Document:

EX-10.3

 Exhibit 10.3 

FORM OF TAX SHARING AGREEMENT 

between 
 NOBLE CORPORATION PLC

 and 
 PARAGON OFFSHORE PLC

 dated as of 

[             ], 2014 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I DEFINITIONS AND EXAMPLES
	 	 	1	  
	 Section 1.1 Definitions
	 	 	1	  
	 Section 1.2 Examples
	 	 	7	  
		
	 ARTICLE II TAX LIABILITIES AND TAX BENEFITS
	 	 	7	  
	 Section 2.1 Noble Taxes
	 	 	7	  
	 (a) Liability for Taxes
	 	 	7	  
	 (b) Payment for Paragon Tax Benefits
	 	 	8	  
	 Section 2.2 Paragon Taxes
	 	 	8	  
	 (a) Liability for Taxes
	 	 	8	  
	 (b) Payment for Noble Tax Benefits
	 	 	8	  
	 Section 2.3 Rules for Determining from which Business a Tax Item Arises
	 	 	8	  
	 (a) General Rule
	 	 	8	  
	 (b) Brazil
	 	 	9	  
	 (c) Mexico
	 	 	9	  
	 (d) Norway
	 	 	9	  
	 (e) Netherlands
	 	 	9	  
	 (f) Standard Specification Jurisdictions
	 	 	9	  
	 (g) High Specification Jurisdictions
	 	 	9	  
	 (h) Overhead Costs
	 	 	9	  
	 (i) Tax Benefits Arising from Equity Awards
	 	 	9	  
	 Section 2.4 Special Rules
	 	 	10	  
	 (a) Pro Forma Stand-Alone Basis
	 	 	10	  
	 (b) Allocation in Straddle Periods
	 	 	10	  
	 (c) Differences between Taxes Shown on Joint Return and Taxes Computed on a Pro Forma Stand-Alone Basis
	 	 	10	  
		
	 ARTICLE III PREPARATION AND FILING OF TAX RETURNS
	 	 	10	  
	 Section 3.1 Joint Returns
	 	 	10	  
	 (a) Preparer of Joint Returns
	 	 	10	  
	 (b) Procedures Governing Joint Returns
	 	 	11	  
	 Section 3.2 Separate Returns
	 	 	11	  
	 (a) Preparer of Separate Returns—General Rule
	 	 	11	  
	 (b) Special Rule for Certain Mexican Returns
	 	 	11	  
	 Section 3.3 Special Rules Relating to the Preparation of Tax Returns
	 	 	11	  
	 (a) General Rule
	 	 	11	  
	 (b) Paragon Returns
	 	 	11	  
	 (c) Reimbursement for Costs Incurred by Preparer
	 	 	12	  
	 (d) Allocation of Tax Items Between Joint Return and Related Separate Return
	 	 	12	  
	 (e) Standard of Performance
	 	 	12	  
	 Section 3.4 Financial Accounting Reports
	 	 	12	  

  
 i 

					
	 ARTICLE IV TAX PAYMENTS
	 	 	12	  
	 Section 4.1 Payment of Taxes to Tax Authorities
	 	 	12	  
	 Section 4.2 Indemnification Payments
	 	 	12	  
	 (a) Tax Payments Made by the Paragon Group
	 	 	12	  
	 (b) Tax Payments Made by the Noble Group
	 	 	12	  
	 (c) Credit for Prior Deemed Tax Payments
	 	 	13	  
	 (d) Payments for Tax Benefits
	 	 	13	  
	 Section 4.3 Special Rule for Payment of Certain Mexican Tax Receivables
	 	 	13	  
	 Section 4.4 Special Rule for 2013 Brazilian Taxes and Refunds
	 	 	13	  
	 Section 4.5 Special Rule for Brazilian Judicial Deposit
	 	 	14	  
	 Section 4.6 Special Rule for U.S. Refunds
	 	 	14	  
	 Section 4.7 Initial Determinations and Subsequent Adjustments
	 	 	14	  
	 Section 4.8 Interest on Late Payments
	 	 	14	  
	 Section 4.9 Payments by or to Other Group Members
	 	 	15	  
	 Section 4.10 Procedural Matters
	 	 	15	  
	 Section 4.11 Tax Consequences of Payments
	 	 	15	  
		
	 ARTICLE V TAX CONTESTS
	 	 	15	  
	 Section 5.1 Notices
	 	 	15	  
	 Section 5.2 Control of Tax Contests
	 	 	16	  
	 (a) General Rule
	 	 	16	  
	 (b) Tax Contests Involving Certain Taxes Reported on a Joint Return
	 	 	16	  
	 (c) Tax Contests Involving Taxes Reported on Certain Brazilian Tax Returns
	 	 	16	  
	 (d) Tax Contests Involving Mexican Tax Receivables
	 	 	16	  
	 (e) Non-Controlling Party Participation Rights
	 	 	16	  
		
	 ARTICLE VI ASSISTANCE AND COOPERATION
	 	 	17	  
	 Section 6.1 Provision of Information
	 	 	17	  
	 (a) Information with Respect to Joint Returns
	 	 	17	  
	 (b) Information with Respect Tax Payments
	 	 	18	  
	 (c) Information with Respect to Separate Returns
	 	 	18	  
	 (d) Information with Respect to Tax Contests
	 	 	18	  
	 Section 6.2 Reliance on Exchanged Information
	 	 	18	  
	 Section 6.3 Provision of Assistance and Cooperation
	 	 	19	  
	 (a) Assistance with Respect to Joint Returns
	 	 	19	  
	 (b) Assistance with Respect to Tax Contests
	 	 	19	  
	 (c) Cooperation
	 	 	19	  
	 Section 6.4 Supplemental Rulings and Supplemental Tax Opinions
	 	 	19	  
	 Section 6.5 Withholding and Reporting
	 	 	20	  
	 Section 6.6 Retention of Tax Records
	 	 	20	  
	 Section 6.7 Confidentiality
	 	 	20	  
		
	 ARTICLE VII RESTRICTION ON CERTAIN ACTIONS OF THE GROUPS
	 	 	20	  
	 Section 7.1 General Restrictions
	 	 	20	  
	 Section 7.2 Restricted Actions Relating to Tax Materials
	 	 	20	  
	 Section 7.3 Certain Paragon Actions Following the Spin-off
	 	 	21	  

  
 ii 

					
	 (a) General Rule
	 	 	21	  
	 (b) Opinion of Counsel with Respect to Restricted Actions
	 	 	21	  
		
	 ARTICLE VIII MISCELLANEOUS
	 	 	22	  
	 Section 8.1 Entire Agreement
	 	 	22	  
	 Section 8.2 Governing Law
	 	 	22	  
	 Section 8.3 Termination
	 	 	22	  
	 Section 8.4 Notices
	 	 	22	  
	 Section 8.5 Counterparts
	 	 	22	  
	 Section 8.6 Binding Effect; Assignment
	 	 	22	  
	 Section 8.7 No Third party Beneficiaries
	 	 	22	  
	 Section 8.8 Severability
	 	 	22	  
	 Section 8.9 Failure or Indulgence Not Waiver; Remedies Cumulative
	 	 	23	  
	 Section 8.10 Amendment
	 	 	23	  
	 Section 8.11 Authority
	 	 	23	  
	 Section 8.12 Specific Performance
	 	 	23	  
	 Section 8.13 Construction
	 	 	23	  
	 Section 8.14 Performance Guarantees
	 	 	24	  
	 Section 8.15 Limitation of Liability
	 	 	24	  
	 Section 8.16 Predecessors or Successors
	 	 	24	  
	 Section 8.17 Expenses
	 	 	24	  
	 Section 8.18 Effective Date
	 	 	24	  
	 Section 8.19 Change in Law
	 	 	24	  
	 Section 8.20 Disputes
	 	 	24	  

  

  
 iii 

 TAX SHARING AGREEMENT 

This TAX SHARING AGREEMENT (this “Agreement”) is entered into as of
[             ], 2014, between Noble Corporation PLC, a public limited company organized under the laws of England and Wales (“Noble”) and Paragon Offshore PLC, a
public limited company organized under the laws of England and Wales (“Paragon”). Paragon and Noble sometimes are referred to herein individually as a “Party,” and collectively as the “Parties.”
Unless otherwise indicated, all “Article” and “Section” references in this Agreement are to the articles and sections of this Agreement. 

