Paragon Offshore Announces Pricing of $1.08 Billion Private Placement of Senior Notes in Connection with Spin-Off

   Paragon Offshore Announces Pricing of $1.08 Billion Private Placement of
                   Senior Notes in Connection with Spin-Off

PR Newswire

HOUSTON, July 11, 2014

HOUSTON, July 11, 2014 /PRNewswire/ -- Paragon Offshore Limited (to be
converted to Paragon Offshore plc) ("Paragon"), in preparation for its
previously announced spin-off from Noble Corporation plc (NYSE:NE) ("Noble"),
announced today the pricing of $500 million aggregate principal amount of
Paragon's 6.75% senior unsecured notes due 2022 and $580 million aggregate
principal amount of its 7.25% senior unsecured notes due 2024, in a private
offering that is exempt from registration under the Securities Act of 1933, as
amended (the "Securities Act"). The notes will be issued at a price of 100% of
their face value. The aggregate principal amount of the notes was decreased
from the previously announced $1.185 billion aggregate principal amount. A
corresponding increase was made to Paragon's previously announced proposed
senior secured term loan B credit facility, which is expected to be entered
into at the closing of the notes offering (the "Term Loan Facility").

The offering of the notes is expected to close on July 18, 2014, subject to
certain conditions, including the completion of the transfer of Noble's
standard specification drilling business to Paragon, the funding under the
$650 million Term Loan Facility and other customary closing conditions.

Paragon intends to use the net proceeds from the offering of the notes,
together with the borrowings under the Term Loan Facility, to repay all or
substantially all of the promissory notes that it expects to issue to Noble as
partial consideration for the transfer to Paragon of Noble's standard
specification drilling business in connection with the spin-off.

The notes and the related guarantees will be sold only to qualified
institutional buyers in reliance on the exemption from registration set forth
in Rule 144A under the Securities Act, and outside the United States, to
non-U.S. persons in reliance on the exemption from registration set forth in
Regulation S under the Securities Act. The notes and the related guarantees
have not been registered under the Securities Act or the securities laws of
any state or other jurisdiction, and may not be offered or sold in the United
States without registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state securities or blue sky
laws.

This press release shall not constitute an offer to sell, or the solicitation
of an offer to buy, any securities, nor shall there be any sale of the notes
or related guarantees in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such states.

About Paragon Offshore

Paragon Offshore is currently an indirect, wholly owned subsidiary of Noble
Corporation. Paragon is a pure-play global provider of standard specification
offshore drilling rigs. Paragon's drilling fleet consists solely of standard
specification rigs and includes 34 jackups and eight floaters (five drillships
and three semisubmersibles). Paragon's primary business is to contract its
rigs, related equipment and work crews to conduct oil and gas drilling and
workover operations for its exploration and production customers on a dayrate
basis around the world. Paragon's principal executive offices are located in
Houston, Texas.

Forward-Looking Disclosure Statement

This release contains forward-looking statements. Statements regarding the
pursuit, consummation or timing of the proposed spin-off, the closing of the
private offering of senior notes and the use of proceeds therefrom, Paragon's
conversion to a public limited company, the funding under the Term Loan
Facility, as well as any other statements that are not historical facts in
this release, are forward-looking statements that involve certain risks,
uncertainties and assumptions. These include but are not limited to actions by
governmental and regulatory authorities, delays, costs and difficulties
related to the separation, employee relations, market and business conditions,
financial results and performance, changes in law, availability and terms of
any financing, satisfaction of regulatory conditions, actions by customers and
other third parties, factors affecting the level of activity in the oil and
gas industry, supply and demand of drilling rigs, factors affecting the
duration of contracts, the actual amount of downtime, factors that reduce
applicable dayrates, violations of anti-corruption laws, weather conditions,
the future price of oil and gas and other factors detailed in Paragon's Form
10 filed with the U.S. Securities and Exchange Commission on July 3, 2014.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially
from those indicated.

SOURCE Noble Corporation

Contact: For Investors: Jeffrey L. Chastain, Vice President - Investor
Relations and Corporate Communications, Noble Drilling Services Inc.,
281-276-6383; For Media: John S. Breed, Director of Investor Relations and
Corporate Communications, Noble Drilling Services Inc., 281-276-6729
 
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