HOUSTON, Aug. 4, 2014 /PRNewswire/ -- Paragon
Offshore plc ("Paragon") (NYSE: PGN) announced today the completion
of its spin-off from Noble Corporation plc ("Noble") (NYSE: NE)
into a separate, publicly-traded company that owns and operates
standard specification offshore drilling rigs.
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.
"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."
About Paragon Offshore
Paragon is a pure-play global
provider of standard specification offshore drilling rigs.
Paragon's drilling fleet consists solely of standard specification
rigs and includes 34 jackups and eight floaters (five drillships
and three semisubmersibles). Paragon's primary business is
contracting its rigs, related equipment and work crews to conduct
oil and gas drilling and workover operations for its exploration
and production customers on a dayrate basis around the world.
Paragon's principal executive offices are located in Houston, Texas. Paragon is a public limited
company registered in England and
Wales with company number 08814042
and registered office at Devonshire House, 1 Mayfair Place,
London W1J 8AJ, England. Additional information is available
at www.paragonoffshore.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 risks associated with the general nature of the oil
and gas industry, risks associated with the operation of Paragon as
a separate, publicly traded company following the spin-off and
other factors detailed in the Information Statement filed as
Exhibit 99.1 to Paragon's Registration Statement on Form 10,
initially filed with the U.S. Securities and Exchange Commission on
May 23, 2014, as amended, and
declared effective on July 18, 2014.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those indicated.
For additional information, contact:
For
Investors
|
Lee A.
Ahlstrom
|
&
Media:
|
Senior Vice President
– Investor Relations, Strategy and Planning
|
|
+1.832.783.4040
|
Logo - http://photos.prnewswire.com/prnh/20140731/132134
SOURCE Paragon Offshore plc