RECITALS 
 WHEREAS,
Paragon is an indirect, wholly-owned Subsidiary of Noble; 
 WHEREAS, the Board of Directors of Noble has determined it would be in the best
interests of Noble and its stockholders for Noble to separate the Paragon Business from the Noble Business (the “Separation”); 

WHEREAS, Noble and Paragon expect to enter into the Master Separation Agreement as of the date hereof in order to set forth the principal
arrangements between them regarding the terms of the Separation; 
 WHEREAS, Noble intends to distribute to its shareholders all of
the shares of Paragon stock in a transaction (the “Spin-off”) intended to qualify as a transaction described under Sections 368(a)(1)(D) and 355 of the Internal Revenue Code of 1986, as amended (the
“Code”); and 
 WHEREAS, the Parties desire to provide for and agree upon the allocation between the Parties of
Taxes and Tax Benefits arising prior to, and as a result of, and subsequent to the Separation, and provide for and agree upon other matters relating to Taxes. 

NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth below and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
 ARTICLE I 

DEFINITIONS AND EXAMPLES 

Section 1.1 Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more
intermediaries, Controls, is Controlled by or is under common Control with, such first Person. 
 “Agreement” has the
meaning set forth in the preamble hereto. 

  
 1 

 “Brazilian High Specification Rig Days” means, with respect to a Tax Year, the
total number of days during such Tax Year that High Specification Rigs are present in Brazil, provided that (i) any single day in which multiple High Specification Rigs are present will be counted as a number of days equal to the number
of such rigs present on such day and (ii) any High Specification Rig that is present in Brazil on any day in which services are being provided with respect to such rig pursuant to the Brazilian Services Agreement will, solely for purposes of
this definition, not be treated as a High Specification Rig on such day. For this purpose, a rig shall be treated as “present in Brazil” beginning on the record date of importation of such rig for Brazilian customs purposes and shall cease
to be so treated on the record date of exportation of such rig for Brazilian customs purposes. 
 “Brazilian Services
Agreement” means that certain Transition Services Agreement, dated the date hereof, entered into among Paragon Offshore do Brasil Limitada, Paragon Offshore (Nederland) B.V., Paragon, Noble Corporation, Noble Dave Beard Limited, and Noble
Drilling (Nederland) II B.V. in connection with the Separation. 
 “Brazilian Standard Specification Rig Days” means, with
respect to a Tax Year, the total number of days during such Tax Year that Standard Specification Rigs are present in Brazil, provided that (i) any single day in which multiple Standard Specification Rigs are present will be counted as a
number of days equal to the number of such rigs present on such day and (ii) any High Specification Rig that is present in Brazil on any day in which services are being provided with respect to such rig pursuant to the Brazilian Services
Agreement will, solely for purposes of this definition, be treated as a Standard Specification Rig on such day. For this purpose, a rig shall be treated as “present in Brazil” beginning on the record date of importation of such rig for
Brazilian customs purposes and shall cease to be so treated on the record date of exportation of such rig for Brazilian customs purposes. 

“Business” means the Noble Business or the Paragon Business, as the context requires. 

“Business Day” means a day other than a Saturday, a Sunday or a day on which banking institutions located in London, England,
are authorized or obligated by applicable law or executive order to close. 
 “Code” has the meaning set forth in the
recitals hereto. 
 “Control” means, with respect to any Person, the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of such Person, whether through ownership of securities or partnership, membership, limited liability company or other ownership interests, by contract or otherwise.
“Controlled” has a meaning correlative to the foregoing. 
 “Controlling Party” means the Party that has
primary responsibility, control and discretion in handling, settling or conducting a Tax Contest pursuant to Section 5.2. 
 “Due
Date” has the meaning set forth in Section 4.8. 

  
 2 

 “Effective Date” means the date recited above on which the parties entered into
this Agreement. 
 “Governmental Authority” shall mean any U.S. federal, state, local or non-U.S. court, government (or
political subdivision thereof), department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority. 

“Group” means the Noble Group or the Paragon Group, as the context requires. 

“High Specification Rigs” means those drilling rigs owned or leased by Noble Group or Paragon Group that are not Standard
Specification Rigs. 
 “IRS” means the Internal Revenue Service. 

“IRS Submission” means the Ruling Request and any other correspondence or supplemental materials submitted to the IRS in
connection with obtaining the Rulings. 
 “Joint Return” means any Tax Return that includes Tax Items attributable to both
the Noble Business and the Paragon Business; provided, however, that (i) Tax Items carried forward from a Tax Year beginning on or before the Spin-off Date to a Tax Year beginning after the Spin-off Date and (ii) Tax Items described
in Section 2.3(i) shall be ignored for purposes of this determination. 
 “Master Separation Agreement” means that certain
Master Separation Agreement, dated the date hereof, entered into between Noble and Paragon in connection with the Separation. 

“Noble” has the meaning set forth in the preamble hereto. 

“Noble Business” has the meaning set forth in Section 1.1 of the Master Separation Agreement. 

“Noble Group” means Noble and each Subsidiary of Noble (but only while such Subsidiary is a Subsidiary of Noble) other than
any Person that is a member of the Paragon Group.  
 “Noble Taxes” has the meaning set forth in Section 2.1(a).

 “Non-Controlling Party” means the Party that does not have primary responsibility, control and discretion in handling,
settling or conducting a Tax Contest pursuant to Section 5.2. 
 “Non-Preparer” means the Party that is not responsible for
the preparation and filing of a Joint Return or a Separate Return, as applicable, pursuant to Section 3.1 and Section 3.2. 

“Paragon” has the meaning set forth in the preamble hereto. 

  
 3 

 “Paragon Business” has the meaning set forth in Section 1.1 of the Master
Separation Agreement. 
 “Paragon Group” means (i) with respect to any Pre-Spin Period, Paragon and each other
Subsidiary of Noble that is (or will be) a Subsidiary of Paragon on the Spin-off Date and (ii) with respect to any Post-Spin Period, Paragon and each Subsidiary of Paragon (but only while such Subsidiary is a Subsidiary of Paragon). 

“Paragon Taxes” has the meaning set forth in Section 2.2(a). 

“Party” has the meaning set forth in the preamble hereto. 

“Payment Date” means (i) with respect to any U.S. federal income tax return, any of (A) the due date for any
required installment of estimated taxes determined under Section 6655 of the Code, (B) the due date (determined without regard to extensions) for filing the return determined under Section 6072 of the Code, or (C) the date the
return is filed, as applicable, and (ii) with respect to any other Tax Return, any of the corresponding dates determined under the applicable Tax Law. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, a union, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof. 

“Post-Spin Period” means any Tax Year (or portion thereof) beginning after the Spin-off Date. 

“Pre-Spin Period” means any Tax Year (or portion thereof) ending on or before the Spin-off Date. 

“Preparer” means the Party that is responsible for the preparation and filing of a Joint Return or a Separate Return, as
applicable, pursuant to Section 3.1 or Section 3.2. 
 “Prime Rate” means the fluctuating commercial loan rate announced by
JPMorgan Chase Bank, National Association from time to time at its New York, NY office as its prime rate or base rate for U.S. Dollar loans in the United States of America in effect on the date of determination. 

“Related Separation Transactions” means the transactions described in Schedule 1.1. 

