assessments were originally assigned to us by Noble pursuant to the Tax Sharing Agreement which was entered into in connection with the Spin-Off. See Note 16 - “Commitments and Contingencies ” for additional information. The Company has contested or intends to contest the Mexico Tax Assessments and may be required to post bonds in connection thereto. In addition, on August 5, 2016, we entered into a binding term sheet with respect to an amendment to the Noble Settlement Agreement (the “Noble Settlement Agreement Amendment”). Upon effectiveness of the Noble Settlement Agreement Amendment, certain provisions of the Tax Sharing Agreement will be further amended to permit us, at our option, to defer up to $5 million in amounts owed to Noble under the Tax Sharing Agreement with respect to the Mexican Tax Assessments (the “Deferred Noble Payment Amount”). In consideration for this deferral, we would issue an unsecured promissory note to Noble in the amount of the Deferred Noble Payment Amount (the “Noble Note”) which would be due and payable on the fourth anniversary of the effective date of the Amended Plan. The Noble Note would accrue interest, accruing quarterly, to be paid either: (x) in cash at 12% per annum, or (y) in kind at 15% per annum (in our discretion). As of June 30, 2016, our estimated Mexican Tax Assessments totaled approximately $179 million , with assessments for 2009 and 2010 yet to be received. Noble will be responsible for all of the ultimate tax liability for Noble legal entities and 50% of the ultimate tax liability for our legal entities relating to the Mexican Tax Assessments. In consideration for this support, we have agreed to release Noble, fully and unconditionally, from any and all claims in relation to the Spin-Off. The Noble Settlement Agreement Amendment remains subject to the approval by the Bankruptcy Court in connection with the confirmation of our Amended Plan. Upon the effectiveness of the Noble Settlement Agreement, a material portion of our Mexican Tax Assessments, and any corresponding ultimate tax liability, will be assumed by Noble. Until such time, the current Tax Sharing Agreement remains in effect.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU No. 2014-09, which creates ASC Topic 606, Revenue from Contracts with Customers and supersedes the revenue recognition requirements in Topic 605 and industry-specific standards that currently exist under U.S. GAAP. The amendments in this ASU are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that the entity expects to be entitled to in exchange for those goods or services. Based on ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, issued in August 2015, the amendments in this ASU are effective for financial statements issued for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. The Company is not permitted to adopt this standard earlier than the original effective date for public entities. This ASU can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. In March, April and May 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , and ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients , respectively. These updates are not intended to change the core principles of ASU No. 2014-09 but instead clarify important aspects of the guidance and improve its operability and implementation on such topics as: principal versus agent considerations in revenue transactions, goods or services that are “separately identifiable” performance obligations, collectability, noncash consideration and presentation of sales taxes. These updates have the same effective date and transition requirements as the new revenue standard. We are evaluating what impact, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures and have not decided upon a method of adoption. In February 2016, the FASB issued ASU No. 2016-02, which creates ASC Topic 842, Leases . This ASU requires an entity to separate lease components from nonlease components in a contract. The lease components would be accounted for under ASU 2016-02, which requires lessees to recognize a right-of-use asset and a lease liability for capital and operating leases with lease terms greater than twelve months. Lessors must align certain requirements with the updates to lessee accounting standards and potentially derecognize a leased asset and recognize a net investment in the lease. This ASU also requires key qualitative and quantitative disclosures by lessess and lessors to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. We are evaluating the provisions of ASU 2016-02, concurrently with the provisions of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) since nonlease components would be accounted for under ASU 2014-09. This update is effective for financial statements issued for annual reporting periods beginning after December 15, 2018, and interim reporting periods within that reporting period. Early adoption is permitted. A modified retrospective approach is required. We are evaluating what impact, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which amends ASC Topic 718, Compensation - Stock Compensation . The ASU includes provisions intended to simplify the accounting for and presentation of share-based payment transactions, including such areas as income tax effects, minimum statutory tax withholding requirements and classification of awards as either equity or liabilities, forfeitures, and the classification on the statement of cash flows. The guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. Transition methods vary for the related amendments. We are evaluating what impact, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In June 2016, the FASB issued ASU No. 2016-13, which creates ASC Topic 326, Financial Instruments - Credit Losses . The new guidance introduces new accounting models for expected credit losses on financial instruments and applies to: (1) loans, accounts receivable, trade receivables and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets. The scope of the new guidance is broad and is designed to improve the current accounting models for the impairment of financial assets. The guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2019, and interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2018, and interim periods within that reporting period. A modified-retrospective approach is required. We are evaluating what impact, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Our unaudited condensed consolidated financial statements are impacted by the accounting policies used and the estimates and assumptions made by management during their preparation. Actual results could differ from those estimates. The significant accounting policies and estimates below update and supplement those described in our Annual Report on Form 10-K for the year ended December 31, 2015 . Bankruptcy Accounting and Disclosures In connection with filing chapter 11 of the Bankruptcy Code on February 14, 2016, the Company was subject to the requirements of FASB ASC 852, Reorganizations (“ASC 852”) . ASC852 is applicable to companies under bankruptcy protection and requires amendments to the presentation of key financial statement line items. ASC 852 generally does not change the manner in which financial statements are prepared. However, it does require that the financial statements for periods subsequent to the filing of the Bankruptcy cases distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Revenues, expenses, realized gains and losses, and provisions for losses that can be directly associated with the reorganization of the business must be reported separately as reorganization items in the consolidated statements of operations for the three and six months ended June 30, 2016. The balance sheet must distinguish pre-petition liabilities subject to compromise from both those pre-petition liabilities that are not subject to compromise and from post-petition liabilities. Liabilities that may be affected by the plan of reorganization must be reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts as a result of the plan of reorganization. See Note 9 - “Reorganization Items” for cash paid for reorganization items in the consolidated statements of cash flows. Allowance for Doubtful Accounts We utilize the specific identification method for establishing and maintaining allowances for doubtful accounts. We review accounts receivable on a quarterly basis to determine the reasonableness of the allowance. The Company monitors the accounts receivable from its customers for any collectability issues. An allowance for doubtful accounts is established based on reviews of individual customer accounts, recent loss experience, current economic conditions, and other pertinent factors. Our allowance for doubtful accounts was $38 million and $44 million as of June 30, 2016 and December 31, 2015 , respectively. We had recoveries of $6 million during the three and six months ended June 30, 2016 compared to $5 million and $14 million of bad debt expense for the three and six months ended June 30, 2015 , respectively. Bad debt expense and recoveries are reported as a component of “Contract drilling services operating costs and expenses” in our Condensed Consolidated Statements of Operations. Debt Issuance Costs In the first quarter of 2016, we adopted the guidance issued by the FASB in April 2015 in ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. Debt issuance costs are presented on the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount and are being amortized over the life of the debt. In our December 31, 2015 Condensed Consolidated Balance Sheet presented in this Form 10-Q, we reclassified $21 million of debt issuance costs for our Senior Notes, Term Loan Facility, and Sale-Leaseback Transaction from “Other assets” to “Long-term debt” to conform to the current period presentation of debt issuance costs. Debt issuance costs related to line of credit arrangements will continue to be classified in “Other assets” on the Condensed Consolidated Balance Sheets; however, as a result of the filing of the Bankruptcy cases, debt issuance costs related to our Revolving Credit Facility have been classified as liabilities subject to compromise in the Condensed Consolidated Balance Sheet as of June 30, 2016 . For our debt securities that are considered to be liabilities subject to compromise, we ceased to amortize deferred debt issuance costs through interest expense from the date of the Bankruptcy filing. (See Note 8 - “Liabilities Subject to Compromise” ).

Property and Equipment and Othe

Property and Equipment and Other Assets	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT AND OTHER ASSETS	PROPERTY AND EQUIPMENT AND OTHER ASSETS Cash used for our capital expenditures totaled $35 million for the six months ended June 30, 2016 , as compared to $126 million for the six months ended June 30, 2015 . Gain on Sale of Assets During the three months ended June 30, 2015, we identified drill pipe that we would no longer utilize in our operations. We sold these items for $2 million and recorded a pre-tax loss of approximately $4 million . In January 2015, we completed the sale of the Paragon M822 for $24 million to an unrelated third party. In connection with the sale, we recorded a pre-tax gain of approximately $17 million .

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION In conjunction with the Spin-Off, we adopted equity incentive plans for our employees and directors, the Paragon Offshore plc 2014 Employee Omnibus Incentive Plan (the “Employee Plan”) and the Paragon Offshore plc 2014 Director Omnibus Plan (the “Director Plan”). Replacement awards of Paragon time-vested restricted stock units (“TVRSU’s”) and performance-vested restricted stock units (“PVRSU’s”), granted in connection with the Spin-Off, as well as, since the Spin-off, new share-settled and cash-settled awards (“CS-TVRSU’s”) have been granted under the Employee Plan and the Director Plan. No awards were granted during three and six months ended June 30, 2016 . Shares available for issuance and outstanding restricted stock units under our two equity incentive plans as of June 30, 2016 are as follows (excluding the impact of cash-settled awards): (In shares) Employee Plan Director Plan Shares available for future awards or grants 4,717,823 434,048 Outstanding unvested restricted stock units 3,967,067 — We have awarded both TVRSU’s and PVRSU’s under our Employee Plan and TVRSU’s under our Director Plan. The TVRSU’s under our Employee Plan generally vest pro-rata over a three -year period. The number of PVRSU’s which vest will depend on the degree of achievement of specified company-based and market-based performance criteria over the service period. Under the Employee Plan, we have awarded CS-TVRSU’s that are accounted for as liability-based awards. The CS-TVRSU’s vest pro-rata over a three -year period. A summary of restricted stock activity for the six months ended June 30, 2016 is as follows: TVRSU’s Outstanding Weighted Average Grant-Date Fair Value CS-TVRSU’s Outstanding Share Price (1) PVRSU’s Outstanding (2) Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2015 5,824,857 $ 5.34 2,647,565 849,484 $ 5.31 Awarded — — — — — Vested (2,428,999 ) 5.04 (858,459 ) — — Forfeited (208,003 ) 5.00 (270,295 ) (70,272 ) 11.00 Outstanding as of June 30, 2016 3,187,855 $ 5.60 1,518,811 $ 0.75 779,212 $ 4.80 (1) The share price represents the closing price of our shares on June 30, 2016 at which our CS-TVRSU’s are measured. (2) Includes 191,474 PVRSU’s outstanding as of June 30, 2016 for which vesting depends on the degree of achievement of a company-based performance criteria, the Company’s ROCE. The share amount of these PVRSU’s equals the units that would vest if the “maximum” level of performance is achieved based on ROCE. The minimum number of units is zero and the “target” level of performance is 50% of the maximum. During the six months ended June 30, 2016 , 70,272 PVRSU’s were forfeited as a result of the Company not achieving the thresholds for vesting based on annualized ROCE performance over the term of the awards. For the remaining 587,738 PVRSU’s outstanding, the share amount equals the units that would vest if the “target” level of performance is achieved based on the Company’s achievement of a market-based objective, the Company’s total shareholder return (“TSR”). The minimum number of units is zero and the “maximum” level of performance is 200% of the target amount. Equity and liability-based award amortization recognized during the three and six months ended June 30, 2016 totaled $4 million and $6 million , respectively. Equity and liability-based award amortization recognized during the three and six months ended June 30, 2015 totaled $5 million and $10 million , respectively. As of June 30, 2016 , we had $10 million of total unrecognized compensation cost related to our TVRSU’s. The Company expects to recognize this cost over a remaining weighted-average period of 1.4 years. As of June 30, 2016 , we had $0.9 million of total unrecognized compensation cost related to our CS-TVRSU’s. The Company expects to recognize this cost over a remaining weighted-average period of 1.6 years. As of June 30, 2016 , we had $1 million of total unrecognized compensation cost related to our PVRSU’s. The Company expects to recognize this cost over a remaining weighted-average period of 1.2 years. The total potential compensation for the 191,474 PVRSU’s based on ROCE is recognized over the service period based on an estimate of the likelihood that our ROCE will achieve the targeted threshold. We currently estimate a 100% forfeiture rate related to these PVRSU’s. The total potential compensation for the 587,738 PVRSU’s based on TSR is recognized over the service period regardless of whether the TSR performance thresholds are ultimately achieved since vesting is based on market conditions.

