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2 IN THE HIGH COURT OF JUSTICE CR CHANCERY DIVISION COMPANIES COURT IN THE MATTER OF PARAGON OFFSHORE PLC AND IN THE MATTER OF THE INSOLVENCY ACT 1986 INDEX TO EXHIBIT TS2 DOCUMENT DATE PAGE NO Press release regarding the administration application hearing Form 8-K filed with the Securities and Exchange Commssion Notice of commencement of a foreign proceeding New UK Adminstration page on Paragon Offshore plc s chapter 11 website hosted by Kurtzman Carson Consultants LLC from Kurtzman Carson Consultants LLC from Paragon Offshore plc from Kurtzman Carson Consultants LLC to Mr Hammersley and Mr de Grout from Paragon Offshore plc to Mr Hammersley and Mr de Grout corresondence between Weil and legal representatives of certain creditors WEIL:\ \1\

3 Paragon Offshore plc 3151 Briarpark Drive Suite 700 Houston, Texas PRESS RELEASE PARAGON OFFSHORE FILES APPLICATION FOR ADMINISTRATION IN UNITED KINGDOM TO ADVANCE ITS CHAPTER 11 PLAN Administration process in UK is a necessary part of previously announced restructuring plan Paragon will continue to operate in normal course during administration Paragon remains on track to emerge from chapter 11 in July HOUSTON, May 17, 2017 Paragon Offshore plc ( Paragon or the company ) (OTC: PGNPQ) announced today that the company s board of directors filed an application with the High Court of Justice, Chancery Division, Companies Court of England and Wales (the English Court ) for the appointment of two partners of Deloitte LLP to serve as joint administrators of the company (the Proposed Administrators and, upon their appointment by the English Court, the Administrators ) in the United Kingdom under paragraph 12(1)(b) of Schedule B1 to the Insolvency Act 1986 (the Application ). A hearing on the Application is expected to be scheduled shortly in London at the English Court. Paragon s decision to apply for the appointment of the Proposed Administrators is a necessary component of the consensual plan of reorganization (the Consensual Plan ) under chapter 11 of the United States Bankruptcy Code that the company announced on May 2, Under the Consensual Plan, Paragon s existing equity will be deemed worthless and the company s secured creditors and unsecured bondholders will receive equity in a new reorganized parent company. We believe that the appointment of administrators is an important positive step forward in Paragon s restructuring process, said Dean E. Taylor, Paragon s President and Chief Executive Officer. In connection with their support of the Consensual Plan, which contemplates the appointment of the Proposed Administrators, the ad hoc committee of term lenders, the steering committee of revolving lenders, and our unsecured creditors committee each also support the Application. Our Consensual Plan will eliminate more than $2.4 billion of existing debt and allow us to emerge from chapter 11 as a stronger, better positioned 1

4 company capable of managing the challenges of this difficult environment. If the Application is approved by the English Court, the next milestone will be our confirmation hearing, scheduled to commence June 7, 2017 in Delaware, following which, if confirmed, we expect to emerge from chapter 11 in July. Under administration, Paragon will continue to conduct business in its normal course. Drilling contracts will continue and vendors and employees will continue to be paid. The Administrators will assume all powers to manage the affairs of the company; however, Paragon s existing board has agreed to remain involved in an advisory capacity to the Administrators until the company emerges from chapter 11, and the existing executive management team will remain responsible for the operational management of the Paragon group. Additional Information Details of the Consensual Plan can be found in the Current Report on Form 8-K filed by the company with the U.S. Securities and Exchange Commission (the SEC ) on May 3, Additional information will be available on Paragon s website at or by calling Paragon s Restructuring Hotline at The Application is scheduled to be heard by the English Court on May 23, 2017 at the Companies Court, The Rolls Building, 7 Rolls Building, Fetter Lane, London, EC4A 1NL. The hearing of the Application may be adjourned or continued from time to time by the English Court. Further details of the Application (including details of the time set for the hearing of the Application in the English Court, and copies of certain documents filed with the English Court) will be available on the U.K. Administration tab of the company s chapter 11 website hosted by KCC at Weil, Gotshal & Manges LLP is serving as legal counsel to Paragon and Lazard is serving as financial advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Creditors Committee and Ducera Partners LCC is serving as financial advisor. Simpson Thacher & Bartlett LLP is serving as legal counsel to the Revolver Agent and PJT Partners is serving as financial advisor. Freshfields Bruckhaus Deringer LLP is serving as legal counsel to the Term Loan Agent and FTI Consulting, Inc. is serving as financial advisor. 2