“Requesting Party” has the meaning set forth in Section 6.4. 

“Rulings” mean (i) PLR-128740-13 issued to Noble and dated October 21, 2013, and (ii) PLR-128741-13, issued to
Noble Holding (U.S.) Corporation and dated October 21, 2013. 

  
 4 

 “Ruling Request” means Noble’s and Noble Holding (U.S.) Corporation’s
request for substantially identical rulings filed with the IRS, dated June 24, 2013 (which incorporates prior submissions dated January 23, 2013, March 8, 2013, May 3, 2013, and May 29, 2013), as supplemented on
July 11, 2013, and October 18, 2013 (in each case, including all appendices, schedules, attachments, and exhibits thereto), and additional related email correspondence with the IRS. 

“Separate Return” means any Tax Return that is not a Joint Return. 

“Separation” has the meaning set forth in the recitals hereto. 

“Spin-off” has the meaning set forth in the recitals hereto. 

“Spin-off Date” means the date on which the Spin-off occurs. 

“Standard Specification Rigs” means the drilling rigs set forth on Schedule 1.1(c) of the Master Separation Agreement. 

“Subsidiary” means, with respect to any specified Person, any corporation, partnership, limited liability company, joint
venture or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others
performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such specified Person or by any one or more of its Subsidiaries, or by such specified Person and one or more of its
Subsidiaries. 
 “Supplemental IRS Submission” means any request for a Supplemental Ruling, each supplemental submission
and any other correspondence or supplemental materials submitted to the IRS in connection with obtaining any Supplemental Ruling. 

“Supplemental Ruling” means any private letter ruling obtained by Noble or Paragon from the IRS which supplements or
otherwise modifies the Rulings. 
 “Supplemental Tax Opinion” means, with respect to a specified action, an opinion (other
than the Tax Opinion) from Tax Counsel to the effect that (subject to any customary assumptions, qualifications, and limitations set forth therein), (i) such action will not preclude the Spin-off from qualifying as a Tax-free transaction
described under Sections 368(a)(1)(D) and 355 of the Code to Noble and its shareholders (except with respect to cash received in lieu of fractional shares) and (ii) any Tax imposed on any part of the Related Separation Transactions will not be
increased. 
 “Tax” or “Taxes” means any income, gross income, gross receipts, profits, capital stock,
franchise, withholding, payroll, social security, workers compensation, unemployment, disability, property, ad valorem, stamp, excise, severance, occupation, service, sales, use, license, lease, transfer, import, export, value added, alternative
minimum, estimated or other similar tax (including any fee, assessment or other charge in the nature of or in lieu of any tax) imposed by any Governmental Authority and any interest, penalties, additions to tax or additional amounts in respect of
the foregoing. 

  
 5 

 “Tax Authority” means, with respect to any Tax, the Governmental Authority that
imposes such Tax, and the Governmental Authority (if any) charged with the assessment, determination or collection of such Tax for such Governmental Authority. 

“Tax Benefit” means any credit, deduction or other attribute that may have the effect of decreasing any Tax. 

“Tax Contest” means an audit, review, examination or any other administrative or judicial proceeding with the purpose or
effect of redetermining or recovering Taxes of any member of either Group (including any administrative or judicial review of any claim for refund). 

“Tax Counsel” means (i) with respect to the Tax Opinion, Baker Botts L.L.P. or (ii) with respect to a Supplemental
Tax Opinion, a nationally recognized law firm or accounting firm designated by the Party to whom such opinion is delivered. 
 “Tax
Detriment” means any income, gain or other attribute that may have the effect of increasing any Tax. 
 “Tax Item”
means any Tax Benefit or Tax Detriment. 
 “Tax Law” means the law of any Governmental Authority and any controlling
judicial or administrative interpretations of such law, relating to any Tax. 
 “Tax Materials” means (i) the Rulings,
(ii) each IRS Submission, (iii) the representation letters delivered to Tax Counsel in connection with the delivery of the Tax Opinion or Supplemental Tax Opinion, and (iv) any other materials delivered or deliverable by Noble,
Paragon and others in connection with the rendering by Tax Counsel of the Tax Opinion or Supplemental Tax Opinion or the issuance by the IRS of the Rulings or any Supplemental Ruling. 

“Tax Opinion” means the opinion to be delivered by Tax Counsel to Noble in connection with the Spin-off and Related
Separation Transactions substantially to the effect that (subject to the assumptions, qualifications and limitations set forth therein) for U.S. federal income tax purposes (i) the Spin-off will qualify as a Tax-free transaction described under
Sections 368(a)(1)(D) and 355 of the Code to Noble, its shareholders (except with respect to cash received in lieu of fractional shares), and Paragon and (ii) certain Related Separation Transactions will be Tax-free to the parties involved.

 “Tax Records” means Tax Returns, Tax Return work papers, documentation relating to any Tax Contests and any other
books of account or records required to be maintained under applicable Tax Laws (including but not limited to Section 6001 of the Code) or under any record retention agreement with any Tax Authority. 

“Tax Return” means any report of Taxes due (including estimated Taxes), any claims for refund of Taxes paid, any information
return with respect to Taxes, or any other similar report, statement, declaration or document required to be filed (by paper, electronically or otherwise) under any applicable Tax Law, including any attachments, exhibits or other materials submitted
with any of the foregoing, and including any amendments or supplements to any of the foregoing. 

  
 6 

 “Tax Year” means, with respect to any Tax, the year, or other period, if
applicable, for which the Tax is reported as provided under applicable Tax Law. 
 “Treasury Regulations” means the
regulations promulgated from time to time under the Code as in effect for the relevant Tax Year. 
 Section 1.2 Examples. The
operation of various provisions of this Agreement is illustrated by examples in Schedule 1.2 hereto, and this Agreement shall be interpreted in accordance with such examples. 

ARTICLE II 
 TAX
LIABILITIES AND TAX BENEFITS 
 Except as otherwise provided in Section 5.1 (Notices) and Article VI (Assistance and Cooperation), the
Parties shall be liable for and indemnify each other against Taxes and reimburse each other for the use of Tax Benefits as prescribed in this Article II and shall make payments with respect to such Taxes and Tax Benefits in accordance with Article
IV (Tax Payments). 
 Section 2.1 Noble Taxes. 

(a) Liability for Taxes. For any Tax Year (or portion thereof), Noble shall be liable for and indemnify the Paragon Group against
Noble’s allocable portion of Taxes imposed on the Noble Group and the Paragon Group (“Noble Taxes”). Such portion shall be determined by taking into account the following Tax Items on a pro forma stand-alone basis (as
determined pursuant to Section 2.4(a)): 
 (i) Tax Detriments resulting from the Spin-off or the Related Separation
Transactions, except to the extent that such Tax Detriments are directly attributable to Paragon’s breach of any covenant or representation under Article VII, 

(ii) Tax Benefits resulting from the Spin-off or the Related Separation Transactions, 

(iii) Tax Detriments (other than Tax Detriments resulting from the Spin-off or the Related Separation Transactions) arising
from the operation or ownership of the Noble Business, 
 (iv) Tax Benefits (other than Tax Benefits resulting from the
Spin-off or the Related Separation Transactions) arising from the operation or ownership of the Noble Business, and 
 (v)
Tax Benefits (other than Tax Benefits resulting from the Spin-off or the Related Separation Transactions) arising from the operation or ownership of the Paragon Business, but only to the extent such Tax Benefits are not taken into account in
calculating Paragon Taxes under Section 2.2(a)(iii). 

