Noble Corporation Completes Spin-Off Of Paragon Offshore

           Noble Corporation Completes Spin-Off Of Paragon Offshore

PR Newswire

LONDON, Aug. 4, 2014

LONDON, Aug. 4, 2014 /PRNewswire/ -- Noble Corporation plc ("Noble") (NYSE:
NE) announced today that it has completed the spin-off of all of the
outstanding shares of Paragon Offshore plc ("Paragon") (NYSE: PGN), 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.

Paragon ordinary shares will begin "regular-way" trading under the symbol
"PGN" on the New York Stock Exchange on August 4, 2014. Noble ordinary shares
will continue to trade on the NYSE under the symbol "NE."

About Noble Corporation

Noble is a leading offshore drilling contractor for the oil and gas industry.
The Company owns and operates one of the most modern, versatile and
technically advanced fleets in the offshore drilling industry. Noble performs,
through its subsidiaries, contract drilling services with a fleet of 35
offshore drilling units, consisting of 20 semisubmersibles and drillships and
15 jackups, that focus largely on ultra-deepwater and high-specification
jack-up drilling opportunities in both established and emerging regions
worldwide. Noble is a public limited company registered in England and Wales
with company number 08354954 and registered office at Devonshire House, 1
Mayfair Place, London, W1J 8AJ England. Additional information on Noble is
available at www.noblecorp.com.

Forward-Looking Disclosure Statement

This release contains forward-looking statements. Statements regarding the
development and timing of any markets for Noble shares or Paragon shares, 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, costs and difficulties related to the separation,
employee relations, market and business conditions, the companies' 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 Noble's most
recent Form 10-K, Form 10-Q and other filings with the U.S. Securities and
Exchange Commission. 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

Website: http://www.noblecorp.com
Contact: Investors, Jeffrey L. Chastain, Vice President - Investor Relations
and Corporate Communications, 281-276-6383, or Media, John S. Breed, Director
of Investor Relations and Corporate Communications, 281-276-6729, both of
Noble Drilling Services Inc.
 
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