Paragon Offshore (PGNPQ) 10-K 10 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Mar. 03, 2017	Jun. 30, 2016
Entity [Abstract]
Entity Registrant Name	Paragon Offshore plc
Entity Central Index Key	1,594,590
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		88,641,896
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 66

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating revenues
Contract drilling services	$ 574,976	$ 1,368,731	$ 1,866,497
Labor contract drilling services	16,876	29,108	33,401
Reimbursables and other	44,324	94,589	93,864
Total operating revenues	636,176	1,492,428	1,993,762
Operating costs and expenses
Contract drilling services	360,783	769,373	890,694
Labor contract drilling services	13,691	20,599	24,774
Reimbursables	37,366	81,291	77,843
Depreciation and amortization	220,237	339,268	422,235
General and administrative	43,560	59,475	62,081
Loss on impairments	129,915	1,181,358	1,059,487
Gain on sale of assets, net	0	(13,217)	0
Gain on repurchase of long-term debt	0	(4,345)	(18,675)
Total operating costs and expenses	805,552	2,433,802	2,518,439
Operating loss before interest, reorganization items and income taxes	(169,376)	(941,374)	(524,677)
Interest expense, net (contractual interest of $140,866 for the year ended December 31, 2016)	(77,271)	(130,036)	(56,654)
Other, net	(553)	(310)	3,920
Reorganization items, net	(70,670)	0	0
Loss before income taxes	(317,870)	(1,071,720)	(577,411)
Income tax benefit (provision)	(20,486)	72,108	(69,394)
Net loss	(338,356)	(999,612)	(646,805)
Net (income) loss attributable to non-controlling interest	0	(31)	59
Net loss attributable to Paragon	$ (338,356)	$ (999,643)	$ (646,746)
Loss per share
Basic and diluted (in dollars per share)	$ (3.87)	$ (11.65)	$ (7.63)
Weighted-average shares outstanding
Basic and diluted (in shares)	87,534	85,785	84,753

CONSOLIDATED STATEMENTS OF OPE3

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Income Statement [Abstract]
Contractual interest	$ 140,866

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (338,356)	$ (999,612)	$ (646,805)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(2,666)	(7,430)	(1,481)
Foreign currency forward contracts	0	0	(4,027)
Adjustments to pension plans	6,022	2,560	(1,141)
Total other comprehensive income (loss), net	3,356	(4,870)	(6,649)
Total comprehensive loss	$ (335,000)	$ (1,004,482)	$ (653,454)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 883,794	$ 773,571
Restricted cash	8,707	3,000
Accounts receivable, net of allowance for doubtful accounts (Note 3)	65,644	266,325
Prepaid and other current assets	69,380	110,027
Total current assets	1,027,525	1,152,923
Property and equipment, at cost	2,336,504	2,652,537
Accumulated depreciation	(1,523,732)	(1,541,439)
Property and equipment, net	812,772	1,111,098
Restricted cash	37,880	25,030
Other long-term assets	25,554	73,796
Total assets	1,903,731	2,362,847
Current liabilities
Current maturities of long-term debt	29,737	40,629
Accounts payable and accrued expenses	61,853	85,374
Accrued payroll and related costs	43,683	48,246
Taxes payable	33,248	34,381
Interest payable	497	34,085
Other current liabilities	21,548	41,174
Total current liabilities	190,566	283,889
Long-term debt	165,963	2,538,444
Deferred income taxes	6,282	9,373
Other liabilities	29,114	37,731
Liabilities subject to compromise	2,344,563	0
Total liabilities	2,736,488	2,869,437
Commitments and contingencies (Note 19)
Equity
Ordinary shares, $0.01 par value, 186,457,393 shares authorized; with 88,438,804 and 86,026,247 issued and outstanding at December 31, 2016 and 2015, respectively	884	860
Additional paid-in capital	1,438,265	1,429,456
Accumulated deficit	(2,233,248)	(1,894,892)
Accumulated other comprehensive loss	(38,658)	(42,014)
Total shareholders’ deficit	(832,757)	(506,590)
Total liabilities and equity	$ 1,903,731	$ 2,362,847

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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)	88,438,804	86,026,247
Shares outstanding (in shares)	88,438,804	86,026,247

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Net Parent Investment	Total Shareholders’ Equity and Net Parent Investment	Non Controlling Interest
Balance (in shares) at Dec. 31, 2013		0
Balance at Dec. 31, 2013	$ 2,005,333	$ 0	$ 0	$ 0	$ (6)	$ 2,005,339	$ 2,005,333	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) | Predecessor	237,428					237,428	237,428
Net income (loss) | Successor	(884,233)			(884,174)			(884,174)	(59)
Net income (loss)	(646,805)
Net changes in parent investment	(855,249)					(855,249)	(855,249)
Distribution by former parent (in shares)		84,753,000
Distribution by former parent	0	$ 848	1,417,119		(30,449)	(1,387,518)
Employee related equity activity:
Amortization of share-based compensation	7,689		7,689				7,689
Dividends paid	(11,075)			(11,075)			(11,075)
Acquisition of Prospector	11,311				(40)		(40)	11,351
Acquisition of Prospector non-controlling interest	(10,306)		(1,655)				(1,655)	(8,651)
Other comprehensive income (loss), net	(6,649)				(6,649)		(6,649)
Balance (in shares) at Dec. 31, 2014		84,753,000
Balance at Dec. 31, 2014	494,249	$ 848	1,423,153	(895,249)	(37,144)	0	491,608	2,641
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(999,612)			(999,643)			(999,643)	31
Adjustments to distribution by former parent	(9,493)		(9,493)				(9,493)
Employee related equity activity:
Amortization of share-based compensation	16,089		16,089				16,089
Vesting of restricted stock unit awards (in shares)		1,273,000
Vesting of restricted stock unit awards	(768)	$ 12	(780)				(768)
Acquisition of Prospector non-controlling interest	(2,185)		487				487	(2,672)
Other comprehensive income (loss), net	$ (4,870)				(4,870)		(4,870)
Balance (in shares) at Dec. 31, 2015	86,026,247	86,026,000
Balance at Dec. 31, 2015	$ (506,590)	$ 860	1,429,456	(1,894,892)	(42,014)	0	(506,590)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(338,356)			(338,356)			(338,356)
Employee related equity activity:
Amortization of share-based compensation	9,009		9,009				9,009
Vesting of restricted stock unit awards (in shares)		2,413,000
Vesting of restricted stock unit awards	(176)	$ 24	(200)				(176)
Other comprehensive income (loss), net	$ 3,356				3,356		3,356
Balance (in shares) at Dec. 31, 2016	88,438,804	88,439,000
Balance at Dec. 31, 2016	$ (832,757)	$ 884	$ 1,438,265	$ (2,233,248)	$ (38,658)	$ 0	$ (832,757)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net loss	$ (338,356)	$ (999,612)	$ (646,805)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	220,237	339,268	422,235
Loss on impairments	129,915	1,181,358	1,059,487
Gain on sale of assets, net	0	(13,217)	0
Gain on repurchase of long-term debt	0	(4,345)	(18,675)
Deferred income taxes	24,010	(61,870)	19,475
Share-based compensation	9,441	16,193	19,446
Provision for doubtful accounts	0	39,239	0
Recoveries of doubtful accounts	(5,878)	0	0
Other, net	1,081	0	0
Net change in other assets and liabilities (Note 21)	212,922	(13,281)	(158,174)
Net cash provided by operating activities	253,372	483,733	696,989
Cash flows from investing activities
Capital expenditures	(43,405)	(202,909)	(261,641)
Change in accrued capital expenditures	(8,377)	(14,638)	1,230
Proceeds from sale of assets	0	30,816	6,570
Acquisition of Prospector Offshore Drilling S.A.	0	0	(176,569)
Acquisition of Prospector Offshore Drilling S.A. non-controlling interest	0	(2,185)	(10,306)
Change in restricted cash	(18,557)	(15,528)	(12,502)
Net cash used in investing activities	(70,339)	(204,444)	(453,218)
Cash flows from financing activities
Net Activity – Revolving Credit Facility	0	11,000	0
Additional Borrowings – Revolving Credit Facility	0	543,500	154,000
Proceeds from Sale-Leaseback Financing, net	0	291,576	0
Repayments on Sale-Leaseback Financing	(72,810)	(28,854)	0
Repayment of Term Loan Facility	0	(6,500)	(1,625)
Purchase of Senior Notes	0	(6,546)	(65,354)
Proceeds from issuance of Senior Notes and Term Loan Facility	0	0	1,710,550
Net change in borrowings on Predecessor bank credit facilities	0	0	707,472
Dividends paid	0	0	(11,075)
Debt issuance costs	0	0	(19,253)
Net transfers to parent	0	0	(2,698,295)
Net cash provided by (used in) financing activities	(72,810)	437,510	(223,580)
Net change in cash and cash equivalents	110,223	716,799	20,191
Cash and cash equivalents, beginning of period	773,571	56,772	36,581
Cash and cash equivalents, end of period	883,794	773,571	56,772
Line of Credit
Cash flows from financing activities
Repayment of Prospector debt	0	(265,666)	0
Callable Bond
Cash flows from financing activities
Repayment of Prospector debt	$ 0	$ (101,000)	$ 0

Organization, Current Events an

Organization, Current Events and Basis of Presentation	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION, CURRENT EVENTS, AND BASIS OF PRESENTATION	ORGANIZATION, CURRENT EVENTS, AND BASIS OF PRESENTATION Paragon Offshore plc (together with its subsidiaries, “Paragon,” the “Company,” “we,” “us” or “our”) is a global provider of offshore drilling rigs. Our fleet includes 34 jackups ( including two high specification heavy duty/harsh environment jackups), four drillships and one semisubmersible. 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. We operate in significant hydrocarbon-producing geographies throughout the world, including the North Sea, the Middle East and India. As of December 31, 2016 , our contract backlog was $242 million and included contracts with 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”). 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 obtaining the requisite vote of creditors and the Bankruptcy Court’s approval of our plan of reorganization as described below. This represents a material uncertainty related to events and conditions that raises substantial doubt on our ability to continue as a going concern and, therefore, we may be unable to utilize 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, any 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 (including all amendments thereto, the “Original Plan”) pursuant to chapter 11 of the Bankruptcy Code with holders representing an aggregate of 77% of the outstanding $457 million of our 6.75% senior unsecured notes maturing July 2022 and the outstanding $527 million of our 7.25% senior unsecured notes maturing August 2024 together with lenders representing an aggregate of 96% of the amounts outstanding (including letters of credit) under our Revolving Credit Agreement (the “Noteholder Group”). On February 14, 2016, the Debtors commenced their chapter 11 cases (the “Bankruptcy cases”) by filing voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. Upon filing the Bankruptcy cases, we began trading on the OTC Pink. On April 19, 2016, the Bankruptcy Court approved the Company’s disclosure statement and certain amendments to the Original Plan. Effective August 5, 2016, the Company entered into an amendment to the PSA (the “PSA Amendment”) with the lenders under our Revolving Credit Agreement (the “Revolver Lenders”) and lenders holding approximately 69% in principal amount of our Senior Notes. The PSA Amendment supported certain revisions to the Original Plan. On August 15, 2016, the Debtors filed the amended Original Plan and a supplemental disclosure statement with the Bankruptcy Court. By oral ruling on October 28, 2016, and by written order dated November 15, 2016, the Bankruptcy Court denied confirmation of the Debtors’ amended Original Plan. Consequently, on November 29, 2016, the Noteholder Group terminated the PSA effective as of December 2, 2016. On January 18, 2017, the Company announced that it reached agreement in principle with a steering committee of lenders under our Revolving Credit Agreement and an ad hoc committee of lenders under our Term Loan Agreement to support a new chapter 11 plan of reorganization for the Debtors (the “New Plan”). On February 7, 2017, the Company filed the New Plan and related disclosure statement with the Bankruptcy Court. The New Plan provides for, among other things, the (i) elimination of approximately $2.4 billion of the Company’s existing debt in exchange for a combination of cash, debt and new equity to be issued under the New Plan; (ii) allocation to the Revolver Lenders and lenders under our Term Loan Agreement (collectively, the “Secured Lenders”) of new senior first lien debt in the original aggregate principal amount of $85 million maturing in 2022; (iii) projected distribution to the Secured Lenders of approximately $418 million in cash, subject to adjustment on account of claims reserves and working capital and other adjustments at the time of the Company’s emergence from the Bankruptcy cases, and an estimated 58% of the new equity of the reorganized company; (iv) projected distribution to holders of the Company’s Senior Notes (the “Bondholders”) of approximately $47 million in cash, subject to adjustment on account of claims reserves and working capital and other adjustments at the time of the Company’s emergence from the Bankruptcy cases, and an estimated 42% of the new equity of the reorganized company; and (v) commencement of an administration of the Company in the United Kingdom to, among other things, implement a sale of all or substantially all of the assets of the Company to a new holding company to be formed, which administration may be effected on or prior to effectiveness of the New Plan. Existing shareholders of the Company will not receive a recovery under the New Plan. The New Plan will be subject to usual and customary conditions to plan confirmation, including obtaining the requisite vote of creditors and approval of the Bankruptcy Court. The Company has been and remains in discussions with the Bondholders, who have currently not agreed to support the New Plan, and therefore, there is no guarantee that the New Plan will be approved. 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. For additional discussion of the risks associated with debtors-in-possession, see Part 1, Item 1A, “ Risk Factors”. Settlement with Noble Corporation On February 12, 2016, we entered into a binding term sheet with Noble with respect to the “Noble Settlement Agreement” (as described below), which we executed on April 29, 2016. The Noble Settlement Agreement will become effective upon the effective date of the Debtors’ plan of reorganization if such plan is substantially similar to the Debtors Original Plan. The New Plan contemplates that the Noble Settlement Agreement will become effective upon the effective date of the New Plan. In light of the differences in the Original Plan and the New Plan, we intend to discuss this requirement with Noble. The Noble Settlement Agreement provides that Noble may only unilaterally terminate the Noble Settlement Agreement if: (i) the Debtors’ file a plan of reorganization with the Bankruptcy Court that does not incorporate the terms and conditions of the Noble Settlement Agreement, (ii) the Debtors file a motion before the Bankruptcy Court to terminate their obligations under the Noble Settlement Agreement, or (iii) the release of claims by the Debtors in favor of Noble, as detailed below, is deemed invalid or unenforceable. 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 19 - “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 four th anniversary of the effective date of the New Plan. The Noble Note would accrue interest, 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 December 31, 2016, our estimated Mexican Tax Assessments totaled approximately $ 165 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 upon effective date of the Noble Settlement Agreement. 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. 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 on the effective date in connection with certain amendments to the Tax Sharing Agreement executed between Noble and Paragon for the Spin-Off. Until such time, the current Tax Sharing Agreement remains in effect. Basis of Presentation The financial information contained within this report includes periods prior to the Spin-Off on August 1, 2014. For these periods prior to the Spin-Off, the consolidated financial statements and related discussion of financial condition and results of operations include historical results of our Predecessor, which comprised most of Noble’s standard specification drilling fleet and related operations. We consolidate the historical financial results of our Predecessor in our consolidated financial statements for all periods prior to the Spin-Off. All financial information presented after the Spin-Off represents the consolidated results of operations, financial position and cash flows of Paragon. Prior to the Spin-Off, our total equity represented the cumulative net parent investment by Noble, including any prior net income attributable to our Predecessor as part of Noble. 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 Consolidated Statement 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

New Accounting Pronouncements	12 Months Ended
	Dec. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [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. This ASU can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. In March, April, May and November 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 , ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients, and ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , respectively. These updates clarify important aspects of the guidance and improve its operability and implementation. ASC Topic 606 is effective for financial statements issued for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. We are evaluating our revenue streams under these ASUs and are considering the impact of the new guidance on the method and presentation of recognizing revenue for certain drilling contracts which may contain lease components. Our evaluation process includes a review of our contracts and transaction types across our business. We are currently evaluating methods of adoption and what impact the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. 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 lessees 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 August 2016 the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , a consensus of the FASB’s Emerging Issues Task Force. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The ASU addresses how the following cash transactions are presented: (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt instruments; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies; (6) distributions received from equity method investments; and (7) beneficial interests in securitization transactions. The ASU also addresses how to present cash receipts and cash payments that have aspects of multiple cash flow classifications. The guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. Early adoption is permitted provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. We do not expect that our adoption will have a material impact on our cash flows or financial disclosure. In October 2016 the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . This ASU requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this ASU eliminate the exception for an intra-entity transfer of an asset other than inventory. The guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been made available for issuance. This ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We are considering early adoption of this ASU effective January 1, 2017 and do not expect that our adoption will have a material impact on our financial condition, results of operations, cash flows or financial disclosures. In November 2016 the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash. The new guidance is intended to reduce diversity in practice on the presentation of restricted cash in the statement of cash flows. The guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. Early adoption is permitted, including adoption in an interim period. This ASU should be applied using a retrospective transition method to each period presented. We are evaluating what impact the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. The financial statements of our Predecessor include our net assets and results of our operations as previously described. All significant intercompany accounts and transactions have been eliminated in consolidation. Reorganization Accounting In connection with filing chapter 11 of the Bankruptcy Code on February 14, 2016, the Company is 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 year ended December 31, 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 subject to compromise are pre-petition obligations that are not fully secured and that have at least a possibility of not being repaid at the full claim amount by the plan of reorganization. Liabilities subject to compromise 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 10 - “Reorganization Items” for cash paid for reorganization items in the consolidated statements of cash flows. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business. Restricted Cash Restricted cash consists of both cash held to satisfy the requirements of our Sale-Leaseback Transaction (as described in Note 8 - “Debt” ), which was executed in 2015 and cash collateral for an outstanding performance bond. Under the terms of the lease agreements we are required to maintain three cash reserve accounts, a capital expenditure reserve account, an operating reserve account and a rental reserve account. The capital expenditure reserve is available specifically for special survey costs ( 3 - 5 year surveys) provided that we replenish any amount withdrawn within twelve months from the date of the withdrawal. This cash is available to us, for a designated purpose, in the short-term, and therefore the restricted cash balance is included in short-term “Restricted cash” on our Consolidated Balance Sheet. The short-term restricted cash balance also includes funds accumulated in an operating reserve account used for payment of monthly operating expenses under the terms of the lease agreements. Our short-term restricted cash was $9 million and $3 million as of December 31, 2016 and 2015 , respectively. The rental reserve account is the minimum amount established under the lease agreements which we are required to maintain on reserve at all times during the lease period. The balance in the account increases with periodic deposits of operating revenue in excess of allowed operating expenses. Any amount of cash in the account in excess of the minimum balance required on reserve is to be used repay our long-term debt obligation related to the Sale-Leaseback Transaction. In addition to the Sale-Leaseback Transaction rental reserve account, the long-term restricted cash balance as of December 31, 2016 also includes $9 million cash collateral for an outstanding performance bond. Our long-term restricted cash was $38 million and $25 million as of December 31, 2016 and 2015 , respectively. 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 $25 million and $44 million as of December 31, 2016 and 2015 , respectively. We had $6 million of recoveries and $13 million of write-offs for the year ended December 31, 2016 compared to bad debt expense of $38 million and $0.1 million for the years ended December 31, 2015 and 2014 , respectively. Bad debt expense is reported as a component of “Contract drilling services operating costs and expense” in our Consolidated Statements of Operations. Long-lived Assets and Impairments Property and equipment is stated at cost. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Property and equipment are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred. The estimated useful lives of our property and equipment are as follows: Years Drilling rigs 7 - 30 Drilling machinery and equipment 3 - 5 Other 3 - 10 The amount of depreciation expense we record is dependent upon certain assumptions, including an asset’s estimated useful life, rate of consumption and corresponding salvage value. We periodically review these assumptions and may change one or more of these assumptions. Changes in our assumptions may require us to recognize, on a prospective basis, increased or decreased depreciation expense. We evaluate the impairment of long-lived assets, including specifically identifiable intangibles and property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss on our long-lived assets exists when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized represents the excess of the asset’s carrying value over the estimated fair value. For discussion related to our impairment analysis see Note 5 - “Property and Equipment and Other Assets.” 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 the accompanying December 31, 2015 Consolidated Balance Sheet, 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 our Senior Notes and Term Loan Facility have been classified as liabilities subject to compromise in the Consolidated Balance Sheet as of December 31, 2016 . Debt issuance costs related to line of credit arrangements will continue to be classified in “Other assets” on the 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 Consolidated Balance Sheet as of December 31, 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 (see Note 9 - “Liabilities Subject to Compromise” ). Fair Value Measurements We estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability, respectively. Our valuation techniques require inputs that we categorize using a three-level hierarchy, from highest to lowest level of observable inputs, as follows: (1) Level 1 - Unadjusted quoted prices for identical assets or liabilities in active markets, (2) Level 2 - Direct or indirect observable inputs, including quoted prices or other market data, for similar assets or liabilities in active markets or identical assets or liabilities in less active markets, and (3) Level 3 - Unobservable inputs that require significant judgment for which there is little or no market data. When multiple input levels are required for a valuation, we categorize the entire fair value measurement according to the lowest level of input that is significant to the measurement even though we may have also utilized significant inputs that are more readily observable. 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 Consolidated Balance Sheets approximate fair value. Certain Significant Estimates and Contingent Liabilities The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. On an ongoing basis, the Company evaluates its estimates, including those related to allowance for doubtful accounts, long-lived asset impairment, useful lives for depreciation, income taxes, insurance claims, employment benefits and contingent liabilities. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions. Revenue Recognition Our typical dayrate drilling contracts require our performance of a variety of services for a specified period of time. We determine progress towards completion of the contract by measuring efforts expended and the cost of services required to perform under a drilling contract, as the basis for our revenue recognition. Revenues generated from our dayrate basis drilling contracts and labor contracts are recognized on a per day basis as services are performed and begin upon the contract commencement, as defined under the specified drilling or labor contract. Dayrate revenues are typically earned, and contract drilling expenses are typically incurred ratably over the term of our drilling contracts. We review and monitor our performance under our drilling contracts to confirm the basis for our revenue recognition. Revenues from bonuses are recognized when earned. It is typical in our dayrate drilling contracts to receive compensation and incur costs for mobilization, equipment modification, or other activities prior to the commencement of the contract. Any such compensation may be paid through a lump-sum payment or other daily compensation. Pre-contract compensation and costs are deferred until the contract commences. The deferred pre-contract compensation and costs are amortized, using the straight-line method, into income over the term of the initial contract period, regardless of the activity taking place. This approach is consistent with the economics for which the parties have contracted. Once a contract commences, we may conduct various activities, including drilling and well bore related activities, rig maintenance and equipment installation, movement between well locations or other activities. Deferred revenues from drilling contracts totaled $9 million as of both December 31, 2016 and December 31, 2015 . Such amounts are included in either “Other current liabilities” or “Other liabilities” in our Consolidated Balance Sheets, based upon the expected time of recognition of such deferred revenues. Deferred costs associated with deferred revenues from drilling contracts totaled $3 million at December 31, 2016 as compared to $6 million as of December 31, 2015 . Such amounts are included in either “Prepaid and other current assets” or “Other assets” in our Consolidated Balance Sheets, based upon the expected time of recognition of such deferred costs. We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses. Share-Based Compensation Plans We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Our outstanding share-based payment awards currently consist solely of restricted stock units (see Note 6 - “Share-Based Compensation” ). Foreign Currency Translation We define foreign currency as any non-U.S. denominated currency. In non-U.S. locations where the U.S. dollar has been designated as the functional currency (based on an assessment of the economic circumstances of the foreign operation), local currency transaction gains and losses are included in net income. In non-U.S. locations where the local currency is the functional currency, assets and liabilities are translated at the rates of exchange on the balance sheet date, while income and expense items are translated at average rates of exchange during the year. The resulting gains or losses arising from the translation of accounts from the functional currency to the U.S. dollar are included in AOCL in the accompanying Consolidated Balance Sheets. We did no t recognize any material gains or losses on foreign currency transactions or translations during the years ended December 31, 2016 , 2015 or 2014 . Income Taxes The operations of our Predecessor have been included in certain income tax returns of Noble. The income tax provisions and related deferred tax assets and liabilities that have been reflected in our Predecessor’s historical financial statements have been computed as if our Predecessor were a separate taxpayer using the separate return method. As a result, actual tax transactions that would not have occurred had our Predecessor been a separate entity have been eliminated in the preparation of these consolidated financial statements. Income taxes of our Predecessor include results of the operations of the standard specification drilling units. In instances where the operations of the standard specification drilling units of our Predecessor were included in the filing of a return with high specification units, an allocation of income taxes was made. We operate through various subsidiaries in numerous countries throughout the world. Due to our global presence, we are subject to tax laws, policies, treaties and regulations, as well as the interpretation or enforcement thereof, in the U.K., the U.S., and any other jurisdictions in which we or any of our subsidiaries operate, were incorporated, or otherwise considered to have a tax presence. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the taxing authorities do not agree with our assessment of the effects of such laws, policies, treaties and regulations, or the interpretation or enforcement thereof, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. In certain jurisdictions, we have recognized deferred tax assets and liabilities. Judgment and assumptions are required in determining whether deferred tax assets will be fully or partially utilized. When we estimate that all or some portion of certain deferred tax assets such as net operating loss carryforwards will not be utilized, we establish a valuation allowance for the amount ascertained to be unrealizable. We continually evaluate strategies that could allow for future utilization of our deferred tax assets. Any change in the ability to utilize such deferred tax assets will be accounted for in the period of the event affecting the valuation allowance. If facts and circumstances cause us to change our expectations regarding future tax consequences, the resulting adjustments could have a material effect on our financial results or cash flow. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly. Earnings/Loss per Share Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are 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. The diluted earnings per share calculation under the “two-class” method would also include the dilutive effect of potential shares issued in connection with stock options. The dilutive effect of stock options would be determined using the treasury stock method. The diluted earnings per share calculation under the two class method is the same as our basic earnings per share calculation since we currently have no stock options or other potentially dilutive securities outstanding. Reclassifications Certain amounts in prior periods have been reclassified to conform to the current year presentation.

