Paragon Offshore raising cash ahead of spin-off

Noble Corporation, an international offshore drilling contractor, has announced that Paragon Offshore Ltd., its wholly owned subsidiary, is beginning the process of raising external financing in preparation for the spin-off of Paragon Offshore in the third quarter of 2014.

The external financing is expected to consist of a senior secured term loan B of approximately $550 million and approximately $1.2 billion of senior unsecured notes.

As part of the external financing, Paragon also entered into an $800 million senior secured revolving credit facility due 2019 with various commercial and investment banks on June 17.

Paragon Offshore will own and operate most of Noble’s current standard specification drilling business, including five drillships, three semi-submersibles, 34 jack-ups, and one FPSO. The new company will also be responsible for the Hibernia platform operations. Noble will continue to own and operate its high-specification assets with particular operating focus in deepwater and ultra-deepwater market segments for drillships and semi-submersibles and harsh environment and high-specification segments for jack-ups.

 

Press Release, June 20, 2014

 

 

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply