LONDON – Noble Corp. (NYSE: NE) has completed the spin-off of all of the outstanding shares of Paragon Offshore plc (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 Aug. 1, Noble distributed to its shareholders one ordinary share of Paragon for every three ordinary shares of Noble held at 5 p.m., New York City time, on the record date of the distribution, July 23. 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 Aug. 4. Noble ordinary shares will continue to trade on the NYSE under the symbol "NE."