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.
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.