5 Forward-Looking Disclosure Statement This document contains forward-looking statements. Statements regarding the Consensual Plan, Paragon s ability to obtain approval of the Consensual Plan, its ability to implement the proposed transaction set forth under the Consensual Plan, contract commitments, approval of the Application, Paragon s operations under administration, Paragon s capital structure and competitive position following emergence from bankruptcy, the bankruptcy process including timing and steps, and implications for shareholders, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to risks associated with the general nature of the oil and gas industry, risks associated with the company s restructuring, actions by regulatory authorities, customers and other third parties, and other factors detailed in the Risk Factors section of Paragon s annual report on Form 10-K for the fiscal year ended December 31, 2016, Paragon s most recently filed report on Form 10-Q, and in Paragon s other filings with the SEC, which are available free of charge on the SEC's website at Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. About Paragon Offshore Paragon is a leading provider of standard specification offshore drilling services. Paragon s operated fleet includes 32 jackups, including two high specification heavy duty/harsh environment jackups, four drillships, and one semisubmersible. 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 and registered office at Bedford Row, London, WC1R 4JS, England. Additional information is available at For additional information, contact: For Investors & Media: Lee M. Ahlstrom Senior Vice President & Interim Chief Financial Officer

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9 Case CSS Doc 1507 Filed 05/17/17 Page 1 of 2 UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE x : In re : Chapter 11 : PARAGON OFFSHORE PLC, et al., : Case No (CSS) : : Jointly Administered Debtors. 1 : x NOTICE OF COMMENCEMENT OF FOREIGN PROCEEDING IN RELATION TO PARAGON OFFSHORE PLC PLEASE TAKE NOTICE THAT: 1. Application for Administration. Consistent with the terms of the proposed Fifth Joint Chapter 11 Plan of Paragon Offshore Plc and Its Affiliated Debtors, filed on May 2, 2017 (as may be further amended, modified or supplemented) (Docket No. 1459) (the Proposed Plan ), on May 17, 2017, the board of directors of Paragon Offshore plc (the Company ) filed an administration application pursuant to paragraph 12(1)(b) of Schedule B1 to the Insolvency Act 1986 (the Application ) with the High Court of Justice, Chancery Division, Companies Court of England and Wales (the English Court ) seeking the appointment by order of the English Court of Neville Barry Kahn (insolvency practitioner number 8690) and David Philip Soden (insolvency practitioner number 15790), each of Deloitte LLP, Athene Place, 66 Shoe Lane, London, EC4A 3BQ as proposed joint administrators of the Company. The Application has been assigned proceeding number CR Hearing on the Application. The hearing to consider the Application is scheduled to be held on May 23, 2017 at the Companies Court, The Rolls Building, 7 Rolls Building, Fetter Lane, London, EC4A 1NL (the Administration Hearing ). The Administration Hearing may be adjourned or continued from time to time by the English Court. 1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor s federal tax identification number, as applicable, are: Paragon Offshore plc (6017); Paragon Offshore Finance Company (6632); Paragon International Finance Company (8126); Paragon Offshore Holdings US Inc. (1960); Paragon Offshore Drilling LLC (4541); Paragon FDR Holdings Ltd. (4731); Paragon Duchess Ltd.; Paragon Offshore (Luxembourg) S.à r.l. (5897); PGN Offshore Drilling (Malaysia) Sdn. Bhd. (9238); Paragon Offshore (Labuan) Pte. Ltd. (3505); Paragon Holding SCS 2 Ltd. (4108); Paragon Asset Company Ltd. (2832); Paragon Holding SCS 1 Ltd. (4004); Paragon Offshore Leasing (Luxembourg) S.à r.l. (5936); Paragon Drilling Services 7 LLC (7882); Paragon Offshore Leasing (Switzerland) GmbH (0669); Paragon Offshore do Brasil Ltda.; Paragon Asset (ME) Ltd. (8362); Paragon Asset (UK) Ltd.; Paragon Offshore International Ltd. (6103); Paragon Offshore (North Sea) Ltd.; Paragon (Middle East) Limited (0667); Paragon Holding NCS 2 S.à r.l. (5447); Paragon Leonard Jones LLC (8826); Paragon Offshore (Nederland) B.V.; and Paragon Offshore Contracting GmbH (2832). The Debtors mailing address is 3151 Briarpark Drive, Suite 700, Houston, Texas For the avoidance of doubt, no other debtor in these chapter 11 cases is the subject of the Application. RLF V.1 7