  
 7 

 (b) Payment for Paragon Tax Benefits. Noble shall pay Paragon for any Tax Benefit that is
taken into account in calculating Noble Taxes pursuant to Section 2.1(a)(v); provided, however, that payment for any such Tax Benefit arising in a Pre-Spin Period and utilized in a Tax Year beginning before the Spin-off Date shall be required
only if the creation or use of such Tax Benefit results from a Tax Contest resolved after the Spin-off Date. 
 Section 2.2 Paragon
Taxes. 
 (a) Liability for Taxes. For any Tax Year (or portion thereof), Paragon shall be liable for and indemnify the
Noble Group against Paragon’s allocable portion of Taxes imposed on the Noble Group and the Paragon Group (“Paragon Taxes”). Such portion shall be determined by taking into account the following Tax Items on a pro forma
stand-alone basis (as determined pursuant to Section 2.4(a)): 
 (i) Tax Detriments resulting from the Spin-off or the
Related Separation Transactions to the extent that such Tax Detriments are directly attributable to Paragon’s breach of any covenant or representation under Article VII, 

(ii) Tax Detriments (other than Tax Detriments resulting from the Spin-off or the Related Separation Transactions) arising
from the operation or ownership of the Paragon Business, 
 (iii) Tax Benefits (other than Tax Benefits resulting from the
Spin-off or the Related Separation Transactions) arising from the operation or ownership of the Paragon Business, and 

(iv) Tax Benefits (other than Tax Benefits resulting from the Spin-off or the Related Separation Transactions) arising from
the operation or ownership of the Noble Business, but only to the extent such Tax Benefits are not taken into account in calculating Noble Taxes under Section 2.1(a)(iv). 

(b) Payment for Noble Tax Benefits. Paragon shall pay Noble for any Tax Benefit that is taken into account in calculating Paragon Taxes
pursuant to Section 2.2(a)(iv); provided, however, that payment for any such Tax Benefit arising in a Pre-Spin Period and utilized in a Tax Year beginning before the Spin-off Date shall be required only if the creation or use of such Tax
Benefit results from a Tax Contest resolved after the Spin-off Date. 
 Section 2.3 Rules for Determining from which Business a Tax
Item Arises. For purposes of Article II, the following rules shall apply to determine from which Business a Tax Item arises: 
 (a)
General Rule. Except to the extent otherwise provided in this Section 2.3, Tax Items shall be deemed to arise from the operation or ownership of the Business to which such items are most closely related. 

  
 8 

 (b) Brazil. Tax Items related to Taxes imposed by a Tax Authority in Brazil for a Tax
Year shall be deemed to arise from the operation or ownership of the Noble Business and the Paragon Business in the same proportion as the number of Brazilian High Specification Rig Days bears to the number of Brazilian Standard Specification Rig
Days, respectively, for such Tax Year. 
 (c) Mexico. Tax Items related to Taxes imposed on any member of the Noble Group or the
Paragon Group (other than Paragon Offshore Contracting GmbH or Noble Mexico Limited) by any Governmental Authority in Mexico with respect to a Pre-Spin Period shall be deemed to arise from the operation or ownership of the Paragon Business;
provided, however, that any Taxes resulting from the restructuring or dissolution of any Person listed on Schedule 2.3(c) shall be deemed to arise from the operation or ownership of the Noble Business. 

(d) Norway. Net operating losses incurred by Paragon Offshore Drilling AS, Paragon Offshore AS, or Paragon Seillean AS during a
Pre-Spin Period shall be deemed to arise from the operation or ownership of the Paragon Business, provided, however, that any such net operating losses shall be deemed to arise from the operation or ownership of the Noble Business to
the extent such losses are used to offset any deferred gains arising in Norway from the operation or ownership of the Noble Business. 
 (e)
Netherlands. Tax Items related to Taxes imposed on Noble-Neddrill International Limited by any Governmental Authority in the Netherlands shall be deemed to arise from the operation or ownership of the Paragon Business. Tax Items related to
Taxes imposed on Noble Drilling (Nederland) II B.V. and Noble Resources Limited by any Governmental Authority in the Netherlands shall be deemed to arise from the operation or ownership of the Noble Business. 

(f) Standard Specification Jurisdictions. Tax Items related to Taxes imposed by any Governmental Authority in Brunei, Cameroon, Congo,
Denmark, Gabon, India, Ivory Coast, Labuan, Malaysia, Nigeria, or Qatar with respect to a Pre-Spin Period shall be deemed to arise from the operation or ownership of the Paragon Business. 

(g) High Specification Jurisdictions. Tax Items related to Taxes imposed by any Governmental Authority in Argentina, Australia, China,
Cyprus, Egypt, Israel, Libya, New Zealand, or Saudi Arabia with respect to a Pre-Spin Period shall be deemed to arise from the operation or ownership of the Noble Business. 

(h) Overhead Costs. Tax Items related to overhead costs and expenses that do not directly relate to either Business shall be allocated
between the Noble Business and the Paragon Business in a manner that is consistent with the practice of the Groups before the Spin-off Date. 

(i) Tax Benefits Arising from Equity Awards. Tax Benefits arising from the vesting or payment of an equity award shall be deemed to
arise from the operation or ownership of the Business that received the benefit of the services to which such equity award relates, regardless of whether such equity award is paid in the form of Noble stock, Paragon stock, or other consideration.
Schedule 2.3(i) sets forth the allocation of specific equity awards in a manner that the Parties agree is consistent with this Section 2.3(i). 

  
 9 

 Section 2.4 Special Rules. 

(a) Pro Forma Stand-Alone Basis. For purposes of computing Noble Taxes and Paragon Taxes on a pro forma stand-alone basis, Tax Items
shall be taken into account: 
 (i) only to the extent required or allowable under applicable Tax Law on a pro forma
stand-alone basis, 
 (ii) by using all applicable elections, accounting methods, and conventions used on the Tax Return on
which such Tax Items are actually reported, 
 (iii) by applying the average Tax rate on such Tax Return,
provided, however, if any category of Tax Items is subject to a different rate of Tax than other categories of Tax Items on such Tax Return, the average Tax rate applicable to such category of Tax Items reported on the Tax Return shall
apply with respect to such Tax Items, and 
 (iv) by treating Tax Benefits as used in the order specified under applicable
Tax Law or, to the extent that such Tax Law does not specify the order of use, used pro rata. 
 (b) Allocation in Straddle Periods.
For purposes of Section 2.1(b) and Section 2.2(b), Tax Benefits arising during any Tax Year that begins on or before and ends after the Spin-off Date shall be treated as arising during the Pre-Spin Period or the Post-Spin Period based on an interim
closing of the books as of and including the day of the Spin-off Date. Notwithstanding the foregoing, Tax Items attributable to any such Tax Year that are calculated on an annualized basis (including depreciation, amortization and depletion
deductions) shall be apportioned between the Pre-Spin Period and the Post-Spin Period on a daily pro rata basis. 
 (c) Differences
between Taxes Shown on Joint Return and Taxes Computed on a Pro Forma Stand-Alone Basis. If, without regard to this Section 2.4(c), the sum of Noble Taxes and Paragon Taxes relating to a Joint Return is different from the amount of Tax shown on
such Joint Return, then the Tax shown on such Joint Return shall be allocated between the Parties in the same proportion as the amount of Noble Taxes or Paragon Taxes, as appropriate, bears to the sum of Noble Taxes and Paragon Taxes relating to
such Joint Return. 
 ARTICLE III 

PREPARATION AND FILING OF TAX RETURNS 

Section 3.1 Joint Returns. 

(a) Preparer of Joint Returns. Noble shall be responsible for preparing and timely filing (or causing to be prepared and filed) all
Joint Returns required to be filed under applicable Tax Law by a member of the Noble Group. Paragon shall be responsible for preparing and timely filing (or causing to be prepared and filed) all Joint Returns required to be filed under applicable
Tax Law by a member of the Paragon Group. 

