LONDON –The board of directors of Noble Corp. plc (NYSE: NE) has approved the spin-off of Paragon Offshore plc, a wholly owned subsidiary of Noble, through a pro rata distribution on July 23 of an aggregate of 84,753,393 Paragon ordinary shares to the holders of Noble ordinary shares.
Following the distribution, Paragon will be a separate, publicly traded company, and Noble will not retain any ownership interest in Paragon. Paragon has applied to list its ordinary shares on the New York Stock Exchange under the symbol "PGN."
Barclays Capital Inc. is acting as financial advisor to Noble in connection with the spin-off. Baker Botts LLP and Travers Smith LLP are acting as legal advisors to Noble in connection with the spin-off.