Acquisition

Acquisition	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
ACQUISITION	ACQUISITION 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. As of December 31, 2014, we owned approximately 93.4 million shares, or 98.7% , of the outstanding shares of Prospector. In addition, we assumed aggregate debt of $367 million , which comprised the 2019 Second Lien Callable Bond of $100 million (“Prospector Bonds”) and the 2018 Senior Secured Credit Facility of $270 million (“Prospector Senior Credit Facility”) which at the time of acquisition had $266 million in borrowings outstanding. Prospector’s results of operations were included in our results effective November 17, 2014. On January 22, 2015, we settled a mandatory tender offer for additional outstanding shares, increasing our ownership to approximately 99.6% of the outstanding shares of Prospector. On February 23, 2015, we acquired all remaining issued and outstanding shares in Prospector pursuant to the laws of Luxembourg. We spent approximately $202 million in aggregate to purchase 100% of the shares of Prospector and funded the purchase using proceeds from our Revolving Credit Facility and cash on hand. During the first quarter of 2015, we repurchased $100 million par value of the Prospector Bonds at a price of 101% of par, plus accrued interest, pursuant to change of control provisions of the bonds. On March 16, 2015, we repaid the principal balance outstanding under the Prospector Senior Credit Facility, which totaled approximately $261 million , including accrued interest, through the use of cash on hand and borrowings under our senior secured Revolving Credit Facility. The Prospector acquisition expanded and enhanced our global fleet by adding two high specification jackups at the date of acquisition for use in the U.K. sector of the North Sea. Accounting for business combinations requires that the various assets acquired and liabilities assumed in a business combination be recorded at their respective fair values. The most significant estimates to us typically relate to acquired property and equipment. Deferred taxes are recorded for any differences between the fair value and tax basis of assets acquired and liabilities assumed. To the extent the purchase price plus the liabilities assumed (including deferred income taxes recorded in connection with the transaction) exceeds the fair value of the net assets acquired, we are required to record the excess as goodwill. We recorded $13 million of goodwill in 2014 as a result of the Prospector acquisition. See Note 5 - “Property and Equipment and Other Assets” related to our goodwill impairment in the third quarter of 2015 which resulted in impairment of the entire Prospector goodwill balance. As the fair value of assets acquired and liabilities assumed is subject to significant estimates and subjective judgments, the accuracy of this assessment is inherently uncertain. The following table summarizes our final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the acquisition date of November 17, 2014: (In thousands) Fair Value ASSETS Current assets Accounts receivable $ 26,169 Restricted cash 5,023 Prepaid and other current assets 17,967 Total current assets 49,159 Property and equipment 516,979 Goodwill 13,290 Other assets 25,520 Total assets acquired $ 604,948 LIABILITIES Current liabilities Current maturities of long-term debt $ 32,970 Accounts payable 16,227 Accrued payroll and related costs 3,754 Taxes payable 4,378 Interest payable 6,466 Other current liabilities 19,120 Total current liabilities 82,915 Long-term debt 333,697 Other liabilities 456 Total liabilities assumed $ 417,068 Accumulated other comprehensive loss (40 ) Non-controlling interest 11,351 Purchase price, net of cash acquired $ 176,569 The fair value of cash and cash equivalents, accounts receivable, other current assets, accounts payable and other current liabilities was generally determined using historical carrying values given the short-term nature of these items. The fair values of drilling equipment and in-place contracts were determined using management’s estimates of future net cash flows. Such estimated future cash flows were discounted at an appropriate risk-adjusted rate of return. The fair values of the consolidated derivatives were determined based on a discounted cash flow model utilizing an appropriate market or risk-adjusted yield. The fair value of other assets and other liabilities, related to long-term tax items, was derived using estimates made by management. Fair value estimates for in-place contracts are recorded in “Prepaid and other current assets” and “Other assets” in our Consolidated Balance Sheet and will be amortized over the life of the respective contract. The average life of these contracts was approximately 2.5 years as of the date of the acquisition. We incurred $4 million in acquisition costs for the year ended December 31, 2014 related to the Prospector acquisition. These costs have been expensed and are included in “Contract drilling services expense” in our Consolidated Statement of Operations. The following unaudited pro forma financial information for the years ended December 31, 2014, gives effect to the Prospector acquisition as if it had occurred at the beginning of the periods presented. The pro forma financial information for the year ended December 31, 2014 includes pro forma results for the period prior to the closing date of November 17, 2014 and actual results for the period from November 17, 2014 through December 31, 2014. The pro forma results are based on historical data and were not intended to be indicative of the results of future operations. (In thousands, except per share amounts) 2014 Total operating revenues $ 2,036,218 Net loss (702,607 ) Net loss to Paragon Offshore (701,800 ) Loss per share (basic and diluted) $ (8.28 ) Revenues from the Prospector rigs totaled $8 million from the closing date of November 17, 2014 through December 31, 2014. Operating expenses for this same period totaled $8 million for the Prospector rigs. Revenues for the year ended December 31, 2016 and 2015, which are included in our Consolidated Statement of Operations, were $126 million and $143 million , respectively. Operating expenses for the year ended December 31, 2016 and 2015 totaled $65 million and $143 million , which includes no impairment charges for the year ended December 31, 2016 and $43 million for the year ended December 31, 2015.

Property and Equipment and Othe

Property and Equipment and Other Assets	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT AND OTHER ASSETS	PROPERTY AND EQUIPMENT AND OTHER ASSETS Property and equipment consists of drilling rigs, drilling machinery and equipment and other property and equipment. December 31, (In thousands) 2016 2015 Drilling rigs $ 1,463,199 $ 1,751,095 Drilling rigs under Sale-Leaseback Transaction 469,018 467,012 Drilling machinery and equipment 345,172 392,095 Other 59,115 42,335 Property and equipment, at cost 2,336,504 2,652,537 Less: Accumulated depreciation (1,496,006 ) (1,533,043 ) Less: Accumulated amortization under Sale-Leaseback Transaction $ (27,726 ) $ (8,396 ) Property and equipment, net $ 812,772 $ 1,111,098 Depreciation expense was $220 million , $339 million and $422 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, including depreciation expense of $9 million , $11 million and $8 million for underwater inspection in lieu of drydocking costs (“UWILD”) for the years ended December 31, 2016 , 2015 and 2014 respectively. UWILD costs are capitalized in “Other assets” on the Consolidated Balance Sheet. Amortization of our leased drilling rigs under the Sale-Leaseback Transaction is recorded in depreciation expense for the years ended December 31, 2016 and 2015. Our capital expenditures totaled $43 million and $218 million for the years ended December 31, 2016 and 2015, respectively. Included in accounts payable were $2 million and $10 million of capital accruals as of December 31, 2016 and 2015, respectively. Loss on Impairment We assess the recoverability of our long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable (such as, but not limited to, cold stacking a rig, the expectation of cold stacking a rig in the near term, a decision to retire or scrap a rig, or excess spending over budget on a newbuild, construction project or major rig upgrade). An impairment loss on our property and equipment exists when the estimated fair value, which is based on estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition, is less than its carrying amount. Estimates of undiscounted future cash flows typically include (i) discrete financial forecasts, which rely on management’s estimates of revenue and operating expenses, (ii) long-term growth rates, and (iii) estimates of useful lives of the assets. Such estimates of future undiscounted cash flows are highly subjective and are based on numerous assumptions about future operations and market conditions. During the year ended December 31, 2016, we identified indicators of impairment in the fourth quarter of 2016, including the possibility for the continued reduction in contracting activity from the delay in our emergence from bankruptcy after the Bankruptcy Court denied confirmation of our Original Plan; no significant improvement in the drilling market in 2016 coupled with our decision to exit our operations in Brazil; and a change in the Company’s strategy to focus on fewer markets and utilize a smaller fleet. Because of these indicators, we concluded that triggering events existed, which required us to perform an impairment assessment of our fleet of drilling rigs. We determined the fair value of our fleet using a market approach (for scrap or stacked rigs) and an income approach (for operating rigs) utilizing a weighted average cost of capital of approximately 14% and significant unobservable inputs, representative of a Level 3 fair value measurement, including the following assumptions and estimates: • dayrate revenues by rig; • utilization rate by rig if active, warm stacked or cold stacked (expressed as the actual percentage of time per year that the rig would be used at certain dayrates); • revenue escalation rates and factors; • operating costs and related days and downtime percentages for each rig if active, warm stacked or cold stacked; • estimated annual capital expenditures and costs for rig replacements and/or enhancement programs; • estimated maintenance, inspection or other costs associated with a rig returning to work; • remaining useful life and salvage value for each rig; and • estimated proceeds that may be received on disposition of a rig. The underlying assumptions for utilization and dayrate scenarios were developed using a methodology that examines historical data for each rig, which considers the rig’s age, rated water depth and other attributes and then assesses its future marketability in light of the current and projected market environment at the time of assessment. Other assumptions, such as operating, maintenance and inspection costs, are estimated using historical data adjusted for known developments and future events that are anticipated by management at the time of the assessment. Management’s assumptions are necessarily subjective and are an inherent part of our asset impairment evaluation, and the use of different assumptions could produce results that differ from those reported. Management’s assumptions involve uncertainties about future demand for our services, dayrates, expenses and other future events, and management’s expectations may not be indicative of future outcomes. Significant unanticipated changes to these assumptions could materially alter our analysis in testing an asset for potential impairment. For example, changes in market conditions that exist at the measurement date or that are projected by management could affect our key assumptions. Other events or circumstances that could affect our assumptions may include, but are not limited to, a further sustained decline in oil and gas prices, cancellations of our drilling contracts or contracts of our competitors, contract modifications, costs to comply with new governmental regulations, growth in the global oversupply of oil and geopolitical events, such as lifting sanctions on oil-producing nations. We compared the carrying value of each rig to its relative recoverable value determined using undiscounted cash flow projections for each rig. For each rig with a carrying value in excess of its undiscounted cash flows, we computed its impairment based on the difference between the carrying value and fair value of the rig. Based on this analysis and other operational analyses, we determined that two floaters, six jackups, and certain capital spares were impaired. In aggregate, we recognized non-cash impairment losses of approximately $130 million during the year ended December 31, 2016, which is included in “Loss on impairments” in our Consolidated Statements of Operations. During the year ended December 31, 2015, we identified triggering events, including the downward movement of crude oil prices, the release of the Paragon DPDS2 , the increased probability of lower activity in Brazil and Mexico and the resultant projected declines in dayrates and utilization. These indicators required us to perform an impairment assessment of our fleet of drilling rigs. Based on that analysis and other operational analysis, we recognized an impairment loss of $1.1 billion on five floaters, sixteen jackups, certain capital spares and the deposits related to the three high specification jackups for the year ended December 31, 2015. During the year ended December 31, 2014, we also identified triggering events, including a drop in crude oil prices, a decrease in contractual activities particularly for floating rigs and resultant projected declines in dayrates and utilization which required us to perform an impairment assessment of our fleet of drilling rigs, especially our floaters in Brazil. Based on that analysis, we recognized an impairment loss of $1.1 billion on our three drillships in Brazil and our one cold-stacked floating production storage and offloading unit in the U.S. Gulf of Mexico for the year ended December 31, 2014. Goodwill Impairment Goodwill related to the Company’s previous acquisitions was included on the balance sheet as of December 31, 2014 and therefore required assessment during the year ended December 31, 2015. As of December 31, 2016 and 2015 , we had no goodwill. For purposes of evaluating goodwill, we have a single reporting unit, which represents our Contract Drilling Services provided by our fleet of mobile offshore drilling units. Given the events that impacted the Company during the year ended December 31, 2015, including the decrease in contractual activities, a sustained decline in the Company’s market capitalization and credit rating downgrades, the Company concluded that there were sufficient indicators to require a goodwill impairment analysis during the fourth quarter of 2015 in conjunction with our annual goodwill assessment. In accordance with the applicable accounting guidance, the Company performed a two-step impairment test. In the first step of the impairment test, we determined the Company had a negative carrying value resulting from our long-lived asset impairment (discussed above), therefore the second step was performed to measure the amount of impairment by comparing the implied fair value of our reporting unit’s goodwill (estimated using the income approach performed for the fixed assets impairment assessment) to the carrying amount of that goodwill. Based on this analysis, the Company determined goodwill was impaired and recognized a non-cash impairment charge of approximately $37 million for the year ended December 31, 2015, which is included in “Loss on impairments” in our Consolidated Statements of Operations. We had no goodwill impairment during 2014. Sales of Assets, net 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 . In June 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 .

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION In conjunction with the Spin-Off, we adopted new 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”). The Employee Plan and Director Plan include 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, new share-settled and cash-settled awards (“CS-TVRSU’s”) which have been granted since Spin-Off. No awards were granted during the year ended December 31, 2016. Prior to the Spin-Off and to the extent that Company employees participated in the share-based compensation plans provided by Noble, the results of our Predecessor in the consolidated financial statements for the year ended December 31, 2014 includes an allocation of the costs of such share-based compensation plans (see Note 20 - “ Predecessor Allocations ” for total costs allocated to us by Noble). Shares available for issuance and outstanding restricted stock units under our two equity incentive plans as of December 31, 2016 are as follows (excluding the impact of cash-settled awards): (In shares) Employee Plan Director Plan Shares available for future awards or grants 5,370,748 434,048 Outstanding unvested restricted stock units 2,513,112 — We have awarded TVRSU’s, CS-TVRSU’s and PVRSU’s under our Employee Plan and TVRSU’s under our Director Plan. The TVRSU’s under our Employee Plan are valued on the date of award at our underlying share price. The total compensation for TVRSU’s that ultimately vest is recognized using a straight-line method over a three -year service period. The shares and related nominal value are recorded when the restricted stock unit vests and additional paid-in capital is adjusted as the share-based compensation cost is recognized for financial reporting purposes. The number of PVRSU’s which vest under our Employee Plan will depend on the degree of achievement of specified company-based and market-based performance criteria over the service period. Our company-based PVRSU’s are valued on the date of award at our underlying share price. Total compensation cost recognized for the company-based PVRSU’s depends on a performance measure, return on capital employed (“ROCE”), over specified performance periods. Estimated compensation cost is determined based on numerous assumptions, including an estimate of the likelihood that our ROCE will achieve the targeted thresholds and forfeiture of the PVRSU’s based on annualized ROCE performance over the terms of the awards. Our market-based PVRSU’s are valued on the date of the grant based on an estimated fair value. These PVRSU’s are based on the Company’s achievement of a market-based objective, total shareholder return (“TSR”), relative to a peer group of companies as defined in the award agreement. Estimated fair value is determined based on numerous assumptions, including an estimate of the likelihood that our share price performance will achieve the targeted thresholds and the expected forfeiture rate. The fair value is calculated using a Monte Carlo simulation model. The assumptions used to value these market-based PVRSU’s include risk-free interest rates and historical volatility of the trading price of the Company’s common shares over a time period commensurate with the remaining term prior to vesting, as follows: Valuation assumptions: 2015 Expected volatility 34.0 % Risk-free interest rate 1.07 % Similar valuation assumptions were made for each of the companies included in the defined peer group of companies in order to simulate the future outcomes using the Monte Carlo Simulation Model. The CS-TVRSU’s under our Employee Plan are accounted for as liability-based awards and are valued at the end of each reporting period at our underlying share price. The total compensation for CS-TVRSU’s that ultimately vests is recognized using a straight-line method over three -year service period. A summary of restricted stock activity for the years ended December 31, 2016 and 2015 is as follows: TVRSU’s Outstanding Weighted Average Award-Date Fair Value CS-TVRSU’s Outstanding Share Price (1) PVRSU’s Outstanding (2) Weighted Average Award-Date Fair Value Outstanding as of December 31, 2015 5,824,857 $ 5.34 2,647,565 849,484 $ 5.31 Vested (3,230,029 ) 5.29 (858,459 ) — — Forfeited (683,935 ) 5.67 (496,505 ) (247,265 ) 5.12 Outstanding as of December 31, 2016 1,910,893 1,292,601 $ 0.23 602,219 (1) The share price represents the closing price of our shares on December 31, 2016 at which our CS-TVRSU’s are measured. (2) Includes 191,474 PVRSU’s outstanding as of December 31, 2016 for which vesting depends on the degree of achievement of 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 “maximum” level of performance is 200% of the target amount. Also, during the year ended December 31, 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 410,745 PVRSU’s outstanding, the share amount equals the units that would vest if the “target” level of performance is achieved based on the degree of achievement of the Company’s TSR, relative to a peer group of companies. 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 year ended December 31, 2016 and 2015 totaled $9 million and $16 million , respectively. Equity-based amortization recognized during the five months ended December 31, 2014, not including amounts allocated to our Predecessor, totaled $8 million . As of December 31, 2016 , we had $3 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 0.9 years or expensed immediately on the effective date of the New Plan. As of December 31, 2016 , we had $0.1 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 1.1 years or expensed immediately on the effective date of the New Plan. As of December 31, 2016 , we had $0.2 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 0.7 years or expensed immediately on the effective date of the New Plan, if approved. 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 410,745 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.

