Exhibit 10.1

 

AMENDMENT TO PLAN SUPPORT AGREEMENT

 

THIS AMENDMENT dated as of August 5, 2016 (this “Amendment”) among (i) Paragon
Offshore plc, (ii) Paragon International Finance Company, Paragon Offshore
Finance Company, Paragon Offshore Leasing (Switzerland) GmbH, Paragon Offshore
Contracting GmbH, Paragon Holding NCS 2 S.à r.l., Paragon Offshore (Luxembourg)
S.à r.l., Paragon Offshore Leasing (Luxembourg) S.à r.l., Paragon Offshore
International Ltd., Paragon Duchess Ltd., Paragon (Middle East) Limited, Paragon
Asset Company Ltd., Paragon Asset (ME) Ltd., Paragon Holding SCS 1 Ltd., Paragon
Holding SCS 2 Ltd., Paragon FDR Holdings Ltd., Paragon Offshore (North Sea)
Ltd., Paragon Asset (UK) Ltd., Paragon Offshore Holdings US Inc., Paragon
Drilling Services 7 LLC, Paragon Offshore Drilling LLC, Paragon Leonard Jones
LLC, Paragon Offshore do Brasil Ltda., Paragon Offshore (Nederland) B.V., PGN
Offshore Drilling (Malaysia) Sdn. Bhd. and Paragon Offshore (Labuan) Pte. Ltd.
and (iii) the undersigned Consenting Creditors. Capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the PSA (as defined
below).

 

WHEREAS, the Parties entered into a certain Plan Support Agreement dated as of
February 12, 2016 (as amended, the “PSA”).

 

WHEREAS, the Parties wish to amend and restate certain provisions of the PSA.

 

AND WHEREAS, the Parties wish to take such actions necessary to give effect to
such amendment.

 

NOW, THEREFORE, in consideration of the premises and the covenants and
agreements contained herein and in the PSA, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and
intending to be legally bound hereby, the Parties agree as follows:

 

Section 1.              Amendment.

 

1.1          Subsections 6(a)(iv) and (v) of the PSA are hereby amended and
restated in their entirety as follows:

 

“(iv)        At 11:59 p.m. prevailing Eastern Time on October 31, 2016 (the
“Confirmation Date”), if the Bankruptcy Court shall not have entered an order in
form and substance reasonably satisfactory to the Paragon Parties and the
Requisite Creditors confirming the Paragon Plan.

 

(v)           At 11:59 p.m. prevailing Eastern Time on December 15, 2016 (the
“Outside Date”), if the Effective Date shall not have occurred.”

 

1.2          Section 6(a) of the PSA is hereby amended to add the following as a
new Subsection 6(a)(xviii):

 

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“(xviii)    At 11:59 p.m. prevailing Eastern Time on August 5, 2016, if the
Paragon Parties shall not have filed a motion with the Bankruptcy Court seeking
approval and assumption of this Agreement as amended by that Amendment dated as
of August 5, 2016 (the “PSA Assumption Motion”).”

 

1.3          Section 6(a) of the PSA is hereby amended to add the following as a
new Subsection 6(a)(xix):

 

“(xix)      At 11:59 p.m. prevailing Eastern Time on September 9, 2016, if the
Paragon Parties failed to obtain entry of order approving the PSA Assumption
Motion, provided, however, this Creditor Termination Event shall only be for the
benefit of the Consenting Noteholders.”

 

1.4          Section 25 of the PSA is hereby amended to add the following at the
end of the section:

 

“The Parties hereby agree that any monetary damage claim for breach of this
Agreement by the Paragon Parties is limited to the reasonable documented
prepetition and postpetition costs and expenses contemplated by this
Section 25.”

 

Section 2.              Consent. The Paragon Parties and the undersigned
Consenting Creditors constituting the Requisite Creditors hereby agree to the
amendments to the Paragon Plan as set forth in the Modified Second Amended Joint
Chapter 11 Plan of Paragon Offshore plc and Its Affiliated Debtors attached
hereto as Exhibit A, including, without limitation, the amendments to the
Secured Revolving Credit Agreement set forth in the term sheet attached to the
Modified Second Amended Joint Chapter 11 Plan of Paragon Offshore plc and Its
Affiliated Debtors.

 

Section 3.              Miscellaneous.

 

3.1          Except as specifically set forth herein, the terms of the PSA shall
remain in full force and effect and are hereby ratified and confirmed.

 

3.2          This Amendment may be executed in several counterparts, each of
which shall be deemed to be an original, and all of which together shall be
deemed to be one and the same agreement. Execution copies of this Amendment
delivered by facsimile or PDF shall be deemed to be an original for the purposes
of this paragraph.

 

[Signature Page Follows]

 

2

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IN WITNESS HEREOF, the Parties have caused this Amendment to be duly executed
and delivered as of the day and year first written above.

 

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PARAGON OFFSHORE PLC

 

PARAGON INTERNATIONAL FINANCE COMPANY

 

PARAGON OFFSHORE FINANCE COMPANY

 

PARAGON OFFSHORE LEASING (SWITZERLAND) GMBH

 

PARAGON OFFSHORE CONTRACTING GMBH

 

PARAGON HOLDING NCS 2 S.Á R.L.

 

PARAGON OFFSHORE (LUXEMBOURG) S.Á R.L.

 

PARAGON OFFSHORE LEASING (LUXEMBOURG) S.Á R.L.

 

PARAGON OFFSHORE INTERNATIONAL LTD.

 

PARAGON DUCHESS LTD.

 

PARAGON (MIDDLE EAST) LIMITED

 

PARAGON ASSET COMPANY LTD.

 

PARAGON ASSET (ME) LTD.

 

PARAGON HOLDING SCS 2 LTD.

 

PARAGON FDR HOLDINGS LTD.

 

PARAGON HOLDING SCS 1 LTD.

 

PARAGON OFFSHORE (NORTH SEA) LTD.

 

PARAGON ASSET (UK) LTD.

 

PARAGON OFFSHORE HOLDINGS US INC.

 

PARAGON DRILLING SERVICES 7 LLC

 

PARAGON OFFSHORE DRILLING LLC

 

PARAGON LEONARD JONES LLC

 

PARAGON OFFSHORE DO BRASIL LTDA.

 

PARAGON OFFSHORE (NEDERLAND) B.V.

 

PGN OFFSHORE DRILLING (MALAYSIA) SDN. BHD.

 

PARAGON OFFSHORE (LABUAN) PTE. LTD.

 

 

 

 

 

By:

/s/ Randall D. Stilley

 

 

Name: Randall D. Stilley

 

 

Title: Chief Executive Officer and President

 

[Signature Page to Amendment to Plan Support Agreement]

 

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CONSENTING CREDITORS

 

 

 

[CONSENTING CREDITOR]

 

 

 

By:

 

 

 

 

 

Name:

 

 

 

 

 

Title:

 

 

 

Revolving Credit Exposure under Secured Revolving Credit Agreement: $

 

Principal Amount of the 6.75% Senior Notes: $

 

Principal Amount of the 7.25% Senior Notes: $

 

Notice Address:

 

 

Fax:

Attention:

Email:

 

[Signature Page to Amendment to Plan Support Agreement]

 

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