Paragon Offshore completed its spin-off from Noble Corporation into a separate, publicly traded company that owns and operates standard specification offshore drilling rigs.

On 1 August 2014, Noble distributed one ordinary share of Paragon for every three ordinary shares of Noble to its shareholders, on the record date of the distribution, 23 July 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 began regular-way trading under the PGN symbol on the New York Stock Exchange on 4 August.

"We are excited about the completion of the spin-off and the launch of Paragon Offshore”, said Randall D. Stilley, president and CEO of Paragon. "Our rich heritage from Noble's ninety-three year history sets the stage for future growth opportunities while enabling us to continue delivering the safe, reliable and cost-effective operations our customers expect. We look forward to a bright future."