Earnings_Loss Per Share

Earnings/Loss Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
EARNINGS/LOSS PER SHARE	EARNINGS/LOSS PER SHARE Our outstanding share-based payment awards currently consist solely of restricted stock units. These unvested restricted stock units, which contain non-forfeitable rights to dividends, are deemed to be participating securities and are included in the computation of earnings per share pursuant to the “two-class” method. The “two-class” method allocates undistributed earnings between ordinary shares and participating securities; however, in a period of net loss, losses are not allocated to our participating securities. No earnings were allocated to unvested share-based payment awards in our earnings per share calculation for the three and six months ended June 30, 2016 due to our net loss in the current period. Weighted average shares outstanding, basic and diluted, has been computed based on the weighted average number of ordinary shares outstanding during the applicable periods. Restricted stock units do not represent ordinary shares outstanding until they are vested and converted into ordinary shares. The diluted earnings per share calculation under the two class method is the same as our basic earnings per share calculation as we currently have no stock options or other potentially dilutive securities outstanding. Under the terms of the Amended Plan, existing shareholders will retain ownership of 53% of the ordinary shares of reorganized Paragon following emergence from bankruptcy and the Noteholders shall receive a pro rata share of 47% of the ordinary shares of reorganized Paragon. Issuance of ordinary shares to the Noteholders will dilute current equity interests. The following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share amounts) 2016 2015 2016 2015 Allocation of income (loss) - basic and diluted Net income (loss) $ (25,109 ) $ 47,331 $ (30,319 ) $ 108,458 Earnings allocated to unvested share-based payment awards — (3,532 ) — (6,611 ) Net income (loss) attributable to ordinary shareholders - basic and diluted $ (25,109 ) $ 43,799 $ (30,319 ) $ 101,847 Weighted average shares outstanding Basic and diluted 87,601 85,836 87,099 85,549 Weighted average unvested share-based payment awards 4,328 6,922 5,136 5,553 Earning (loss) per share Basic and diluted $ (0.29 ) $ 0.51 $ (0.35 ) $ 1.19

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
DEBT	DEBT A summary of long-term debt as of June 30, 2016 and December 31, 2015 is as follows: June 30, December 31, (In thousands) 2016 2015 Revolving Credit Facility (1) $ — $ 708,500 Term Loan Facility, bearing interest of 5.25% and 3.75% as of June 30, 2016 and December 31, 2015, respectively 641,875 641,875 Senior Notes due 2022, bearing fixed interest at 6.75% per annum (1) — 456,572 Senior Notes due 2024, bearing fixed interest at 7.25% per annum (1) — 527,010 Sale-Leaseback Transaction 230,633 268,688 Unamortized discount and debt issuance costs (8,460 ) (23,572 ) Total debt 864,048 2,579,073 Less: Current maturities of long-term debt (666,272 ) (40,629 ) Long-term debt $ 197,776 $ 2,538,444 (1) See Note 8 - “Liabilities Subject to Compromise” for each of the respective June 30, 2016 balances identified above. Revolving Credit Facility, Term Loan Facility and Senior Notes On June 17, 2014, we entered into the Revolving Credit Agreement with lenders that provided commitments in the amount of $800 million . The Revolving Credit Agreement, which is secured by substantially all of our rigs, has a term of five years and matures in July 2019. Borrowings under the Revolving Credit Facility bear interest, at our option, at either (i) an adjusted LIBOR , plus an applicable margin ranging between 1.50% to 2.50% , depending on our leverage ratio, or (ii) a base rate plus an applicable margin ranging between 1.50% to 2.50% . Under the Revolving Credit Agreement, we may also obtain letters of credit, the issuance of which would reduce a corresponding amount available for borrowing. As of June 30, 2016 , we had $709 million in borrowings outstanding at a weighted-average interest rate of 2.95% , and an aggregate amount of $87 million of letters of credit issued under the Revolving Credit Facility. The balance of our Revolving Credit Facility and unamortized deferred debt issuance costs are classified as liabilities subject to compromise (See Note 8 - “Liabilities Subject to Compromise” ). We continue to pay interest on the Revolving Credit Facility in the ordinary course of business based on Bankruptcy Court approval. Accordingly, interest payable on the Revolving Credit Facility is not classified as a liability subject to compromise. On July 18, 2014, we issued $1.08 billion of Senior Notes and also borrowed $650 million under the Term Loan Facility. The Term Loan Facility is secured by substantially all of our rigs. The proceeds from the Term Loan Facility and the Senior Notes were used to repay $1.7 billion of intercompany indebtedness to Noble incurred as partial consideration for the Separation. The Senior Notes consisted of $500 million of 6.75% senior notes and $580 million of 7.25% senior notes, which mature on July 15, 2022 and August 15, 2024 , respectively. The Senior Notes were issued without an original issue discount. Contractual interest on the 6.75% senior notes is payable semi-annually, in January and July. Contractual interest on the 7.25% senior notes is payable semi-annually, in February and August. The $1 billion balance of our Senior Notes, accrued pre-petition interest, and unamortized deferred debt issuance costs are classified as liabilities subject to compromise (See Note 8 - “Liabilities Subject to Compromise” ). As interest on the Company’s unsecured Senior Notes subsequent to February 14, 2016 was not expected to be an allowed claim, the Company ceased accruing interest on its Senior Notes on this date. Results for the three and six months ended June 30, 2016 would have included contractual interest expense of $18 million and $27 million , respectively. These costs would have been incurred had the unsecured Senior Notes not been compromised by the Plan. Borrowings under the Term Loan Facility bear interest at an adjusted LIBOR rate plus 2.75% , subject to a minimum LIBOR rate of 1% or a base rate plus 1.75% , at our option. We are required to make quarterly principal payments of $1.6 million plus interest and may prepay all or a portion of the Term Loan Facility at any time. The Term Loan Facility matures in July 2021. The loans under the Term Loan Facility were issued with 0.50% original issue discount. The Term Loan Facility balance is presented net of unamortized debt issuance cost of $5 million which continues to be amortized to interest expense through the life of the debt. Under the terms of the Amended Plan, the Company’s senior secured Term Loan Facility is unimpaired and will be reinstated. Paragon continues to make principal and interest payments on its Term Loan Facility in the ordinary course of business, based on Bankruptcy Court approval. As a result, we have not classified the outstanding Term Loan Facility balance and any related accrued interest and unamortized deferred debt issuance costs as liabilities subject to compromise in the Condensed Consolidated Balance Sheet as of June 30, 2016 . The commencement of the Bankruptcy cases in February 2016 constituted an event of default that accelerated our obligations under the Term Loan Agreement, Revolving Credit Agreement and Senior Notes. Accordingly, our Term Loan Facility balance, which is not subject to compromise, has been reclassified to short term debt in the Condensed Consolidated Balance Sheet as of June 30, 2016 . Pursuant to the Bankruptcy Code, the filing of the voluntary petitions automatically stayed most actions against the Debtors, including most actions to collect indebtedness incurred prior to the filing of the petitions or to exercise control over the Debtors’ property. During the first quarter of 2015, we repurchased and canceled an aggregate principal amount of $11 million of our Senior Notes at an aggregate cost of $7 million , including accrued interest. The repurchases consisted of $1 million aggregate principal amount of our 6.75% senior notes due July 2022 and $10 million aggregate principal amount of our 7.25% senior notes due August 2024. As a result of the repurchases, we recognized a total gain on debt retirement, net of the write-off of issuance costs, of approximately $4 million in “Gain on repurchase of long-term debt.” All Senior Note repurchases were made using available cash balances. We had no debt repurchases subsequent to the first quarter of 2015. The agreements related to our Debt Facilities contain covenants that place restrictions on certain merger and consolidation transactions; our ability to sell or transfer certain assets; payment of dividends; making distributions; redemption of stock; incurrence or guarantee of debt; issuance of loans; prepayment; redemption of certain debt; as well as incurrence or assumption of certain liens. The covenants and events of default under our Revolving Credit Agreement, Senior Notes, and Term Loan Facility are substantially similar. The amendments to our Revolving Credit Agreement contemplated by our Amended Plan contain additional restrictive covenants that, among other things, (a) restrict us from issuing dividends and (b) require us to maintain a minimum liquidity of $103 million at all times (subject to a grace period if our minimum liquidity remains above $88 million ) and, beginning in 2019, will require us to maintain (i) a certain net leverage ratio (defined as total debt, net of cash and cash equivalents, divided by earnings excluding interest, taxes, depreciation and amortization charges) and (ii) a certain minimum interest coverage ratio (defined as earnings excluding interest, taxes, depreciation and amortization charges divided by interest expense). Sale-Leaseback Transaction On July 24, 2015, we executed a combined $300 million Sale-Leaseback Transaction with subsidiaries of SinoEnergy (collectively, the “Lessors”) for our two high specification jackup units, Prospector 1 and Prospector 5 (collectively, the “Prospector Rigs”). We sold the Prospector Rigs to the Lessors and immediately leased the Prospector Rigs from the Lessors for a period of five years pursuant to a lease agreement for each Prospector Rig (collectively, the “Lease Agreements”). Net of fees and expenses and certain lease prepayments, we received net proceeds of approximately $292 million , including amounts used to fund certain required reserve accounts. The Prospector 1 and the Prospector 5 are each currently operating under drilling contracts with Total S.A. until mid-September 2016 and November 2017, respectively. On April 5, 2016, the Company obtained a forbearance from the Lessors of the event of default relating to the filing of the chapter 11 cases under the Lease Agreements. The forbearance will become a permanent waiver of the event of default upon the occurrence of certain conditions, including that the effective date of the Plan occurs by the outside date set forth in the PSA. We are currently in discussions with the Lessors to extend this forbearance so that the forbearance will continue past the outside date set forth in the PSA Amendment. While it has been determined that the Lessors are variable interest entities (“VIEs”), we are not the primary beneficiary of the VIEs for accounting purposes since we do not have the power to direct the operation of the VIEs and we do not have the obligation to absorb losses nor the right to receive benefits that could potentially be significant to the VIEs. As a result, we did not consolidate the Lessors in our consolidated financial statements. We have accounted for the Sale-Leaseback Transaction as a capital lease. The following table includes our minimum annual rental payments using weighted-average effective interest rates of 5.2% for the Prospector 1 and 7.5% for the Prospector 5 . (In millions) 2016 2017 2018 2019 2020 Thereafter Total Minimum annual rental payments $ 25 $ 41 $ 33 $ 31 $ 148 $ — $ 278 We made rental payments, including interest, of approximately $21 million and $38 million during the three and six months ended June 30, 2016 . This includes pre-payments or Excess Cash Amounts (as defined below) of $4 million and $7 million for the Prospector 1 for the three and six months ended June 30, 2016 , respectively, and $9 million and $14 million for the Prospector 5 for the three and six months ended June 30, 2016 , respectively. Following the third and fourth anniversaries of the closing dates of the Lease Agreements, we have the option to repurchase each Prospector Rig for an amount as defined in the Lease Agreements. At the end of the lease term, we have an obligation to repurchase each Prospector Rig for a maximum amount of $88 million per Prospector Rig, less any pre-payments made by us during the term of the Lease Agreements. The Lease Agreements obligate us to make certain termination payments upon the occurrence of certain events of default, including payment defaults, breaches of representations and warranties, termination of the underlying drilling contract for each Rig, covenant defaults, cross-payment defaults, certain events of bankruptcy, material judgments and actual or asserted failure of any credit document to be in force and effect. The Lease Agreements contain certain representations, warranties, obligations, conditions, indemnification provisions and termination provisions customary for sale and leaseback financing transactions. The Lease Agreements contain certain affirmative and negative covenants that, subject to exceptions, limit our ability to, among other things, incur additional indebtedness and guarantee indebtedness, pay inter-company dividends or make other inter-company distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loans and investments, sell, transfer or otherwise dispose of certain assets, create or incur liens, enter into certain types of transactions with affiliates, consolidate, merge or sell all or substantially all of our assets, and enter into new lines of business. In addition, we are required to maintain a cash reserve of $11.5 million for each Prospector Rig throughout the term of the Lease Agreements. During the term of the current drilling contract for each Prospector Rig, we are also required to pay to the Lessors any excess cash amounts earned under such contract, after payment of bareboat charter fees and operating expenses for such Prospector Rig and maintenance of any mandatory reserve cash amounts (the “Excess Cash Amounts”). These excess cash payments represent prepayment for the remaining rental payments under the applicable Lease Agreement (the “Cash Sweep”). As of June 30, 2016 and December 31, 2015 , we had restricted cash balances of $35 million and $25 million , respectively, related to the Lease Agreements in long-term “Restricted cash” on our Condensed Consolidated Balance Sheet. Following the conclusion of the current drilling contract for each Rig, the Cash Sweep will be reduced, requiring us to make prepayments to the Lessors of up to 25% of the Excess Cash Amounts.

