NEW YORK (TheStreet) -- Shares of Paragon Offshore (PGN) were gaining 10.9% to $1.94 Thursday after the oil and gas company beat analysts' estimates for earnings and revenue in the first quarter.

Paragon Offshore reported earnings of 47 cents a share for the first quarter, above analysts' estimates of 23 cents a share for the quarter. Revenue fell 16.3% year over year to $430.6 million in the quarter, but above analysts' estimates of $418.72 million.

"In the midst of a challenging environment, Paragon delivered another strong quarter of operational results with unpaid downtime below two percent and cost control efforts well underway," President and CEO Randall D. Stilley said. "We also successfully concluded the Prospector acquisition and fully repaid the outstanding Prospector debt using our revolving credit facility."

Stilley added, "In addition, we added $108 million of contract backlog during the quarter, demonstrating that customers continue to value Paragon's safe, reliable, and efficient standard fleet."

PGN data by YCharts

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