Noble Corporation has completed the spin-off of all of the outstanding shares of Paragon Offshore plc (Paragon), which owns most of Noble's standard specification drilling business. As a result, Noble and Paragon are now two separate, publicly-traded companies.

On August 1, 2014, Noble distributed to its shareholders one ordinary share of Paragon for every three ordinary shares of Noble held at 5:00 p.m., New York City time, on the record date of the distribution, July 23, 2014. No fractional Paragon shares were issued; however, shareholders who would otherwise have been entitled to receive a fractional Paragon share in the distribution instead received cash in lieu of that fractional share.

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