Liabilities Subject to Compromi

Liabilities Subject to Compromise	6 Months Ended
	Jun. 30, 2016
Liabilities Subject to Compromise [Abstract]
LIABILITIES SUBJECT TO COMPROMISE	LIABILITIES SUBJECT TO COMPROMISE As a result of the filing of the Bankruptcy cases on February 14, 2016, the payment of pre-petition indebtedness is subject to compromise or other treatment under the Amended Plan. The Company’s liabilities subject to compromise represent the Company’s current estimate of claims expected to be allowed under the Amended Plan. Pre-petition liabilities that are subject to compromise are required to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. The amounts currently classified as liabilities subject to compromise may be subject to future adjustments depending on the Bankruptcy Court actions, further development with respect to disputed claims, or other events. Liabilities subject to compromise reflect estimates of the allowed claims based upon negotiations with creditors that have resulted in amended claims and/or stipulations that have received or are expected to receive Bankruptcy Court approval. The Revolving Credit Facility and the Senior Notes are impaired under the terms of the Amended Plan, which is subject to confirmation by the Bankruptcy Court. As such, the outstanding balances of both debt instruments and related accrued pre-petition interest (for the Senior Notes only) and unamortized debt issuance costs have been classified as liabilities subject to compromise in the Condensed Consolidated Balance Sheet as of June 30, 2016 . Generally, actions to enforce or otherwise effect payment of pre-bankruptcy filing liabilities are stayed. Although payment of pre-petition claims is generally not permitted, the Bankruptcy Court approved the Debtors’ “first day” motions allowing, among other things, the payment of obligations related to human capital, supplier relations, customer relations, business operations, tax matters, cash management, utilities, case management and retention of professionals. As a result of this approval, the Company continues to pay certain pre-petition claims in designated categories and subject to certain terms and conditions in the ordinary course of business, and we have not classified these liabilities as subject to compromise in the Condensed Consolidated Balance Sheet as of June 30, 2016 . This is designed to preserve the value of the Company’s businesses and assets. With respect to pre-petition claims, the Company has notified all known claimants of the deadline to file a proof of claim with the Court. The Company has been paying and intends to continue to pay undisputed post-petition claims in the ordinary course of business. The following table reflects pre-petition liabilities that are subject to compromise included in our Condensed Consolidated Balance Sheets as of June 30, 2016 . See Note 7 - “Debt” for a specific discussion on the debt instruments and related balances subject to compromise: June 30, (In thousands) 2016 Revolving Credit Facility $ 708,500 Senior Notes due 2022, bearing fixed interest at 6.75% per annum 456,572 Senior Notes due 2024, bearing fixed interest at 7.25% per annum 527,010 Interest payable on Senior Notes 37,168 Debt issuance costs on Revolving Credit Facility (5,891 ) Debt issuance costs on Senior Notes (14,012 ) Liabilities subject to compromise $ 1,709,347 REORGANIZATION ITEMS ASC 852 requires that transactions and events directly associated with the reorganization be distinguished from the ongoing operations of the business. The Company uses “Reorganization items, net” on its Condensed Consolidated Statements of Operations to reflect the net revenues, expenses, gains and losses that are the direct result of the reorganization of the business. The following table summarizes the components included in “Reorganization items, net”: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2016 Professional fees $ 13,880 $ 32,496 Other 3,669 6,895 Total Reorganization items, net $ 17,549 $ 39,391 During the six months ended June 30, 2016, the Company paid cash of approximately $21 million for professional fees associated with the reorganization.

Reorganization Items

Reorganization Items	6 Months Ended
	Jun. 30, 2016
Reorganizations [Abstract]
REORGANIZATION ITEMS	LIABILITIES SUBJECT TO COMPROMISE As a result of the filing of the Bankruptcy cases on February 14, 2016, the payment of pre-petition indebtedness is subject to compromise or other treatment under the Amended Plan. The Company’s liabilities subject to compromise represent the Company’s current estimate of claims expected to be allowed under the Amended Plan. Pre-petition liabilities that are subject to compromise are required to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. The amounts currently classified as liabilities subject to compromise may be subject to future adjustments depending on the Bankruptcy Court actions, further development with respect to disputed claims, or other events. Liabilities subject to compromise reflect estimates of the allowed claims based upon negotiations with creditors that have resulted in amended claims and/or stipulations that have received or are expected to receive Bankruptcy Court approval. The Revolving Credit Facility and the Senior Notes are impaired under the terms of the Amended Plan, which is subject to confirmation by the Bankruptcy Court. As such, the outstanding balances of both debt instruments and related accrued pre-petition interest (for the Senior Notes only) and unamortized debt issuance costs have been classified as liabilities subject to compromise in the Condensed Consolidated Balance Sheet as of June 30, 2016 . Generally, actions to enforce or otherwise effect payment of pre-bankruptcy filing liabilities are stayed. Although payment of pre-petition claims is generally not permitted, the Bankruptcy Court approved the Debtors’ “first day” motions allowing, among other things, the payment of obligations related to human capital, supplier relations, customer relations, business operations, tax matters, cash management, utilities, case management and retention of professionals. As a result of this approval, the Company continues to pay certain pre-petition claims in designated categories and subject to certain terms and conditions in the ordinary course of business, and we have not classified these liabilities as subject to compromise in the Condensed Consolidated Balance Sheet as of June 30, 2016 . This is designed to preserve the value of the Company’s businesses and assets. With respect to pre-petition claims, the Company has notified all known claimants of the deadline to file a proof of claim with the Court. The Company has been paying and intends to continue to pay undisputed post-petition claims in the ordinary course of business. The following table reflects pre-petition liabilities that are subject to compromise included in our Condensed Consolidated Balance Sheets as of June 30, 2016 . See Note 7 - “Debt” for a specific discussion on the debt instruments and related balances subject to compromise: June 30, (In thousands) 2016 Revolving Credit Facility $ 708,500 Senior Notes due 2022, bearing fixed interest at 6.75% per annum 456,572 Senior Notes due 2024, bearing fixed interest at 7.25% per annum 527,010 Interest payable on Senior Notes 37,168 Debt issuance costs on Revolving Credit Facility (5,891 ) Debt issuance costs on Senior Notes (14,012 ) Liabilities subject to compromise $ 1,709,347 REORGANIZATION ITEMS ASC 852 requires that transactions and events directly associated with the reorganization be distinguished from the ongoing operations of the business. The Company uses “Reorganization items, net” on its Condensed Consolidated Statements of Operations to reflect the net revenues, expenses, gains and losses that are the direct result of the reorganization of the business. The following table summarizes the components included in “Reorganization items, net”: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2016 Professional fees $ 13,880 $ 32,496 Other 3,669 6,895 Total Reorganization items, net $ 17,549 $ 39,391 During the six months ended June 30, 2016, the Company paid cash of approximately $21 million for professional fees associated with the reorganization.

Condensed Combined Debtor-In-Po

Condensed Combined Debtor-In-Possession Financial Information	6 Months Ended
	Jun. 30, 2016
Condensed Financial Information of Debtor in Possession Disclosure [Abstract]
CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION	CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION The financial statements below represent the condensed combined financial statements of the Debtors. Effective January 1, 2016, the Non-Filing entities are accounted for as non-consolidated subsidiaries in these financial statements and, as such, their net earnings are included as “Equity in earnings of Non-Filing entities, net of tax” in the Condensed Combined Debtors’ Statement of Operations and their net assets are included as “Investment in Non-Filing entities” in the Debtors’ Condensed Combined Balance Sheet. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the Non-Filing entities have not been eliminated in the Debtors’ financial statements. DEBTORS’ CONDENSED COMBINED STATEMENT OF OPERATIONS ( Unaudited) (In thousands) Three Months Ended Six Months Ended June 30, 2016 June 30, 2016 Operating revenues Contract drilling services $ 131,343 $ 331,665 Reimbursables and other 13,759 30,857 145,102 362,522 Operating costs and expenses Contract drilling services 83,177 187,605 Reimbursables 12,032 24,600 Depreciation and amortization 53,727 119,802 General and administrative 8,201 18,673 157,137 350,680 Operating income before interest, reorganization items and income taxes (12,035 ) 11,842 Interest expense, net (contractual interest of $32,360 and $62,771 for the three and six months ended June 30, 2016) (14,224 ) (36,342 ) Other, net (1,877 ) (1,083 ) Reorganization items, net (14,753 ) (34,207 ) Loss before income taxes (42,889 ) (59,790 ) Income tax benefit (provision) 723 (460 ) Net loss (42,166 ) (60,250 ) Equity in earnings of Non-Filing entities, net of tax 17,057 29,931 Net loss attributable to Paragon Offshore plc $ (25,109 ) $ (30,319 ) DEBTORS’ CONDENSED COMBINED BALANCE SHEET ( Unaudited) (In thousands ) June 30, 2016 ASSETS Current assets Cash and cash equivalents $ 574,033 Accounts receivable, net of allowance for doubtful accounts of $38 million 162,883 Accounts receivable from Non-Filing entities 372,952 Prepaid and other current assets 42,895 Total current assets 1,152,763 Investment in Non-Filing entities 1,072,856 Notes receivable from Non-Filing entities 51,367 Property and equipment, at cost 2,148,504 Accumulated depreciation (1,635,291 ) Property and equipment, net 513,213 Other assets 41,015 Total assets $ 2,831,214 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 634,234 Current maturities of debt due to Non-Filing entities 3,606 Accounts payable 51,564 Accounts payable due to Non-Filing entities 653,888 Accrued payroll and related costs 29,787 Taxes payable 18,287 Interest payable 1,897 Other current liabilities 27,653 Total current liabilities 1,420,916 Long-term debt due to Non-Filing entities 5,640 Deferred income taxes 1,357 Other liabilities 27,901 Liabilities subject to compromise 1,709,347 Total liabilities 3,165,161 Equity Total deficit (333,947 ) Total liabilities and equity $ 2,831,214 DEBTORS’ CONDENSED COMBINED STATEMENT OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended June 30, 2016 Net cash provided by operating activities $ 147,171 Capital expenditures (25,668 ) Change in accrued capital expenditures (5,133 ) Change in restricted cash (9,254 ) Net cash used in investing activities (40,055 ) Net cash used in financing activities — Net change in cash and cash equivalents 107,116 Cash and cash equivalents, beginning of period 466,917 Cash and cash equivalents, end of period $ 574,033

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We operate through various subsidiaries in numerous countries throughout the world. Consequently, income taxes have been based on the laws and rates in effect in the countries in which operations are conducted, and in which we and our subsidiaries or our Predecessor and its subsidiaries were incorporated or otherwise considered to have a taxable presence. The change in the effective tax rate from period to period is primarily attributable to changes in the profitability or loss mix of our operations in various jurisdictions. As our operations continually change among numerous jurisdictions, and methods of taxation in these jurisdictions vary greatly, there is little direct correlation between the income tax provision or benefit and income or loss before taxes. The income tax benefit for the three and six months ended June 30, 2016 was $1 million and $0.3 million , respectively. The income taxes benefit for the three and six months ended June 30, 2015 was $18 million and $12 million , respectively. At June 30, 2016 , the liabilities related to our unrecognized tax benefits, including estimated accrued interest and penalties, totaled $19 million , and if recognized, would reduce our income tax provision by $19 million . At December 31, 2015 , the liabilities related to our unrecognized tax benefits totaled $19 million . It is reasonably possible that our existing liabilities related to our unrecognized tax benefits may increase or decrease in the next twelve months primarily due to the progression of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of potential changes in our existing liabilities for unrecognized tax benefits due to various uncertainties, such as the unresolved nature of various audits.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Defined Benefit Plans We sponsor two non-U.S. noncontributory defined benefit pension plans, the Paragon Offshore Enterprise Ltd and the Paragon Offshore Nederland B.V. pension plans, which cover certain Europe-based salaried, non-union employees. For the three and six months ended June 30, 2016 pension benefit expense related to our defined benefit pension plans, based on actuary estimates, are presented in the table below. Pension cost includes the following components: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Service cost $ 1,115 $ 1,361 $ 2,289 $ 2,736 Interest cost 551 493 1,131 991 Expected return on plan assets (441 ) (449 ) (906 ) (903 ) Amortization of prior service cost (4 ) (5 ) (9 ) (10 ) Amortization of net actuarial loss 185 191 380 384 Net pension expense $ 1,406 $ 1,591 $ 2,885 $ 3,198 During the three and six months ended June 30, 2016 , we made no contributions to our pension plans. Other Benefit Plans We sponsor a 401(k) defined contribution plan and a profit sharing plan, which cover our employees who are not otherwise enrolled in the above defined benefit plans. Other post-retirement benefit expense related to these other benefit plans included in the accompanying Condensed Consolidated Statements of Operations was $0.5 million and $0.2 million for the six months ended June 30, 2016 and 2015 , respectively.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We have historically entered into derivative instruments to manage our exposure to fluctuations in foreign currency exchange rates, and we may conduct hedging activities in future periods to mitigate such exposure. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives. Cash Flow Hedges We have not entered into any hedging activity during 2016 . Depending on market conditions, we may elect to utilize short-term forward currency contracts in the future. Prospector Interest Rate Swaps At the time of our acquisition of Prospector, Prospector had outstanding a 2018 senior secured credit facility of $270 million (the “Prospector Senior Credit Facility”) which exposed Prospector to short-term changes in market interest rates as interest obligations on these instruments were periodically redetermined based on the prevailing LIBOR rate. Prior to our acquisition, a subsidiary of Prospector had entered into interest rate swaps with an aggregate maximum notional amount of $135 million . The interest rate swaps were entered into to reduce the variability of the cash interest payments under the Prospector Senior Credit Facility and to fix the interest on 50% of the outstanding borrowings under the facility. Prospector received interest at three-month LIBOR and paid interest at a fixed rate of 1.512% over the expected term of the Prospector Senior Credit Facility. In the first quarter of 2015, we had repaid in full the remaining principal balance outstanding under the Prospector Senior Credit Facility; therefore, the related interest rate swaps were terminated. The termination resulted in a settlement at fair market value plus accrued interest of approximately $1 million recorded in “Interest expense net of amount capitalized.” We did not apply hedge accounting with respect to these interest rate swaps and therefore, changes in fair values were recognized as either income or loss in our Consolidated Statements of Operations. For the six months ended June 30, 2015, a gain of approximately $1 million resulting from the change in fair value of the interest rate swaps was recorded in “Interest expense, net of amount capitalized.”