10 Case CSS Doc 1507 Filed 05/17/17 Page 2 of 2 To check for details of the timing of the Administration Hearing, including any adjournments or other changes, please visit the English Court s website at 3. Purpose of the Application. The directors of the Company are seeking an administration order to appoint administrators to, among other things, implement the Proposed Plan, subject to confirmation by the United States Bankruptcy Court for the District of Delaware. 4. Additional Information. To access a copy of the Application and related filings in support thereof free of charge and to obtain additional information regarding the Application or the Administration Hearing, please visit the Company s website at Alternatively, please contact Holly Savage, at hsavage@deloitte.co.uk or by calling Dated: May 17, 2017 Wilmington, Delaware /s/ Amanda R. Steele RICHARDS, LAYTON & FINGER, P.A. Mark D. Collins (No. 2981) Paul N. Heath (No. 3704) Amanda R. Steele (No. 5530) Joseph C. Barsalona II (No. 6102) One Rodney Square 920 North King Street Wilmington, Delaware Telephone: (302) Facsimile: (302) and- WEIL, GOTSHAL & MANGES LLP Gary T. Holtzer (admitted pro hac vice) Stephen A. Youngman (admitted pro hac vice) Alfredo R. Pérez (pro hac vice admission pending) 767 Fifth Avenue New York, New York Telephone: (212) Facsimile: (212) Attorneys for the Debtors and Debtors in Possession RLF V.1 2 8

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16 From: Kemeny, Alinta Sent: 17 May :30 To: McLendon, Kathrine; Liou, Jessica; Qusba, Sandy Cc: Holtzer, Gary; Youngman, Stephen; Carson, Candice; Wilkinson, Andrew J.; Richardson, Edward; Lawford, Mark; Shin, M. Subject: RE: PGN - Draft Press Release re UK Administration Kathrine The documents are available at: Kind regards Alinta From: McLendon, Kathrine [mailto:kmclendon@stblaw.com] Sent: 17 May :27 To: Liou, Jessica; Kemeny, Alinta; Madlyn.PRIMOFF@freshfields.com; Scott.TALMADGE@freshfields.com; Samantha.Braunstein@apks.com; slovett@paulweiss.com; Qusba, Sandy Cc: Holtzer, Gary; Youngman, Stephen; Carson, Candice; Wilkinson, Andrew J.; Richardson, Edward; ken.baird@freshfields.com; Edward.Taylor@freshfields.com; Lawford, Mark; Shin, M. Subject: RE: PGN - Draft Press Release re UK Administration Jessica, can you circulate the application papers when you get a chance? Thanks, Kathy Kathrine A. McLendon Simpson Thacher & Bartlett LLP 425 Lexington Avenue New York, NY T: kmclendon@stblaw.com From: Liou, Jessica [mailto:jessica.liou@weil.com] Sent: Wednesday, May 17, :02 AM To: Kemeny, Alinta <Alinta.Kemeny@weil.com>; Madlyn.PRIMOFF@freshfields.com; Scott.TALMADGE@freshfields.com; Samantha.Braunstein@apks.com; slovett@paulweiss.com; Qusba, Sandy <SQusba@stblaw.com>; McLendon, Kathrine <kmclendon@stblaw.com> Cc: Holtzer, Gary <gary.holtzer@weil.com>; Youngman, Stephen <stephen.youngman@weil.com>; Carson, Candice <Candice.Carson@weil.com>; Wilkinson, Andrew J. <Andrew.Wilkinson@weil.com>; Richardson, Edward <Edward.Richardson@weil.com>; ken.baird@freshfields.com; Edward.Taylor@freshfields.com; Lawford, Mark <Mark.Lawford@weil.com> Subject: RE: PGN Draft Press Release re UK Administration All, 1 14