Loss Per Share

Loss Per Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
LOSS PER SHARE	LOSS PER SHARE On August 1, 2014, approximately 85 million of our ordinary shares were distributed to Noble’s shareholders in conjunction with the Spin-Off. Weighted average shares outstanding, basic and diluted, has been computed based on the weighted average number of ordinary shares outstanding during the applicable period. Restricted stock units do not represent ordinary shares outstanding until they are vested and converted into ordinary shares. Our outstanding share-based payment awards currently consist solely of restricted stock units. 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. Our 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 years ended December 31, 2016 , 2015 , and 2014 due to our net losses in each respective period. The following table includes the computation of basic and diluted net loss and loss per share: Year Ended December 31, (In thousands, except per share amounts) 2016 2015 2014 Allocation of loss - basic and diluted Net loss attributable to Paragon $ (338,356 ) $ (999,643 ) $ (646,746 ) Earnings allocated to unvested share-based payment awards — — — Net loss to ordinary shareholders - basic and diluted $ (338,356 ) $ (999,643 ) $ (646,746 ) Weighted average shares outstanding Basic and diluted 87,534 85,785 84,753 Weighted average unvested share-based payment awards 4,418 6,197 1,761 Loss per share Basic and diluted $ (3.87 ) $ (11.65 ) $ (7.63 )

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
DEBT	DEBT A summary of long-term debt at December 31, 2016 and 2015 is as follows: December 31, (In thousands) 2016 2015 Revolving Credit Facility (1) $ — $ 708,500 Term Loan Facility, bearing interest 5.5% and 3.75% as of December 31, 2016 and 2015, respectively (1) — 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 196,418 268,688 Unamortized debt issuance costs (718 ) (23,572 ) Total debt 195,700 2,579,073 Less: Current maturities of long-term debt (29,737 ) (40,629 ) Long-term debt $ 165,963 $ 2,538,444 (1) See Note 9 - “Liabilities Subject to Compromise” for each of the respective December 31, 2016 balances identified above. The commencement of the Bankruptcy cases on February 14, 2016 constituted an event of default that accelerated our obligations under the Term Loan Agreement, Revolving Credit Agreement, and Senior Notes. Any efforts to enforce payments related to these obligations are automatically stayed as a result of the filing of the petitions and are subject to the applicable provisions of the Bankruptcy Code. 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 December 31, 2016 , we had $709 million in borrowings outstanding at a weighted average interest rate of 3.21% and an aggregate amount of $69 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 9 - “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 approximately $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 9 - “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 year ended December 31, 2016 would have included contractual interest expense of $62 million . These costs would have been incurred had the unsecured Senior Notes not been classified as subject to compromise. 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 .50% original issue discount. As of December 31, 2016, the approximately $635 million balance of our Term Loan Facility, unamortized deferred debt issuance costs and unamortized discount are classified as liabilities subject to compromise (See Note 9 - “Liabilities Subject to Compromise” ). Paragon continues to make interest payments on its Term Loan Facility in the ordinary course of business, based on Bankruptcy Court approval. Accordingly, interest payable on the Term Loan Facility is not classified as liabilities subject to compromise in the Consolidated Balance Sheet as of December 31, 2016. 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. During the year ended December 31, 2014, we repurchased and canceled an aggregate principal amount of $85 million of our Senior Notes at an aggregate cost of $67 million including accrued interest. The repurchases consisted of $42 million aggregate principal amount of our 6.75% senior notes due July 2022 and $43 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 $19 million in “Gain on repurchase of long-term debt.” All Senior Note repurchases were made using available cash balances. 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. 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 5 is currently operating under drilling contracts with Total S.A. until November 2017. The Prospector 1 is currently operating under drilling contracts with Oranje-Nassau Energie B.V. until June 2018. The Company has 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 this event of default upon the occurrence of certain conditions, including that the effective date of the Plan occurs by August 1, 2017. If we are unable to satisfy the conditions of this waiver, we intend to file petitions for relief under chapter 11 of the Bankruptcy Code for the parties to the Lease Agreements and certain of their affiliates. 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 did 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) 2017 2018 2019 2020 Thereafter Total Minimum annual rental payments $ 41 $ 32 $ 31 $ 127 $ — $ 231 We made rental payments, including interest, of approximately $89 million and $26 million during the year ended December 31, 2016 and 2015, respectively. This includes pre-payments or Excess Cash Amounts (as defined below) of $12 million and $5 million for the Prospector 1 for the years ended December 31, 2016 and 2015, respectively, and $26 million and $7 million for the Prospector 5 for the years ended December 31, 2016 and 2015, 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 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 tig, 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-comany 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 December 31, 2016 and December 31, 2015 , we had short-term restricted cash balances of $9 million and $3 million , respectively, and long-term restricted cash balances of $29 million and $25 million , respectively, related to the Lease Agreements in “Restricted cash” on our 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. Extinguished Obligations At the time of our acquisition of Prospector, Prospector had the following outstanding debt instruments: (i) the Prospector Bonds and (ii) the Prospector Senior Credit Facility. The Prospector Bonds were originally entered into by a subsidiary of Prospector on May 19, 2014 in the Oslo Alternative Bond Market. The Prospector Bonds had a fixed interest rate of 7.75% per annum, payable semi-annually on December 19 and June 19 each year and maturity of June 19, 2019. In January 2015, the bondholders put $ 99.6 million par value of their bonds back to us at the put price of 101% of par plus accrued interest pursuant to change of control provisions of the bonds. The remaining $0.4 million par value of the Prospector bonds outstanding was called and retired on March 26, 2015. We funded the repayment of the debt using borrowings from our Revolving Credit Facility and available cash. The Prospector Senior Credit Facility was originally entered into by a subsidiary of Prospector on June 12, 2014 with a group of lenders. The Prospector Senior Credit Facility comprised a $140 million Prospector 5 tranche and a $130 million Prospector 1 tranche, which were both fully drawn at the time of acquisition. The Prospector Senior Credit Facility had an interest rate of LIBOR plus a margin of 3.5% . Prospector was required to hedge at least 50% of the Prospector Senior Credit Facility against fluctuations in the interest rate. Under the swaps, Prospector paid a fixed interest rate of 1.512% and received the three-month LIBOR rate (see Note 15 - “Derivative Instruments and Hedging Activity” ). On March 16, 2015, the remaining principal balance outstanding under the Prospector Senior Credit Facility in the amount of approximately $261 million , including accrued interest, was paid in full through the use of cash on hand and borrowings under our Revolving Credit Facility, and all associated interest rate swaps were terminated. The related requirement for a fully funded debt service reserve account, classified as restricted cash on our Consolidated Balance Sheet as of December 31, 2014, was also released as a result of the payment in full on the Prospector Senior Credit Facility.

Liabilities Subject to Compromi

Liabilities Subject to Compromise	12 Months Ended
	Dec. 31, 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, we have classified pre-petition liabilities that are not fully secured and that have at least a possibility of not being repaid at the full claim amount by the New Plan as liabilities subject to compromise in our consolidated financial statements. 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. If there is uncertainty about whether a secured claim is under-secured, or would be impaired under the New Plan, the entire amount of the claim is included in liabilities subject to compromise. The amounts currently classified as liabilities subject to compromise represent Paragon’s current estimate of claims expected to be allowed under the New Plan, if approved. We will continue to evaluate these liabilities during the pendency of the Bankruptcy cases and they may be subject to future adjustments depending on the Bankruptcy Court actions, further development with respect to disputed claims, or other events. Such adjustments may be material. The Revolving Credit Facility, Senior Notes, and Term Loan Facility will be affected by the New Plan which is subject to confirmation by the Bankruptcy Court. As such, the outstanding balances of these debt instruments and related accrued pre-petition interest (for the Senior Notes only), unamortized debt issuance costs and unamortized discount (for Term Loan Facility only) have been classified as liabilities subject to compromise in the Consolidated Balance Sheet as of December 31, 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 Consolidated Balance Sheet as of December 31, 2016 . This is designed to preserve the value of the Company’s businesses and assets. With respect to pre-petition claims, the Company 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 Consolidated Balance Sheets as of December 31, 2016 . See Note 8 - “Debt” for a specific discussion on the debt instruments and related balances subject to compromise: December 31, (In thousands) 2016 Revolving Credit Facility $ 709,100 Term Loan Facility 641,875 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 ) Discount and debt issuance costs on Term Loan Facility (7,259 ) Debt issuance costs on Senior Notes (14,012 ) Liabilities subject to compromise $ 2,344,563 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 Consolidated Statement of Operations for the year ended December 31, 2016 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”: Year Ended December 31, (In thousands) 2016 Professional fees $ 59,364 Other 11,306 Total Reorganization items, net $ 70,670 Included in Reorganization items, net for the year ended December 31, 2016 , is approximately $45 million of cash paid for professional fees, $17 million of accrued expenses and $9 million of non-cash amortization associated with the reorganization.

Reorganization Items

Reorganization Items	12 Months Ended
	Dec. 31, 2016
Reorganizations [Abstract]
REORGANIZATION ITEMS	LIABILITIES SUBJECT TO COMPROMISE As a result of the filing of the Bankruptcy cases on February 14, 2016, we have classified pre-petition liabilities that are not fully secured and that have at least a possibility of not being repaid at the full claim amount by the New Plan as liabilities subject to compromise in our consolidated financial statements. 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. If there is uncertainty about whether a secured claim is under-secured, or would be impaired under the New Plan, the entire amount of the claim is included in liabilities subject to compromise. The amounts currently classified as liabilities subject to compromise represent Paragon’s current estimate of claims expected to be allowed under the New Plan, if approved. We will continue to evaluate these liabilities during the pendency of the Bankruptcy cases and they may be subject to future adjustments depending on the Bankruptcy Court actions, further development with respect to disputed claims, or other events. Such adjustments may be material. The Revolving Credit Facility, Senior Notes, and Term Loan Facility will be affected by the New Plan which is subject to confirmation by the Bankruptcy Court. As such, the outstanding balances of these debt instruments and related accrued pre-petition interest (for the Senior Notes only), unamortized debt issuance costs and unamortized discount (for Term Loan Facility only) have been classified as liabilities subject to compromise in the Consolidated Balance Sheet as of December 31, 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 Consolidated Balance Sheet as of December 31, 2016 . This is designed to preserve the value of the Company’s businesses and assets. With respect to pre-petition claims, the Company 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 Consolidated Balance Sheets as of December 31, 2016 . See Note 8 - “Debt” for a specific discussion on the debt instruments and related balances subject to compromise: December 31, (In thousands) 2016 Revolving Credit Facility $ 709,100 Term Loan Facility 641,875 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 ) Discount and debt issuance costs on Term Loan Facility (7,259 ) Debt issuance costs on Senior Notes (14,012 ) Liabilities subject to compromise $ 2,344,563 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 Consolidated Statement of Operations for the year ended December 31, 2016 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”: Year Ended December 31, (In thousands) 2016 Professional fees $ 59,364 Other 11,306 Total Reorganization items, net $ 70,670 Included in Reorganization items, net for the year ended December 31, 2016 , is approximately $45 million of cash paid for professional fees, $17 million of accrued expenses and $9 million of non-cash amortization associated with the reorganization.

Condensed Combined Debtor-In-Po

Condensed Combined Debtor-In-Possession Financial Information	12 Months Ended
	Dec. 31, 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 Debtors’ Condensed Combined 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 (In thousands) Year Ended December 31, 2016 Operating revenues Contract drilling services $ 455,749 Reimbursables and other 48,209 503,958 Operating costs and expenses Contract drilling services 335,569 Reimbursables 26,659 Depreciation and amortization 196,898 General and administrative 41,570 Loss on impairments 122,957 723,653 Operating loss before interest, reorganization items and income taxes (219,695 ) Interest expense, net (contractual interest of $129,604) (64,931 ) Other, net 530 Reorganization items, net (62,169 ) Loss before income taxes (346,265 ) Income tax provision (19,649 ) Debtors’ net loss (365,914 ) Equity in earnings of Non-Filing entities, net of tax 27,558 Net loss attributable to Paragon $ (338,356 ) DEBTORS’ CONDENSED COMBINED BALANCE SHEET (In thousands ) December 31, 2016 ASSETS Current assets Cash and cash equivalents $ 553,238 Accounts receivable, net of allowance for doubtful accounts of $25 million 48,861 Accounts receivable from Non-Filing entities 647,657 Prepaid and other current assets 33,228 Total current assets 1,282,984 Investment in Non-Filing entities 1,074,335 Notes receivable from Non-Filing entities 58,759 Property and equipment, at cost 1,809,120 Accumulated depreciation (1,481,209 ) Property and equipment, net 327,911 Other assets 25,974 Total assets $ 2,769,963 LIABILITIES AND EQUITY Current liabilities Current maturities of debt due to Non-Filing entities $ 3,606 Accounts payable 32,261 Accounts payable due to Non-Filing entities 941,644 Accrued payroll and related costs 24,591 Taxes payable 13,418 Interest payable 591 Other current liabilities 15,993 Total current liabilities 1,032,104 Long-term debt due to Non-Filing entities 2,112 Deferred income taxes 2,505 Other liabilities 24,758 Liabilities subject to compromise 2,344,563 Total liabilities 3,406,042 Equity Total deficit (636,079 ) Total liabilities and equity $ 2,769,963 DEBTORS’ CONDENSED COMBINED STATEMENT OF CASH FLOWS (In thousands) Year Ended December 31, 2016 Net cash provided by operating activities $ 140,895 Capital expenditures (37,424 ) Change in accrued capital expenditures (7,955 ) Change in restricted cash (9,262 ) Net cash used in investing activities (54,641 ) Net cash used in financing activities — Net change in cash and cash equivalents 86,254 Cash and cash equivalents, beginning of period 466,984 Cash and cash equivalents, end of period $ 553,238

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income before income taxes consists of the following: Year Ended December 31, (In thousands) 2016 2015 2014 United States $ 2,106 $ (456,093 ) $ 70,949 Non-U.S. (319,976 ) (615,627 ) (648,360 ) Total $ (317,870 ) $ (1,071,720 ) $ (577,411 ) The income tax provision/benefit consists of the following: Year Ended December 31, (In thousands) 2016 2015 2014 Current - United States $ (13,835 ) $ (17,354 ) $ 45,754 Current - Non-U.S. 10,311 7,116 43,115 Deferred - United States 14,751 (66,583 ) (30,391 ) Deferred - Non-U.S. 9,259 4,713 10,916 Total $ 20,486 $ (72,108 ) $ 69,394 Our annual effective tax rate for the year ended December 31, 2016 was approximately ( 6.4% ), on a pre-tax loss of $318 million . Changes in our effective tax rate from period to period are 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/benefit and income/loss before taxes. The Company is based in the U.K., which had a statutory income tax rate of 20.0% for 2016 . A reconciliation of the U.K. statutory tax rate to our effective rate is shown below: Year Ended December 31, 2016 2015 2014 U.K. statutory income tax rate 20.0 % 20.3 % 21.5 % Tax rates which are different from the U.K. rate (17.9 )% (4.8 )% (36.8 )% Tax effect of asset impairment — % 1.8 % 4.3 % Change in valuation allowance (8.8 )% (11.1 )% — % Adjustments to uncertain tax positions 0.3 % 0.5 % (1.0 )% Total (6.4 )% 6.7 % (12.0 )% The components of the net deferred taxes are as follows: December 31, (In thousands) 2016 2015 Deferred tax assets Deferred loss on asset dispositions $ 81,571 $ 102,382 Accrued expenses not currently deductible 24,454 18,922 Net operating losses 25,071 17,901 Excess of tax basis over book basis of Property and Equipment 17,314 7,575 Bad debt 2,836 6,118 Other 8,367 7,152 Deferred tax assets 159,613 160,050 Less: Valuation allowance (146,731 ) (118,768 ) Net deferred tax assets 12,882 41,282 Deferred tax liabilities Excess of net book basis over remaining tax basis of Property and equipment (7,842 ) (11,385 ) Deferred taxes on unremitted earnings (6,043 ) (6,043 ) Contract market valuation (1,708 ) (3,567 ) Deferred foreign exchange gain (1,176 ) — Other (2,395 ) (2,421 ) Deferred tax liabilities (19,164 ) (23,416 ) Net deferred tax asset (liabilities) $ (6,282 ) $ 17,866 The deferred tax assets related to our net operating losses were generated in various tax jurisdictions worldwide, that will expire, if not utilized, between 2021 and 2036. We recognize a valuation allowance for deferred tax assets when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. The amount of deferred tax assets considered realizable could increase or decrease in the near-term if estimates of future taxable income change. We conduct business globally and, as a result, we file numerous income tax returns, or are subject to withholding taxes, in various jurisdictions. In the normal course of business we are generally subject to examination by taxing authorities throughout the world, including major jurisdictions we operate, such as Brazil, Denmark, Egypt, Equatorial Guinea, India, Israel, Luxembourg, Malaysia, Mexico, the Netherlands, Nigeria, Norway, Saudi Arabia, Singapore, Switzerland, the United Kingdom, the United States, and Tanzania. We are no longer subject to examinations of tax matters for years prior to 1999. The following is a reconciliation of the liabilities related to our unrecognized tax benefits, excluding interest and penalties: (In thousands) 2016 2015 2014 Gross balance at January 1, $ 10,426 $ 29,679 $ 32,336 Additions based on tax positions related to the current year — — 4,442 Additions for tax positions of prior years 1,176 1,056 1,424 Reductions for tax positions of prior years (738 ) (4,966 ) (7,298 ) Expiration of statutes (230 ) (221 ) (1,225 ) Tax settlements — (15,122 ) — Gross balance at December 31, 10,634 10,426 29,679 Related tax benefits — — — Net balance at December 31, $ 10,634 $ 10,426 $ 29,679 The liabilities related to our unrecognized tax benefits comprise the following: December 31, (In thousands) 2016 2015 Unrecognized tax benefits, excluding interest and penalties $ 10,634 $ 10,426 Interest and penalties included in “ Other liabilities ” 7,872 8,079 Unrecognized tax benefits, including interest and penalties $ 18,506 $ 18,505 We include, as a component of our income tax provision, potential interest and penalties related to liabilities for our unrecognized tax benefits within our global operations. Interest and penalties resulted in an income tax expense of $1 million , $1 million and $2 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. At December 31, 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.

