Paragon Offshore completes spin-off from Noble Corporation
Paragon Offshore plc (Paragon) announced today the completion of its spin-off from Noble Corporation plc (Noble) into a separate, publicly-traded company that owns and operates standard specification offshore drilling rigs. On August 1st, 2014, Noble distributed to its shareholders one ordinary share of Paragon for every three ordinary shares of Noble held at 5:00 p.m., New York City time, on the record date of the distribution, July 23rd, 2014. No fractional Paragon shares were issued; however, shareholders who would otherwise have been entitled to receive a fractional Paragon share in the distribution instead received cash in lieu of that fractional share. Paragon ordinary shares will begin "regular-way" trading under the symbol "PGN" on the New York Stock Exchange on August 4th, 2014. "We are excited about the completion of the spin-off and the launch of Paragon Offshore," said Randall D. Stilley, President and Chief Executive Officer of Paragon. "Our rich heritage from Noble's ninety-three year history sets the stage for future growth opportunities while enabling us to continue delivering the safe, reliable and cost-effective operations our customers expect. We look forward to a bright future." Paragon will now own and operate 42 offshore drilling rigs (34 jackups, five drillships and three semisubs), one FPSO and conduct contract labour operations on the Hibernia Platform offshore eastern Canada.