  
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 (b) Procedures Governing Joint Returns. The Preparer shall make any Joint Return, or
relevant portion thereof, available to the Non-Preparer within a reasonable time period before the Joint Return is due, taking into account any extensions that the Preparer files, and shall consider in good faith any comments on such Tax Return that
are provided in writing by the Non-Preparer, which comments shall be provided within a reasonable time period after such Tax Return is made available to the Non-Preparer. Furthermore, with respect to any Joint Return, the Preparer shall not take
(and shall cause the members of the Preparer’s Group not to take) any position that it knows, or reasonably should know, is inconsistent with the past practice of the Groups. 

Section 3.2 Separate Returns. 

(a) Preparer of Separate Returns—General Rule. Except as provided in Section 3.2(b), Noble shall be responsible for preparing and
timely filing (or causing to be prepared and filed) all Separate Returns that include Tax Items attributable to the Noble Business. Paragon shall be responsible for preparing and timely filing (or causing to be prepared and filed) all Separate
Returns that include Tax Items attributable to the Paragon Business. For purposes of this Section 3.2(a), (i) Tax Items carried forward from a Tax Year beginning on or before the Spin-off Date to a Tax Year beginning after the Spin-off Date and
(ii) Tax Items described in Section 2.3(i) shall be ignored. 
 (b) Special Rule for Certain Mexican Returns. Noble shall have
full control over the filing of any Separate Returns to the extent related to Mexican tax receivables described in Section 4.3. 

Section 3.3 Special Rules Relating to the Preparation of Tax Returns. 

(a) General Rule. Except as otherwise provided in this Agreement, the Party responsible for filing (or causing to be filed) a Tax
Return pursuant to Section 3.1 or Section 3.2 shall have the exclusive right, in its sole discretion, with respect to such Tax Return to determine (i) the manner in which such Tax Return shall be prepared and filed, including the elections,
methods of accounting, positions, conventions and principles of taxation to be used, and the manner in which any Tax Item shall be reported, (ii) whether any extensions may be requested, (iii) whether an amended Tax Return shall be filed,
(iv) whether any claims for refund shall be made, (v) whether any refunds shall be paid by way of refund or credited against any liability for the related Tax and (vi) whether to retain outside firms to prepare or review such Tax
Return. 
 (b) Paragon Returns. With respect to any Separate Return Paragon is obligated to file pursuant to Section 3.2, Paragon
shall not take (and shall cause the members of the Paragon Group not to take) any position that it knows, or reasonably should know, would adversely affect any member of the Noble Group. Furthermore, with respect to any such Separate Return, Paragon
shall not take (and shall cause the members of the Paragon Group not to take) any position that it knows, or reasonably should know, is inconsistent with the past practice of the Noble Group or the Paragon Group. 

  
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 (c) Reimbursement for Costs Incurred by Preparer. The Non-Preparer of a given Tax Return
may request that the Preparer amend such Tax Return for the benefit of the Non-Preparer. If the Preparer agrees, in its sole discretion, to amend such Tax Return, the Preparer shall be entitled to reimbursement from the Non-Preparer for any
reasonable third-party costs that are attributable to the Non-Preparer’s request, to the extent those costs exceed $50,000. 
 (d)
Allocation of Tax Items Between Joint Return and Related Separate Return. Notwithstanding Section 3.3(a), if Tax Items are allocated between a Joint Return and any related Separate Return, then the Preparer of such Separate Return shall (and
shall cause the members of its Group to) file the related Separate Return in a manner that is consistent with the reporting of such Tax Items on the Joint Return. 

(e) Standard of Performance. The Parties shall prepare (or cause to be prepared) Joint Returns with the same general degree of care
used in preparing Separate Returns. 
 Section 3.4 Financial Accounting Reports. With respect to Tax Items that are reflected on
Noble’s financial accounting books, Paragon shall not prepare its financial accounting books in a manner that is inconsistent with Noble’s reporting of such Tax Items. 

ARTICLE IV 
 TAX
PAYMENTS 
 Section 4.1 Payment of Taxes to Tax Authorities. Noble shall be responsible for remitting (or causing to be
remitted) to the proper Tax Authority all Tax shown (including Taxes for which Paragon is wholly or partially liable pursuant to Section 2.2) on any Tax Return for which it is responsible for the preparation and filing pursuant to Section 3.1 or
Section 3.2, and Paragon shall be responsible for remitting (or causing to be remitted) to the proper Tax Authority all Tax shown (including Taxes for which Noble is wholly or partially liable pursuant to Section 2.2) on any Tax Return for which it
is responsible for the preparation and filing pursuant to Section 3.1 or Section 3.2. 
 Section 4.2 Indemnification Payments.

 (a) Tax Payments Made by the Paragon Group. If any member of the Paragon Group remits a payment to a Tax Authority for Taxes for
which Noble is wholly or partially liable under this Agreement, Noble shall remit the amount for which it is liable to Paragon within 30 Business Days after receiving written notification requesting such amount. 

(b) Tax Payments Made by the Noble Group. If any member of the Noble Group remits a payment to a Tax Authority for Taxes for which
Paragon is wholly or partially liable under this Agreement, Paragon shall remit the amount for which it is liable to Noble within 30 Business Days after receiving written notification requesting such amount. 

  
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 (c) Credit for Prior Deemed Tax Payments. For purposes of Section 4.2, (i) the
portion of Taxes paid by the Noble Group to a Tax Authority for which Paragon is wholly or partially liable and (ii) the portion of Taxes paid by the Paragon Group to a Tax Authority for which Noble is wholly or partially liable will be
determined by assuming that Paragon and Noble, as appropriate, previously paid the amounts specified in Schedule 4.2(c) with respect to Taxes. 

(d) Payments for Tax Benefits. 

(i) If a member of the Noble Group uses a Tax Benefit for which Paragon is entitled to reimbursement pursuant to Section
2.1(b), Noble shall pay to Paragon, within 30 Business Days following the use of such Tax Benefit, an amount equal to the deemed value of such Tax Benefit, as determined in Section 4.2(d)(iv). 

(ii) If a member of the Paragon Group uses a Tax Benefit for which Noble is entitled to reimbursement pursuant to Section
2.2(b), Paragon shall pay to Noble, within 30 Business Days following the use of such Tax Benefit, an amount equal to the deemed value of such Tax Benefit, as determined in Section 4.2(d)(iv). 

(iii) For purposes of this Agreement, a Tax Benefit will be considered used (A) in the case of a Tax Benefit that
generates a Tax refund, at the time such Tax refund is received and (B) in all other cases, at the time the Tax Return is filed with respect to such Tax Benefit or, if no Tax Return is filed, at the time the Tax would have been due in the
absence of such Tax Benefit. 
 (iv) The deemed value of any such Tax Benefit will be (A) in the case of a Tax credit,
the amount of such credit or (B) in the case of a Tax deduction, an amount equal to the product of (1) the amount of such deduction and (2) the highest statutory rate applicable under Section 11 of the Code or other applicable
rate under state, local or foreign law, as appropriate. 
 Section 4.3 Special Rule for Payment of Certain Mexican Tax
Receivables. Notwithstanding any other provision of this Agreement, Paragon shall pay to Noble any amounts received from (or utilized as an offset or credit against Taxes imposed by) any Tax Authority in Mexico that relate to the aggregate tax
receivables found on the statutory books of the Persons listed in Schedule 4.3 as of June 30, 2014. 
 Section 4.4 Special Rule
for 2013 Brazilian Taxes and Refunds. Notwithstanding any other provision of this Agreement, any additional Tax due to any Tax Authority in Brazil with respect to the 2013 Tax Year shall be the responsibility of Paragon, and Paragon shall
reimburse Noble for any such Taxes paid by the Noble Group to any Tax Authority in Brazil. Likewise, and notwithstanding any other provision of this Agreement, Paragon shall be entitled to any refund of Taxes previously paid by the Noble Group or
the Paragon Group to any Tax Authority in Brazil with respect to the 2013 Tax Year, and Noble shall remit to Paragon any such refund received by the Noble Group. 

