The US-listeddrilling rig owner made the disclosure in a filing late Friday to the USSecurities and Exchange Commission (SEC).
TheUK headquartered company citied ‘currentmarket conditions’ for the decision to pull the Paragon Offshore IPO.
The Noble subsidiary originallyfiled for a $400m IPO on 20 December 2013 and changed its name to Paragon inMarch.
On 30 April Noble said that it wouldspin off Paragon as a dividend to existing shareholders during the thirdquarter.
Barclays, Deutsche Bank and JPMorgan were set to be the joint bookrunners for the listing on the New YorkStock exchange (NYSE).
Paragon will own most of Noble’s standard specification drilling business, includingfive drillships, three semi-submersibles, 34 jack-ups and one FPSO.
Noble will focus onthe group’s high-specification assets with particular operating focus indeepwater and ultra-deepwater market segments.
The year’s other offshore drilling rig spinoff, JohnFredriksen-backed North Atlantic Drilling, currently trades 8% below its IPOprice.
