Noble Corporation in Temporary Name Change
Noble Corporation plc (OTC-PINK: NEBLQ) has announced that it has changed its name to Noble Holding Corporation plc to allow the ultimate parent company that emerges from the Chapter 11 reorganization to use the name ‘Noble Corporation plc’.
The company said the temporary name change will not affect current shareholders and noted that no action by shareholders is required. The company also confirmed that its trading symbol did not change.
“As we prepare to emerge from bankruptcy, we are committed to continuing to operate as normal and without interruption,” Robert W. Eifler, the president and chief executive officer (CEO) of the business, said in a company statement.
“This name change allows us to continue using the Noble Corporation plc name going forward, which is integral to maintaining our brand recognition, industry reputation and stakeholder relationships,” Eifler added in the statement.
“We remain committed to the industry-leading operational excellence that defines Noble, and we look forward to emerging as a stronger company,” Noble’s CEO went on to say.
Back in July, Noble announced that it had entered into a restructuring support agreement with two ad hoc groups of the largest holders of the company's outstanding bond debt regarding a consensual financial restructuring transaction. As part of the transaction, the company and selected subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. In July, the company revealed that it saw itself emerging from Chapter 11 before year end.
Noble describes itself as a leading offshore drilling contractor for the oil and gas industry. The company owns and operates one of the most modern, versatile and technically advanced fleets in the offshore drilling industry, according to its website, which outlines that the business traces its roots back to 1921.
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