17 Attached for your reference is a copy of the notice of commencement of foreign proceeding relating to Offshore Paragon plc that the Debtors filed on the chapter 11 docket a few minutes ago. Regards, Jessica Jessica Liou Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY jessica.liou@weil.com Direct Mobile Fax Weil s Bankruptcy Blog: From: Kemeny, Alinta Sent: Wednesday, May 17, :31 AM To: Madlyn.PRIMOFF@freshfields.com; Liou, Jessica; Scott.TALMADGE@freshfields.com; Samantha.Braunstein@apks.com; slovett@paulweiss.com; SQusba@stblaw.com; kmclendon@stblaw.com Cc: Holtzer, Gary; Youngman, Stephen; Carson, Candice; Wilkinson, Andrew J.; Richardson, Edward; ken.baird@freshfields.com; Edward.Taylor@freshfields.com Subject: RE: PGN - Draft Press Release re UK Administration Madlyn We will find out the hearing time on Monday afternoon, we will update the group then. Kind regards Alinta Alinta Kemeny Associate Weil, Gotshal & Manges (London) LLP 110 Fetter Lane London EC4A 1AY United Kingdom alinta.kemeny@weil.com Direct Mobile Fax Weil, Gotshal & Manges (London) LLP ( Weil London ) is a limited liability partnership incorporated in England and Wales under number OC Weil London is regulated by the Solicitors Regulation Authority, whose rules can be accessed at rules.sra.org.uk. Our SRA authorisation number is A list of the members of Weil London is available at its registered office, 110 Fetter Lane, London EC4A 1AY. We use the word partner to refer to a member of Weil London or an employee or consultant with equivalent standing and qualifications. For further information about Weil London please see our website at Weil London does not accept service by of court proceedings, other processes or formal notices of any kind without specific, prior, written agreement. 2 15

18 From: Sent: 17 May :00 To: Kemeny, Alinta; Liou, Jessica; Cc: Holtzer, Gary; Youngman, Stephen; Carson, Candice; Wilkinson, Andrew J.; Richardson, Edward; Subject: RE: PGN - Draft Press Release re UK Administration Thanks Alinta. Much appreciated. Please do let us know when the hearing is on Tuesday once the time is set. Kind regards, Madlyn Madlyn Gleich Primoff Partner Freshfields Bruckhaus Deringer US LLP 601 Lexington Avenue New York, New York From: Kemeny, Alinta [mailto:alinta.kemeny@weil.com] Sent: Wednesday, May 17, :55 AM To: PRIMOFF, Madlyn (MP); Liou, Jessica; TALMADGE, Scott (SDT); Samantha.Braunstein@apks.com; slovett@paulweiss.com; SQusba@stblaw.com; kmclendon@stblaw.com Cc: Holtzer, Gary; Youngman, Stephen; Carson, Candice; Wilkinson, Andrew J.; Richardson, Edward; BAIRD, Ken (KB); TAYLOR, Edward Subject: RE: PGN - Draft Press Release re UK Administration Madlyn Mrs Justice Rose has been assigned to hear the application. Kind regards Alinta From: Madlyn.PRIMOFF@freshfields.com [mailto:madlyn.primoff@freshfields.com] Sent: 17 May :41 To: Liou, Jessica; Scott.TALMADGE@freshfields.com; Samantha.Braunstein@apks.com; slovett@paulweiss.com; SQusba@stblaw.com; kmclendon@stblaw.com Cc: Holtzer, Gary; Youngman, Stephen; Carson, Candice; Wilkinson, Andrew J.; Kemeny, Alinta; Richardson, Edward; ken.baird@freshfields.com; Edward.Taylor@freshfields.com Subject: RE: PGN - Draft Press Release re UK Administration Thanks Jessica. Has a Judge been assigned? Madlyn Gleich Primoff Partner 3 16

19 Freshfields Bruckhaus Deringer US LLP 601 Lexington Avenue New York, New York From: Liou, Jessica Sent: Wednesday, May 17, :31 AM To: PRIMOFF, Madlyn (MP); TALMADGE, Scott (SDT); Cc: Holtzer, Gary; Youngman, Stephen; Carson, Candice; Wilkinson, Andrew J.; Kemeny, Alinta; Richardson, Edward Subject: RE: PGN - Draft Press Release re UK Administration Yes, the application was filed and accepted this morning. A hearing has been scheduled for next Tuesday, May 23. Time still to be determined. Jessica Liou Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY jessica.liou@weil.com Direct Mobile Fax Weil s Bankruptcy Blog: From: Madlyn.PRIMOFF@freshfields.com [mailto:madlyn.primoff@freshfields.com] Sent: Wednesday, May 17, :27 AM To: Liou, Jessica; Scott.TALMADGE@freshfields.com; Samantha.Braunstein@apks.com; slovett@paulweiss.com; SQusba@stblaw.com; kmclendon@stblaw.com Cc: Holtzer, Gary; Youngman, Stephen; Carson, Candice; Wilkinson, Andrew J.; Kemeny, Alinta; Richardson, Edward Subject: RE: PGN - Draft Press Release re UK Administration Weil Team, Has the UK administration application been filed? Many thanks. Madlyn Madlyn Gleich Primoff Partner Freshfields Bruckhaus Deringer US LLP 601 Lexington Avenue New York, New York