Noble Says It Has $90M Deal On Paragon Clawback Claim

By Rick Archer (October 9, 2020, 7:12 PM EDT) -- Bankrupt offshore oil drilling contractor Noble Corp. told a Texas bankruptcy judge Friday that it has reached a $90 million settlement of multi-billion dollar claims brought against it by spinoff Paragon Offshore PLC.

At a remote hearing called to approve the disclosure statement detailing Noble's $3.4 billion Chapter 11 plan, counsel for the company asked U.S. Bankruptcy Judge David Jones for permission to settle the Paragon dispute for $7.5 million and said it had reached an "agreement in principle" for its insurance carriers to kick in another $82.5 million.

Noble filed for Chapter 11 on July 31, saying it had been...

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