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Our cash and cash equivalents, accounts receivable and accounts payable are by their nature short-term. As a result, the carrying values included in the accompanying Condensed Consolidated Balance Sheets approximate fair value. Fair Value of Debt The estimated fair values of our Senior Notes and Term Loan Facility were based on the quoted market prices for similar issues (Level 2 measurement). The estimated fair value of our Senior Notes due July 15, 2022, excluding debt issuance costs of $6 million for June 30, 2016 and December 31, 2015 , respectively, and our Senior Notes due August 15, 2024, excluding debt issuance costs of $8 million for June 30, 2016 and December 31, 2015 , respectively, are as follows: Subject to Compromise Not Subject to Compromise June 30, 2016 December 31, 2015 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 6.75% Senior Notes due July 15, 2022 $ 456,572 $ 136,972 $ 456,572 $ 65,062 7.25% Senior Notes due August 15, 2024 527,010 156,785 527,010 75,099 Total senior unsecured notes $ 983,582 $ 293,757 $ 983,582 $ 140,161 The estimated fair value of our Term Loan Facility, bearing interest at 5.25% , excluding unamortized discount and debt issuance costs of $8 million for June 30, 2016 and December 31, 2015 , respectively, is as follows: Not Subject to Compromise June 30, 2016 December 31, 2015 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Term Loan Facility $ 641,875 $ 161,875 $ 641,875 $ 235,889 The carrying amount of our variable-rate debt, the Revolving Credit Facility, which is subject to compromise as of June 30, 2016 , approximates fair value as such debt bears short-term, market-based interest rates. We have classified this instrument as Level 2 as valuation inputs used for purposes of determining our fair value disclosure are readily available published LIBOR rates.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the changes in the accumulated balances for each component of “Accumulated other comprehensive loss” (“AOCL”) for the six months ended June 30, 2016 and 2015 . All amounts within the tables are shown net of tax. (In thousands) Defined Benefit Pension Items (1) Foreign Currency Items Total Balance as of December 31, 2014 $ (22,911 ) $ (14,233 ) $ (37,144 ) Activity during period: Other comprehensive loss before reclassification — (1,673 ) (1,673 ) Amounts reclassified from AOCL 380 — 380 Net other comprehensive income (loss) 380 (1,673 ) (1,293 ) Balance as of June 30, 2015 $ (22,531 ) $ (15,906 ) $ (38,437 ) Balance as of December 31, 2015 $ (20,351 ) $ (21,663 ) $ (42,014 ) Activity during period: Other comprehensive income before reclassification — 8,151 8,151 Amounts reclassified from AOCL 386 — 386 Net other comprehensive income 386 8,151 8,537 Balance as of June 30, 2016 $ (19,965 ) $ (13,512 ) $ (33,477 ) (1) Defined benefit pension items relate to actuarial losses, prior service credits, and the amortization of actuarial losses and prior service credits. Reclassifications from AOCL are recognized as expense on our Condensed Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” See Note 12, “Employee Benefit Plans” for additional information.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Purchase Commitments In connection with our capital expenditure program, we have outstanding commitments, including shipyard and purchase commitments of approximately $595 million as of June 30, 2016 . Our purchase commitments consist of obligations outstanding to external vendors primarily related to future capital purchases and include $579 million , of which $192 million is due in 2016 and $387 million is due in 2017, related to the construction of three high-specification jackup rigs, the Prospector 6, Prospector 7 and Prospector 8 (collectively, the “ Three High-Spec Jackups Under Construction”) by Shanghai Waigaoqiao Ship Co. Ltd. (“SWS”) in China. In April 2016, we agreed with SWS to an extension of the delivery of the Prospector 6, Prospector 7 and Prospector 8 to the second quarter of 2017, the fourth quarter of 2016 and the fourth quarter of 2017, respectively. Each newbuild has been built pursuant to a contract between one of these subsidiaries and SWS, without our parent company guarantee or other direct recourse to any of our subsidiaries other than the applicable subsidiary. The Prospector subsidiaries are not included in the Bankruptcy cases. Litigation We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, the resolution of which, in the opinion of management, will not have a material adverse effect on our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims. Other Contingencies We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. As of June 30, 2016 , we have received tax audit claims of approximately $364 million , of which $91 million is subject to indemnity by Noble, primarily in Mexico and Brazil, attributable to our income, customs and other business taxes. In addition, as of June 30, 2016 , approximately $32 million of tax audit claims in Mexico assessed against Noble are subject to indemnity by us as a result of the Spin-Off. We have contested, or intend to contest, these claims, including through litigation if necessary. Tax authorities may issue additional claims or pursue legal actions as a result of tax audits, and we cannot predict or provide assurance as to the ultimate outcome of such claims and legal actions. In some cases, we will be required to post cash deposit as collateral while we defend these claims. We could be required to post such collateral in the near future, and such amounts could be substantial and could have a material adverse effect on our liquidity, financial condition, results of operations and cash flows. As of June 30, 2016 , we have no surety bonds or letters of credit associated with tax audit claims outstanding. In January 2015, a subsidiary of Noble received an unfavorable ruling from the Mexican Supreme Court on a tax depreciation position claimed in periods prior to the Spin-Off. Although the ruling does not constitute mandatory jurisprudence in Mexico, it does create potential indemnification exposure for us under the Tax Sharing Agreement with Noble if Noble is ultimately determined to be liable for any amounts. We are presently unable to determine a timeline on this matter, nor are we able to determine the extent of our liability. We have considered this matter under ASC 460, Guarantees , and concluded that our liability under this matter is reasonably possible. Due to these current uncertainties, we are not able to reasonably estimate the magnitude of any liability at this time. On February 12, 2016, as part of the PSA, we entered into the Term Sheet with Noble with respect to the Noble Settlement Agreement, which we executed on April 29, 2016 and remains subject to the confirmation of our Amended Plan by the Bankruptcy Court. Upon effectiveness of the Noble Settlement Agreement, certain conditions of the Tax Sharing Agreement executed between Noble and Paragon for the Spin-Off will be modified. Pursuant to the Noble Settlement Agreement, Noble will provide direct bonding in fulfillment of the requirements necessary to challenge tax assessments in Mexico relating to our business for the tax years 2005 through 2010. The Mexican Tax Assessments were originally assigned to us by Noble pursuant to the Tax Sharing Agreement which was entered into in connection with the Spin-Off. The Company has contested or intends to contest the Mexico Tax Assessments and may be required to post bonds in connection thereto. In addition, on August 5, 2016, we entered into a binding term sheet with respect to an amendment to the Noble Settlement Agreement (the “Noble Settlement Agreement Amendment”). Upon effectiveness of the Noble Settlement Agreement Amendment, certain provisions of the Tax Sharing Agreement will be further amended to permit us, at our option, to defer up to $5 million in amounts owed to Noble under the Tax Sharing Agreement with respect to the Mexican Tax Assessments (the “Deferred Noble Payment Amount”). In consideration for this deferral, we would issue an unsecured promissory note to Noble in the amount of the Deferred Noble Payment Amount (the “Noble Note”) which would be due and payable on the fourth anniversary of the effective date of the Amended Plan. The Noble Note would accrue interest, accruing quarterly, to be paid either: (x) in cash at 12% per annum, or (y) in kind at 15% per annum (in our discretion). As of June 30, 2016 , our estimated Mexican Tax Assessments totaled approximately $179 million , with assessments for 2009 and 2010 yet to be received. Noble will be responsible for all of the ultimate tax liability for Noble legal entities and 50% of the ultimate tax liability for our legal entities relating to the Mexican Tax Assessments. In consideration for this support, we have agreed to release Noble, fully and unconditionally, from any and all claims in relation to the Spin-Off. The Noble Settlement Agreement Amendment remains subject to approval by the Bankruptcy Court in our Bankruptcy cases in connection with the confirmation of our Amended Plan. Upon the effectiveness of the Noble Settlement Agreement, a material portion of our Mexican Tax Assessments, and any corresponding ultimate tax liability, will be assumed by Noble. Until such time, the current Tax Sharing Agreement remains in effect. Petrobras has notified us, along with other industry participants, that it is currently challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during the years 2008 and 2009 totaling $87 million , of which $25 million is subject to indemnity by Noble. Petrobras has also notified us that if they must pay such withholding taxes, they will seek reimbursement from us. We believe that we are contractually indemnified by Petrobras for these amounts and dispute the validity of the assessment. We have notified Petrobras of our position. We will, if necessary, vigorously defend our rights. If we were required to pay such reimbursement, however, the amount of such reimbursement could be substantial and could have a material adverse effect on our financial condition, results of operations and cash flows. In addition, a tax law was enacted in Brazil, effective January 1, 2015, that under certain circumstances would impose a 15% to 25% withholding tax on charter hire payments made to a non-Brazilian related party exceeding certain thresholds of total contract value. Although we believe that our operations are not subject to this law, the tax is being withheld at the source by our customer and we have recorded $7 million withholding tax expense since inception of the law. Discussions with our customer over the applicability of this legislation are ongoing. Our subsidiary used a commercial agent in Brazil in connection with Petrobras drilling contracts. The agent pleaded guilty in Brazil in connection with the award by Petrobras of a drilling contract to one of our competitors as part of a wider investigation of Petrobras’ business practices. The agent has represented a number of different companies in Brazil over many years, including several offshore drilling contractors. Since mid-2015, we have been conducting an independent review of our relationship with the agent and with Petrobras. Our review to date has found no evidence of wrongdoing by our employees or the commercial agent on our behalf. The SEC and the U.S. Department of Justice are aware of our review. Insurance We maintain certain insurance coverage against specified marine perils, which include physical damage and loss of hire for certain units. We maintain insurance in the geographic areas in which we operate, although pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies and contractual rights to indemnity may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet or named windstorm perils with respect to our rigs cold-stacked in the U.S. Gulf of Mexico. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, certain loss or damage to property on board our rigs and losses relating to shore-based terrorist acts or strikes. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows. Additionally, there can be no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks Other As of June 30, 2016 , we had letters of credit of $87 million and performance bonds totaling $115 million supported by surety bonds outstanding and backed by $75 million in letters of credit and $9 million held in restricted cash. Certain of our subsidiaries issued guarantees to the temporary import status of rigs or equipment imported into certain countries in which we operated. These guarantees are issued in lieu of payment of custom, value added or similar taxes in those countries. Separation Agreements In connection with the Spin-Off, we entered into several definitive agreements with Noble or its subsidiaries that, among other things, set forth the terms and conditions of the Spin-Off and provide a framework for our relationship with Noble after the Spin-Off, including the following agreements: • Master Separation Agreement; • Tax Sharing Agreement; • Employee Matters Agreement; • Transition Services Agreement relating to services Noble and Paragon will provide to each other on an interim basis; and • Transition Services Agreement relating to Noble’s Brazil operations. Pursuant to these agreements with Noble, our Condensed Consolidated Balance Sheets include the following balances due from and to Noble as of June 30, 2016 and December 31, 2015 : June 30, December 31, (In thousands) 2016 2015 Accounts receivable $ 18,431 $ 22,695 Other current assets 1,930 3,032 Other assets 6,922 6,686 Due from Noble $ 27,283 $ 32,413 Accounts payable $ 53 $ 211 Other current liabilities 3,160 6,067 Other liabilities 3,268 3,268 Due to Noble $ 6,481 $ 9,546 These receivables and payables primarily relate to rights and obligations under the Master Separation Agreement, Tax Sharing Agreement and the Transition Services Agreement (Brazil). Master Separation Agreement We entered into the Master Separation Agreement with Noble Corporation, Noble-Cayman, which provided for, among other things, the Distribution of our ordinary shares to Noble shareholders and the transfer to us of the assets and the assumption by us of the liabilities relating to our business and the responsibility of Noble for liabilities related to Noble’s, and in certain limited cases, our business. The Master Separation Agreement identified which assets and liabilities constitute our business and which assets and liabilities constitute Noble’s business. Tax Sharing Agreement We entered into the Tax Sharing Agreement with Noble, which governs the parties’ respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and certain other matters regarding taxes following the Distribution. See the discussion above regarding the Term Sheet entered into with Noble with respect to the Noble Settlement Agreement. Upon the effectiveness of the Noble Settlement Agreement, a material portion of our Mexican Tax Assessments, and any corresponding ultimate tax liability, will be assumed by Noble. Until such time, the current Tax Sharing Agreement remains in effect. Employee Matters Agreement We entered into an Employee Matters Agreement with Noble-Cayman to allocate liabilities and responsibilities relating to our employees and their participation in certain compensation and benefit plans maintained by Noble or a subsidiary of Noble. The Employee Matters Agreement provides that, following the Distribution, most of our employee benefits are provided under compensation and benefit plans adopted or assumed by us. In general, our plans are substantially similar to the plans of Noble or its subsidiaries that covered our employees prior to the completion of the Distribution. Transition Services Agreement We entered into a Transition Services Agreement with Noble-Cayman pursuant to which Noble-Cayman provides, on a transitional basis, certain administrative and other assistance, generally consistent with the services that Noble provided to us before the Separation, and we provide certain transition services to Noble and its subsidiaries. The charges for the transition services are generally intended to allow the party providing the services to fully recover the costs directly associated with providing the services, plus all out-of-pocket costs and expenses, generally without profit. The charges for each of the transition services generally are based on either a pre-determined flat fee or an allocation of the costs incurred, including certain fees and expenses of third-party service providers. Transition Services Agreement (Brazil) We and Noble-Cayman and certain other subsidiaries of Noble entered into a Transition Services Agreement (and a related rig charter) pursuant to which we provide certain transition services to Noble and its subsidiaries in connection with Noble’s Brazil operations. The provision of these rig-based and shore-based support services concluded in the second quarter of 2016 in conjunction with the termination of Noble’s business in Brazil.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Six Months Ended June 30, (In thousands) 2016 2015 Accounts receivable $ 79,243 $ 168,942 Other current assets 20,739 5,113 Other assets 4,155 (7,710 ) Accounts payable and accrued payroll (21,375 ) (16,572 ) Other current liabilities (1,414 ) (78,866 ) Other liabilities (662 ) (38,418 ) Net change in other assets and liabilities $ 80,686 $ 32,489 Supplemental information for non-cash activities: Adjustments to distribution by former parent $ — $ 9,493 Reclassification of Liabilities subject to compromise 1,709,347 — We received income tax refunds, net of payments, of approximately $9 million and made income tax payments of approximately $31 million during the six months ended June 30, 2016 and 2015 , respectively.

