Noble released an registration statement today for its spinoff, Paragon Offshore. As a result of the spin-off, each Noble shareholder will receive one ordinary share of Paragon Offshore for every ordinary shares of Noble they own.
“Our strategy as an independent company will be to maximize the profitability of our operations by (1) focusing on standard specification drilling operations, (2) maintaining and investing in our current fleet of standard specification rigs, (3) capitalizing on increased exploration and development activity, (4) leveraging strategic relationships with high-quality, long-term customers, (5) pursuing strategic growth opportunities and (6) remaining financially disciplined and returning capital to shareholders. As an independent pure-play standard specification offshore drilling company, we believe we can more effectively focus on our standard specification drilling business, and thus bring more value to you as a shareholder. We expect to list Paragon Offshore ordinary shares on the New York Stock Exchange under the symbol “PGN.” Source: Filing