Restructuring Charges

Restructuring Charges	12 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES During 2016, the Company initiated a workforce reduction program to align the size and composition of Paragon’s workforce with the Company’s expected future operating and capital plans and the Company’s strategy to focus on fewer markets and utilize a smaller fleet. The workforce reduction program was in response to the lack of significant improvement in the drilling market coupled with the Company’s decision to exit operations in certain markets, such as Brazil and Canada. Our management and board of directors approved a workforce reduction across our offshore crews, onshore bases and corporate office. As related to the workforce reduction for the period ending December 31, 2016, appropriate communications to impacted personnel had been completed. As a result, we recorded restructuring expense of $12 million consisting of employee severance and other termination benefits which were included in “Contract drilling services”, “Labor contract drilling services” and “General and administrative” operating costs and expenses on our Consolidated Statement of Operations for the year ended December 31, 2016. We paid $7 million in restructuring and employee separation related costs during 2016. As of December 31, 2016, we had $10 million of accrued restructuring expense consisting of employee severance and other terminati on benefits in “Accrued payroll and related costs” on our Consolidated Balance Sheet. We expe ct $5 million of restructuring expense related to the workforce reduction program to be recognized in “Contract drilling services”, “Labor contract drilling services” and “General and administrative” operating costs and expenses in 2017.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 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. These two defined benefit pension plans were carried over by us from Noble at the time of the Spin-Off as part of our Master Separation Agreement. During the periods prior to Spin-Off, most of our employees were eligible to participate in various Noble benefit programs; therefore, the results of our Predecessor in the consolidated financial statements for the year ended December 31, 2014 includes an allocation of the costs of such employee benefit plans, which is consistent with the accounting for multi-employer plans. These costs were allocated based on our employee population. We consider the expense allocation methodology and results to be reasonable. As of January 1, 2017, all active employees under our current defined benefit pension plans will be transferred to a defined contribution pension plan as related to their future service. The accrued benefits under the defined benefit plan will be frozen and all employees will become deferred members. The transfer to a defined contribution pension plan has been accounted for as a curtailment. For the years ended December 31, 2016 , 2015 , and 2014 pension benefit expense related to our defined benefit pension plans totaled $6 million for all three years, respectively. Information on on these plans, based on actuary estimates, is presented in the tables below. A reconciliation of the changes in projected benefit obligations ( “ PBO ” ) for our pension plans is as follows: Year Ended December 31, (In thousands) 2016 2015 Benefit obligation at beginning of year $ 116,068 $ 124,362 Service cost 4,562 5,375 Interest cost 2,254 1,946 Actuarial loss (gain) 24,393 (2,163 ) Benefits and expenses paid (1,349 ) (1,184 ) Plan participants’ contribution 563 641 Foreign exchange rate changes (5,068 ) (12,909 ) Other: curtailment gain (9,209 ) — Benefit obligation at end of year $ 132,214 $ 116,068 A reconciliation of the changes in fair value of plan assets is as follows: Year Ended December 31, (In thousands) 2016 2015 Fair value of plan assets at beginning of year $ 115,165 $ 125,591 Actual return on plan assets 20,588 (1,790 ) Employer contribution 5,639 4,868 Benefits paid (938 ) (813 ) Plan participants’ contributions 563 635 Expenses paid (411 ) (371 ) Foreign exchange rate changes (3,937 ) (12,955 ) Fair value of plan assets at end of year $ 136,669 $ 115,165 The funded status of the plans is as follows: Year Ended December 31, (In thousands) 2016 2015 Funded status $ 4,455 $ (903 ) Amounts recognized in the Consolidated Balance Sheets consist of: Year Ended December 31, (In thousands) 2016 2015 Other assets - noncurrent $ 4,455 $ 938 Other liabilities - noncurrent — (1,841 ) Net pension asset (liability) 4,455 (903 ) Accumulated other comprehensive loss recognized in financial statements 14,329 20,351 Net amount recognized $ 18,784 $ 19,448 Amounts recognized in AOCL consist of: Year Ended December 31, (In thousands) 2016 2015 Net loss $ (14,329 ) $ (20,572 ) Prior service credit — 221 Accumulated other comprehensive income (loss) $ (14,329 ) $ (20,351 ) The pension gains or losses and prior service costs or credits are recognized on a net-of-tax basis in AOCL and are amortized from AOCL to net periodic benefit cost over the expected average remaining working lives of the employees participating in the plan. Pension cost includes the following components: Year Ended December 31, (In thousands) 2016 2015 2014 Service cost $ 4,562 $ 5,375 $ 4,819 Interest cost 2,254 1,946 2,601 Expected return on plan assets (1,806 ) (1,773 ) (2,625 ) Amortization of prior service credit (18 ) (18 ) (16 ) Amortization net actuarial loss 757 755 1,077 Net curtailment gain (201 ) — (66 ) Net pension expense $ 5,548 $ 6,285 $ 5,790 As a result of the curtailment, the prior service credit included in AOCL associated with years of service no longer expected to be rendered is recorded as a gain for the year ended December 31, 2016. There will be no amortization related to prior service cost in 2017. The projected net periodic benefit cost for the year ended December 31, 2017 is approximately $0.5 million which includes less than $0.1 million amortization of net actuarial loss in 2017. The amortization period for the unrecognized loss is set at the average life expectancy of all deferred members and retirees together. Defined Benefit Plans - Disaggregated Plan Information Disaggregated information regarding our pension plans is summarized below: Year Ended December 31, (In thousands) 2016 2015 Projected benefit obligation $ 132,214 $ 116,068 Accumulated benefit obligation 132,214 111,366 Fair value of plan assets 136,669 115,165 Defined Benefit Plans - Key Assumptions The key assumptions for the plans are summarized below: Year Ended December 31, Weighted Average Assumptions Used to Determine Benefit Obligations 2016 2015 Discount rate 1.15% to 1.42% 2.6% to 2.9% Rate of compensation increase 3.6 % 3.6 % Year Ended December 31, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost 2016 2015 2014 Discount rate 1.15% to 1.42% 2.6% to 2.9% 2.7% to 3.9% Expected long-term return on plan assets 1.03% to 1.06% 1.3 % 2.7% to 2.8% Rate of compensation increase 3.6 % 3.6 % 3.6 % The discount rates used to calculate the net present value of future benefit obligations are determined by using a yield curve of high quality bond portfolios with an average maturity approximating that of the liabilities. We employ third-party consultants who use a portfolio return model to assess the initial reasonableness of the expected long-term rate of return on plan assets. To develop the expected long-term rate of return on assets, we considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets for the portfolio. Defined Benefit Plans - Plan Assets Both the Paragon Offshore Enterprise Ltd and the Paragon Offshore Nederland B.V. pension plans have a targeted asset allocation of 100% debt securities. The investment objective for Paragon Offshore Enterprise Ltd and Paragon Offshore Nederland B.V. Non-US plans are to earn a favorable return against the Barclays Capital Euro - Treasury AAA 1 - 3 year benchmark. We evaluate the performance of these plans on an annual basis. The actual fair value of our pension plans as of December 31, 2016 and 2015 is as follows: Estimated Fair Value Measurements (In thousands) Carrying Amount Quoted Significant Other Observable Inputs Significant Unobservable December 31, 2016 Fixed Income securities: Corporate Bonds $ 36,089 $ — $ 36,089 $ — Other 100,580 — — 100,580 Total $ 136,669 $ — $ 36,089 $ 100,580 December 31, 2015 Fixed Income securities: Corporate Bonds $ 28,228 $ — $ 28,228 $ — Other 86,937 — — 86,937 Total $ 115,165 $ — $ 28,228 $ 86,937 At December 31, 2016 , assets of Paragon Offshore Enterprise Ltd and Paragon Offshore Nederland B.V. were invested in instruments that are similar in form to a guaranteed insurance contract. There are no observable market values for the assets (Level 3); however, the amounts listed as plan assets were materially similar to the anticipated benefit obligations that were anticipated under the plans. The following table details the activity related to these investments during the year. Market Value Balance as of December 31, 2014 $ 93,115 Assets sold/benefits paid (791 ) Return on plan assets (5,387 ) Balance as of December 31, 2015 86,937 Assets sold/benefits paid $ (938 ) Return on plan assets 14,581 Balance at December 31, 2016 $ 100,580 Defined Benefit Plans - Cash Flows In 2016 and 2015 , we made total contributions of $6 million and $5 million to our pension plans. We expect our aggregate minimum contributions to our plans in 2017, subject to applicable law, to be $2 million . We continue to monitor and evaluate funding options based upon market conditions and may increase contributions at our discretion. The following table summarizes our benefit payments at December 31, 2016 estimated to be paid within the next ten years: Payments by Period Total 2017 2018 2019 2020 2021 Five Years Thereafter Estimated benefit payments $ 20,561 1,022 1,205 1,395 1,570 1,766 13,603 Other Benefit Plans We sponsor a 401(k) defined contribution plan and a profit sharing plan, which covers 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 Consolidated Statements of Operations for the years ended December 31, 2016 , 2015 , and 2014 were $1 million , $1 million and $2 million , respectively.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 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 and availability of counterparties, 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 year ended December 31, 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	12 Months Ended
	Dec. 31, 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 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 December 31, 2016 and 2015 , respectively, and our Senior Notes due August 15, 2024, excluding debt issuance costs of $8 million for December 31, 2016 and 2015 , respectively, are as follows: Subject to Compromise Not Subject to Compromise December 31, 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 $ 83,324 $ 456,572 $ 65,062 7.25% Senior Notes due August 15, 2024 527,010 93,544 527,010 75,099 Total senior unsecured notes $ 983,582 $ 176,868 $ 983,582 $ 140,161 The estimated fair value of our Term Loan Facility, bearing interest at 5.5% and 3.75% as of December 31, 2016 and 2015 , respectively, excluding unamortized discount and debt issuance costs of $7 million and $8 million for December 31, 2016 and 2015 , respectively, is as follows: Subject to Compromise Not Subject to Compromise December 31, 2016 December 31, 2015 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Term Loan Facility $ 641,875 $ 244,113 $ 641,875 $ 235,889 The carrying amount of our variable-rate debt, the Revolving Credit Facility, which is subject to compromise as of December 31, 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.

Concentration of Market and Cre

Concentration of Market and Credit Risk	12 Months Ended
	Dec. 31, 2016
Risks and Uncertainties [Abstract]
CONCENTRATION OF MARKET AND CREDIT RISK	CONCENTRATION OF MARKET AND CREDIT RISK The market for our services is the offshore oil and gas industry, and our customers consist primarily of government-owned oil companies, major integrated oil companies and independent oil and gas producers. We perform ongoing credit evaluations of our customers and do not require material collateral. We maintain reserves for potential credit losses when necessary. Our results of operations and financial condition should be considered in light of the fluctuations in demand experienced by drilling contractors as changes in oil and gas producers’ expenditures and budgets occur. These fluctuations can impact our results of operations and financial condition as supply and demand factors directly affect utilization and dayrates, which are the primary determinants of our net cash provided by operating activities. Revenues from Total S.A. accounted for approximately 24% , 16% , and 3% of our total operating revenues in 2016 , 2015 and 2014 , respectively. Receivables from Total S.A. accounted for approximately 18% and 12% of our accounts receivable balance at December 31, 2016 and 2015 , respectively. Revenues from National Drilling Company accounted for approximately 17% , 9% , and 6% of our total operating revenues in 2016 , 2015 and 2014 , respectively. Receivables from National Drilling Company accounted for approximately 21% and 10% of our accounts receivable balance at December 31, 2016 and 2015 , respectively. Revenues from Petrobras accounted for approximately 17% , 21% , and 23% of our operating revenues in 2016 , 2015 and 2014 , respectively. Receivables from Petrobras accounted for approximately 1% and 5% of our accounts receivable balance at December 31, 2016 and 2015, respectively. Revenues from Pemex accounted for approximately 3% , 9% , and 16% of our operating revenues in 2016 , 2015 and 2014 respectively. Receivables from Pemex accounted for approximately 19% and 26% of our accounts receivables balance at December 31, 2016 and 2015 , respectively. No other customer accounted for more than 10% of our operating revenues in 2016 , 2015 or 2014 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table includes the components of AOCL for the years ended December 31, 2016 , 2015 and 2014 and changes in AOCL by component for the years ended December 31, 2016 and 2015 . All accounts 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 1,823 (7,430 ) (5,607 ) Amounts reclassified from AOCL 737 — 737 Net other comprehensive income (loss) 2,560 (7,430 ) (4,870 ) Balance as of December 31, 2015 $ (20,351 ) $ (21,663 ) $ (42,014 ) Activity during period: Other comprehensive loss before reclassification 5,509 (2,666 ) 2,843 Amounts reclassified from AOCL 513 — 513 Net other comprehensive income (loss) 6,022 (2,666 ) 3,356 Balance as of December 31, 2016 $ (14,329 ) $ (24,329 ) $ (38,658 ) (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 Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative for the year ended December 31, 2016 , see Note 14 - “Employee Benefit Plans” for additional information.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Operating Leases Future minimum lease payments for operating leases for years ending December 31 are as follows: (in thousands) 2017 2018 2019 2020 2021 Thereafter Total Minimum lease payments $ 5,724 $ 3,061 $ 2,304 $ 2,001 $ 1,598 $ 1,864 $ 16,552 Total rent expense under operating leases was approximately $13 million and $17 million for the years ended December 31, 2016 and 2015 , respectively. Purchase Commitments In connection with the Prospector acquisition, we have outstanding commitments, including shipyard and purchase commitments of approximately $585 million at December 31, 2016 . Our purchase commitments consist of obligations outstanding to external vendors primarily related to future capital purchases and includes $579 million due in 2017 related to the three high specification jackups. In 2016, we did not make any payments on the commitments related to the three high specification jackups. 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. Tax 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 December 31, 2016 , we have received tax audit claims of approximately $345 million , of which $88 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 December 31, 2016 , approximately $30 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 assessments, including through litigation if necessary. Tax authorities may issue additional assessments or pursue legal actions as a result of tax audits, and we cannot predict or provide assurance as to the ultimate outcome of such assessments and legal actions. In some cases, we will be required to post a 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. We have no surety bonds or letters of credit associated with tax audit claims outstanding as of December 31, 2016 . 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. 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 $24 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 has been withheld at the source by our customer and we have recorded $8 million withholding tax expense since inception of the law. Discussions with our customer over the applicability of this legislation are ongoing. Settlement with Noble Corporation On February 12, 2016, we entered into a binding term sheet with Noble with respect to the “Noble Settlement Agreement” (as described below), which we executed on April 29, 2016. The Noble Settlement Agreement will become effective upon the effective date of the Debtors’ plan of reorganization if such plan is substantially similar to the Debtors’ Original Plan. The New Plan contemplates that the Noble Settlement Agreement will become effective upon the effective date of the New Plan. In light of the differences in the Original Plan and the New Plan, we intend to discuss this requirement with Noble. The Noble Settlement Agreement provides that Noble may only unilaterally terminate the Noble Settlement Agreement if: (i) the Debtors’ file a plan of reorganization with the Bankruptcy Court that does not incorporate the terms and conditions of the Noble Settlement Agreement, (ii) the Debtors file a motion before the Bankruptcy Court to terminate their obligations under the Noble Settlement Agreement, or (iii) the release of claims by the Debtors in favor of Noble, as detailed below, is deemed invalid or unenforceable. 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. 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 four th anniversary of the effective date of the Amended Plan. The Noble Note would accrue interest, 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 December 31, 2016, our estimated Mexican Tax Assessments totaled approximately $165 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 upon effective date of the Noble Settlement Agreement. 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. 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 on the Effective Date in connection with certain amendments to the Tax Sharing Agreement executed between Noble and Paragon for the Spin-Off. Until such time, the current Tax Sharing Agreement remains in effect. Other Contingencies As previously reported, 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 relationships 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 U.S. Department of Justice are aware of our review. We are currently party to several commercial disputes with a former customer relating to service we performed under our contracts with them. We believe we have a reasonable possibility of loss in these disputes but do not believe our exposure exceeds approximately $15 million . 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 December 31, 2016 , we had letters of credit of $69 million and performance bonds totaling $97 million supported by surety bonds outstanding and backed by $57 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 Consolidated Balance Sheets include the following balances due from and to Noble as of December 31, 2016 and 2015 : December 31, (In thousands) 2016 2015 Accounts receivable $ 1,149 $ 22,695 Other current assets 461 3,032 Other assets 7,157 6,686 Due from Noble $ 8,767 $ 32,413 Accounts payable $ 211 $ 211 Other current liabilities 2,594 6,067 Other liabilities 3,268 3,268 Due to Noble $ 6,073 $ 9,546 These receivables and payables primarily relate to rights and obligations under the Master Separation, Tax Sharing Agreement and the Transition Services Agreement (Brazil). Master Separation Agreement We entered into the Master Separation Agreement with Noble Corporation, a Cayman Islands company and an indirect, wholly-owned subsidiary of Noble (“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. 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. We concluded providing services to Noble, and Noble concluded providing services to us, in the third quarter of 2016. 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.

Predecessor Allocations

Predecessor Allocations	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
PREDECESSOR ALLOCATIONS	PREDECESSOR ALLOCATIONS For the period prior to the Spin-Off, our Predecessor was managed in the normal course of business by Noble and its subsidiaries. Revenues and costs directly related to our Predecessor have been included in the consolidated financial statements for the year ended December 31, 2014. Additionally, certain shared costs have been allocated to our Predecessor and are reflected as expenses in these consolidated financial statements for the year ended December 31, 2014. Our management considers the allocation methodologies used to be reasonable and appropriate reflections of the related expenses attributable to us for purposes of the carve-out financial statements; however, the expenses reflected in the results of our Predecessor and included in the consolidated financial statements for the year ended December 31, 2014 may not be indicative of the actual expenses that would have been incurred during the periods presented if our Predecessor had operated as a separate standalone entity. Allocated costs include, but are not limited to: corporate accounting, human resources, information technology, treasury, legal, employee benefits and incentives (excluding allocated post-retirement benefits described in Note 14 - “ Employee Benefit Plans ”) and stock-based compensation. Our Predecessor’s allocated costs included in contract drilling services in the accompanying Consolidated Statements of Operations totaled $70 million for the year ended December 31, 2014. Our Predecessor’s allocated costs included in general, and administrative expenses in the accompanying Consolidated Statements of Operations totaled $25 million for the year ended December 31, 2014. The costs were allocated to our Predecessor using various inputs, such as head count, services rendered, and assets assigned to our Predecessor. All financial information presented after the Spin-Off represents the results of operations, financial position and cash flows of Paragon, accordingly, no Predecessor allocated costs are included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2016 and 2015.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 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: Year Ended December 31, (In thousands) 2016 2015 2014 Accounts receivable $ 204,446 $ 233,812 $ (178,108 ) Other current assets 32,859 (5,383 ) 42,922 Other assets 9,656 (479 ) (33,637 ) Accounts payable (36,615 ) (57,246 ) 25,890 Other current liabilities (14,969 ) (132,195 ) 14,273 Other liabilities (8,571 ) (51,790 ) (29,514 ) Prepaid and accrued reorganization items 26,116 — — Net change in other assets and liabilities $ 212,922 $ (13,281 ) $ (158,174 ) Additional cash flow information is as follows: Year Ended December 31, (In thousands) 2016 2015 2014 Cash paid (refunded) during the period for: Interest $ 75,487 $ 124,763 $ 21,109 U.S. and Non-U.S. income taxes (9,506 ) 66,657 85,248 Supplemental information for non-cash activities: Assets related to Sale-Leaseback Transaction $ — $ 465,043 $ — Adjustments to distributions by former parent — 9,493 — Accrued capital expenditures 1,928 10,305 24,003 Transfer from parent of property and equipment — — 18,124

Segment and Related Information

Segment and Related Information	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
SEGMENT AND RELATED INFORMATION	SEGMENT AND RELATED INFORMATION At December 31, 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 operate 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 is able to conduct contract drilling operations in the North Sea, the Middle East, India, Brazil, Mexico, West Africa and Southeast Asia. Under the New Plan, if approved, we will focus on the North Sea, the Middle East and India. Operations by Geographic Area The following table presents revenues and identifiable assets by country based on the location of the service provided: Revenues Identifiable Assets Year Ended December 31, December 31, (In thousands) 2016 2015 2014 2016 2015 Country: Brazil $ 131,192 $ 368,502 $ 488,884 $ 35,017 $ 169,626 United Kingdom 181,512 305,499 193,908 666,823 1,122,653 The Netherlands 90,764 242,128 284,651 574,243 252,686 United Arab Emirates 109,886 135,747 139,318 193,596 229,351 Mexico 16,230 133,970 326,352 46,620 183,944 India 55,882 71,743 79,201 85,673 102,054 Cameroon 16,102 70,901 35,224 13,822 100,828 Qatar — 36,234 94,320 16,544 25,844 Denmark — 8,382 28,645 76,304 — USA — 340 85,060 177,317 137,128 Other 34,608 118,982 238,199 17,772 38,733 $ 636,176 $ 1,492,428 $ 1,993,762 $ 1,903,731 $ 2,362,847

Unaudited Interim Financial Dat

Unaudited Interim Financial Data	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
UNAUDITED INTERIM FINANCIAL DATA	UNAUDITED INTERIM FINANCIAL DATA Summarized quarterly results for years ended December 31, 2016 and 2015 are as follows: Quarter Ended (In thousands, except per share amounts) March 31 June 30 September 30 December 31 2016 Operating revenues $ 265,120 $ 184,935 $ 125,078 $ 61,043 Operating income (loss) 43,491 6,426 (29,509 ) (189,784 ) Net loss attributable to Paragon Offshore (5,210 ) (25,109 ) (63,618 ) (244,419 ) Loss per share - basic and diluted (1) (0.06 ) (0.29 ) (0.72 ) (2.78 ) 2015 Operating revenues $ 430,648 $ 393,244 $ 368,973 $ 299,563 Operating income (loss) 95,653 57,727 (1,105,344 ) 10,590 Net income (loss) attributable to Paragon Offshore 61,127 47,331 (1,084,838 ) (23,263 ) (2) Earnings (loss) per share - basic and diluted (1) $ 0.69 $ 0.51 $ (12.46 ) $ (0.27 ) (2) (1) Earnings (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income (loss) per share may not equal the total computed for the year. (2) Certain corrections of errors related to overaccrual of expenses for prior periods, and having net positive impacts of approximately $10.2 million to net income, were recorded during the three months ended December 31, 2015. We consider these errors to be immaterial to 2015 and all prior periods.