Segment and Related Information

Segment and Related Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
SEGMENT AND RELATED INFORMATION	SEGMENT AND RELATED INFORMATION At June 30, 2016 , our contract drilling operations were reported as a single reportable segment, Contract Drilling Services, which reflects how our business is managed, and the fact that all of our drilling fleet is dependent upon the worldwide oil industry. The mobile offshore drilling units that comprise our offshore rig fleet operated in a single, global market for contract drilling services and are often redeployed globally due to changing demands of our customers, which consisted largely of major non-U.S. and government owned/controlled oil and gas companies throughout the world. Our Contract Drilling Services segment conducts contract drilling operations in the North Sea, the Middle East, India, Brazil, Mexico, West Africa and Southeast Asia.

Significant Accounting Polici27

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	All financial information presented in this Form 10-Q represents the consolidated results of operations, financial position and cash flows of Paragon. At the Spin-Off, Noble contributed its entire net parent investment in our Predecessor. Concurrent with the Spin-Off and in accordance with the terms of our Separation from Noble, certain assets and liabilities were transferred between us and Noble, which have been recorded as part of the net capital contributed by Noble. During the first quarter of 2015, we recorded an out-of-period adjustment to the opening balance sheet of our Predecessor of approximately $9 million to reflect transfers of fixed assets resulting from the Spin-Off between us and our former parent, as well as revisions in estimates of liabilities associated with the Spin-Off. This adjustment did not affect our Condensed Consolidated Statements of Operations. On November 17, 2014, we initiated the acquisition of the outstanding shares of Prospector, an offshore drilling company organized in Luxembourg and traded on the Oslo Axess, from certain shareholders and in open market purchases. On February 23, 2015, we acquired all remaining issued and outstanding shares of Prospector. We spent approximately $2 million in the first quarter of 2015 to purchase the remaining issued and outstanding shares of Prospector and funded the purchase using proceeds from our Revolving Credit Facility and cash on hand.
New Accounting Pronouncements	In May 2014, the FASB issued ASU No. 2014-09, which creates ASC Topic 606, Revenue from Contracts with Customers and supersedes the revenue recognition requirements in Topic 605 and industry-specific standards that currently exist under U.S. GAAP. The amendments in this ASU are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that the entity expects to be entitled to in exchange for those goods or services. Based on ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, issued in August 2015, the amendments in this ASU are effective for financial statements issued for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. The Company is not permitted to adopt this standard earlier than the original effective date for public entities. This ASU can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. In March, April and May 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , and ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients , respectively. These updates are not intended to change the core principles of ASU No. 2014-09 but instead clarify important aspects of the guidance and improve its operability and implementation on such topics as: principal versus agent considerations in revenue transactions, goods or services that are “separately identifiable” performance obligations, collectability, noncash consideration and presentation of sales taxes. These updates have the same effective date and transition requirements as the new revenue standard. We are evaluating what impact, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures and have not decided upon a method of adoption. In February 2016, the FASB issued ASU No. 2016-02, which creates ASC Topic 842, Leases . This ASU requires an entity to separate lease components from nonlease components in a contract. The lease components would be accounted for under ASU 2016-02, which requires lessees to recognize a right-of-use asset and a lease liability for capital and operating leases with lease terms greater than twelve months. Lessors must align certain requirements with the updates to lessee accounting standards and potentially derecognize a leased asset and recognize a net investment in the lease. This ASU also requires key qualitative and quantitative disclosures by lessess and lessors to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. We are evaluating the provisions of ASU 2016-02, concurrently with the provisions of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) since nonlease components would be accounted for under ASU 2014-09. This update is effective for financial statements issued for annual reporting periods beginning after December 15, 2018, and interim reporting periods within that reporting period. Early adoption is permitted. A modified retrospective approach is required. We are evaluating what impact, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which amends ASC Topic 718, Compensation - Stock Compensation . The ASU includes provisions intended to simplify the accounting for and presentation of share-based payment transactions, including such areas as income tax effects, minimum statutory tax withholding requirements and classification of awards as either equity or liabilities, forfeitures, and the classification on the statement of cash flows. The guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. Transition methods vary for the related amendments. We are evaluating what impact, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In June 2016, the FASB issued ASU No. 2016-13, which creates ASC Topic 326, Financial Instruments - Credit Losses . The new guidance introduces new accounting models for expected credit losses on financial instruments and applies to: (1) loans, accounts receivable, trade receivables and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets. The scope of the new guidance is broad and is designed to improve the current accounting models for the impairment of financial assets. The guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2019, and interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2018, and interim periods within that reporting period. A modified-retrospective approach is required. We are evaluating what impact, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In the first quarter of 2016, we adopted the guidance issued by the FASB in April 2015 in ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. Debt issuance costs are presented on the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount and are being amortized over the life of the debt. In our December 31, 2015 Condensed Consolidated Balance Sheet presented in this Form 10-Q, we reclassified $21 million of debt issuance costs for our Senior Notes, Term Loan Facility, and Sale-Leaseback Transaction from “Other assets” to “Long-term debt” to conform to the current period presentation of debt issuance costs. Debt issuance costs related to line of credit arrangements will continue to be classified in “Other assets” on the Condensed Consolidated Balance Sheets; however, as a result of the filing of the Bankruptcy cases, debt issuance costs related to our Revolving Credit Facility have been classified as liabilities subject to compromise in the Condensed Consolidated Balance Sheet as of June 30, 2016 . For our debt securities that are considered to be liabilities subject to compromise, we ceased to amortize deferred debt issuance costs through interest expense from the date of the Bankruptcy filing
Bankruptcy Accounting and Disclosures	In connection with filing chapter 11 of the Bankruptcy Code on February 14, 2016, the Company was subject to the requirements of FASB ASC 852, Reorganizations (“ASC 852”) . ASC852 is applicable to companies under bankruptcy protection and requires amendments to the presentation of key financial statement line items. ASC 852 generally does not change the manner in which financial statements are prepared. However, it does require that the financial statements for periods subsequent to the filing of the Bankruptcy cases distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Revenues, expenses, realized gains and losses, and provisions for losses that can be directly associated with the reorganization of the business must be reported separately as reorganization items in the consolidated statements of operations for the three and six months ended June 30, 2016. The balance sheet must distinguish pre-petition liabilities subject to compromise from both those pre-petition liabilities that are not subject to compromise and from post-petition liabilities. Liabilities that may be affected by the plan of reorganization must be reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts as a result of the plan of reorganization.
Allowance for Doubtful Accounts	We utilize the specific identification method for establishing and maintaining allowances for doubtful accounts. We review accounts receivable on a quarterly basis to determine the reasonableness of the allowance. The Company monitors the accounts receivable from its customers for any collectability issues. An allowance for doubtful accounts is established based on reviews of individual customer accounts, recent loss experience, current economic conditions, and other pertinent factors.
Earnings/Loss Per Share	Our outstanding share-based payment awards currently consist solely of restricted stock units. These unvested restricted stock units, which contain non-forfeitable rights to dividends, are deemed to be participating securities and are included in the computation of earnings per share pursuant to the “two-class” method. The “two-class” method allocates undistributed earnings between ordinary shares and participating securities; however, in a period of net loss, losses are not allocated to our participating securities. No earnings were allocated to unvested share-based payment awards in our earnings per share calculation for the three and six months ended June 30, 2016 due to our net loss in the current period. Weighted average shares outstanding, basic and diluted, has been computed based on the weighted average number of ordinary shares outstanding during the applicable periods. Restricted stock units do not represent ordinary shares outstanding until they are vested and converted into ordinary shares. The diluted earnings per share calculation under the two class method is the same as our basic earnings per share calculation as we currently have no stock options or other potentially dilutive securities outstanding.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shares Available for Issuance and Outstanding Restricted Stock Units	Shares available for issuance and outstanding restricted stock units under our two equity incentive plans as of June 30, 2016 are as follows (excluding the impact of cash-settled awards): (In shares) Employee Plan Director Plan Shares available for future awards or grants 4,717,823 434,048 Outstanding unvested restricted stock units 3,967,067 —
Summary of Restricted Stock Activity	A summary of restricted stock activity for the six months ended June 30, 2016 is as follows: TVRSU’s Outstanding Weighted Average Grant-Date Fair Value CS-TVRSU’s Outstanding Share Price (1) PVRSU’s Outstanding (2) Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2015 5,824,857 $ 5.34 2,647,565 849,484 $ 5.31 Awarded — — — — — Vested (2,428,999 ) 5.04 (858,459 ) — — Forfeited (208,003 ) 5.00 (270,295 ) (70,272 ) 11.00 Outstanding as of June 30, 2016 3,187,855 $ 5.60 1,518,811 $ 0.75 779,212 $ 4.80 (1) The share price represents the closing price of our shares on June 30, 2016 at which our CS-TVRSU’s are measured. (2) Includes 191,474 PVRSU’s outstanding as of June 30, 2016 for which vesting depends on the degree of achievement of a company-based performance criteria, the Company’s ROCE. The share amount of these PVRSU’s equals the units that would vest if the “maximum” level of performance is achieved based on ROCE. The minimum number of units is zero and the “target” level of performance is 50% of the maximum. During the six months ended June 30, 2016 , 70,272 PVRSU’s were forfeited as a result of the Company not achieving the thresholds for vesting based on annualized ROCE performance over the term of the awards. For the remaining 587,738 PVRSU’s outstanding, the share amount equals the units that would vest if the “target” level of performance is achieved based on the Company’s achievement of a market-based objective, the Company’s total shareholder return (“TSR”). The minimum number of units is zero and the “maximum” level of performance is 200% of the target amount.

Earnings_Loss Per Share (Tables

Earnings/Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share amounts) 2016 2015 2016 2015 Allocation of income (loss) - basic and diluted Net income (loss) $ (25,109 ) $ 47,331 $ (30,319 ) $ 108,458 Earnings allocated to unvested share-based payment awards — (3,532 ) — (6,611 ) Net income (loss) attributable to ordinary shareholders - basic and diluted $ (25,109 ) $ 43,799 $ (30,319 ) $ 101,847 Weighted average shares outstanding Basic and diluted 87,601 85,836 87,099 85,549 Weighted average unvested share-based payment awards 4,328 6,922 5,136 5,553 Earning (loss) per share Basic and diluted $ (0.29 ) $ 0.51 $ (0.35 ) $ 1.19

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt	A summary of long-term debt as of June 30, 2016 and December 31, 2015 is as follows: June 30, December 31, (In thousands) 2016 2015 Revolving Credit Facility (1) $ — $ 708,500 Term Loan Facility, bearing interest of 5.25% and 3.75% as of June 30, 2016 and December 31, 2015, respectively 641,875 641,875 Senior Notes due 2022, bearing fixed interest at 6.75% per annum (1) — 456,572 Senior Notes due 2024, bearing fixed interest at 7.25% per annum (1) — 527,010 Sale-Leaseback Transaction 230,633 268,688 Unamortized discount and debt issuance costs (8,460 ) (23,572 ) Total debt 864,048 2,579,073 Less: Current maturities of long-term debt (666,272 ) (40,629 ) Long-term debt $ 197,776 $ 2,538,444 (1) See Note 8 - “Liabilities Subject to Compromise” for each of the respective June 30, 2016 balances identified above.
Schedule of Future Minimum Lease Payments for Capital Leases	The following table includes our minimum annual rental payments using weighted-average effective interest rates of 5.2% for the Prospector 1 and 7.5% for the Prospector 5 . (In millions) 2016 2017 2018 2019 2020 Thereafter Total Minimum annual rental payments $ 25 $ 41 $ 33 $ 31 $ 148 $ — $ 278

Liabilities Subject to Compro31

Liabilities Subject to Compromise (Tables)	6 Months Ended
	Jun. 30, 2016
Liabilities Subject to Compromise [Abstract]
Schedule of Liabilities Subject to Compromise	The following table reflects pre-petition liabilities that are subject to compromise included in our Condensed Consolidated Balance Sheets as of June 30, 2016 . See Note 7 - “Debt” for a specific discussion on the debt instruments and related balances subject to compromise: June 30, (In thousands) 2016 Revolving Credit Facility $ 708,500 Senior Notes due 2022, bearing fixed interest at 6.75% per annum 456,572 Senior Notes due 2024, bearing fixed interest at 7.25% per annum 527,010 Interest payable on Senior Notes 37,168 Debt issuance costs on Revolving Credit Facility (5,891 ) Debt issuance costs on Senior Notes (14,012 ) Liabilities subject to compromise $ 1,709,347