  
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 Section 4.5 Special Rule for Brazilian Judicial Deposit. Notwithstanding any
other provision in the Agreement, Paragon shall pay to Noble any amounts, including accrued interest, arising out of lawsuit number 0018408-55.2009.4.02.5101 filed before the 15th Federal Court of Rio de Janeiro against the Principal of Itaguai Port
Customs Office in Brazil that relate to the guarantee deposit for the Noble Dave Beard. Any such payment by Paragon shall be net of any Brazilian tax expense related to the interest income (on the Judicial Deposit), so that Paragon is made whole for
the interest income. 
 Section 4.6 Special Rule for U.S. Refunds. Notwithstanding any other provision of this Agreement, Noble
shall be entitled to any refund of Taxes previously paid by the Noble Group or the Paragon Group to any Tax Authority in the United States to the extent such refund arises as the result of the payment of additional Taxes in Mexico for Tax Years 2002
through 2006 under Mexico’s amnesty program. 
 Section 4.7 Initial Determinations and Subsequent Adjustments. The initial
determination of the amount of any payment that one Party is required to make to another under this Agreement shall be made on the basis of the Tax Return as filed, or, if the Tax to which the payment relates is not reported in a Tax Return, on the
basis of the amount of Tax initially paid to the Tax Authority. The amounts paid under this Agreement will be redetermined, and additional payments relating to such redetermination will be made, as appropriate, if as a result of an audit by a Tax
Authority, an amended Tax Return, an actual or deemed payment under Section 4.2 in excess of the amounts owed thereunder, or for any other reason (i) additional Taxes to which such redetermination relates are subsequently paid, (ii) a
refund of such Taxes is received, (iii) the Group to which a Tax Item is allocated changes or (iv) the amount or character of any Tax Item is adjusted or redetermined. Each payment required by the immediately preceding sentence (i) as
a result of a payment of additional Taxes will be due 30 Business Days after the date on which the additional Taxes were paid, (ii) as a result of the receipt of a refund will be due 30 Business Days after the refund was received, (iii) as
a result of a change in the allocation of a Tax Item will be due 30 Business Days after the date on which the final action resulting in such change is taken by a Tax Authority or either Party or any member of its Group or (iv) as a result of an
adjustment or redetermination of the amount or character of a Tax Item will be due 30 Business Days after the date on which the final action resulting in such adjustment or redetermination is taken by a Tax Authority or either Party or any member of
its Group. If a payment is made as a result of an audit by a Tax Authority which does not conclude the matter, further adjusting payments will be made, as appropriate, to reflect the outcome of subsequent administrative or judicial proceedings. 

Section 4.8 Interest on Late Payments. Payments pursuant to this Agreement that are not made by the date prescribed in this
Agreement or, if no such date is prescribed, within 30 Business Days after written demand for payment is made (the “Due Date”) shall bear interest for the period from and including the date immediately following the Due Date through
and including the date of payment at a per annum rate fixed at the Prime Rate plus 2% per annum, subject to any maximum amount permitted by applicable Law, on the Due Date (or, if the Due Date is not a business day, as of 11:00 a.m. New York,
NY time on the first business day following the Due Date). Such rate shall be redetermined at the beginning of each calendar quarter following such Due Date. Such interest will be payable at the same time as the payment to which it relates and shall
be calculated on the basis of a year of 365 days and the actual number of days for which due. 

  
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 Section 4.9 Payments by or to Other Group Members. When appropriate under the
circumstances to reflect the underlying liability for a Tax or entitlement to a Tax refund or Tax Benefit, a payment which is required to be made by or to Noble or Paragon may be made by or to another member of the Noble Group or the Paragon Group,
as appropriate, but nothing in this Section 4.9 shall relieve Noble or Paragon of its obligations under this Agreement. 
 Section 4.10
Procedural Matters. Any written notice for indemnification delivered to the indemnifying Party in accordance with Section 8.4 shall state the amount due and owing together with a schedule calculating in reasonable detail such amount (and
shall include any relevant Tax Records, statement, bill or invoice related to such Taxes, costs, expenses or other amounts due and owing). All payments required to be made by one Party to the other Party pursuant to this Article IV shall be made in
U.S. Dollars by electronic, same day wire transfer. Payments shall be deemed made when received. If the indemnifying Party fails to make a payment to the indemnified Party within the time period set forth in this Article IV, the indemnifying Party
shall pay to the indemnified Party, in addition to interest that accrues pursuant to Section 4.8, any costs or expenses incurred by the indemnified Party to secure such payment or to satisfy the indemnifying Party’s portion of the obligation
giving rise to the indemnification payment. 
 Section 4.11 Tax Consequences of Payments. For all Tax purposes and to the extent
permitted by applicable Tax Law, the Parties shall characterize any payment made pursuant to this Agreement in the same manner as if such payment were a capital contribution by Noble to Paragon or a distribution by Paragon to Noble, as the case may
be, immediately prior to the Spin-off Date. If any such payment (or portion thereof) causes, directly or indirectly, an increase in the Taxes owed by the recipient (or any of the members of its Group) under one or more applicable Tax Laws through
withholding or otherwise, the payor’s payment obligation (or portion thereof) under this Agreement shall be grossed up to take into account any additional Taxes that may be owed by the recipient (or any of the members of its Group) as a result
of such payment. In the event that a Tax Authority asserts that Noble’s or Paragon’s treatment of a payment pursuant to this Agreement should be other than as required pursuant to this Section 4.11, Noble or Paragon, as appropriate, shall
use its commercially reasonable efforts to contest such assertion. 
 ARTICLE V 

TAX CONTESTS 

Section 5.1 Notices. Each Party shall provide prompt notice to the other Party of any pending or threatened Tax Contest of which
it becomes aware relating to (i) Taxes for which it may be indemnified by the other Party hereunder, (ii) the qualification of the Spin-off as a Tax-free transaction described under Sections 368(a)(1)(D) and 355 of the Code to Noble, its
shareholders (except with respect to cash received in lieu of fractional shares), and Paragon, or (iii) any change in the Tax treatment of the Related Separation Transactions. Such notice shall contain factual information (to the extent known
by the notifying Party or its agents or representatives) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Tax Authority in

  
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respect of any such matters. If (i) an indemnified Party has knowledge of an asserted Tax liability with respect to a matter for which it is to be indemnified hereunder, (ii) such Party
fails to give the indemnifying Party prompt notice of such asserted Tax liability, and (iii) the indemnifying Party has the right, pursuant to Section 5.2, to control the Tax Contest relating to such Tax liability, then (A) if the
indemnifying Party is precluded from contesting the asserted Tax liability as a result of the failure to give prompt notice, the indemnifying Party shall have no obligation to indemnify the indemnified Party for any Taxes arising out of such
asserted Tax liability and (B) if the indemnifying Party is not precluded from contesting the asserted Tax liability, but such failure to give prompt notice results in a monetary detriment to the indemnifying Party, then any amount which the
indemnifying Party is otherwise required to pay the indemnified Party pursuant to this Agreement shall be reduced by the amount of such detriment. 

Section 5.2 Control of Tax Contests. 