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	The financial information contained within this report includes periods prior to the Spin-Off on August 1, 2014. For these periods prior to the Spin-Off, the consolidated financial statements and related discussion of financial condition and results of operations include historical results of our Predecessor, which comprised most of Noble’s standard specification drilling fleet and related operations. We consolidate the historical financial results of our Predecessor in our consolidated financial statements for all periods prior to the Spin-Off. All financial information presented after the Spin-Off represents the consolidated results of operations, financial position and cash flows of Paragon.
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. This ASU can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. In March, April, May and November 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 , ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients, and ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , respectively. These updates clarify important aspects of the guidance and improve its operability and implementation. ASC Topic 606 is effective for financial statements issued for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. We are evaluating our revenue streams under these ASUs and are considering the impact of the new guidance on the method and presentation of recognizing revenue for certain drilling contracts which may contain lease components. Our evaluation process includes a review of our contracts and transaction types across our business. We are currently evaluating methods of adoption and what impact the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. 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 lessees 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 August 2016 the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , a consensus of the FASB’s Emerging Issues Task Force. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The ASU addresses how the following cash transactions are presented: (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt instruments; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies; (6) distributions received from equity method investments; and (7) beneficial interests in securitization transactions. The ASU also addresses how to present cash receipts and cash payments that have aspects of multiple cash flow classifications. The guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. Early adoption is permitted provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. We do not expect that our adoption will have a material impact on our cash flows or financial disclosure. In October 2016 the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . This ASU requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this ASU eliminate the exception for an intra-entity transfer of an asset other than inventory. The guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been made available for issuance. This ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We are considering early adoption of this ASU effective January 1, 2017 and do not expect that our adoption will have a material impact on our financial condition, results of operations, cash flows or financial disclosures. In November 2016 the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash. The new guidance is intended to reduce diversity in practice on the presentation of restricted cash in the statement of cash flows. The guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. Early adoption is permitted, including adoption in an interim period. This ASU should be applied using a retrospective transition method to each period presented. We are evaluating what impact the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.
Principles of Consolidation	The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. The financial statements of our Predecessor include our net assets and results of our operations as previously described. All significant intercompany accounts and transactions have been eliminated in consolidation.
Reorganization Accounting	In connection with filing chapter 11 of the Bankruptcy Code on February 14, 2016, the Company is 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 year ended December 31, 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 subject to compromise are pre-petition obligations that are not fully secured and that have at least a possibility of not being repaid at the full claim amount by the plan of reorganization. Liabilities subject to compromise 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.
Cash and Cash Equivalents	Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business.
Restricted Cash	Restricted cash consists of both cash held to satisfy the requirements of our Sale-Leaseback Transaction (as described in Note 8 - “Debt” ), which was executed in 2015 and cash collateral for an outstanding performance bond. Under the terms of the lease agreements we are required to maintain three cash reserve accounts, a capital expenditure reserve account, an operating reserve account and a rental reserve account. The capital expenditure reserve is available specifically for special survey costs ( 3 - 5 year surveys) provided that we replenish any amount withdrawn within twelve months from the date of the withdrawal. This cash is available to us, for a designated purpose, in the short-term, and therefore the restricted cash balance is included in short-term “Restricted cash” on our Consolidated Balance Sheet. The short-term restricted cash balance also includes funds accumulated in an operating reserve account used for payment of monthly operating expenses under the terms of the lease agreements. Our short-term restricted cash was $9 million and $3 million as of December 31, 2016 and 2015 , respectively. The rental reserve account is the minimum amount established under the lease agreements which we are required to maintain on reserve at all times during the lease period. The balance in the account increases with periodic deposits of operating revenue in excess of allowed operating expenses. Any amount of cash in the account in excess of the minimum balance required on reserve is to be used repay our long-term debt obligation related to the Sale-Leaseback Transaction.
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.
Long-lived Assets	Property and equipment is stated at cost. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Property and equipment are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred. The estimated useful lives of our property and equipment are as follows: Years Drilling rigs 7 - 30 Drilling machinery and equipment 3 - 5 Other 3 - 10 The amount of depreciation expense we record is dependent upon certain assumptions, including an asset’s estimated useful life, rate of consumption and corresponding salvage value. We periodically review these assumptions and may change one or more of these assumptions. Changes in our assumptions may require us to recognize, on a prospective basis, increased or decreased depreciation expense.
Impairments	We evaluate the impairment of long-lived assets, including specifically identifiable intangibles and property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss on our long-lived assets exists when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized represents the excess of the asset’s carrying value over the estimated fair value.
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 the accompanying December 31, 2015 Consolidated Balance Sheet, 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 our Senior Notes and Term Loan Facility have been classified as liabilities subject to compromise in the Consolidated Balance Sheet as of December 31, 2016 . Debt issuance costs related to line of credit arrangements will continue to be classified in “Other assets” on the 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 Consolidated Balance Sheet as of December 31, 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
Fair Value Measurements	We estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability, respectively. Our valuation techniques require inputs that we categorize using a three-level hierarchy, from highest to lowest level of observable inputs, as follows: (1) Level 1 - Unadjusted quoted prices for identical assets or liabilities in active markets, (2) Level 2 - Direct or indirect observable inputs, including quoted prices or other market data, for similar assets or liabilities in active markets or identical assets or liabilities in less active markets, and (3) Level 3 - Unobservable inputs that require significant judgment for which there is little or no market data. When multiple input levels are required for a valuation, we categorize the entire fair value measurement according to the lowest level of input that is significant to the measurement even though we may have also utilized significant inputs that are more readily observable. 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 Consolidated Balance Sheets approximate fair value.
Certain Significant Estimates and Contingent Liabilities	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. On an ongoing basis, the Company evaluates its estimates, including those related to allowance for doubtful accounts, long-lived asset impairment, useful lives for depreciation, income taxes, insurance claims, employment benefits and contingent liabilities. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions
Revenue Recognition	Our typical dayrate drilling contracts require our performance of a variety of services for a specified period of time. We determine progress towards completion of the contract by measuring efforts expended and the cost of services required to perform under a drilling contract, as the basis for our revenue recognition. Revenues generated from our dayrate basis drilling contracts and labor contracts are recognized on a per day basis as services are performed and begin upon the contract commencement, as defined under the specified drilling or labor contract. Dayrate revenues are typically earned, and contract drilling expenses are typically incurred ratably over the term of our drilling contracts. We review and monitor our performance under our drilling contracts to confirm the basis for our revenue recognition. Revenues from bonuses are recognized when earned. It is typical in our dayrate drilling contracts to receive compensation and incur costs for mobilization, equipment modification, or other activities prior to the commencement of the contract. Any such compensation may be paid through a lump-sum payment or other daily compensation. Pre-contract compensation and costs are deferred until the contract commences. The deferred pre-contract compensation and costs are amortized, using the straight-line method, into income over the term of the initial contract period, regardless of the activity taking place. This approach is consistent with the economics for which the parties have contracted. Once a contract commences, we may conduct various activities, including drilling and well bore related activities, rig maintenance and equipment installation, movement between well locations or other activities. Deferred revenues from drilling contracts totaled $9 million as of both December 31, 2016 and December 31, 2015 . Such amounts are included in either “Other current liabilities” or “Other liabilities” in our Consolidated Balance Sheets, based upon the expected time of recognition of such deferred revenues. Deferred costs associated with deferred revenues from drilling contracts totaled $3 million at December 31, 2016 as compared to $6 million as of December 31, 2015 . Such amounts are included in either “Prepaid and other current assets” or “Other assets” in our Consolidated Balance Sheets, based upon the expected time of recognition of such deferred costs. We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses.
Share-Based Compensation Plans	We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period.
Foreign Currency Translation	We define foreign currency as any non-U.S. denominated currency. In non-U.S. locations where the U.S. dollar has been designated as the functional currency (based on an assessment of the economic circumstances of the foreign operation), local currency transaction gains and losses are included in net income. In non-U.S. locations where the local currency is the functional currency, assets and liabilities are translated at the rates of exchange on the balance sheet date, while income and expense items are translated at average rates of exchange during the year. The resulting gains or losses arising from the translation of accounts from the functional currency to the U.S. dollar are included in AOCL in the accompanying Consolidated Balance Sheets.
Income Taxes	The operations of our Predecessor have been included in certain income tax returns of Noble. The income tax provisions and related deferred tax assets and liabilities that have been reflected in our Predecessor’s historical financial statements have been computed as if our Predecessor were a separate taxpayer using the separate return method. As a result, actual tax transactions that would not have occurred had our Predecessor been a separate entity have been eliminated in the preparation of these consolidated financial statements. Income taxes of our Predecessor include results of the operations of the standard specification drilling units. In instances where the operations of the standard specification drilling units of our Predecessor were included in the filing of a return with high specification units, an allocation of income taxes was made. We operate through various subsidiaries in numerous countries throughout the world. Due to our global presence, we are subject to tax laws, policies, treaties and regulations, as well as the interpretation or enforcement thereof, in the U.K., the U.S., and any other jurisdictions in which we or any of our subsidiaries operate, were incorporated, or otherwise considered to have a tax presence. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the taxing authorities do not agree with our assessment of the effects of such laws, policies, treaties and regulations, or the interpretation or enforcement thereof, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. In certain jurisdictions, we have recognized deferred tax assets and liabilities. Judgment and assumptions are required in determining whether deferred tax assets will be fully or partially utilized. When we estimate that all or some portion of certain deferred tax assets such as net operating loss carryforwards will not be utilized, we establish a valuation allowance for the amount ascertained to be unrealizable. We continually evaluate strategies that could allow for future utilization of our deferred tax assets. Any change in the ability to utilize such deferred tax assets will be accounted for in the period of the event affecting the valuation allowance. If facts and circumstances cause us to change our expectations regarding future tax consequences, the resulting adjustments could have a material effect on our financial results or cash flow. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly.
Earnings/Loss per Share	Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are 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. The diluted earnings per share calculation under the “two-class” method would also include the dilutive effect of potential shares issued in connection with stock options. The dilutive effect of stock options would be determined using the treasury stock method. The diluted earnings per share calculation under the two class method is the same as our basic earnings per share calculation since we currently have no stock options or other potentially dilutive securities outstanding.
Reclassifications	Certain amounts in prior periods have been reclassified to conform to the current year presentation.

Acquisition (Tables)

Acquisition (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes our final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the acquisition date of November 17, 2014: (In thousands) Fair Value ASSETS Current assets Accounts receivable $ 26,169 Restricted cash 5,023 Prepaid and other current assets 17,967 Total current assets 49,159 Property and equipment 516,979 Goodwill 13,290 Other assets 25,520 Total assets acquired $ 604,948 LIABILITIES Current liabilities Current maturities of long-term debt $ 32,970 Accounts payable 16,227 Accrued payroll and related costs 3,754 Taxes payable 4,378 Interest payable 6,466 Other current liabilities 19,120 Total current liabilities 82,915 Long-term debt 333,697 Other liabilities 456 Total liabilities assumed $ 417,068 Accumulated other comprehensive loss (40 ) Non-controlling interest 11,351 Purchase price, net of cash acquired $ 176,569
Business Acquisition, Pro Forma Information	The following unaudited pro forma financial information for the years ended December 31, 2014, gives effect to the Prospector acquisition as if it had occurred at the beginning of the periods presented. The pro forma financial information for the year ended December 31, 2014 includes pro forma results for the period prior to the closing date of November 17, 2014 and actual results for the period from November 17, 2014 through December 31, 2014. The pro forma results are based on historical data and were not intended to be indicative of the results of future operations. (In thousands, except per share amounts) 2014 Total operating revenues $ 2,036,218 Net loss (702,607 ) Net loss to Paragon Offshore (701,800 ) Loss per share (basic and diluted) $ (8.28 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 are as follows (excluding the impact of cash-settled awards): (In shares) Employee Plan Director Plan Shares available for future awards or grants 5,370,748 434,048 Outstanding unvested restricted stock units 2,513,112 —
Schedule of Share-based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions	The assumptions used to value these market-based PVRSU’s include risk-free interest rates and historical volatility of the trading price of the Company’s common shares over a time period commensurate with the remaining term prior to vesting, as follows: Valuation assumptions: 2015 Expected volatility 34.0 % Risk-free interest rate 1.07 %
Summary of Restricted Stock Activity	A summary of restricted stock activity for the years ended December 31, 2016 and 2015 is as follows: TVRSU’s Outstanding Weighted Average Award-Date Fair Value CS-TVRSU’s Outstanding Share Price (1) PVRSU’s Outstanding (2) Weighted Average Award-Date Fair Value Outstanding as of December 31, 2015 5,824,857 $ 5.34 2,647,565 849,484 $ 5.31 Vested (3,230,029 ) 5.29 (858,459 ) — — Forfeited (683,935 ) 5.67 (496,505 ) (247,265 ) 5.12 Outstanding as of December 31, 2016 1,910,893 1,292,601 $ 0.23 602,219 (1) The share price represents the closing price of our shares on December 31, 2016 at which our CS-TVRSU’s are measured. (2) Includes 191,474 PVRSU’s outstanding as of December 31, 2016 for which vesting depends on the degree of achievement of 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 “maximum” level of performance is 200% of the target amount. Also, during the year ended December 31, 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 410,745 PVRSU’s outstanding, the share amount equals the units that would vest if the “target” level of performance is achieved based on the degree of achievement of the Company’s TSR, relative to a peer group of companies. The minimum number of units is zero and the “maximum” level of performance is 200% of the target amount.

Loss Per Share (Tables)

Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table includes the computation of basic and diluted net loss and loss per share: Year Ended December 31, (In thousands, except per share amounts) 2016 2015 2014 Allocation of loss - basic and diluted Net loss attributable to Paragon $ (338,356 ) $ (999,643 ) $ (646,746 ) Earnings allocated to unvested share-based payment awards — — — Net loss to ordinary shareholders - basic and diluted $ (338,356 ) $ (999,643 ) $ (646,746 ) Weighted average shares outstanding Basic and diluted 87,534 85,785 84,753 Weighted average unvested share-based payment awards 4,418 6,197 1,761 Loss per share Basic and diluted $ (3.87 ) $ (11.65 ) $ (7.63 )

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt	A summary of long-term debt at December 31, 2016 and 2015 is as follows: December 31, (In thousands) 2016 2015 Revolving Credit Facility (1) $ — $ 708,500 Term Loan Facility, bearing interest 5.5% and 3.75% as of December 31, 2016 and 2015, respectively (1) — 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 196,418 268,688 Unamortized debt issuance costs (718 ) (23,572 ) Total debt 195,700 2,579,073 Less: Current maturities of long-term debt (29,737 ) (40,629 ) Long-term debt $ 165,963 $ 2,538,444 (1) See Note 9 - “Liabilities Subject to Compromise” for each of the respective December 31, 2016 balances identified above. The commencement of the Bankruptcy cases on February 14, 2016 constituted an event of default that accelerated our obligations under the Term Loan Agreement, Revolving Credit Agreement, and Senior Notes. Any efforts to enforce payments related to these obligations are automatically stayed as a result of the filing of the petitions and are subject to the applicable provisions of the Bankruptcy Code.
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) 2017 2018 2019 2020 Thereafter Total Minimum annual rental payments $ 41 $ 32 $ 31 $ 127 $ — $ 231

Liabilities Subject to Compro37

Liabilities Subject to Compromise (Tables)	12 Months Ended
	Dec. 31, 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 Consolidated Balance Sheets as of December 31, 2016 . See Note 8 - “Debt” for a specific discussion on the debt instruments and related balances subject to compromise: December 31, (In thousands) 2016 Revolving Credit Facility $ 709,100 Term Loan Facility 641,875 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 ) Discount and debt issuance costs on Term Loan Facility (7,259 ) Debt issuance costs on Senior Notes (14,012 ) Liabilities subject to compromise $ 2,344,563

Reorganization Items (Tables)

Reorganization Items (Tables)	12 Months Ended
	Dec. 31, 2016
Reorganizations [Abstract]
Schedule of Reorganization Items	The following table summarizes the components included in “Reorganization items, net”: Year Ended December 31, (In thousands) 2016 Professional fees $ 59,364 Other 11,306 Total Reorganization items, net $ 70,670

Condensed Combined Debtor-In-39

Condensed Combined Debtor-In-Possession Financial Information (Tables)	12 Months Ended
	Dec. 31, 2016
Condensed Financial Information of Debtor in Possession Disclosure [Abstract]
Debtors' Condensed Combined Statement of Operations	DEBTORS’ CONDENSED COMBINED STATEMENT OF OPERATIONS (In thousands) Year Ended December 31, 2016 Operating revenues Contract drilling services $ 455,749 Reimbursables and other 48,209 503,958 Operating costs and expenses Contract drilling services 335,569 Reimbursables 26,659 Depreciation and amortization 196,898 General and administrative 41,570 Loss on impairments 122,957 723,653 Operating loss before interest, reorganization items and income taxes (219,695 ) Interest expense, net (contractual interest of $129,604) (64,931 ) Other, net 530 Reorganization items, net (62,169 ) Loss before income taxes (346,265 ) Income tax provision (19,649 ) Debtors’ net loss (365,914 ) Equity in earnings of Non-Filing entities, net of tax 27,558 Net loss attributable to Paragon $ (338,356 )
Debtor Condensed Combined Balance Sheet	DEBTORS’ CONDENSED COMBINED STATEMENT OF OPERATIONS (In thousands) Year Ended December 31, 2016 Operating revenues Contract drilling services $ 455,749 Reimbursables and other 48,209 503,958 Operating costs and expenses Contract drilling services 335,569 Reimbursables 26,659 Depreciation and amortization 196,898 General and administrative 41,570 Loss on impairments 122,957 723,653 Operating loss before interest, reorganization items and income taxes (219,695 ) Interest expense, net (contractual interest of $129,604) (64,931 ) Other, net 530 Reorganization items, net (62,169 ) Loss before income taxes (346,265 ) Income tax provision (19,649 ) Debtors’ net loss (365,914 ) Equity in earnings of Non-Filing entities, net of tax 27,558 Net loss attributable to Paragon $ (338,356 ) DEBTORS’ CONDENSED COMBINED BALANCE SHEET (In thousands ) December 31, 2016 ASSETS Current assets Cash and cash equivalents $ 553,238 Accounts receivable, net of allowance for doubtful accounts of $25 million 48,861 Accounts receivable from Non-Filing entities 647,657 Prepaid and other current assets 33,228 Total current assets 1,282,984 Investment in Non-Filing entities 1,074,335 Notes receivable from Non-Filing entities 58,759 Property and equipment, at cost 1,809,120 Accumulated depreciation (1,481,209 ) Property and equipment, net 327,911 Other assets 25,974 Total assets $ 2,769,963 LIABILITIES AND EQUITY Current liabilities Current maturities of debt due to Non-Filing entities $ 3,606 Accounts payable 32,261 Accounts payable due to Non-Filing entities 941,644 Accrued payroll and related costs 24,591 Taxes payable 13,418 Interest payable 591 Other current liabilities 15,993 Total current liabilities 1,032,104 Long-term debt due to Non-Filing entities 2,112 Deferred income taxes 2,505 Other liabilities 24,758 Liabilities subject to compromise 2,344,563 Total liabilities 3,406,042 Equity Total deficit (636,079 ) Total liabilities and equity $ 2,769,963
Debtor Condensed Combined Statement of Cash Flows	DEBTORS’ CONDENSED COMBINED STATEMENT OF CASH FLOWS (In thousands) Year Ended December 31, 2016 Net cash provided by operating activities $ 140,895 Capital expenditures (37,424 ) Change in accrued capital expenditures (7,955 ) Change in restricted cash (9,262 ) Net cash used in investing activities (54,641 ) Net cash used in financing activities — Net change in cash and cash equivalents 86,254 Cash and cash equivalents, beginning of period 466,984 Cash and cash equivalents, end of period $ 553,238

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	Income before income taxes consists of the following: Year Ended December 31, (In thousands) 2016 2015 2014 United States $ 2,106 $ (456,093 ) $ 70,949 Non-U.S. (319,976 ) (615,627 ) (648,360 ) Total $ (317,870 ) $ (1,071,720 ) $ (577,411 )
Schedule of Components of Income Tax Expense (Benefit)	The income tax provision/benefit consists of the following: Year Ended December 31, (In thousands) 2016 2015 2014 Current - United States $ (13,835 ) $ (17,354 ) $ 45,754 Current - Non-U.S. 10,311 7,116 43,115 Deferred - United States 14,751 (66,583 ) (30,391 ) Deferred - Non-U.S. 9,259 4,713 10,916 Total $ 20,486 $ (72,108 ) $ 69,394
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the U.K. statutory tax rate to our effective rate is shown below: Year Ended December 31, 2016 2015 2014 U.K. statutory income tax rate 20.0 % 20.3 % 21.5 % Tax rates which are different from the U.K. rate (17.9 )% (4.8 )% (36.8 )% Tax effect of asset impairment — % 1.8 % 4.3 % Change in valuation allowance (8.8 )% (11.1 )% — % Adjustments to uncertain tax positions 0.3 % 0.5 % (1.0 )% Total (6.4 )% 6.7 % (12.0 )%
Schedule of Deferred Tax Assets and Liabilities	The components of the net deferred taxes are as follows: December 31, (In thousands) 2016 2015 Deferred tax assets Deferred loss on asset dispositions $ 81,571 $ 102,382 Accrued expenses not currently deductible 24,454 18,922 Net operating losses 25,071 17,901 Excess of tax basis over book basis of Property and Equipment 17,314 7,575 Bad debt 2,836 6,118 Other 8,367 7,152 Deferred tax assets 159,613 160,050 Less: Valuation allowance (146,731 ) (118,768 ) Net deferred tax assets 12,882 41,282 Deferred tax liabilities Excess of net book basis over remaining tax basis of Property and equipment (7,842 ) (11,385 ) Deferred taxes on unremitted earnings (6,043 ) (6,043 ) Contract market valuation (1,708 ) (3,567 ) Deferred foreign exchange gain (1,176 ) — Other (2,395 ) (2,421 ) Deferred tax liabilities (19,164 ) (23,416 ) Net deferred tax asset (liabilities) $ (6,282 ) $ 17,866
Schedule of Unrecognized Tax Benefits Roll Forward	The following is a reconciliation of the liabilities related to our unrecognized tax benefits, excluding interest and penalties: (In thousands) 2016 2015 2014 Gross balance at January 1, $ 10,426 $ 29,679 $ 32,336 Additions based on tax positions related to the current year — — 4,442 Additions for tax positions of prior years 1,176 1,056 1,424 Reductions for tax positions of prior years (738 ) (4,966 ) (7,298 ) Expiration of statutes (230 ) (221 ) (1,225 ) Tax settlements — (15,122 ) — Gross balance at December 31, 10,634 10,426 29,679 Related tax benefits — — — Net balance at December 31, $ 10,634 $ 10,426 $ 29,679
Liability For Uncertain Tax Positions	The liabilities related to our unrecognized tax benefits comprise the following: December 31, (In thousands) 2016 2015 Unrecognized tax benefits, excluding interest and penalties $ 10,634 $ 10,426 Interest and penalties included in “ Other liabilities ” 7,872 8,079 Unrecognized tax benefits, including interest and penalties $ 18,506 $ 18,505

