Noble Corp. to spin off Paragon Offshore via dividends, not IPO

Noble Corp. (NE +0.2%) says it plans to go ahead with a spinoff of its standard specification rigs into a separate company but will not do so as an IPO; instead, it will effect the spinoff as a dividend of Paragon Offshore to NE shareholders during Q3.

Paragon Offshore will own and operate most of NE's current standard specification drilling business, including five drillships, three semisubmersibles, 34 jackups and one FPSO; NE will continue to own and operate its high-specification assets.

Cowen retains its Outperform rating on NE, believing the market has already priced in a low valuation on the new company; the firm sees new clarity surrounding the future of the spinoff as a slight positive for NE shares (

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