Noble Corp. Says Claims By Paragon Litigation Trust Are Without Merit

(RTTNews) - Noble Corp. plc (NE) Monday said it believes that the claims by the Paragon Litigation Trust in connection with the August 2014 spin-off of Paragon Offshore are without merit and intends to vigorously contest the lawsuit. Noble noted that it was disappointed by the decision of the Paragon Litigation Trust to commence a suit.

Noble further said the company has reiterated its position that the spin-off was a thoughtfully executed strategy, accomplished with the assistance of capable outside advisors and designed to support the success of Paragon by virtue of several important operational and financial factors at the time of the spin-off.

Noble said it continues to believe that the severity of the business downturn, as well as actions taken by Paragon after the spin-off, resulted in Paragon's bankruptcy despite the strong operational and financial condition of Paragon at the time of the spin-off.