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of Changes in Projected Benefit Obligations	A reconciliation of the changes in projected benefit obligations ( “ PBO ” ) for our pension plans is as follows: Year Ended December 31, (In thousands) 2016 2015 Benefit obligation at beginning of year $ 116,068 $ 124,362 Service cost 4,562 5,375 Interest cost 2,254 1,946 Actuarial loss (gain) 24,393 (2,163 ) Benefits and expenses paid (1,349 ) (1,184 ) Plan participants’ contribution 563 641 Foreign exchange rate changes (5,068 ) (12,909 ) Other: curtailment gain (9,209 ) — Benefit obligation at end of year $ 132,214 $ 116,068
Schedule of Changes in Fair Value of Plan Assets	A reconciliation of the changes in fair value of plan assets is as follows: Year Ended December 31, (In thousands) 2016 2015 Fair value of plan assets at beginning of year $ 115,165 $ 125,591 Actual return on plan assets 20,588 (1,790 ) Employer contribution 5,639 4,868 Benefits paid (938 ) (813 ) Plan participants’ contributions 563 635 Expenses paid (411 ) (371 ) Foreign exchange rate changes (3,937 ) (12,955 ) Fair value of plan assets at end of year $ 136,669 $ 115,165
Schedule of Net Funded Status	The funded status of the plans is as follows: Year Ended December 31, (In thousands) 2016 2015 Funded status $ 4,455 $ (903 )
Schedule of Amounts Recognized in Balance Sheet	Amounts recognized in the Consolidated Balance Sheets consist of: Year Ended December 31, (In thousands) 2016 2015 Other assets - noncurrent $ 4,455 $ 938 Other liabilities - noncurrent — (1,841 ) Net pension asset (liability) 4,455 (903 ) Accumulated other comprehensive loss recognized in financial statements 14,329 20,351 Net amount recognized $ 18,784 $ 19,448
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)	Amounts recognized in AOCL consist of: Year Ended December 31, (In thousands) 2016 2015 Net loss $ (14,329 ) $ (20,572 ) Prior service credit — 221 Accumulated other comprehensive income (loss) $ (14,329 ) $ (20,351 )
Schedule of Net Benefit Costs	Pension cost includes the following components: Year Ended December 31, (In thousands) 2016 2015 2014 Service cost $ 4,562 $ 5,375 $ 4,819 Interest cost 2,254 1,946 2,601 Expected return on plan assets (1,806 ) (1,773 ) (2,625 ) Amortization of prior service credit (18 ) (18 ) (16 ) Amortization net actuarial loss 757 755 1,077 Net curtailment gain (201 ) — (66 ) Net pension expense $ 5,548 $ 6,285 $ 5,790
Schedule of Accumulated and Projected Benefit Obligations	Disaggregated information regarding our pension plans is summarized below: Year Ended December 31, (In thousands) 2016 2015 Projected benefit obligation $ 132,214 $ 116,068 Accumulated benefit obligation 132,214 111,366 Fair value of plan assets 136,669 115,165
Schedule of Assumptions Used	The key assumptions for the plans are summarized below: Year Ended December 31, Weighted Average Assumptions Used to Determine Benefit Obligations 2016 2015 Discount rate 1.15% to 1.42% 2.6% to 2.9% Rate of compensation increase 3.6 % 3.6 % Year Ended December 31, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost 2016 2015 2014 Discount rate 1.15% to 1.42% 2.6% to 2.9% 2.7% to 3.9% Expected long-term return on plan assets 1.03% to 1.06% 1.3 % 2.7% to 2.8% Rate of compensation increase 3.6 % 3.6 % 3.6 %
Schedule of Allocation of Plan Assets	The actual fair value of our pension plans as of December 31, 2016 and 2015 is as follows: Estimated Fair Value Measurements (In thousands) Carrying Amount Quoted Significant Other Observable Inputs Significant Unobservable December 31, 2016 Fixed Income securities: Corporate Bonds $ 36,089 $ — $ 36,089 $ — Other 100,580 — — 100,580 Total $ 136,669 $ — $ 36,089 $ 100,580 December 31, 2015 Fixed Income securities: Corporate Bonds $ 28,228 $ — $ 28,228 $ — Other 86,937 — — 86,937 Total $ 115,165 $ — $ 28,228 $ 86,937
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets	The following table details the activity related to these investments during the year. Market Value Balance as of December 31, 2014 $ 93,115 Assets sold/benefits paid (791 ) Return on plan assets (5,387 ) Balance as of December 31, 2015 86,937 Assets sold/benefits paid $ (938 ) Return on plan assets 14,581 Balance at December 31, 2016 $ 100,580
Schedule of Expected Benefit Payments	The following table summarizes our benefit payments at December 31, 2016 estimated to be paid within the next ten years: Payments by Period Total 2017 2018 2019 2020 2021 Five Years Thereafter Estimated benefit payments $ 20,561 1,022 1,205 1,395 1,570 1,766 13,603

Fair Value of Financial Instr42

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and 2015 , respectively, and our Senior Notes due August 15, 2024, excluding debt issuance costs of $8 million for December 31, 2016 and 2015 , respectively, are as follows: Subject to Compromise Not Subject to Compromise December 31, 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 $ 83,324 $ 456,572 $ 65,062 7.25% Senior Notes due August 15, 2024 527,010 93,544 527,010 75,099 Total senior unsecured notes $ 983,582 $ 176,868 $ 983,582 $ 140,161 The estimated fair value of our Term Loan Facility, bearing interest at 5.5% and 3.75% as of December 31, 2016 and 2015 , respectively, excluding unamortized discount and debt issuance costs of $7 million and $8 million for December 31, 2016 and 2015 , respectively, is as follows: Subject to Compromise Not Subject to Compromise December 31, 2016 December 31, 2015 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Term Loan Facility $ 641,875 $ 244,113 $ 641,875 $ 235,889

Accumulated Other Comprehensi43

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table includes the components of AOCL for the years ended December 31, 2016 , 2015 and 2014 and changes in AOCL by component for the years ended December 31, 2016 and 2015 . All accounts 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 1,823 (7,430 ) (5,607 ) Amounts reclassified from AOCL 737 — 737 Net other comprehensive income (loss) 2,560 (7,430 ) (4,870 ) Balance as of December 31, 2015 $ (20,351 ) $ (21,663 ) $ (42,014 ) Activity during period: Other comprehensive loss before reclassification 5,509 (2,666 ) 2,843 Amounts reclassified from AOCL 513 — 513 Net other comprehensive income (loss) 6,022 (2,666 ) 3,356 Balance as of December 31, 2016 $ (14,329 ) $ (24,329 ) $ (38,658 ) (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 Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative for the year ended December 31, 2016 , see Note 14 - “Employee Benefit Plans” for additional information.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments for Operating Leases	Future minimum lease payments for operating leases for years ending December 31 are as follows: (in thousands) 2017 2018 2019 2020 2021 Thereafter Total Minimum lease payments $ 5,724 $ 3,061 $ 2,304 $ 2,001 $ 1,598 $ 1,864 $ 16,552
Schedule of Related Party Transactions	Pursuant to these agreements with Noble, our Consolidated Balance Sheets include the following balances due from and to Noble as of December 31, 2016 and 2015 : December 31, (In thousands) 2016 2015 Accounts receivable $ 1,149 $ 22,695 Other current assets 461 3,032 Other assets 7,157 6,686 Due from Noble $ 8,767 $ 32,413 Accounts payable $ 211 $ 211 Other current liabilities 2,594 6,067 Other liabilities 3,268 3,268 Due to Noble $ 6,073 $ 9,546

Supplemental Cash Flow Inform45

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, (In thousands) 2016 2015 2014 Accounts receivable $ 204,446 $ 233,812 $ (178,108 ) Other current assets 32,859 (5,383 ) 42,922 Other assets 9,656 (479 ) (33,637 ) Accounts payable (36,615 ) (57,246 ) 25,890 Other current liabilities (14,969 ) (132,195 ) 14,273 Other liabilities (8,571 ) (51,790 ) (29,514 ) Prepaid and accrued reorganization items 26,116 — — Net change in other assets and liabilities $ 212,922 $ (13,281 ) $ (158,174 )
Additional Cash Flow Information	Additional cash flow information is as follows: Year Ended December 31, (In thousands) 2016 2015 2014 Cash paid (refunded) during the period for: Interest $ 75,487 $ 124,763 $ 21,109 U.S. and Non-U.S. income taxes (9,506 ) 66,657 85,248 Supplemental information for non-cash activities: Assets related to Sale-Leaseback Transaction $ — $ 465,043 $ — Adjustments to distributions by former parent — 9,493 — Accrued capital expenditures 1,928 10,305 24,003 Transfer from parent of property and equipment — — 18,124

Segment and Related Informati46

Segment and Related Information (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following table presents revenues and identifiable assets by country based on the location of the service provided: Revenues Identifiable Assets Year Ended December 31, December 31, (In thousands) 2016 2015 2014 2016 2015 Country: Brazil $ 131,192 $ 368,502 $ 488,884 $ 35,017 $ 169,626 United Kingdom 181,512 305,499 193,908 666,823 1,122,653 The Netherlands 90,764 242,128 284,651 574,243 252,686 United Arab Emirates 109,886 135,747 139,318 193,596 229,351 Mexico 16,230 133,970 326,352 46,620 183,944 India 55,882 71,743 79,201 85,673 102,054 Cameroon 16,102 70,901 35,224 13,822 100,828 Qatar — 36,234 94,320 16,544 25,844 Denmark — 8,382 28,645 76,304 — USA — 340 85,060 177,317 137,128 Other 34,608 118,982 238,199 17,772 38,733 $ 636,176 $ 1,492,428 $ 1,993,762 $ 1,903,731 $ 2,362,847

Unaudited Interim Financial D47

Unaudited Interim Financial Data (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly Results	Summarized quarterly results for years ended December 31, 2016 and 2015 are as follows: Quarter Ended (In thousands, except per share amounts) March 31 June 30 September 30 December 31 2016 Operating revenues $ 265,120 $ 184,935 $ 125,078 $ 61,043 Operating income (loss) 43,491 6,426 (29,509 ) (189,784 ) Net loss attributable to Paragon Offshore (5,210 ) (25,109 ) (63,618 ) (244,419 ) Loss per share - basic and diluted (1) (0.06 ) (0.29 ) (0.72 ) (2.78 ) 2015 Operating revenues $ 430,648 $ 393,244 $ 368,973 $ 299,563 Operating income (loss) 95,653 57,727 (1,105,344 ) 10,590 Net income (loss) attributable to Paragon Offshore 61,127 47,331 (1,084,838 ) (23,263 ) (2) Earnings (loss) per share - basic and diluted (1) $ 0.69 $ 0.51 $ (12.46 ) $ (0.27 ) (2) (1) Earnings (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income (loss) per share may not equal the total computed for the year. (2) Certain corrections of errors related to overaccrual of expenses for prior periods, and having net positive impacts of approximately $10.2 million to net income, were recorded during the three months ended December 31, 2015. We consider these errors to be immaterial to 2015 and all prior periods.

Organization, Current Events 48

Organization, Current Events and Basis of Presentation - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)rig
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	1
Contract backlog | $	$ 242

Organization, Current Events 49

Organization, Current Events and Basis of Presentation - Chapter 11 Filing (Details) - USD ($)	Feb. 07, 2017	Dec. 31, 2016	Aug. 05, 2016	Feb. 12, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Jul. 18, 2014
Subsequent Event
Debt Instrument [Line Items]
Extinguishment of debt	$ 2,400,000,000
Senior Notes
Debt Instrument [Line Items]
Percentage of borrowings outstanding			69.00%	77.00%
Long-term debt		$ 1,000,000,000
Face amount of debt								$ 1,080,000,000
6.75% Senior Notes due July 15, 2022 | Senior Notes
Debt Instrument [Line Items]
Long-term debt				$ 457,000,000
Stated interest rate		6.75%		6.75%	6.75%	6.75%	6.75%	6.75%
Face amount of debt								$ 500,000,000
7.25% Senior Notes due August 15, 2024 | Senior Notes
Debt Instrument [Line Items]
Long-term debt				$ 527,000,000
Stated interest rate		7.25%		7.25%	7.25%	7.25%	7.25%	7.25%
Face amount of debt								$ 580,000,000
Acquired Senior Credit Facility | Line of Credit
Debt Instrument [Line Items]
Percentage of borrowings outstanding				96.00%
New Plan Takeback Debt [Member] | Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Face amount of debt	85,000,000
Secured Lenders [Member] | Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 418,000,000
Percentage of equity distribution to lenders	58.00%
Bondholders [Member] | Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 47,000,000
Percentage of equity distribution to lenders	42.00%

Organization, Current Events 50

Organization, Current Events and Basis of Presentation - Settlement with Noble Corporation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Aug. 05, 2016
Tax Audit Claims in Mexico Result of Spin-Off | Tax Audit Claims
Loss Contingencies [Line Items]
Estimate of loss		$ 30,000,000
Tax Audit Claims in Mexico Result of Spin-Off | Maximum | Tax Audit Claims
Loss Contingencies [Line Items]
Deferral option			$ 5,000,000
Mexican Tax Assessments | Tax Assessments
Loss Contingencies [Line Items]
Estimate of loss		$ 165,000,000
Percentage of predecessor tax liability		50.00%
Forecast | Unsecured Debt | Noble Note
Loss Contingencies [Line Items]
Debt maturity period	4 years
Percentage to be paid in cash	12.00%
Percentage paid-in-kind	15.00%

Organization, Current Events 51

Organization, Current Events and Basis of Presentation - Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Feb. 23, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Adjustments to distributions by former parent	$ 9,000		$ 0	$ 9,493	$ 0
Prospector Offshore Drilling S.A.
Business Acquisition [Line Items]
Cash consideration paid	$ 2,000	$ 202,000

Summary of Significant Accoun52

Summary of Significant Accounting Policies - Restricted Cash (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)account	Dec. 31, 2015USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]
Number of cash reserve accounts required to maintain under terms of lease agreements | account	3
Short-term restricted cash	$ 8,707	$ 3,000
Cash collateral for borrowed securities	9,000
Long-term restricted cash	$ 37,880	$ 25,030
Minimum
Restricted Cash and Cash Equivalents Items [Line Items]
Capital expenditure reserve, survey period	3 years
Maximum
Restricted Cash and Cash Equivalents Items [Line Items]
Capital expenditure reserve, survey period	5 years

Summary of Significant Accoun53

Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for doubtful accounts	$ 25,000	$ 44,000
Recoveries of doubtful accounts	5,878	0	$ 0
Bad debt expense	0	39,239	0
Contract Drilling Services Operating Costs and Expenses
Financing Receivable, Allowance for Credit Losses [Line Items]
Recoveries of doubtful accounts	6,000
Write-offs of doubtful accounts	$ 13,000
Bad debt expense		$ 38,000	$ 100

Summary of Significant Accoun54

Summary of Significant Accounting Policies - Property and Equipment, at Cost (Details)	12 Months Ended
	Dec. 31, 2016
Drilling rigs | Minimum
Property, Plant and Equipment [Line Items]
Useful life for property, plant and equipment	7 years
Drilling rigs | Maximum
Property, Plant and Equipment [Line Items]
Useful life for property, plant and equipment	30 years
Drilling machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life for property, plant and equipment	3 years
Drilling machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life for property, plant and equipment	5 years
Other | Minimum
Property, Plant and Equipment [Line Items]
Useful life for property, plant and equipment	3 years
Other | Maximum
Property, Plant and Equipment [Line Items]
Useful life for property, plant and equipment	10 years

Summary of Significant Accoun55

Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 718	$ 23,572
Accounting Standards Update 2015-03 | Other assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs		(21,000)
Accounting Standards Update 2015-03 | Long-term Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs		$ 21,000

Summary of Significant Accoun56

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Other Current Liabilities and Other Noncurrent Liabilities
Revenue Recognition, Milestone Method [Line Items]
Deferred revenue under drilling contracts	$ 9	$ 9
Prepaid and Other Current Assets and Noncurrent Other Assets
Revenue Recognition, Milestone Method [Line Items]
Deferred expenses under drilling contracts	$ 3	$ 6

Summary of Significant Accoun57

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Foreign currency translation gain (loss)	$ 0	$ 0	$ 0

Acquisition - Additional Inform

Acquisition - Additional Information (Details) shares in Millions	Mar. 26, 2015USD ($)	Mar. 16, 2015USD ($)	Nov. 17, 2014USD ($)rig	Jan. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2015USD ($)	Feb. 23, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)shares	Jan. 22, 2015
Business Acquisition [Line Items]
Goodwill								$ 0	$ 0
Contract drilling services								574,976,000	1,368,731,000	$ 1,866,497,000
Operating costs and expenses								805,552,000	2,433,802,000	2,518,439,000
Loss on impairments								129,915,000	1,181,358,000	$ 1,059,487,000
Prospector Offshore Drilling S.A.
Business Acquisition [Line Items]
Prospector shares owned (in shares) | shares										93.4
Ownership percentage following additional purchase of shares					98.70%		100.00%			98.70%	99.60%
Assumed debt			$ 367,000,000
Cash consideration paid						$ 2,000,000	$ 202,000,000
Number of jackups purchased | rig			2
Goodwill			$ 13,290,000		$ 13,000,000					$ 13,000,000
Weighted average life of contracts			2 years 6 months
Revenues from the Prospector rigs since acquisition date					8,000,000
Operating expenses since acquisition date					$ 8,000,000
Contract drilling services								126,000,000	143,000,000
Operating costs and expenses								65,000,000	143,000,000
Loss on impairments								0	43,000,000
Prospector Offshore Drilling S.A. | Contract Drilling Services
Business Acquisition [Line Items]
Acquisition costs										4,000,000
Callable Bond
Business Acquisition [Line Items]
Repayment of Prospector debt								0	101,000,000	0
Line of Credit
Business Acquisition [Line Items]
Repayment of Prospector debt								$ 0	$ 265,666,000	$ 0
Acquired Bonds | Callable Bond | Prospector Offshore Drilling S.A.
Business Acquisition [Line Items]
Debt outstanding			$ 100,000,000
Repayment of Prospector debt	$ 400,000			$ 99,600,000		$ 100,000,000
Percentage of principal amount redeemed				101.00%		101.00%
Acquired Senior Credit Facility | Line of Credit | Prospector Offshore Drilling S.A.
Business Acquisition [Line Items]
Maximum amount available under credit facility			270,000,000
Outstanding revolving credit facility			$ 266,000,000
Extinguishment of debt		$ 261,000,000

Acquisition - Allocation of Pur

Acquisition - Allocation of Purchase Price to the Estimated Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($)	Nov. 17, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current assets
Goodwill		$ 0	$ 0
Current liabilities
Purchase price, net of cash acquired		$ 0	$ 0	$ 176,569,000
Prospector Offshore Drilling S.A.
Current assets
Accounts receivable	$ 26,169,000
Restricted cash	5,023,000
Prepaid and other current assets	17,967,000
Total current assets	49,159,000
Property and equipment	516,979,000
Goodwill	13,290,000			$ 13,000,000
Other assets	25,520,000
Total assets acquired	604,948,000
Current liabilities
Current maturities of long-term debt	32,970,000
Accounts payable	16,227,000
Accrued payroll and related costs	3,754,000
Taxes payable	4,378,000
Interest payable	6,466,000
Other current liabilities	19,120,000
Total current liabilities	82,915,000
Long-term debt	333,697,000
Other liabilities	456,000
Total liabilities assumed	417,068,000
Accumulated other comprehensive loss	(40,000)
Non-controlling interest	11,351,000
Purchase price, net of cash acquired	$ 176,569,000

Acquisition - Unaudited Pro For

Acquisition - Unaudited Pro Forma Financial Information (Details) - Prospector Offshore Drilling S.A. $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2014USD ($)$ / shares
Business Acquisition, Pro Forma Information [Abstract]
Total operating revenues	$ 2,036,218
Net loss	(702,607)
Net loss to Paragon Offshore	$ (701,800)
Loss per share (basic) (in dollars per share) | $ / shares	$ (8.28)
Loss per share (diluted) (in dollars per share) | $ / shares	$ (8.28)

Property and Equipment and Ot61

Property and Equipment and Other Assets - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 2,336,504	$ 2,652,537
Less: Accumulated depreciation	(1,496,006)	(1,533,043)
Less: Accumulated amortization under Sale-Leaseback Transaction	(27,726)	(8,396)
Property and equipment, net	812,772	1,111,098
Drilling rigs
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	1,463,199	1,751,095
Drilling rigs under Sale-Leaseback Transaction
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	469,018	467,012
Drilling machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	345,172	392,095
Other
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 59,115	$ 42,335

Property and Equipment and Ot62

Property and Equipment and Other Assets - Additional Information (Details)	1 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jan. 31, 2015USD ($)	Dec. 31, 2016USD ($)rigreporting_unit	Dec. 31, 2015USD ($)rig	Dec. 31, 2014USD ($)rig
Property, Plant and Equipment [Line Items]
Depreciation and amortization			$ 220,237,000	$ 339,268,000	$ 422,235,000
Depreciation of underwater inspection in lieu of drydocking costs			9,000,000	11,000,000	8,000,000
Capital expenditures			43,000,000	218,000,000
Capital accruals included in accounts payable			$ 2,000,000	$ 10,000,000
Loss on Impairment
Weighted average cost of capital percentage			14.00%
Number of floaters impaired | rig			2	5
Number of jackups impaired | rig			6	16
Loss on impairments			$ 129,915,000	$ 1,181,358,000	1,059,487,000
Number of jackups under construction | rig				3
Number of drillships | rig			4
Goodwill Impairment
Goodwill			$ 0	$ 0
Number of reporting units | reporting_unit			1
Goodwill impairment loss					0
Gain on Sale of Assets
Proceeds from sale of assets			$ 0	30,816,000	6,570,000
Gain (loss) on disposal of assets			0	13,217,000	$ 0
Paragon M822
Gain on Sale of Assets
Proceeds from sale of assets		$ 24,000,000
Gain (loss) on disposal of assets		$ 17,000,000
Drill Pipe
Gain on Sale of Assets
Proceeds from sale of assets	$ 2,000,000
Gain (loss) on disposal of assets	$ (4,000,000)
Brazil
Loss on Impairment
Number of drillships | rig					3
US Gulf of Mexico
Loss on Impairment
Number of floating production storage and offloading units | rig					1
Drilling Rigs
Loss on Impairment
Loss on impairments			$ 130,000,000	1,100,000,000	$ 1,100,000,000
Tangible Asset Impairment Charges
Goodwill Impairment
Goodwill impairment loss				$ 37,000,000