(a) General Rule. Except as otherwise provided in this Section 5.2, the Preparer of any Tax Return shall be the Controlling Party with
respect to any Tax Contest involving a Tax reported on such Tax Return. 
 (b) Tax Contests Involving Certain Taxes Reported on a Joint
Return. The Non-Preparer shall be the Controlling Party with respect to that portion of any Tax Contest involving a Tax or Tax Benefit reported on a Joint Return where the Non-Preparer is liable for such Tax or entitled to reimbursement for such
Tax Benefit under this Agreement and such Tax or Tax Benefit is separable from all other Taxes or Tax Benefits reported on such Joint Return; provided, however, that Noble shall be the Controlling Party with respect to any Tax Contest
involving Separation Tax Items. 
 (c) Tax Contests Involving Taxes Reported on Certain Brazilian Tax Returns. The Parties shall use
all commercially reasonable means to mitigate the assessment of Taxes by any Tax Authority in Brazil and shall share all reasonable third-party costs that are attributable to such mitigation in the same proportion as the number of Brazilian High
Specification Rig Days bears to the number of Brazilian Standard Specification Rig Days, respectively, for such Tax Year. 
 (d) Tax
Contests Involving Mexican Tax Receivables. Noble shall be the Controlling Party with respect to any Tax Contest to the extent related to Mexican tax receivables described in Section 4.3. Noble shall reimburse Paragon for any reasonable
third-party costs incurred by the Paragon Group in connection with such contest. 
 (e) Non-Controlling Party Participation Rights.
With respect to any Tax Contest involving a Tax for which the Non-Controlling Party may be liable, or a Tax Benefit to which the Non-Controlling Party may be entitled to reimbursement under this Agreement, (i) the Non-Controlling Party shall,
at its own cost and expense, be entitled to participate in such Tax Contest, (ii) the Controlling Party shall keep the Non-Controlling Party reasonably informed and consult in good faith with the Non-Controlling Party and its Tax advisors with
respect to any issue relating to such Tax Contest, (iii) the Controlling Party shall provide the Non-Controlling Party with copies of all correspondence, notices and other written materials received from any

  
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Tax Authority and shall otherwise keep the Non-Controlling Party and its Tax advisors advised of significant developments in the Tax Contest and of significant communications involving
representatives of the Tax Authority, (iv) the Non-Controlling Party may request that the Controlling Party take a position in respect of such Tax Contest, and the Controlling Party shall do so provided that (A) there exists substantial
authority for such position (within the meaning of the accuracy-related penalty provisions of Section 6662 of the Code), (B) the adoption of such position would not reasonably be expected to increase the Taxes for which the Controlling
Party is liable, or decrease the Tax Benefit for which it is entitled to reimbursement, under this Agreement (unless the Non-Controlling Party agrees to indemnify and hold harmless the Controlling Party from such increase in Taxes or reduction in
Tax Benefits), and (C) the Non-Controlling Party agrees to reimburse the Controlling Party for any reasonable third-party costs that are attributable to the Non-Controlling Party’s request, to the extent those costs exceed $50,000,
(v) the Controlling Party shall provide the Non-Controlling Party with a copy of any written submission to be sent to a Taxing Authority prior to the submission thereof and shall give good faith consideration to any comments or suggested
revisions that the Non-Controlling Party or its Tax advisors may have with respect thereto, and (vi) there will be no settlement, resolution or closing or other agreement with respect thereto without the consent of the Non-Controlling Party,
which consent shall not be unreasonably withheld or delayed. 
 ARTICLE VI 

ASSISTANCE AND COOPERATION 

Section 6.1 Provision of Information. 

(a) Information with Respect to Joint Returns. At the written request of the Preparer, the Non-Preparer shall provide the Preparer with
(A) all Tax Records or other information then in the possession of the Non-Preparer’s Group that are reasonably necessary for the Preparer to properly and timely file all Joint Returns and (B) to the extent applicable Tax Law permits
Tax Items allocable to the Non-Preparer pursuant to Article II to be taken into account separately from Tax Items allocable to the Preparer pursuant to Article II, pro forma portions of such Joint Returns, prepared in a format reasonably acceptable
to the Preparer and which include only Tax Items allocable to the Non-Preparer pursuant to Article II. The Non-Preparer shall provide the materials described in subclauses (A) and (B) of the preceding sentence no later than thirty days
after the date of the Preparer’s written request. However, if the Preparer requests any such information within the thirty day period ending on the due date of such Joint Return, taking into account applicable extensions, the Non-Preparer shall
provide such information as soon as commercially reasonable. If the Non-Preparer fails to provide such materials within the time period described in this Section 6.1 and in the form reasonably requested by the Preparer to permit the timely filing of
any Joint Return, then, notwithstanding any other provision of this Agreement, the Non-Preparer shall be liable for, and shall indemnify and hold harmless each member of the Preparer’s Group from and against, any penalties, interest or
additional amounts in respect of Taxes (but excluding any Taxes underlying such amounts) assessed against any member of either Group by reason of any resulting delay in filing such return, to the extent such penalties, interest or additional amounts
in respect of Taxes are directly attributable to the delay in providing such information. If the Non-Preparer provides such materials within the time period described in this Section 6.1(a) in the form reasonably requested 

  
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by the Preparer to permit the timely filing of a Joint Return, then, notwithstanding any other provision of this Agreement, the Preparer shall be liable for, and shall indemnify and hold harmless
each member of the Non-Preparer’s Group from and against, any penalties, interest or additional amounts in respect of Taxes (but excluding any Taxes underlying such amounts) assessed against any member of either Group by reason of any delay in
filing such return. 
 (b) Information with Respect Tax Payments. At the written request of the Preparer, the Non-Preparer shall
provide the Preparer with all Tax Records or other information then in the possession of the Non-Preparer’s Group that the Preparer reasonably requests in order to determine the amount of Taxes due on any Payment Date with respect to a Joint
Return. The Non-Preparer shall provide such information no later than thirty days from the date of the Preparer’s written request. However, if the Preparer requests any such information within the thirty day period ending on the Payment Date,
the Non-Preparer shall provide such information as soon as commercially reasonable. If the Non-Preparer fails to provide such information within the time period described in this Section 6.1(b) and in the form reasonably requested by the Preparer to
permit the timely payment of such Taxes, the indemnification principles of Section 6.1(a) shall apply with respect to any penalties, interest or additional amounts in respect of Taxes (but excluding any Taxes underlying such amounts) assessed
against any member of either Group by reason of any resulting delay in paying such Taxes, to the extent such penalties, interest, or additional amounts in respect of Taxes are directly attributable to the delay in providing such information. 

(c) Information with Respect to Separate Returns. At the written request of the Preparer, the Non-Preparer shall provide the Preparer
with all Tax Records or other information then in the possession of the Non-Preparer’s Group that the Preparer reasonably requests in order to properly and timely file all Separate Returns for which the Preparer is responsible pursuant to
Section 3.2. Such information shall be provided within the time period prescribed by Section 6.1(a) for the provision of information for Joint Returns. If the Non-Preparer fails to provide such information within the time period described in Section
6.1(a) and in the form reasonably requested by the Preparer to permit the timely filing of a Separate Return, the indemnification principles of Section 6.1(a) shall apply with respect to any penalties, interest or additional amounts in respect of
Taxes (but excluding any Taxes underlying such amounts) assessed against any member of either Group by reason of any resulting delay in filing such return, to the extent such penalties, interest, or additional amounts in respect of Taxes are
directly attributable to the delay in providing such information. 
 (d) Information with Respect to Tax Contests. At the written
request of the Controlling Party, the Non-Controlling Party shall provide the Controlling Party with all Tax Records or other information then in the possession of the Non-Controlling Party’s Group that the Controlling Party reasonably requests
in order to handle, settle or conduct the Tax Contest. 
 Section 6.2 Reliance on Exchanged Information. If a member of
the Paragon Group supplies Tax Records or other information to a member of the Noble Group, or a member of the Noble Group supplies Tax Records or other information to a member of the Paragon Group, and an officer of the requesting Group member
intends to sign a statement or other document under penalties of perjury in reliance upon the accuracy of such Tax Records or other information, then a duly authorized officer of the Group member supplying such Tax Records or other information shall
certify, to such officer’s knowledge and belief, the accuracy and completeness of the Tax Records or other information so supplied. 

  
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 Section 6.3 Provision of Assistance and Cooperation. 

