Bermuda-based Borr Drilling has announced a binding tender agreement to buy all outstanding shares of Paragon Offshore.
Borr CEO Simon Johnson said the US$232.5 million transaction is expected to close on March 26, and is subject to customary closing conditions.
As of January, Paragon had a fleet of 32 drilling units: 31 jack-up vessels and one semisubmersible.
In March, the semisubmersible MSS1 is scheduled to start a long-term contract for TAQA in the North Sea.
The 2013-built jack-up vessel Prospector 1 and five of Paragon's older jackups are working in the North Sea, India, and Middle East.
Four other jackups, including the 2014-built Prospector 5, are under contract or committed.
The remaining 21 jack-up vessels are stacked in different locations and may be scrapped due to increased safety standards and the high costs of reactivating them.