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ in Millions	5 Months Ended	12 Months Ended
	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)incentive_planshares	Dec. 31, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		0
Number of stock incentive plans | incentive_plan		2
Share-based compensation costs | $	$ 8	$ 9	$ 16
Time-Vested Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Unrecognized share-based amortization | $		$ 3
RSU weighted-average period of recognition		10 months 24 days
Outstanding unvested restricted stock units (in shares)		1,910,893	5,824,857
Cash Settlement Time-Vested Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Unrecognized share-based amortization | $		$ 0.1
RSU weighted-average period of recognition		1 year 1 month 6 days
Outstanding unvested restricted stock units (in shares)		1,292,601	2,647,565
Performance-Vested Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based amortization | $		$ 0.2
RSU weighted-average period of recognition		8 months 12 days
Outstanding unvested restricted stock units (in shares)		602,219	849,484
Performance-Vested Restricted Shares, Subject to Company-Based Performance Criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock units (in shares)		191,474
Estimated forfeiture rate		100.00%
Performance-Vested Restricted Shares, Subject to Achievement of Market-Based Objectives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock units (in shares)		410,745

Share-Based Compensation - Shar

Share-Based Compensation - Shares Available for Issuance and Outstanding Restricted Stock Units (Details)	Dec. 31, 2016shares
Employee Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future awards or grants (in shares)	5,370,748
Employee Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock units (in shares)	2,513,112
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 - Assu

Share-Based Compensation - Assumptions Used to Estimate Fair Value of PVRSU's (Details) - Performance-Vested Restricted Shares	12 Months Ended
	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	34.00%
Risk-free interest rate	1.07%

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 2016$ / sharesshares
TVRSU’s Outstanding
RSU's Outstanding
Outstanding at December 31, 2015 (in shares)	5,824,857
Vested (in shares)	(3,230,029)
Forfeited (in shares)	(683,935)
Outstanding at December 31, 2016 (in shares)	1,910,893
Weighted Average Award-Date Fair Value
Outstanding at December 31, 2015 (in dollars per share) | $ / shares	$ 5.34
Vested (in dollars per share) | $ / shares	5.29
Forfeited (in dollars per share) | $ / shares	5.67
Outstanding at December 31, 2016 (in dollars per share) | $ / shares
CS-TVRSU’s Outstanding
RSU's Outstanding
Outstanding at December 31, 2015 (in shares)	2,647,565
Vested (in shares)	(858,459)
Forfeited (in shares)	(496,505)
Outstanding at December 31, 2016 (in shares)	1,292,601
Weighted Average Award-Date Fair Value
Share Price (in dollars per share) | $ / shares	$ 0.23
PVRSU’s Outstanding
RSU's Outstanding
Outstanding at December 31, 2015 (in shares)	849,484
Vested (in shares)	0
Forfeited (in shares)	(247,265)
Outstanding at December 31, 2016 (in shares)	602,219
Weighted Average Award-Date Fair Value
Outstanding at December 31, 2015 (in dollars per share) | $ / shares	$ 5.31
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	5.12
Outstanding at December 31, 2016 (in dollars per share) | $ / shares
Performance-Vested Restricted Shares, Subject to Company-Based Performance Criteria
RSU's Outstanding
Forfeited (in shares)	(70,272)
Outstanding at December 31, 2016 (in shares)	191,474
Weighted Average Award-Date Fair Value
Minimum number of performance vested shares (in shares)	0
Target level of performance, as a percentage	200.00%
Performance-Vested Restricted Shares, Subject to Achievement of Market-Based Objectives
RSU's Outstanding
Outstanding at December 31, 2016 (in shares)	410,745
Weighted Average Award-Date Fair Value
Minimum number of performance vested shares (in shares)	0
Target level of performance, as a percentage	200.00%

Loss Per Share - Additional Inf

Loss Per Share - Additional Information (Details) - USD ($) shares in Millions	Aug. 01, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Distribution by former parent (in shares)	85
Earnings allocated to unvested share-based payment awards, basic		$ 0	$ 0	$ 0

Loss Per Share - Computation of

Loss Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allocation of loss - basic and diluted
Net loss attributable to Paragon	$ (244,419,000)	$ (63,618,000)	$ (25,109,000)	$ (5,210,000)	$ (23,263,000)	$ (1,084,838,000)	$ 47,331,000	$ 61,127,000	$ (338,356,000)	$ (999,643,000)	$ (646,746,000)
Earnings allocated to unvested share-based payment awards, basic									0	0	0
Earnings allocated to unvested share-based payment awards, diluted									0	0	0
Net income (loss) to ordinary shareholders - basic									(338,356,000)	(999,643,000)	(646,746,000)
Net income (loss) to ordinary shareholders - diluted									$ (338,356,000)	$ (999,643,000)	$ (646,746,000)
Weighted-average shares outstanding
Basic and diluted (in shares)									87,534	85,785	84,753
Weighted average unvested share-based payment awards									4,418	6,197	1,761
Loss per share
Basic and diluted (in dollars per share)	$ (2.78)	$ (0.72)	$ (0.29)	$ (0.06)	$ (0.27)	$ (12.46)	$ 0.51	$ 0.69	$ (3.87)	$ (11.65)	$ (7.63)

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Feb. 12, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Jul. 18, 2014
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (718)		$ (23,572)
Total debt	195,700		2,579,073
Less: Current maturities of long-term debt	(29,737)		(40,629)
Long-term debt	165,963		2,538,444
Secured Debt | Term Loan Facility, bearing interest 5.5% and 3.75% as of December 31, 2016 and 2015, respectively
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		$ 641,875
Term loan facility effective interest rate	5.50%		3.75%
Senior Notes | Senior Notes due 2022, bearing fixed interest at 6.75% per annum
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		$ 456,572
Unamortized debt issuance costs	$ (6,000)		$ (6,000)
Stated interest rate	6.75%	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]
Long-term debt, gross	$ 0		$ 527,010
Unamortized debt issuance costs	$ (8,000)		$ (8,000)
Stated interest rate	7.25%	7.25%	7.25%	7.25%	7.25%	7.25%
Sale-Leaseback Transaction | Sale-Leaseback Transaction
Debt Instrument [Line Items]
Long-term debt, gross	$ 196,418		$ 268,688
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		$ 708,500

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility, Term Loan Facility and Senior Notes (Details) - USD ($)	Jul. 18, 2014	Jun. 17, 2014	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 12, 2016
Debt Instrument [Line Items]
Aggregate letters of credit issued				$ 69,000,000
Repayments of intercompany indebtedness	$ 1,700,000,000
Contractual interest				140,866,000
Liabilities subject to compromise				2,344,563,000	$ 0
Recognized gain on debt retirement as a result of repurchase				0	$ 4,345,000	$ 18,675,000
Senior Notes
Debt Instrument [Line Items]
Debt outstanding	1,080,000,000
Long-term debt				1,000,000,000
Contractual interest				$ 62,000,000
Principal amount of repurchased and cancelled Senior Notes			$ 11,000,000			85,000,000
Repurchase of Senior Notes			7,000,000			67,000,000
Recognized gain on debt retirement as a result of repurchase			$ 4,000,000			$ 19,000,000
Senior Notes | Senior Notes due 2022, bearing fixed interest at 6.75% per annum
Debt Instrument [Line Items]
Debt outstanding	$ 500,000,000
Stated interest rate	6.75%		6.75%	6.75%	6.75%	6.75%	6.75%
Long-term debt							$ 457,000,000
Principal amount of repurchased and cancelled Senior Notes			$ 1,000,000			$ 42,000,000
Senior Notes | Senior Notes due 2024, bearing fixed interest at 7.25% per annum
Debt Instrument [Line Items]
Debt outstanding	$ 580,000,000
Stated interest rate	7.25%		7.25%	7.25%	7.25%	7.25%	7.25%
Long-term debt							$ 527,000,000
Principal amount of repurchased and cancelled Senior Notes			$ 10,000,000			$ 43,000,000
Secured Debt | Term Loan Facility, bearing interest 5.5% and 3.75% as of December 31, 2016 and 2015, respectively
Debt Instrument [Line Items]
Debt outstanding	$ 650,000,000
Quarterly debt principal payments	$ 1,600,000
Original issue discount	0.50%
Liabilities subject to compromise				$ 635,000,000
Secured Debt | LIBOR | Term Loan Facility, bearing interest 5.5% and 3.75% as of December 31, 2016 and 2015, respectively
Debt Instrument [Line Items]
Reference rate margin	2.75%
Minimum LIBOR rate	1.00%
Secured Debt | Base Rate | Term Loan Facility, bearing interest 5.5% and 3.75% as of December 31, 2016 and 2015, respectively
Debt Instrument [Line Items]
Reference rate margin	1.75%
Revolving Credit Facility | Line of Credit
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
Weighted-average interest rate				3.21%
Aggregate letters of credit issued				$ 69,000,000
Revolving Credit Facility | Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Reference rate margin		1.50%
Revolving Credit Facility | Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Reference rate margin		2.50%
Revolving Credit Facility | Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Reference rate margin		1.50%
Revolving Credit Facility | Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Reference rate margin		2.50%

Debt - Schedule of Minimum Annu

Debt - Schedule of Minimum Annual Rental Payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Sale Leaseback Transaction [Line Items]
2,017	$ 41
2,018	32
2,019	31
2,020	127
Thereafter	0
Total	$ 231
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%

Debt - Sale-Leaseback Transacti

Debt - Sale-Leaseback Transaction, Additional Information (Details)	Jul. 24, 2015USD ($)rig	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Sale Leaseback Transaction [Line Items]
Sale-leaseback transaction amount	$ 300,000,000
Number of jackup units included in sale leaseback transaction | rig	2
Term of sale leaseback contract	5 years
Net proceeds in sale-leaseback transaction	$ 292,000,000	$ 0	$ 291,576,000	$ 0
Rental payments, including interest		89,000,000	26,000,000
Short-term restricted cash		8,707,000	3,000,000
Long-term restricted cash		$ 37,880,000	25,030,000
Percentage of excess cash amounts (up to)		25.00%
Prospector 1
Sale Leaseback Transaction [Line Items]
Sale leaseback transactions, rental prepayments		$ 12,000,000	5,000,000
Lease obligation (maximum)		88,000,000
Sale-leaseback transaction, required cash reserve		11,500,000
Prospector 5
Sale Leaseback Transaction [Line Items]
Sale leaseback transactions, rental prepayments		26,000,000	7,000,000
Lease obligation (maximum)		88,000,000
Sale-leaseback transaction, required cash reserve		11,500,000
Lease Agreements | Other assets
Sale Leaseback Transaction [Line Items]
Short-term restricted cash		9,000,000	3,000,000
Long-term restricted cash		$ 29,000,000	$ 25,000,000

Debt - Extinguished Obligations

Debt - Extinguished Obligations (Details) - USD ($)	Mar. 26, 2015	Mar. 16, 2015	Jan. 31, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 17, 2014	Jun. 12, 2014	May 19, 2014
Callable Bond
Debt Instrument [Line Items]
Repayment of Prospector debt					$ 0	$ 101,000,000	$ 0
Line of Credit
Debt Instrument [Line Items]
Repayment of Prospector debt					$ 0	$ 265,666,000	$ 0
Prospector Offshore Drilling S.A. | Interest rate swaps
Debt Instrument [Line Items]
Fixed interest rate								1.512%	1.512%
Prospector Offshore Drilling S.A. | Callable Bond | Acquired Bonds
Debt Instrument [Line Items]
Stated interest rate										7.75%
Repayment of Prospector debt	$ 400,000		$ 99,600,000	$ 100,000,000
Percentage of principal amount redeemed			101.00%	101.00%
Prospector Offshore Drilling S.A. | Line of Credit | Acquired Senior Credit Facility, Prospector 5 Tranche
Debt Instrument [Line Items]
Maximum amount available under credit facility									$ 140,000,000
Prospector Offshore Drilling S.A. | Line of Credit | Acquired Senior Credit Facility, Prospector 1 Tranche
Debt Instrument [Line Items]
Maximum amount available under credit facility									$ 130,000,000
Prospector Offshore Drilling S.A. | Line of Credit | Acquired Senior Credit Facility
Debt Instrument [Line Items]
Maximum amount available under credit facility								$ 270,000,000
Repayment of remaining balance		$ 261,000,000
Prospector Offshore Drilling S.A. | Line of Credit | Acquired Senior Credit Facility | LIBOR
Debt Instrument [Line Items]
Margin percentage in addition to LIBOR									3.50%
Prospector Offshore Drilling S.A. | Line of Credit | Acquired Senior Credit Facility | Minimum
Debt Instrument [Line Items]
Minimum percentage of debt required to hedge									50.00%

Liabilities Subject to Compro74

Liabilities Subject to Compromise (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Feb. 12, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Jul. 18, 2014
Debt Instrument [Line Items]
Liabilities subject to compromise	$ 2,344,563		$ 0
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	709,100
Debt issuance costs	(5,891)
Secured Debt
Debt Instrument [Line Items]
Debt issuance costs	(7,259)
Secured Debt | Term Loan Facility
Debt Instrument [Line Items]
Long-term debt	641,875
Liabilities subject to compromise	635,000
Senior Notes
Debt Instrument [Line Items]
Interest payable on Senior Notes	37,168
Debt issuance costs	(14,012)
Senior Notes | Senior Notes due 2022, bearing fixed interest at 6.75% per annum
Debt Instrument [Line Items]
Long-term debt	$ 456,572
Stated interest rate	6.75%	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]
Long-term debt	$ 527,010
Stated interest rate	7.25%	7.25%	7.25%	7.25%	7.25%	7.25%

Reorganization Items (Details)

Reorganization Items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reorganizations [Abstract]
Professional fees	$ 59,364
Other	11,306
Total Reorganization items, net	70,670	$ 0	$ 0
Professional fees	45,000
Accrued expenses	17,000
Non-cash amortization	$ 9,000

Condensed Combined Debtor-In-76

Condensed Combined Debtor-In-Possession Financial Information - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating revenues
Contract drilling services									$ 574,976	$ 1,368,731	$ 1,866,497
Reimbursables and other									44,324	94,589	93,864
Total operating revenues	$ 61,043	$ 125,078	$ 184,935	$ 265,120	$ 299,563	$ 368,973	$ 393,244	$ 430,648	636,176	1,492,428	1,993,762
Operating costs and expenses
Contract drilling services									360,783	769,373	890,694
Reimbursables									37,366	81,291	77,843
Depreciation and amortization									220,237	339,268	422,235
General and administrative									43,560	59,475	62,081
Loss on impairments									129,915	1,181,358	1,059,487
Total operating costs and expenses									805,552	2,433,802	2,518,439
Operating loss before interest, reorganization items and income taxes	(189,784)	(29,509)	6,426	43,491	10,590	(1,105,344)	57,727	95,653	(169,376)	(941,374)	(524,677)
Interest expense, net (contractual interest of $33,011 and $95,782 for the three and nine months ended September 30, 2016)									(77,271)	(130,036)	(56,654)
Other, net									(553)	(310)	3,920
Reorganization items, net									(70,670)	0	0
Loss before income taxes									(317,870)	(1,071,720)	(577,411)
Income tax provision									(20,486)	72,108	(69,394)
Net loss									(338,356)	(999,612)	(646,805)
Net loss attributable to Paragon	$ (244,419)	$ (63,618)	$ (25,109)	$ (5,210)	$ (23,263)	$ (1,084,838)	$ 47,331	$ 61,127	(338,356)	$ (999,643)	$ (646,746)
Contractual interest									140,866
Subsidiaries in Bankruptcy Proceedings
Operating revenues
Contract drilling services									455,749
Reimbursables and other									48,209
Total operating revenues									503,958
Operating costs and expenses
Contract drilling services									335,569
Reimbursables									26,659
Depreciation and amortization									196,898
General and administrative									41,570
Loss on impairments									122,957
Total operating costs and expenses									723,653
Operating loss before interest, reorganization items and income taxes									(219,695)
Interest expense, net (contractual interest of $33,011 and $95,782 for the three and nine months ended September 30, 2016)									(64,931)
Other, net									530
Reorganization items, net									(62,169)
Loss before income taxes									(346,265)
Income tax provision									(19,649)
Net loss									(365,914)
Equity in earnings of Non-Filing entities, net of tax									27,558
Net loss attributable to Paragon									(338,356)
Contractual interest									$ 129,604

Condensed Combined Debtor-In-77

Condensed Combined Debtor-In-Possession Financial Information - Statement of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 883,794	$ 773,571	$ 56,772	$ 36,581
Accounts receivable, net of allowance for doubtful accounts of $33 million	65,644	266,325
Prepaid and other current assets	69,380	110,027
Total current assets	1,027,525	1,152,923
Property and equipment, at cost	2,336,504	2,652,537
Accumulated depreciation	(1,523,732)	(1,541,439)
Property and equipment, net	812,772	1,111,098
Other long-term assets	25,554	73,796
Total assets	1,903,731	2,362,847
Current liabilities
Accounts payable	61,853	85,374
Accrued payroll and related costs	43,683	48,246
Taxes payable	33,248	34,381
Interest payable	497	34,085
Other current liabilities	21,548	41,174
Total current liabilities	190,566	283,889
Deferred income taxes	6,282	9,373
Other liabilities	29,114	37,731
Liabilities subject to compromise	2,344,563	0
Total liabilities	2,736,488	2,869,437
Equity
Total deficit	(832,757)	(506,590)	$ 494,249	$ 2,005,333
Total liabilities and equity	1,903,731	2,362,847
Allowance for doubtful accounts	25,000	44,000
Subsidiaries in Bankruptcy Proceedings
Current assets
Cash and cash equivalents	553,238	$ 466,984
Accounts receivable, net of allowance for doubtful accounts of $33 million	48,861
Accounts receivable from Non-Filing entities	647,657
Prepaid and other current assets	33,228
Total current assets	1,282,984
Investment in Non-Filing entities	1,074,335
Notes receivable from Non-Filing entities	58,759
Property and equipment, at cost	1,809,120
Accumulated depreciation	(1,481,209)
Property and equipment, net	327,911
Other long-term assets	25,974
Total assets	2,769,963
Current liabilities
Current maturities of debt due to Non-Filing entities	3,606
Accounts payable	32,261
Accounts payable due to Non-Filing entities	941,644
Accrued payroll and related costs	24,591
Taxes payable	13,418
Interest payable	591
Other current liabilities	15,993
Total current liabilities	1,032,104
Long-term debt due to Non-Filing entities	2,112
Deferred income taxes	2,505
Other liabilities	24,758
Liabilities subject to compromise	2,344,563
Total liabilities	3,406,042
Equity
Total deficit	(636,079)
Total liabilities and equity	2,769,963
Allowance for doubtful accounts	$ 25,000

Condensed Combined Debtor-In-78

Condensed Combined Debtor-In-Possession Financial Information - Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	$ 253,372	$ 483,733	$ 696,989
Capital expenditures	(43,405)	(202,909)	(261,641)
Change in accrued capital expenditures	(8,377)	(14,638)	1,230
Change in restricted cash	(18,557)	(15,528)	(12,502)
Net cash used in investing activities	(70,339)	(204,444)	(453,218)
Net cash provided by (used in) financing activities	(72,810)	437,510	(223,580)
Net change in cash and cash equivalents	110,223	716,799	20,191
Cash and cash equivalents, beginning of period	773,571	56,772	36,581
Cash and cash equivalents, end of period	883,794	773,571	$ 56,772
Subsidiaries in Bankruptcy Proceedings
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	140,895
Capital expenditures	(37,424)
Change in accrued capital expenditures	(7,955)
Change in restricted cash	(9,262)
Net cash used in investing activities	(54,641)
Net cash provided by (used in) financing activities	0
Net change in cash and cash equivalents	86,254
Cash and cash equivalents, beginning of period	466,984
Cash and cash equivalents, end of period	$ 553,238	$ 466,984

Income Taxes - Income Before Ta

Income Taxes - Income Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
United States	$ 2,106	$ (456,093)	$ 70,949
Non-U.S.	(319,976)	(615,627)	(648,360)
Loss before income taxes	$ (317,870)	$ (1,071,720)	$ (577,411)

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Current - United States	$ (13,835)	$ (17,354)	$ 45,754
Current - Non-U.S.	10,311	7,116	43,115
Deferred - United States	14,751	(66,583)	(30,391)
Deferred - Non-U.S.	9,259	4,713	10,916
Total	$ 20,486	$ (72,108)	$ 69,394

