Dean Taylor to Serve as Interim President and CEO
Lee Ahlstrom Named Interim CFO
HOUSTON, Nov. 10, 2016 (GLOBE NEWSWIRE) -- The Board of Directors of Paragon Offshore plc (“Paragon” or the “company”) (OTC:PGNPQ) announced that, effective immediately, it has appointed Dean E. Taylor, a director of the company since its founding in 2014, to serve as interim President and Chief Executive Officer. Additionally, the Board has named Lee M. Ahlstrom, currently the company’s Senior Vice President of Investor Relations, Strategy, and Planning, as interim Chief Financial Officer.
Mr. Taylor and Mr. Ahlstrom succeed Randall D. Stilley and Steven A. Manz, who are no longer with the company. In addition, Mr. Stilley is no longer a member of the Paragon Board of Directors.
J. Robinson West, Chairman of the Board, stated, “We are fortunate to have a deep bench of talent, and thank Mr. Taylor and Mr. Ahlstrom for taking on these important responsibilities. The Board will work closely with them and our advisors in bringing the company’s ongoing restructuring efforts to a successful conclusion.”
About Dean E. Taylor
Mr. Taylor has served as a member of Paragon’s Board of Directors and as the chairperson of Paragon’s Nominating and Corporate Governance Committee since its founding in 2014. He previously served in a variety of roles at Tidewater Inc. from 1978 through 2012, including Chief Executive Officer and Chairman of the Board. Tidewater, Inc. is a global provider of offshore service vessels to the energy industry. Mr. Taylor also serves on the board of directors of the American Bureau of Shipping and has previously served on the boards of Trican Well Service Ltd. and Whitney Holding Corporation.
About Lee M. Ahlstrom
Lee M. Ahlstrom has served as Senior Vice President of Investor Relations, Strategy and Planning of Paragon since its founding in 2014. Mr. Ahlstrom has more than 20 years of experience in the oil and gas industry. Prior to his role at Paragon, he served as Senior Vice President – Strategic Development and Vice President of Investor Relations and Planning of Noble Corporation. Prior to joining Noble, Mr. Ahlstrom held various management positions at UNOCAL Corporation and was an Engagement Manager with McKinsey & Company. Mr. Ahlstrom began his career with Exxon, where he held a variety of surface and subsurface engineering positions. Mr. Ahlstrom serves on the board of directors for the National Investor Relations Institute (NIRI) and holds NIRI’s Investor Relations Charter (IRC™) credential.
About Paragon Offshore
Paragon is a global provider of offshore drilling rigs. Paragon’s operated fleet includes 34 jackups, including two high specification heavy duty/harsh environment jackups, four drillships and two semisubmersibles. Paragon’s primary business is contracting its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragon’s principal executive offices are located in Houston, Texas. Paragon is a public limited company registered in England and Wales with company number 08814042 and registered office at 20-22 Bedford Row, London, WC1R 4JS, England. Additional information is available at www.paragonoffshore.com.