Noble Corporation Completes Spin-Off Of Paragon Offshore

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.

Noble Corporation press release