Noble Corporation’s (NE) board of directors approved the spinoff of its standard spec drilling units, Paragon Offshore. The distribution is expected to take place on August 1st, which is just a few months after the company decided to scrap its plans to IPO the unit. Impressive turnaround on Plan B. The new company will trade on the NYSE… Read More »
The market may be hitting new highs, but there are some concerns about the future. Additionally, not every sector has benefited equally from the climb, at least according to Noble Corp (NE). The company’s Chairman/President/CEO David Williams blamed ‘financial market conditions, both generally and with respect to the equity markets for offshore drilling companies’ for the decision to scrap… Read More »
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… Read More »
Noble Corporation (NE) is going deep after announcing plans to spin off a business holding most of its standard specification drilling units. The new company’s assets will include ‘five drillships, three semisubmersibles, 34 jackups, two submersibles, and one FPSO’ and also be responsible for the Hibernia platform operations. Noble will continue to own and operate its high-specification assets, ~35 rigs… Read More »