In this issue of the Index Change roundup, Noble Corporation’s (NE) upcoming standard spec rig spinoff, Paragon Offshore, will be added to the S&P Smallcap 600. Noble will remain in the big boy S&P 500 index so there is the possibility of forced selling in this case. As a result of the transaction, Paragon will boot #600 ranked… Read More »
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 »