Reorganization Items (Tables)

Reorganization Items (Tables)	6 Months Ended
	Jun. 30, 2016
Reorganizations [Abstract]
Schedule of Reorganization Items	The following table summarizes the components included in “Reorganization items, net”: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2016 Professional fees $ 13,880 $ 32,496 Other 3,669 6,895 Total Reorganization items, net $ 17,549 $ 39,391

Condensed Combined Debtor-In-33

Condensed Combined Debtor-In-Possession Financial Information (Tables)	6 Months Ended
	Jun. 30, 2016
Condensed Financial Information of Debtor in Possession Disclosure [Abstract]
Debtors' Condensed Combined Statement of Operations	DEBTORS’ CONDENSED COMBINED STATEMENT OF OPERATIONS ( Unaudited) (In thousands) Three Months Ended Six Months Ended June 30, 2016 June 30, 2016 Operating revenues Contract drilling services $ 131,343 $ 331,665 Reimbursables and other 13,759 30,857 145,102 362,522 Operating costs and expenses Contract drilling services 83,177 187,605 Reimbursables 12,032 24,600 Depreciation and amortization 53,727 119,802 General and administrative 8,201 18,673 157,137 350,680 Operating income before interest, reorganization items and income taxes (12,035 ) 11,842 Interest expense, net (contractual interest of $32,360 and $62,771 for the three and six months ended June 30, 2016) (14,224 ) (36,342 ) Other, net (1,877 ) (1,083 ) Reorganization items, net (14,753 ) (34,207 ) Loss before income taxes (42,889 ) (59,790 ) Income tax benefit (provision) 723 (460 ) Net loss (42,166 ) (60,250 ) Equity in earnings of Non-Filing entities, net of tax 17,057 29,931 Net loss attributable to Paragon Offshore plc $ (25,109 ) $ (30,319 )
Debtor Condensed Combined Balance Sheet	DEBTORS’ CONDENSED COMBINED BALANCE SHEET ( Unaudited) (In thousands ) June 30, 2016 ASSETS Current assets Cash and cash equivalents $ 574,033 Accounts receivable, net of allowance for doubtful accounts of $38 million 162,883 Accounts receivable from Non-Filing entities 372,952 Prepaid and other current assets 42,895 Total current assets 1,152,763 Investment in Non-Filing entities 1,072,856 Notes receivable from Non-Filing entities 51,367 Property and equipment, at cost 2,148,504 Accumulated depreciation (1,635,291 ) Property and equipment, net 513,213 Other assets 41,015 Total assets $ 2,831,214 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 634,234 Current maturities of debt due to Non-Filing entities 3,606 Accounts payable 51,564 Accounts payable due to Non-Filing entities 653,888 Accrued payroll and related costs 29,787 Taxes payable 18,287 Interest payable 1,897 Other current liabilities 27,653 Total current liabilities 1,420,916 Long-term debt due to Non-Filing entities 5,640 Deferred income taxes 1,357 Other liabilities 27,901 Liabilities subject to compromise 1,709,347 Total liabilities 3,165,161 Equity Total deficit (333,947 ) Total liabilities and equity $ 2,831,214
Debtor Condensed Combined Statement of Cash Flows	DEBTORS’ CONDENSED COMBINED STATEMENT OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended June 30, 2016 Net cash provided by operating activities $ 147,171 Capital expenditures (25,668 ) Change in accrued capital expenditures (5,133 ) Change in restricted cash (9,254 ) Net cash used in investing activities (40,055 ) Net cash used in financing activities — Net change in cash and cash equivalents 107,116 Cash and cash equivalents, beginning of period 466,917 Cash and cash equivalents, end of period $ 574,033

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs	Pension cost includes the following components: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Service cost $ 1,115 $ 1,361 $ 2,289 $ 2,736 Interest cost 551 493 1,131 991 Expected return on plan assets (441 ) (449 ) (906 ) (903 ) Amortization of prior service cost (4 ) (5 ) (9 ) (10 ) Amortization of net actuarial loss 185 191 380 384 Net pension expense $ 1,406 $ 1,591 $ 2,885 $ 3,198

Fair Value of Financial Instr35

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The estimated fair value of our Senior Notes due July 15, 2022, excluding debt issuance costs of $6 million for June 30, 2016 and December 31, 2015 , respectively, and our Senior Notes due August 15, 2024, excluding debt issuance costs of $8 million for June 30, 2016 and December 31, 2015 , respectively, are as follows: Subject to Compromise Not Subject to Compromise June 30, 2016 December 31, 2015 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 6.75% Senior Notes due July 15, 2022 $ 456,572 $ 136,972 $ 456,572 $ 65,062 7.25% Senior Notes due August 15, 2024 527,010 156,785 527,010 75,099 Total senior unsecured notes $ 983,582 $ 293,757 $ 983,582 $ 140,161 The estimated fair value of our Term Loan Facility, bearing interest at 5.25% , excluding unamortized discount and debt issuance costs of $8 million for June 30, 2016 and December 31, 2015 , respectively, is as follows: Not Subject to Compromise June 30, 2016 December 31, 2015 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Term Loan Facility $ 641,875 $ 161,875 $ 641,875 $ 235,889

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table sets forth the changes in the accumulated balances for each component of “Accumulated other comprehensive loss” (“AOCL”) for the six months ended June 30, 2016 and 2015 . All amounts within the tables are shown net of tax. (In thousands) Defined Benefit Pension Items (1) Foreign Currency Items Total Balance as of December 31, 2014 $ (22,911 ) $ (14,233 ) $ (37,144 ) Activity during period: Other comprehensive loss before reclassification — (1,673 ) (1,673 ) Amounts reclassified from AOCL 380 — 380 Net other comprehensive income (loss) 380 (1,673 ) (1,293 ) Balance as of June 30, 2015 $ (22,531 ) $ (15,906 ) $ (38,437 ) Balance as of December 31, 2015 $ (20,351 ) $ (21,663 ) $ (42,014 ) Activity during period: Other comprehensive income before reclassification — 8,151 8,151 Amounts reclassified from AOCL 386 — 386 Net other comprehensive income 386 8,151 8,537 Balance as of June 30, 2016 $ (19,965 ) $ (13,512 ) $ (33,477 ) (1) Defined benefit pension items relate to actuarial losses, prior service credits, and the amortization of actuarial losses and prior service credits. Reclassifications from AOCL are recognized as expense on our Condensed Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” See Note 12, “Employee Benefit Plans” for additional information.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Related Party Transactions	Pursuant to these agreements with Noble, our Condensed Consolidated Balance Sheets include the following balances due from and to Noble as of June 30, 2016 and December 31, 2015 : June 30, December 31, (In thousands) 2016 2015 Accounts receivable $ 18,431 $ 22,695 Other current assets 1,930 3,032 Other assets 6,922 6,686 Due from Noble $ 27,283 $ 32,413 Accounts payable $ 53 $ 211 Other current liabilities 3,160 6,067 Other liabilities 3,268 3,268 Due to Noble $ 6,481 $ 9,546

Supplemental Cash Flow Inform38

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities	The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Six Months Ended June 30, (In thousands) 2016 2015 Accounts receivable $ 79,243 $ 168,942 Other current assets 20,739 5,113 Other assets 4,155 (7,710 ) Accounts payable and accrued payroll (21,375 ) (16,572 ) Other current liabilities (1,414 ) (78,866 ) Other liabilities (662 ) (38,418 ) Net change in other assets and liabilities $ 80,686 $ 32,489 Supplemental information for non-cash activities: Adjustments to distribution by former parent $ — $ 9,493 Reclassification of Liabilities subject to compromise 1,709,347 —

Organization, Basis of Presenta

Organization, Basis of Presentation and Current Events (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2015USD ($)	Jun. 30, 2016USD ($)rig	Jun. 30, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of jackups		34
Number of heavy duty jackups		2
Number of drillships		4
Number of semisubmersibles		2
Contract backlog | $		$ 472,000
Adjustments to distribution by former parent | $	$ 9,000	$ 0	$ 9,493
Prospector Offshore Drilling S.A.
Business Acquisition [Line Items]
Payments to acquire stock | $	$ 2,000

Organization, Basis of Presen40

Organization, Basis of Presentation and Current Events - Additional Information (Details)	4 Months Ended	5 Months Ended
	Aug. 05, 2016USD ($)director	Dec. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Feb. 12, 2016USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2015	Jul. 18, 2014
Loss Contingencies [Line Items]
Long-term debt			$ 864,048,000		$ 2,579,073,000
Forecast
Loss Contingencies [Line Items]
Pro rata share of ownership, as a percent	35.00%	47.00%
Deferred cash payment, EBITDA equals or exceeds $209 million	$ 20,000,000
Deferred cash payment, EBITDA equals or exceeds $248 million, less than $276 million	15,000,000
Deferred cash payment, EBITDA equals or exceeds $276 million	$ 30,000,000
Number of directors to be designated by the Noteholders | director	1
Percentage of shareholder ownership after reorganization	65.00%	53.00%
Tax Audit Claims | Tax Audit Claims in Mexico Result of Spin-Off
Loss Contingencies [Line Items]
Estimate of loss			32,000,000
Tax Audit Claims | Tax Audit Claims in Mexico Result of Spin-Off | Subsequent Event
Loss Contingencies [Line Items]
Debt deferral option (up to)	$ 5,000,000
Tax Assessments | Mexican Tax Assessments
Loss Contingencies [Line Items]
Estimate of loss			$ 179,000,000
Percentage of predecessor tax liability			50.00%
Senior Notes
Loss Contingencies [Line Items]
Long-term debt			$ 1,000,000,000
Percentage of borrowings outstanding				77.00%
Senior Notes | Forecast
Loss Contingencies [Line Items]
Permanent reduction and repayment of debt	$ 345,000,000	$ 285,000,000
Senior Notes | Subsequent Event
Loss Contingencies [Line Items]
Percentage of borrowings outstanding	69.00%
Senior Notes | 6.75% Senior Notes due July 15, 2022
Loss Contingencies [Line Items]
Long-term debt			$ 0	$ 457,000,000	$ 456,572,000
Stated interest rate			6.75%	6.75%	6.75%	6.75%	6.75%
Senior Notes | 7.25% Senior Notes due August 15, 2024
Loss Contingencies [Line Items]
Long-term debt			$ 0	$ 527,000,000	$ 527,010,000
Stated interest rate			7.25%	7.25%	7.25%	7.25%	7.25%
Line of Credit | Acquired Senior Credit Facility
Loss Contingencies [Line Items]
Percentage of borrowings outstanding				96.00%
Line of Credit | Acquired Senior Credit Facility | Forecast
Loss Contingencies [Line Items]
Permanent reduction and repayment of debt	$ 165,000,000
Term Loan | Term Loan Due 2021
Loss Contingencies [Line Items]
Liquidity covenant			$ 103,000,000
Liquidity covenant minimum for grace period			$ 88,000,000
Term Loan | Term Loan Due 2021 | Forecast
Loss Contingencies [Line Items]
Liquidity covenant	110,000,000	103,000,000
Liquidity covenant minimum for grace period	$ 95,000,000
Term Loan | LIBOR | Term Loan Due 2021 | Forecast
Loss Contingencies [Line Items]
Interest rate on borrowings outstanding	4.50%
LIBOR floor, percentage rate	1.00%
Unsecured Debt | Noteholder Unsecured Note | Forecast
Loss Contingencies [Line Items]
Receipt of unsecured notes		$ 60,000,000
Debt percentage rate for repayment of cash or common shares		12.00%
Debt percentage for repayment in kind		15.00%
Unsecured Debt | Noble Note | Forecast
Loss Contingencies [Line Items]
Debt percentage rate for repayment of cash or common shares		12.00%
Debt percentage for repayment in kind		15.00%

Significant Accounting Polici41

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for doubtful accounts	$ 38,000		$ 38,000		$ 44,000
Recoveries			5,878	$ 0
Bad debt expense			0	14,302
Accounting Standards Update 2015-03 | Other assets
Financing Receivable, Allowance for Credit Losses [Line Items]
Debt issuance cost, net					(21,000)
Accounting Standards Update 2015-03 | Long-term Debt
Financing Receivable, Allowance for Credit Losses [Line Items]
Debt issuance cost, net					$ 21,000
Contract Drilling Services Operating Costs and Expenses
Financing Receivable, Allowance for Credit Losses [Line Items]
Recoveries	$ 6,000		$ 6,000
Bad debt expense		$ 5,000		$ 14,000

Property and Equipment and Ot42

Property and Equipment and Other Assets (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Capital expenditures				$ 35,000	$ 126,000
Proceeds from sale of assets				0	29,316
Gain (loss) on disposal of assets		$ 0	$ (4,078)	$ 0	$ 12,717
Drill Pipe Joints
Property, Plant and Equipment [Line Items]
Proceeds from sale of assets			2,000
Gain (loss) on disposal of assets			$ (4,000)
Paragon M822
Property, Plant and Equipment [Line Items]
Proceeds from sale of assets	$ 24,000
Gain (loss) on disposal of assets	$ 17,000