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Effective tax rate	6.40%
Pre-tax loss	$ 317,870	$ 1,071,720	$ 577,411
Interest and penalties resulting in income tax expense	1,000	1,000	$ 2,000
Unrecognized tax benefits, including interest and penalties accrual	19,000
Unrecognized tax benefits that would impact effective tax rate	$ 18,506	$ 18,505

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory and Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Total	(6.40%)
Her Majesty's Revenue and Customs (HMRC)
Income Taxes [Line Items]
U.K. statutory income tax rate	20.00%	20.30%	21.50%
Tax rates which are different from the U.K. rate	(17.90%)	(4.80%)	(36.80%)
Tax effect of asset impairment	0.00%	1.80%	4.30%
Change in valuation allowance	(8.80%)	(11.10%)	0.00%
Adjustments to uncertain tax positions	0.30%	0.50%	(1.00%)
Total	(6.40%)	6.70%	(12.00%)

Income Taxes - Components of Ne

Income Taxes - Components of Net Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets
Deferred loss on asset dispositions	$ 81,571	$ 102,382
Accrued expenses not currently deductible	24,454	18,922
Net operating losses	25,071	17,901
Excess of tax basis over book basis of Property and Equipment	17,314	7,575
Bad debt	2,836	6,118
Other	8,367	7,152
Deferred tax assets	159,613	160,050
Less: Valuation allowance	(146,731)	(118,768)
Net deferred tax assets	12,882	41,282
Deferred tax liabilities
Excess of net book basis over remaining tax basis of Property and equipment	(7,842)	(11,385)
Deferred taxes on unremitted earnings	(6,043)	(6,043)
Contract market valuation	(1,708)	(3,567)
Deferred foreign exchange gain	(1,176)	0
Other	(2,395)	(2,421)
Deferred tax liabilities	(19,164)	(23,416)
Net deferred tax liabilities	$ (6,282)
Net deferred tax asset		$ 17,866

Income Taxes - Reconciliation84

Income Taxes - Reconciliation of Reserve for Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross balance at January 1,	$ 10,426	$ 29,679	$ 32,336
Additions based on tax positions related to the current year	0	0	4,442
Additions for tax positions of prior years	1,176	1,056	1,424
Reductions for tax positions of prior years	(738)	(4,966)	(7,298)
Expiration of statutes	(230)	(221)	(1,225)
Tax settlements	0	(15,122)	0
Gross balance at December 31,	10,634	10,426	29,679
Related tax benefits	0	0	0
Net balance at December 31,	$ 10,634	$ 10,426	$ 29,679

Income Taxes - Liabilities Rela

Income Taxes - Liabilities Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, excluding interest and penalties	$ 10,634	$ 10,426	$ 29,679
Interest and penalties included in Other liabilities	7,872	8,079
Unrecognized tax benefits, including interest and penalties	$ 18,506	$ 18,505

Restructuring Charges (Details)

Restructuring Charges (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Restructuring and Related Activities [Abstract]
Restructuring expense	$ 12
Payments for restructuring costs	7
Accrued restructuring expense	10
Expected future cost	$ 5

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016USD ($)pension_plan	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Defined Benefit Plan Disclosure [Line Items]
Other postretirement benefit expense	$ 1,000,000	$ 1,000,000	$ 2,000,000
Non-U.S. Defined Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit pension plans | pension_plan	2
Pension expense	$ 6,000,000	6,000,000	$ 6,000,000
Estimated amortization related to prior service cost	0
Projected net periodic benefit cost, next 12 months	500,000
Estimated amortization related to actuarial loss (less than)	100,000
Employer contributions to non-U.S. pension plans	5,639,000	$ 4,868,000
Non-U.S. Defined Benefit Plan | Minimum
Defined Benefit Plan Disclosure [Line Items]
Aggregate minimum contributions to plans next year	$ 2,000,000
Non-U.S. Defined Benefit Plan | Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan target asset allocation (as a percent)	100.00%

Employee Benefit Plans - Reconc

Employee Benefit Plans - Reconciliation of Changes in Projected Benefit Obligations for Non-US Plan (Details) - Non-U.S. Defined Benefit Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 116,068	$ 124,362
Service cost	4,562	5,375	$ 4,819
Interest cost	2,254	1,946	2,601
Actuarial loss (gain)	24,393	(2,163)
Benefits and expenses paid	(1,349)	(1,184)
Plan participants’ contribution	563	641
Foreign exchange rate changes	(5,068)	(12,909)
Other: curtailment gain	(9,209)	0
Benefit obligation at end of year	$ 132,214	$ 116,068	$ 124,362

Employee Benefit Plans - Reco89

Employee Benefit Plans - Reconciliation of the Changes in Fair Value of Plan Assets (Details) - Non-U.S. Defined Benefit Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 115,165	$ 125,591
Actual return on plan assets	20,588	(1,790)
Employer contribution	5,639	4,868
Benefits paid	(938)	(813)
Plan participants’ contributions	563	635
Expenses paid	(411)	(371)
Foreign exchange rate changes	(3,937)	(12,955)
Fair value of plan assets at end of year	$ 136,669	$ 115,165

Employee Benefit Plans - Funded

Employee Benefit Plans - Funded Status of the Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Non-U.S. Defined Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Funded status	$ 4,455	$ (903)

Employee Benefit Plans - Amount

Employee Benefit Plans - Amounts Recognized in the Consolidated Balance Sheets (Details) - Non-U.S. Defined Benefit Plan - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other assets - noncurrent	$ 4,455	$ 938
Other liabilities - noncurrent	0	(1,841)
Net pension asset (liability)	4,455	(903)
Accumulated other comprehensive loss recognized in financial statements	14,329	20,351
Net amount recognized	$ 18,784	$ 19,448

Employee Benefit Plans - Amou92

Employee Benefit Plans - Amounts Recognized in Other Comprehensive Loss (Details) - Non-U.S. Defined Benefit Plan - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net loss	$ (14,329)	$ (20,572)
Prior service credit	0	221
Accumulated other comprehensive income (loss)	$ (14,329)	$ (20,351)

Employee Benefit Plans - Pensio

Employee Benefit Plans - Pension Costs (Details) - Non-U.S. Defined Benefit Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost	$ 4,562	$ 5,375	$ 4,819
Interest cost	2,254	1,946	2,601
Expected return on plan assets	(1,806)	(1,773)	(2,625)
Amortization of prior service credit	(18)	(18)	(16)
Amortization net actuarial loss	757	755	1,077
Net curtailment gain	(201)	0	(66)
Net pension expense	$ 5,548	$ 6,285	$ 5,790

Employee Benefit Plans - Disagg

Employee Benefit Plans - Disaggregated Plan Information (Details) - Non-U.S. Defined Benefit Plan - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Projected benefit obligation	$ 132,214	$ 116,068	$ 124,362
Accumulated benefit obligation	132,214	111,366
Fair value of plan assets	$ 136,669	$ 115,165	$ 125,591

Employee Benefit Plans - Key Pl

Employee Benefit Plans - Key Plan Assumptions (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
Expected long-term return on plan assets		1.30%
Non-U.S. Defined Benefit Plan
Weighted Average Assumptions Used to Determine Benefit Obligations
Rate of compensation increase	3.60%	3.60%
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
Rate of compensation increase	3.60%	3.60%	3.60%
Minimum | Non-U.S. Defined Benefit Plan
Weighted Average Assumptions Used to Determine Benefit Obligations
Discount rate	1.15%	2.60%	2.70%
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	1.15%	2.60%
Expected long-term return on plan assets	1.03%		2.70%
Maximum | Non-U.S. Defined Benefit Plan
Weighted Average Assumptions Used to Determine Benefit Obligations
Discount rate	1.42%	2.90%	3.90%
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	1.42%	2.90%
Expected long-term return on plan assets	1.06%		2.80%

Employee Benefit Plans - Fair V

Employee Benefit Plans - Fair Value of Pension Plans (Details) - Non-U.S. Defined Benefit Plan - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 136,669	$ 115,165	$ 125,591
Quoted Prices in Active Markets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36,089	28,228
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	100,580	86,937	$ 93,115
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36,089	28,228
Corporate Bonds | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Corporate Bonds | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36,089	28,228
Corporate Bonds | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	100,580	86,937
Other | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 100,580	$ 86,937

Employee Benefit Plans - Define

Employee Benefit Plans - Defined Benefit Plan Assets, Level 3 Reconciliation (Details) - Non-U.S. Defined Benefit Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] [Abstract]
Fair value of plan assets at beginning of year	$ 115,165	$ 125,591
Return on plan assets	20,588	(1,790)
Fair value of plan assets at end of year	136,669	115,165
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] [Abstract]
Fair value of plan assets at beginning of year	86,937	93,115
Assets sold/benefits paid	(938)	(791)
Return on plan assets	14,581	(5,387)
Fair value of plan assets at end of year	$ 100,580	$ 86,937

Employee Benefit Plans - Future

Employee Benefit Plans - Future Estimated Benefit Payments (Details) - Non-U.S. Defined Benefit Plan $ in Thousands	Dec. 31, 2016USD ($)
Estimated benefit payments
Total	$ 20,561
2,017	1,022
2,018	1,205
2,019	1,395
2,020	1,570
2,021	1,766
Five Years Thereafter	$ 13,603

Derivative Instruments and He99

Derivative Instruments and Hedging Activities (Details) - Prospector Offshore Drilling S.A. - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2015	Nov. 17, 2014	Jun. 12, 2014
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate			1.512%	1.512%
Interest rate swaps | Interest expense, net of amount capitalized
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest swap termination	$ 1,000,000
Gain on derivatives		$ 1,000,000
Interest rate swaps | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding derivative contracts			$ 135,000,000
Line of Credit | Prospector 2018 Senior Secured Credit Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maximum amount available under credit facility			$ 270,000,000
Percentage of debt hedged			50.00%

Fair Value of Financial Inst100

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt issuance costs	$ 718	$ 23,572
6.75% Senior Notes due July 15, 2022 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt issuance costs	6,000	6,000
7.25% Senior Notes due August 15, 2024 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt issuance costs	$ 8,000	$ 8,000
Term Loan Facility | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan facility effective interest rate	5.50%	3.75%
Unamortized discount (premium) and debt issuance costs, net	$ 7,000	$ 8,000

Fair Value of Financial Inst101

Fair Value of Financial Instruments - Senior Notes (Details) - Senior Notes - USD ($) $ in Thousands	Dec. 31, 2016	Feb. 12, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Jul. 18, 2014
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 983,582		$ 983,582
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 176,868		$ 140,161
6.75% Senior Notes due July 15, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	6.75%	6.75%	6.75%	6.75%	6.75%	6.75%
6.75% Senior Notes due July 15, 2022 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 456,572		$ 456,572
6.75% Senior Notes due July 15, 2022 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 83,324		$ 65,062
7.25% Senior Notes due August 15, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	7.25%	7.25%	7.25%	7.25%	7.25%	7.25%
7.25% Senior Notes due August 15, 2024 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 527,010		$ 527,010
7.25% Senior Notes due August 15, 2024 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 93,544		$ 75,099

Fair Value of Financial Inst102

Fair Value of Financial Instruments - Term Loan Facility (Details) - Secured Debt - Term Loan Facility - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 641,875	$ 641,875
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 244,113	$ 235,889

Concentration of Market and 103

Concentration of Market and Credit Risk - Additional Information (Details) - Customer concentration risk	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Sales revenue | Total S. A.
Concentration Risk [Line Items]
Percent of operating revenues contributed by major customers	24.00%	16.00%	3.00%
Sales revenue | National Drilling Company
Concentration Risk [Line Items]
Percent of operating revenues contributed by major customers	17.00%	9.00%	6.00%
Sales revenue | Petrobras
Concentration Risk [Line Items]
Percent of operating revenues contributed by major customers	17.00%	21.00%	23.00%
Sales revenue | Pemex
Concentration Risk [Line Items]
Percent of operating revenues contributed by major customers	3.00%	9.00%	16.00%
Accounts receivable | Total S. A.
Concentration Risk [Line Items]
Percent of operating revenues contributed by major customers	18.00%	12.00%
Accounts receivable | National Drilling Company
Concentration Risk [Line Items]
Percent of operating revenues contributed by major customers	21.00%	10.00%
Accounts receivable | Petrobras
Concentration Risk [Line Items]
Percent of operating revenues contributed by major customers	1.00%	5.00%
Accounts receivable | Pemex
Concentration Risk [Line Items]
Percent of operating revenues contributed by major customers	19.00%	26.00%

Accumulated Other Comprehens104

Accumulated Other Comprehensive Loss - Components of and Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	$ (506,590)	$ 494,249	$ 2,005,333
Activity during period:
Total other comprehensive income (loss), net	3,356	(4,870)	(6,649)
Balance	(832,757)	(506,590)	494,249
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	(20,351)	(22,911)
Activity during period:
Other comprehensive loss before reclassification	5,509	1,823
Amounts reclassified from AOCL	513	737
Total other comprehensive income (loss), net	6,022	2,560
Balance	(14,329)	(20,351)	(22,911)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	(21,663)	(14,233)
Activity during period:
Other comprehensive loss before reclassification	(2,666)	(7,430)
Amounts reclassified from AOCL	0	0
Total other comprehensive income (loss), net	(2,666)	(7,430)
Balance	(24,329)	(21,663)	(14,233)
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	(42,014)	(37,144)	(6)
Activity during period:
Other comprehensive loss before reclassification	2,843	(5,607)
Amounts reclassified from AOCL	513	737
Total other comprehensive income (loss), net	3,356	(4,870)	(6,649)
Balance	$ (38,658)	$ (42,014)	$ (37,144)

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,017	$ 5,724
2,018	3,061
2,019	2,304
2,020	2,001
2,021	1,598
Thereafter	1,864
Total	16,552
Operating lease rent expense	$ 13,000	$ 17,000

Commitments and Contingencie106

Commitments and Contingencies - Purchase Commitments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)rig
Long-term Purchase Commitment [Line Items]
Shipyard and purchase commitments	$ 585
Purchase obligation due in next twelve months	$ 579
Prospector Offshore Drilling S.A.
Long-term Purchase Commitment [Line Items]
Number of jackups under construction | rig	3

Commitments and Contingencie107

Commitments and Contingencies - Tax Contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Secretariat of the Federal Revenue Bureau of Brazil
Loss Contingencies [Line Items]
Withholding tax expense	$ 8
Withholding Taxes | Secretariat of the Federal Revenue Bureau of Brazil | Minimum
Loss Contingencies [Line Items]
Withholding tax percentage on charter hire payments	15.00%
Withholding Taxes | Secretariat of the Federal Revenue Bureau of Brazil | Maximum
Loss Contingencies [Line Items]
Withholding tax percentage on charter hire payments	25.00%
Tax Audit Claims Primarily in Mexico and Brazil | Tax Audit Claims
Loss Contingencies [Line Items]
Estimate of loss	$ 345
Claims subject to indemnity by Noble	88
Tax Audit Claims in Mexico Result of Spin-Off | Tax Audit Claims
Loss Contingencies [Line Items]
Estimate of loss	30
Petrobras | Withholding Taxes
Loss Contingencies [Line Items]
Estimate of loss	87
Claims subject to indemnity by Noble	$ 24

Commitments and Contingencie108

Commitments and Contingencies - Settlement with Noble Corporation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Aug. 05, 2016
Unsecured Debt | Forecast | Noble Note
Loss Contingencies [Line Items]
Debt maturity period	4 years
Percentage to be paid in cash	12.00%
Percentage paid-in-kind	15.00%
Tax Audit Claims in Mexico Result of Spin-Off | Tax Audit Claims
Loss Contingencies [Line Items]
Estimate of loss		$ 30,000,000
Tax Audit Claims in Mexico Result of Spin-Off | Tax Audit Claims | Maximum
Loss Contingencies [Line Items]
Deferral option			$ 5,000,000
Mexican Tax Assessments | Tax Assessments
Loss Contingencies [Line Items]
Estimate of loss		$ 165,000,000
Percentage of predecessor tax liability		50.00%

Commitments and Contingencie109

Commitments and Contingencies - Other Contingencies (Details) $ in Millions	Dec. 31, 2016USD ($)
International Commercial Claims | Maximum
Loss Contingencies [Line Items]
Estimate of loss	$ 15

Commitments and Contingencie110

Commitments and Contingencies - Other (Details) $ in Millions	Dec. 31, 2016USD ($)
Other Commitments [Line Items]
Aggregate letters of credit issued	$ 69
Performance bonds	97
Letter of Credit
Other Commitments [Line Items]
Collateral backing performance bonds	57
Cash Deposit
Other Commitments [Line Items]
Collateral backing performance bonds	$ 9

Commitments and Contingencie111

Commitments and Contingencies - Separation Agreements (Details) - Noble Corporation PLC - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other Commitments [Line Items]
Due from Noble	$ 8,767	$ 32,413
Due to Noble	6,073	9,546
Accounts receivable
Other Commitments [Line Items]
Due from Noble, current	1,149	22,695
Other current assets
Other Commitments [Line Items]
Due from Noble, current	461	3,032
Other assets
Other Commitments [Line Items]
Other assets	7,157	6,686
Accounts payable
Other Commitments [Line Items]
Due to Noble, current	211	211
Other current liabilities
Other Commitments [Line Items]
Due to Noble, current	2,594	6,067
Other liabilities
Other Commitments [Line Items]
Other liabilities	$ 3,268	$ 3,268

Predecessor Allocations (Detail

Predecessor Allocations (Details) - Noble Corporation PLC - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Contract drilling services	$ 0	$ 0	$ 25,000,000
Contract Drilling Services
Related Party Transaction [Line Items]
Contract drilling services			$ 70,000,000

Supplemental Cash Flow Infor113

Supplemental Cash Flow Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Accounts receivable	$ 204,446	$ 233,812	$ (178,108)
Other current assets	32,859	(5,383)	42,922
Other assets	9,656	(479)	(33,637)
Accounts payable	(36,615)	(57,246)	25,890
Other current liabilities	(14,969)	(132,195)	14,273
Other liabilities	(8,571)	(51,790)	(29,514)
Prepaid and accrued reorganization items	26,116	0	0
Net change in other assets and liabilities	$ 212,922	$ (13,281)	$ (158,174)

Supplemental Cash Flow Infor114

Supplemental Cash Flow Information - Additional Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash paid (refunded) during the period for:
Interest		$ 75,487	$ 124,763	$ 21,109
U.S. and Non-U.S. income taxes		(9,506)	66,657	85,248
Supplemental information for non-cash activities:
Assets related to Sale-Leaseback Transaction		0	465,043	0
Adjustments to distributions by former parent	$ 9,000	0	9,493	0
Accrued capital expenditures		1,928	10,305	24,003
Transfer from parent of property and equipment		$ 0	$ 0	$ 18,124

Segment and Related Informat115

Segment and Related Information (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 61,043	$ 125,078	$ 184,935	$ 265,120	$ 299,563	$ 368,973	$ 393,244	$ 430,648	$ 636,176	$ 1,492,428	$ 1,993,762
Identifiable Assets	1,903,731				2,362,847				$ 1,903,731	2,362,847
Reportable segments | segment									1
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									$ 131,192	368,502	488,884
Identifiable Assets	35,017				169,626				35,017	169,626
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									181,512	305,499	193,908
Identifiable Assets	666,823				1,122,653				666,823	1,122,653
The Netherlands
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									90,764	242,128	284,651
Identifiable Assets	574,243				252,686				574,243	252,686
United Arab Emirates
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									109,886	135,747	139,318
Identifiable Assets	193,596				229,351				193,596	229,351
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									16,230	133,970	326,352
Identifiable Assets	46,620				183,944				46,620	183,944
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									55,882	71,743	79,201
Identifiable Assets	85,673				102,054				85,673	102,054
Cameroon
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									16,102	70,901	35,224
Identifiable Assets	13,822				100,828				13,822	100,828
Qatar
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									0	36,234	94,320
Identifiable Assets	16,544				25,844				16,544	25,844
Denmark
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									0	8,382	28,645
Identifiable Assets	76,304				0				76,304	0
USA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									0	340	85,060
Identifiable Assets	177,317				137,128				177,317	137,128
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									34,608	118,982	$ 238,199
Identifiable Assets	$ 17,772				$ 38,733				$ 17,772	$ 38,733

Unaudited Interim Financial 116

Unaudited Interim Financial Data - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Operating revenues	$ 61,043	$ 125,078	$ 184,935	$ 265,120	$ 299,563	$ 368,973	$ 393,244	$ 430,648	$ 636,176	$ 1,492,428	$ 1,993,762
Operating income (loss)	(189,784)	(29,509)	6,426	43,491	10,590	(1,105,344)	57,727	95,653	(169,376)	(941,374)	(524,677)
Net loss attributable to Paragon Offshore	$ (244,419)	$ (63,618)	$ (25,109)	$ (5,210)	$ (23,263)	$ (1,084,838)	$ 47,331	$ 61,127	$ (338,356)	$ (999,643)	$ (646,746)
Earnings (loss) per share - basic and diluted (in dollars per share)	$ (2.78)	$ (0.72)	$ (0.29)	$ (0.06)	$ (0.27)	$ (12.46)	$ 0.51	$ 0.69	$ (3.87)	$ (11.65)	$ (7.63)

Unaudited Interim Financial 117

Unaudited Interim Financial Data - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss attributable to Paragon	$ (244,419)	$ (63,618)	$ (25,109)	$ (5,210)	$ (23,263)	$ (1,084,838)	$ 47,331	$ 61,127	$ (338,356)	$ (999,643)	$ (646,746)
Adjustments for Error Correction, Overaccrual of Expenses for Prior Periods | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss attributable to Paragon					$ 10,200