Noble Corp. sees Paragon Offshore spin-off to pay dividends Noble (NE) says its proposed transaction will create a new publicly traded entity, Paragon Offshore, comprising a majority of Noble’s “Standard Specification” fleet, while Noble's high-specification assets will remain with the parent. Noble expects Paragon Offshore to have 34 jackups and 8 floaters with a strong backlog. Noble sees Paragon to pay dividends. The company added that it expects the spin-off, to be done as a dividend of 100% of shares, to be a Q3 event. Information in slides for presentation at Citi's Global Energy and Utilities conference.