Noble Corp. provides update on Paragon Offshore separation Noble Corporation updated its plan to spin-off Paragon Offshore. Noble expects to effect the spin-off as a dividend of 100% of the shares of Paragon Offshore to Noble's shareholders during Q3. Paragon Offshore will own and operate most of Noble's current standard specification drilling business, including five drillships, three semisubmersibles, 34 jackups, and one FPSO. Noble will continue to own and operate its high-specification assets with particular operating focus in deepwater and ultra-deepwater market segments for drillships and semisubmersibles and harsh environment and high-specification segments for jackups.
Noble Corp. upgraded to Buy from Accumulate at Global Hunter Global Hunter upgraded Noble Corp to Buy and lowered its price target to $14 from $16. The firm believes Noble is well positioned to manage through a downturn with strong liquidity and a reasonable valuation.