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0		0
Share-based compensation costs	$ 4	$ 5	$ 6	$ 10
Time-Vested Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			0
Vesting period			3 years
Unrecognized share-based amortization	$ 10		$ 10
RSU weighted-average period of recognition			1 year 4 months 24 days
Outstanding unvested restricted stock units (in shares)	3,187,855		3,187,855		5,824,857
Cash Settlement Time-Vested Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			0
Vesting period			3 years
Unrecognized share-based amortization	$ 0.9		$ 0.9
RSU weighted-average period of recognition			1 year 7 months 6 days
Outstanding unvested restricted stock units (in shares)	1,518,811		1,518,811		2,647,565
Performance-Vested Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			0
Unrecognized share-based amortization	$ 1		$ 1
RSU weighted-average period of recognition			1 year 2 months 12 days
Outstanding unvested restricted stock units (in shares)	779,212		779,212		849,484
Performance-Vested Restricted Shares - ROCE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock units (in shares)	191,474		191,474
Estimated forfeiture rate	100.00%		100.00%
Performance-Vested Restricted Shares - TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock units (in shares)	587,738		587,738

Share-Based Compensation - Shar

Share-Based Compensation - Shares Available for Issuance and Outstanding Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2016incentive_planshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock incentive plans | incentive_plan	2
Employee Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future awards or grants (in shares)	4,717,823
Employee Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock units (in shares)	3,967,067
Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future awards or grants (in shares)	434,048
Director Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock units (in shares)	0

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Activity (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2016$ / sharesshares	Jun. 30, 2016$ / sharesshares
RSU's Outstanding
Awarded (in shares)	0	0
Time-Vested Restricted Shares
RSU's Outstanding
Outstanding as of beginning of period (in shares)		5,824,857
Awarded (in shares)		0
Vested (in shares)		(2,428,999)
Forfeited (in shares)		(208,003)
Outstanding as of end of period (in shares)	3,187,855	3,187,855
Weighted Average Grant-Date Fair Value
Outstanding as of beginning of period (in dollars per shares) | $ / shares		$ 5.34
Awarded (in dollars per share) | $ / shares		0
Vested (in dollars per share) | $ / shares		5.04
Forfeited (in dollars per share) | $ / shares		5
Outstanding as of end of period (in dollars per share) | $ / shares	$ 5.60	$ 5.60
Cash Settlement Time-Vested Restricted Shares
RSU's Outstanding
Outstanding as of beginning of period (in shares)		2,647,565
Awarded (in shares)		0
Vested (in shares)		(858,459)
Forfeited (in shares)		(270,295)
Outstanding as of end of period (in shares)	1,518,811	1,518,811
Share Price
Share price, end of period (in dollars per share) | $ / shares	$ 0.75	$ 0.75
Performance-Vested Restricted Shares
RSU's Outstanding
Outstanding as of beginning of period (in shares)		849,484
Awarded (in shares)		0
Vested (in shares)		0
Forfeited (in shares)		(70,272)
Outstanding as of end of period (in shares)	779,212	779,212
Weighted Average Grant-Date Fair Value
Outstanding as of beginning of period (in dollars per shares) | $ / shares		$ 5.31
Awarded (in dollars per share) | $ / shares		0
Vested (in dollars per share) | $ / shares		0
Forfeited (in dollars per share) | $ / shares		11
Outstanding as of end of period (in dollars per share) | $ / shares	$ 4.80	$ 4.80
Performance-Vested Restricted Shares - ROCE
RSU's Outstanding
Outstanding as of end of period (in shares)	191,474	191,474
Share Price
Minimum number of performance vested shares (in shares)		0
Target level of performance, percentage		50.00%
Performance-Vested Restricted Shares - TSR
RSU's Outstanding
Outstanding as of end of period (in shares)	587,738	587,738
Share Price
Minimum number of performance vested shares (in shares)		0
Target level of performance, percentage		200.00%

Earnings_Loss Per Share - Compu

Earnings/Loss Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		4 Months Ended	5 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Aug. 05, 2016	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Allocation of income (loss) - basic and diluted
Net income (loss)	$ (25,109)	$ 47,331			$ (30,319)	$ 108,458
Earnings allocated to unvested share-based payment awards, basic	0	(3,532)			0	(6,611)
Earnings allocated to unvested share-based payment awards, diluted	0	(3,532)			0	(6,611)
Net income (loss) attributable to ordinary shareholders - basic	(25,109)	43,799			(30,319)	101,847
Net income (loss) attributable to ordinary shareholders - diluted	$ (25,109)	$ 43,799			$ (30,319)	$ 101,847
Weighted-average shares outstanding
Basic and diluted (in shares)	87,601	85,836			87,099	85,549
Weighted average unvested share-based payment awards (in shares)	4,328	6,922			5,136	5,553
Earning (loss) per share
Basic and diluted (in dollars per share)	$ (0.29)	$ 0.51			$ (0.35)	$ 1.19
Forecast
Subsequent Event [Line Items]
Percentage of shareholder ownership after reorganization			65.00%	53.00%
Pro rata share of ownership, as a percent			35.00%	47.00%

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 12, 2016	Dec. 31, 2015	Mar. 31, 2015	Jul. 18, 2014
Debt Instrument [Line Items]
Total debt	$ 864,048		$ 2,579,073
Unamortized discount and debt issuance costs	(8,460)		(23,572)
Less: Current maturities of long-term debt	(666,272)		(40,629)
Long-term debt	197,776		2,538,444
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	0		708,500
Secured Debt | Term Loan Facility, bearing interest of 5.25% and 3.75% as of June 30, 2016 and December 31, 2015, respectively
Debt Instrument [Line Items]
Total debt	641,875		641,875
Unamortized discount and debt issuance costs	$ (8,000)		$ (8,000)
Term loan facility effective interest rate	5.25%		3.75%
Senior Notes
Debt Instrument [Line Items]
Total debt	$ 1,000,000
Senior Notes | Senior Notes due 2022, bearing fixed interest at 6.75% per annum
Debt Instrument [Line Items]
Total debt	$ 0	$ 457,000	$ 456,572
Stated interest rate	6.75%	6.75%	6.75%	6.75%	6.75%
Senior Notes | Senior Notes due 2024, bearing fixed interest at 7.25% per annum
Debt Instrument [Line Items]
Total debt	$ 0	$ 527,000	$ 527,010
Stated interest rate	7.25%	7.25%	7.25%	7.25%	7.25%
Sale-Leaseback Transaction | Sale-Leaseback Transaction
Debt Instrument [Line Items]
Total debt	$ 230,633		$ 268,688

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility, Term Loan Facility and Senior Notes (Details) - USD ($)	Jul. 18, 2014	Jun. 17, 2014	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Feb. 12, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Aggregate letters of credit issued			$ 87,000,000			$ 87,000,000
Long-term debt			864,048,000			864,048,000			$ 2,579,073,000
Contractual interest			31,013,000			67,119,000
Recognized gain on debt retirement as a result of repurchase			0	$ 0		0	$ 4,345,000
Predecessor
Debt Instrument [Line Items]
Repayments of intercompany indebtedness	$ 1,700,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum amount available under credit facility		$ 800,000,000
Revolving credit facility maturity period		5 years
Outstanding revolving credit facility			$ 709,000,000			$ 709,000,000
Weighted average interest rate			2.95%			2.95%
Aggregate letters of credit issued			$ 87,000,000			$ 87,000,000
Long-term debt			0			0			$ 708,500,000
Line of Credit | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate on borrowings outstanding		1.50%
Line of Credit | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate on borrowings outstanding		2.50%
Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate on borrowings outstanding		1.50%
Line of Credit | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate on borrowings outstanding		2.50%
Senior Notes
Debt Instrument [Line Items]
Debt face amount	1,080,000,000
Long-term debt			1,000,000,000			1,000,000,000
Contractual interest			$ 18,000,000			$ 27,000,000
Principal amount of repurchased and cancelled Senior Notes					$ 11,000,000
Repurchase of Senior Notes					7,000,000
Recognized gain on debt retirement as a result of repurchase					$ 4,000,000
Senior Notes | 6.75% Senior Notes due July 15, 2022
Debt Instrument [Line Items]
Debt face amount	$ 500,000,000
Stated interest rate	6.75%		6.75%		6.75%	6.75%		6.75%	6.75%
Long-term debt			$ 0			$ 0		$ 457,000,000	$ 456,572,000
Debt issuance cost, net			$ 6,000,000			$ 6,000,000			$ 6,000,000
Principal amount of repurchased and cancelled Senior Notes					$ 1,000,000
Senior Notes | 7.25% Senior Notes due August 15, 2024
Debt Instrument [Line Items]
Debt face amount	$ 580,000,000
Stated interest rate	7.25%		7.25%		7.25%	7.25%		7.25%	7.25%
Long-term debt			$ 0			$ 0		$ 527,000,000	$ 527,010,000
Debt issuance cost, net			8,000,000			8,000,000			8,000,000
Principal amount of repurchased and cancelled Senior Notes					$ 10,000,000
Secured Debt | Term Loan Facility
Debt Instrument [Line Items]
Debt face amount	$ 650,000,000
Long-term debt			641,875,000			641,875,000			$ 641,875,000
Quarterly debt principal payments	$ 1,600,000
Original issue discount	0.50%
Debt issuance cost, net			5,000,000			5,000,000
Secured Debt | LIBOR | Term Loan Facility
Debt Instrument [Line Items]
Interest rate on borrowings outstanding	2.75%
Minimum LIBOR rate	1.00%
Secured Debt | Base Rate | Term Loan Facility
Debt Instrument [Line Items]
Interest rate on borrowings outstanding	1.75%
Term Loan | Term Loan Due 2021
Debt Instrument [Line Items]
Liquidity covenant			103,000,000			103,000,000
Liquidity covenant minimum for grace period			$ 88,000,000			$ 88,000,000

Debt - Sale-Leaseback Transacti

Debt - Sale-Leaseback Transaction, Additional Information (Details)	Jul. 24, 2015USD ($)rig	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Sale Leaseback Transaction [Line Items]
Sale-leaseback transaction amount	$ 300,000,000
Number of jackup units in sale and lease back transaction | rig	2
Term of sale leaseback contract	5 years
Net proceeds from sale and lease back transaction	$ 292,000,000
Percentage of excess cash amounts (up to)			25.00%
Prospector 1
Sale Leaseback Transaction [Line Items]
Rental prepayments		$ 4,000,000	$ 7,000,000
Lease obligation (maximum)		88,000,000	88,000,000
Cash reserve		11,500,000	11,500,000
Prospector 5
Sale Leaseback Transaction [Line Items]
Rental prepayments		9,000,000	14,000,000
Lease obligation (maximum)		88,000,000	88,000,000
Cash reserve		11,500,000	11,500,000
Lease Agreements | Other assets
Sale Leaseback Transaction [Line Items]
Restricted cash		35,000,000	35,000,000	$ 25,000,000
Total S.A.
Sale Leaseback Transaction [Line Items]
Rental payments, including interest		$ 21,000,000	$ 38,000,000

Debt - Schedule of Minimum Annu

Debt - Schedule of Minimum Annual Rental Payments (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Prospector 1
Sale Leaseback Transaction [Line Items]
Weighted average interest rate	5.20%
Prospector 5
Sale Leaseback Transaction [Line Items]
Weighted average interest rate	7.50%
Total S.A.
Sale Leaseback Transaction [Line Items]
2,016	$ 25
2,017	41
2,018	33
2,019	31
2,020	148
Thereafter	0
Total	$ 278

Liabilities Subject to Compro51

Liabilities Subject to Compromise (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 12, 2016	Dec. 31, 2015	Mar. 31, 2015	Jul. 18, 2014
Debt Instrument [Line Items]
Liabilities subject to compromise	$ 1,709,347		$ 0
Senior Notes
Debt Instrument [Line Items]
Interest payable on Senior Notes	37,168
Debt issuance costs	(14,012)
6.75% Senior Notes due July 15, 2022 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 456,572
Stated interest rate	6.75%	6.75%	6.75%	6.75%	6.75%
7.25% Senior Notes due August 15, 2024 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 527,010
Stated interest rate	7.25%	7.25%	7.25%	7.25%	7.25%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 708,500
Debt issuance costs	$ (5,891)

Reorganization Items (Details)

Reorganization Items (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reorganizations [Abstract]
Professional fees	$ 13,880		$ 32,496
Other	3,669		6,895
Total Reorganization items, net	$ 17,549	$ 0	39,391	$ 0
Cash payments for reorganization items			$ 21,000

