PARAGON OFFSHORE PLC (PGN) saw its loss widen to $244.42 million, or $2.78 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $23.26 million, or $0.27 a share. On an adjusted basis, net loss for the quarter stood at $114.50 million, or $1.30 a share compared with a net profit of $2.97 million, or $0.03 a share in the last year period.

Revenue during the quarter plunged 79.62 percent to $61.04 million from $299.56 million in the previous year period. Gross margin for the quarter stood at negative 18.45 percent as compared to a positive 38.45 percent for the previous year period.

Operating loss for the quarter was $189.78 million, compared with an operating income of $10.59 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at negative $21.36 million compared with $97.60 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 35 percent for the quarter compared to 32.58 percent in the last year period.

The company has spent $70.34 million cash to meet investing activities during the year as against cash outgo of $204.44 million in the last year.

The company has spent $72.81 million cash to carry out financing activities during the year as against cash inflow of $437.51 million in the last year period.

Cash and cash equivalents stood at $883.79 million as on Dec. 31, 2016, up 14.25 percent or $110.22 million from $773.57 million on Dec. 31, 2015.

Debt comes down significantly
PARAGON OFFSHORE PLC has recorded a decline in total debt over the last one year. It stood at $195.70 million as on Dec. 31, 2016, down 92.41 percent or $2,383.37 million from $2,579.07 million on Dec. 31, 2015.