Noble's offshore drilling rig spinoff Paragon Offshore withdraws IPO

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Paragon Offshore, a spinoff of leading offshore drilling contractor Noble Corporation, withdrew its plans for an initial public offering on Friday citing current market conditions. On April 30, Noble ( NE ) announced that it would spin off Paragon as a dividend to Noble's shareholders during the third quarter. Noble's subsidiary originally filed for a $400 million IPO on December 20, 2013 and changed its name to Paragon in March. The year's other offshore drilling rig spinoff, North Atlantic Drilling ( NADL ), trades 8% below its IPO price.

The London, United Kingdom-based company, which was formed in 2013 and booked $1.9 billion in sales for the fiscal year ended December 31, 2013, had planned to list on the NYSE under the symbol PGN. Barclays, Deutsche Bank and J.P. Morgan were set to be the joint bookrunners on the deal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , IPOs
Referenced Symbols: NE , NADL

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