Noble Corp. Agrees To Settle With Paragon Offshore

(RTTNews) - Noble Corp. plc (NE) Friday announced a settlement agreement in principle with Paragon Offshore plc which was spun-off by Noble in 2014. Pursuant to the settlement, Paragon would release Noble from all claims relating to the spin-off. Further, Noble said it would assume certain pre-spin-off obligations relating to Paragon's Mexican tax matters.

Noble would take control of the administration and defense of Paragon's Mexican income, value-added and customs tax audit and assessment matters for specified years up to and including 2010.

Noble would also assume the Mexican income and value added tax liabilities relating to the Paragon business after audit and assessment. Further, Paragon and Noble would equally share the other income, value-added and customs tax liabilities arising out of such audit and assessment process.

Noble projects tax settlement to be in the range of $8 to $12 million.