Condensed Combined Debtor-In-53

Condensed Combined Debtor-In-Possession Financial Information - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating revenues
Contract drilling services	$ 164,464	$ 363,089	$ 399,508	$ 762,908
Reimbursables and other	14,986	22,949	38,314	46,613
Total operating revenues	184,935	393,244	450,055	823,892
Operating costs and expenses
Contract drilling services	91,631	196,969	204,337	422,074
Reimbursables	13,308	18,678	33,092	38,656
Depreciation and amortization	59,556	94,673	131,462	184,748
General and administrative	9,821	13,737	21,995	29,101
Total operating costs and expenses	178,509	335,517	400,138	670,512
Operating income before interest, reorganization items and income taxes	6,426	57,727	49,917	153,380
Interest expense, net (contractual interest of $32,360 and $62,771 for the three and six months ended June 30, 2016)	(12,836)	(29,029)	(39,853)	(59,207)
Other, net	(2,054)	156	(1,292)	2,404
Reorganization items, net	(17,549)	0	(39,391)	0
Income (loss) before income taxes	(26,013)	28,854	(30,619)	96,577
Income tax benefit (provision)	904	18,477	300	11,912
Net income (loss)	(25,109)	47,331	(30,319)	108,489
Net income (loss) attributable to Paragon	(25,109)	$ 47,331	(30,319)	$ 108,458
Contractual interest	31,013		67,119
Subsidiaries in Bankruptcy Proceedings
Operating revenues
Contract drilling services	131,343		331,665
Reimbursables and other	13,759		30,857
Total operating revenues	145,102		362,522
Operating costs and expenses
Contract drilling services	83,177		187,605
Reimbursables	12,032		24,600
Depreciation and amortization	53,727		119,802
General and administrative	8,201		18,673
Total operating costs and expenses	157,137		350,680
Operating income before interest, reorganization items and income taxes	(12,035)		11,842
Interest expense, net (contractual interest of $32,360 and $62,771 for the three and six months ended June 30, 2016)	(14,224)		(36,342)
Other, net	(1,877)		(1,083)
Reorganization items, net	(14,753)		(34,207)
Income (loss) before income taxes	(42,889)		(59,790)
Income tax benefit (provision)	723		(460)
Net income (loss)	(42,166)		(60,250)
Equity in earnings of Non-Filing entities, net of tax	17,057		29,931
Net income (loss) attributable to Paragon	(25,109)		(30,319)
Contractual interest	$ 32,360		$ 62,771

Condensed Combined Debtor-In-54

Condensed Combined Debtor-In-Possession Financial Information - Statement of Financial Position (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 889,090	$ 773,571	$ 112,359	$ 56,772
Accounts receivable, net of allowance for doubtful accounts of $38 million	192,960	266,325
Prepaid and other current assets	93,278	110,027
Total current assets	1,178,330	1,152,923
Property and equipment, at cost	2,682,325	2,652,537
Accumulated depreciation	(1,666,461)	(1,541,439)
Property and equipment, net	1,015,864	1,111,098
Other long-term assets	46,834	73,796
Total assets	2,285,038	2,362,847
Current liabilities
Current maturities of long-term debt	666,272	40,629
Accounts payable and accrued expenses	77,347	85,374
Accrued payroll and related costs	41,591	48,246
Taxes payable	37,181	34,381
Interest payable	314	34,085
Other current liabilities	34,571	41,174
Total current liabilities	857,276	283,889
Deferred income taxes	7,908	9,373
Other liabilities	36,637	37,731
Liabilities subject to compromise	1,709,347	0
Total liabilities	2,808,944	2,869,437
Equity
Total deficit	(523,906)	(506,590)	$ 598,164	$ 494,249
Total liabilities and equity	2,285,038	2,362,847
Allowance for doubtful accounts	38,000	44,000
Subsidiaries in Bankruptcy Proceedings
Current assets
Cash and cash equivalents	574,033	$ 466,917
Accounts receivable, net of allowance for doubtful accounts of $38 million	162,883
Accounts receivable from Non-Filing entities	372,952
Prepaid and other current assets	42,895
Total current assets	1,152,763
Investment in Non-Filing entities	1,072,856
Notes receivable from Non-Filing entities	51,367
Property and equipment, at cost	2,148,504
Accumulated depreciation	(1,635,291)
Property and equipment, net	513,213
Other long-term assets	41,015
Total assets	2,831,214
Current liabilities
Current maturities of long-term debt	634,234
Current maturities of debt due to Non-Filing entities	3,606
Accounts payable and accrued expenses	51,564
Accounts payable due to Non-Filing entities	653,888
Accrued payroll and related costs	29,787
Taxes payable	18,287
Interest payable	1,897
Other current liabilities	27,653
Total current liabilities	1,420,916
Long-term debt due to Non-Filing entities	5,640
Deferred income taxes	1,357
Other liabilities	27,901
Liabilities subject to compromise	1,709,347
Total liabilities	3,165,161
Equity
Total deficit	(333,947)
Total liabilities and equity	2,831,214
Allowance for doubtful accounts	$ 38,000

Condensed Combined Debtor-in-55

Condensed Combined Debtor-in-Possession Financial Information - Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	$ 208,067	$ 307,020
Capital expenditures	(29,882)	(113,071)
Change in accrued capital expenditures	(5,361)	(12,533)
Change in restricted cash	(18,982)	12,502
Net cash used in investing activities	(54,225)	(85,971)
Net cash used in financing activities	(38,323)	(165,462)
Net change in cash and cash equivalents	115,519	55,587
Cash and cash equivalents, beginning of period	773,571	56,772
Cash and cash equivalents, end of period	889,090	$ 112,359
Subsidiaries in Bankruptcy Proceedings
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	147,171
Capital expenditures	(25,668)
Change in accrued capital expenditures	(5,133)
Change in restricted cash	(9,254)
Net cash used in investing activities	(40,055)
Net cash used in financing activities	0
Net change in cash and cash equivalents	107,116
Cash and cash equivalents, beginning of period	466,917
Cash and cash equivalents, end of period	$ 574,033

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ (904)	$ (18,477)	$ (300)	$ (11,912)
Reserve for uncertain tax positions, including interest and penalties	19,000		19,000		$ 19,000
Unrecognized tax benefits that would impact effective tax rate	$ 19,000		$ 19,000

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)pension_plan	Jun. 30, 2015USD ($)
Defined Benefit Plan Disclosure [Line Items]
Other postretirement benefit expense		$ 500,000	$ 200,000
Non-U.S. Defined Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions to non-U.S. pension plans	$ 0	$ 0
Predecessor | Non-U.S. Defined Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Number of plans | pension_plan		2

Employee Benefit Plans - Pensio

Employee Benefit Plans - Pension Cost Components (Details) - Non-U.S. Defined Benefit Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 1,115	$ 1,361	$ 2,289	$ 2,736
Interest cost	551	493	1,131	991
Expected return on plan assets	(441)	(449)	(906)	(903)
Amortization of prior service cost	(4)	(5)	(9)	(10)
Amortization of net actuarial loss	185	191	380	384
Net pension expense	$ 1,406	$ 1,591	$ 2,885	$ 3,198

Derivative Instruments and He59

Derivative Instruments and Hedging Activities (Details) - Prospector Offshore Drilling S.A. - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2015	Nov. 17, 2014
2018 Senior Secured Credit Facility | Line of Credit
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maximum amount available under credit facility			$ 270,000,000
Minimum percentage of debt required to hedge			50.00%
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate			1.512%
Interest rate swaps | Interest expense, net of amount capitalized
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value settlement and accrued interest	$ 1,000,000
Gain on derivative		$ 1,000,000
Interest rate swaps | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding derivative contracts			$ 135,000,000

Fair Value of Financial Instr60

Fair Value of Financial Instruments - (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 12, 2016	Dec. 31, 2015	Mar. 31, 2015	Jul. 18, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized discount and debt issuance costs	$ 8,460		$ 23,572
Senior Notes | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	983,582		983,582
Senior Notes | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	293,757		140,161
Senior Notes | 6.75% Senior Notes due July 15, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt issuance cost, net	$ 6,000		$ 6,000
Stated interest rate	6.75%	6.75%	6.75%	6.75%	6.75%
Senior Notes | 6.75% Senior Notes due July 15, 2022 | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 456,572		$ 456,572
Senior Notes | 6.75% Senior Notes due July 15, 2022 | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	136,972		65,062
Senior Notes | 7.25% Senior Notes due August 15, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt issuance cost, net	$ 8,000		$ 8,000
Stated interest rate	7.25%	7.25%	7.25%	7.25%	7.25%
Senior Notes | 7.25% Senior Notes due August 15, 2024 | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 527,010		$ 527,010
Senior Notes | 7.25% Senior Notes due August 15, 2024 | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	156,785		$ 75,099
Secured Debt | Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt issuance cost, net	$ 5,000
Term loan facility effective interest rate	5.25%		3.75%
Unamortized discount and debt issuance costs	$ 8,000		$ 8,000
Secured Debt | Term Loan Facility | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	641,875		641,875
Secured Debt | Term Loan Facility | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 161,875		$ 235,889

Accumulated Other Comprehensi61

Accumulated Other Comprehensive Loss - Components of and Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning of period			$ (506,590)	$ 494,249
Activity during period:
Total other comprehensive income (loss), net	$ 6,282	$ 713	8,537	(1,293)
End of period	(523,906)	598,164	(523,906)	598,164
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning of period			(20,351)	(22,911)
Activity during period:
Other comprehensive loss before reclassification			0	0
Amounts reclassified from AOCL			386	380
Total other comprehensive income (loss), net			386	380
End of period	(19,965)	(22,531)	(19,965)	(22,531)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning of period			(21,663)	(14,233)
Activity during period:
Other comprehensive loss before reclassification			8,151	(1,673)
Amounts reclassified from AOCL			0	0
Total other comprehensive income (loss), net			8,151	(1,673)
End of period	(13,512)	(15,906)	(13,512)	(15,906)
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning of period			(42,014)	(37,144)
Activity during period:
Other comprehensive loss before reclassification			8,151	(1,673)
Amounts reclassified from AOCL			386	380
Total other comprehensive income (loss), net			8,537	(1,293)
End of period	$ (33,477)	$ (38,437)	$ (33,477)	$ (38,437)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	5 Months Ended	6 Months Ended	18 Months Ended
	Dec. 31, 2016	Jun. 30, 2016USD ($)rig	Jun. 30, 2016USD ($)	Aug. 05, 2016USD ($)
Other Commitments [Line Items]
Shipyard and purchase commitments		$ 595	$ 595
Letters of credit, amount outstanding		87	87
Performance bonds		115	115
Letter of Credit
Other Commitments [Line Items]
Letters of credit backing performance bonds		75	75
Cash Deposit
Other Commitments [Line Items]
Letters of credit backing performance bonds		9	9
Tax Audit Claims Primarily in Mexico and Brazil | Tax Audit Claims
Other Commitments [Line Items]
Taxes and other contingencies		364	364
Claims subject to indemnity by Noble		91	91
Tax Audit Claims in Mexico Result of Spin-Off | Tax Audit Claims
Other Commitments [Line Items]
Taxes and other contingencies		32	32
Mexican Tax Assessments | Tax Assessments
Other Commitments [Line Items]
Taxes and other contingencies		$ 179	$ 179
Percentage of predecessor tax liability		50.00%	50.00%
Petrobras | Withholding Taxes
Other Commitments [Line Items]
Taxes and other contingencies		$ 87	$ 87
Claims subject to indemnity by Noble		$ 25	25
Secretariat of the Federal Revenue Bureau of Brazil
Other Commitments [Line Items]
Withholding tax expense			$ 7
Secretariat of the Federal Revenue Bureau of Brazil | Minimum | Withholding Taxes
Other Commitments [Line Items]
Withholding tax, percentage of contractual value			15.00%
Secretariat of the Federal Revenue Bureau of Brazil | Maximum | Withholding Taxes
Other Commitments [Line Items]
Withholding tax, percentage of contractual value			25.00%
Subsequent Event | Tax Audit Claims in Mexico Result of Spin-Off | Tax Audit Claims
Other Commitments [Line Items]
Debt deferral option (up to)				$ 5
Forecast | Noble Note | Unsecured Debt
Other Commitments [Line Items]
Debt percentage rate for repayment of cash or common shares	12.00%
Debt percentage for repayment in kind	15.00%
Prospector Offshore Drilling S.A.
Other Commitments [Line Items]
Number of jackups under construction | rig		3
Future Capital Purchases
Other Commitments [Line Items]
Shipyard and purchase commitments		$ 579	$ 579
Purchase obligation due in remainder of 2016		192	192
Purchase obligation due in 2017		$ 387	$ 387

Commitments and Contingencies63

Commitments and Contingencies - Balance Sheet Position of Balances Due From and To Noble (Details) - Noble Corporation PLC - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Commitments [Line Items]
Due from Noble	$ 27,283	$ 32,413
Due to Noble	6,481	9,546
Accounts receivable
Other Commitments [Line Items]
Due from Noble, current	18,431	22,695
Other current assets
Other Commitments [Line Items]
Due from Noble, current	1,930	3,032
Other assets
Other Commitments [Line Items]
Other assets	6,922	6,686
Accounts payable
Other Commitments [Line Items]
Due to Noble, current	53	211
Other current liabilities
Other Commitments [Line Items]
Due to Noble, current	3,160	6,067
Other liabilities
Other Commitments [Line Items]
Other liabilities	$ 3,268	$ 3,268

Supplemental Cash Flow Inform64

Supplemental Cash Flow Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Accounts receivable		$ 79,243	$ 168,942
Other current assets		20,739	5,113
Other assets		4,155	(7,710)
Accounts payable and accrued payroll		(21,375)	(16,572)
Other current liabilities		(1,414)	(78,866)
Other liabilities		(662)	(38,418)
Net change in other assets and liabilities		80,686	32,489
Adjustments to distribution by former parent	$ 9,000	0	9,493
Reclassification of Liabilities subject to compromise		1,709,347	0
Income tax payments		$ 9,000	$ 31,000

Segment and Related Informati65

Segment and Related Information (Details)	6 Months Ended
	Jun. 30, 2016segment
Segment Reporting [Abstract]
Number of reportable segments	1