Arrogance? Confidence? Noble Chooses Paragon Offshore As Name For Spinoff

Noble Corp (NE) has finally unveiled the new name for its upcoming standard spec drilling unit spinoff. No fancy consultants used here, no Russian sex act, no Portmanteau. Instead the company went bold and set the bar high by naming the new company Paragon Offshore. No surprise coming from a company with the name Noble. In fact, the company must believe the name speaks for itself because management literally devoted zero words in the press release to explaining its origin or decision process.

The name choice was not the only big decision made for the new company. Within the same press release, the company announced that Randall D. (Randy) Stilley will become President and CEO of Paragon. Mr. Stilley has a ton of experience in the industry having served as CEO (in some capacity) at three (!) different drillers – Seahawk Drilling, Pride International and Hercules Offshore (HERO). Of course, Seahawk, a spinoff from Pride International, actually went bust and ended up liquidating its assets to Hercules so I guess they are hoping for a different result this time around.

Mr. Stilley wasn’t the only executive appointment announced that day:

Charlie Yester, who currently serves as Vice President and Division Manager for Noble’s West Africa operations, will be named as Senior Vice President of Operations; Andrew Tietz, who currently serves as Noble’s Vice President Marketing and Contracts, will be named as Senior Vice President Marketing and Contracts; Lee Ahlstrom, who currently serves as Senior Vice President for Strategic Development, will be named as Senior Vice President of Investor Relations, Strategy and Planning; and Todd Strickler, who currently serves as Noble’s Associate General Counsel, Corporate, will be named as Vice President and General Counsel.

With a name and the beginnings of a management team in tow, Paragon Offshore is a bit closer to independence and we will keep you updated as further milestones are crossed.

Disclosure: Author holds no position in any stock mentioned.