LONDON, Aug. 4, 2014 /PRNewswire/ -- Noble Corporation
plc ("Noble") (NYSE: NE) announced today that it has completed the
spin-off of all of the outstanding shares of Paragon Offshore plc
("Paragon") (NYSE: PGN), which owns most of Noble's standard
specification drilling business. As a result, Noble and Paragon are
now two separate, publicly-traded companies.
On August 1, 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 23, 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 4, 2014. Noble ordinary shares will
continue to trade on the NYSE under the symbol "NE."
About Noble Corporation
Noble is a leading offshore drilling contractor for the oil and
gas industry. The Company owns and operates one of the most modern,
versatile and technically advanced fleets in the offshore drilling
industry. Noble performs, through its subsidiaries, contract
drilling services with a fleet of 35 offshore drilling units,
consisting of 20 semisubmersibles and drillships and 15 jackups,
that focus largely on ultra-deepwater and high-specification
jack-up drilling opportunities in both established and emerging
regions worldwide. Noble is a public limited company registered in
England and Wales with company number 08354954 and
registered office at Devonshire House, 1 Mayfair Place,
London, W1J 8AJ England. Additional information on Noble is
available at www.noblecorp.com.
Forward-Looking Disclosure Statement
This release contains forward-looking statements. Statements
regarding the development and timing of any markets for Noble
shares or Paragon shares, 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 actions by
governmental and regulatory authorities, costs and difficulties
related to the separation, employee relations, market and business
conditions, the companies' financial results and performance,
changes in law, availability and terms of any financing,
satisfaction of regulatory conditions, actions by customers and
other third parties, factors affecting the level of activity in the
oil and gas industry, supply and demand of drilling rigs, factors
affecting the duration of contracts, the actual amount of downtime,
factors that reduce applicable dayrates, violations of
anti-corruption laws, weather conditions, the future price of oil
and gas and other factors detailed in Noble's most recent Form
10-K, Form 10-Q and other filings with the U.S. Securities and
Exchange Commission. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those
indicated.
SOURCE Noble Corporation