Offshore drilling contractor Noble completes spinoff of Paragon Offshore

MarketsAssociated Press

Offshore drilling contractor Noble Corp. has completed the spinoff of Paragon Offshore PLC, owner of most of its standard specification drilling business.

Noble shareholders received one ordinary share of Paragon for every three ordinary shares of Noble held as of July 23.

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Paragon will start trading on the New York Stock Exchange under the "PGN" ticker symbol on Monday. Noble shares will continue to trade on the NYSE under the "NE" ticker symbol.

Reflecting the spinoff, U.S. shares of London-based Noble fell $3.73, or 12 percent, to $27.35 in premarket trading Monday about an hour before the market open.