(a) Assistance with Respect to Joint Returns. At the written request of the Preparer, the Non-Preparer shall take (and shall cause its
Subsidiaries to take), at the Preparer’s own cost and expense, any action (e.g., filing a ruling request with the relevant Tax Authority or executing a limited power of attorney) that is reasonably necessary in order for the
Preparer’s Group to prepare, file, amend or take any other action with respect to a Joint Return. If the Non-Preparer fails to take, or cause to be taken, any such requested action, the indemnification principles of Section 6.1(a) shall apply
with respect to any penalties, interest, or additional amounts in respect of Taxes (but excluding any Taxes underlying such amounts) assessed against any member of either Group by reason of a failure to take any such requested action, to the extent
such penalties, interest, or additional amounts in respect of Taxes are directly attributable to the failure to take such action. 
 (b)
Assistance with Respect to Tax Contests. At the request of the Controlling Party, the Non-Controlling Party shall take (and shall cause its Subsidiaries to take) any action (e.g., executing a limited power of attorney) that is
reasonably necessary in order for the Controlling Party’s Group to handle, settle or conduct the Tax Contest. Each Party shall assist the other Party in taking (or causing to be taken) any remedial actions that are necessary or desirable to
minimize the effects of any adjustment made by a Tax Authority. The Controlling Party shall reimburse the Non-Controlling Party for any reasonable out-of-pocket costs and expenses incurred in complying with this Section 6.3(b). The Controlling Party
shall have no obligation to indemnify the Non-Controlling Party for any additional Taxes resulting from the Tax Contest, if the Non-Controlling Party fails to provide assistance in accordance with this Section 6.3(b), to the extent such additional
Taxes are directly attributable to the Non-Controlling Party’s failure to provide such assistance. 
 (c) Cooperation. In
addition to the obligations enumerated elsewhere in this Article VI, Noble and Paragon shall cooperate (and shall cause their respective Subsidiaries to cooperate) with each other and with each other’s agents and representatives, including
their respective accounting firms and legal counsel, in connection with Tax matters, including, making available to each other, as reasonably requested and available, personnel (including officers, employees and agents of the Parties or their
Subsidiaries) responsible for preparing, maintaining, and interpreting information and documents relevant to Taxes, and personnel reasonably required as witnesses or for purposes of providing information or documents in connection with any Tax
Contest. Furthermore, the Parties shall cooperate (and cause their respective Subsidiaries to cooperate) to ensure compliance with the obligations listed in Schedule 6.3(c) hereto by the Party responsible for such obligation under this Agreement.

 Section 6.4 Supplemental Rulings and Supplemental Tax Opinions. Each of the Parties agrees that at the reasonable request of the
other Party (the “Requesting Party”), such Party shall cooperate and use reasonable efforts to (and shall cause its Subsidiaries to cooperate and use reasonable efforts to) assist the Requesting Party in obtaining, as expeditiously

  
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as reasonably practicable, a Supplemental Ruling from the IRS and/or a Supplemental Tax Opinion from Tax Counsel. Within 30 Business Days after receiving an invoice from the other Party therefor,
the Requesting Party shall reimburse such Party for all reasonable costs and expenses incurred by such Party and the members of its Group in connection with assisting the Requesting Party in obtaining any Supplemental Ruling or Supplemental Tax
Opinion. Notwithstanding the foregoing, no Party shall be required to file any Supplemental IRS Submission unless the other Party represents to the filing Party that (i) it has reviewed the Supplemental IRS Submission and (ii) all
information and representations, if any, relating to any member of the other Party’s Group contained in the Supplemental IRS Submissions are true, correct and complete in all material respects. 

Section 6.5 Withholding and Reporting. With respect to stock of Noble delivered to any Person, Noble and Paragon shall cooperate
(and shall cause their respective Subsidiaries to cooperate) so as to permit Noble to discharge any applicable Tax withholding and Tax reporting obligations, including the appointment of Paragon or one or more of its Subsidiaries as the withholding
and reporting agent if Noble or one or more of its Subsidiaries is not otherwise required or permitted to withhold and report under applicable Tax Law. 

Section 6.6 Retention of Tax Records. Each of Noble and Paragon shall preserve (and shall cause their respective Subsidiaries to
preserve) all Tax Records that are in their possession (or in the possession of their respective Subsidiaries), and that could affect the liability of any member of the other Group for Taxes, for as long as the contents thereof may become material
in the administration of any matter under applicable Tax Law, but in any event until the later of (i) the expiration of any applicable statutes of limitation, as extended and (ii) 7 years after the Spin-off Date. 

Section 6.7 Confidentiality. The provisions of Section 7.13 of the Master Separation Agreement shall govern the
confidentiality, disclosure, and use of Confidential Information (as defined therein) relating to Taxes. 
 ARTICLE VII 

RESTRICTION ON CERTAIN ACTIONS OF THE GROUPS 

Section 7.1 General Restrictions. Following the Effective Date, Noble and Paragon shall not (and shall cause their respective
Subsidiaries not to) take any action that, or fail to take any action the failure of which would be inconsistent with (i) the qualification of the Spin-off as a Tax-free transaction described under Sections 368(a)(1)(D) and 355 of the Code to
Noble, its shareholders (except with respect to cash received in lieu of fractional shares), and Paragon or (ii) the Tax-free treatment of the Related Separation Transactions. 

Section 7.2 Restricted Actions Relating to Tax Materials. Without limiting the other provisions of this Article VII, following the
Effective Date, Noble and Paragon shall not (and shall cause their respective Subsidiaries not to) take any action that, or fail to take any action the failure of which to take, would be reasonably likely to be inconsistent with, or cause any Person
to be in breach of, any representation or covenant, or any material statement, made in the Tax Materials. 

  
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 Section 7.3 Certain Paragon Actions Following the Spin-off. 

(a) General Rule. Except as provided in Section 7.3(b), and without limiting the other provisions of this Article VII, during the
two-year period beginning on the Spin-off Date, Paragon shall not take or enter into a binding agreement to take (and shall cause its Subsidiaries not to take or enter into a binding agreement to take) any of the following actions: 

(i) the liquidation of Paragon; 

(ii) the sale of all or substantially all of the assets that constitute the Paragon Business to any Person other than an
entity that is and will be wholly-owned, directly or indirectly, by Paragon; 
 (iii) the transfer of any assets in a
transaction described in subparagraphs (A), (C), (D), (F), or (G) of Section 368(a)(1) to another entity, other than an entity that is and will be wholly-owned, directly or indirectly, by Paragon; 

(iv) the transfer of all or substantially all of the assets that constitute the Paragon Business in a transaction described in
Section 351 or Section 721 other than a transfer to a corporation or partnership that is and will be wholly-owned, directly or indirectly, by Paragon; 

(v) the issuance of stock (or any instrument that is convertible or exchangeable into any such stock) other than an issuance
to which Treasury Regulations §§ 1.355-7(d)(8) or (9) applies; 
 (vi) the facilitation of or other
participation in any acquisition (or deemed acquisition) of stock of Paragon that would result in any shareholder owning (or being deemed to own after applying the rules of Sections 355(e)(4)(C) and 355(e)(3)(B) of the Code) forty percent
(40%) or more (by vote or value) of the outstanding stock of Paragon; or 
 (vii) the redemption or other repurchase of
any stock other than pursuant to open market stock repurchase programs meeting the requirements of Section 4.05(1)(b) of Rev. Proc. 96-30, 1996-1 C.B. 696, as in effect prior to its amendment by Rev. Proc. 2003-48, 2003-2 C.B. 86. 

(b) Opinion of Counsel with Respect to Restricted Actions. Paragon may take (or cause its Subsidiaries to take) one or more of the
actions listed in Section 7.3(a) if Paragon obtains from Tax Counsel a Supplemental Tax Opinion that is reasonably satisfactory to Noble. 

  
 21 

 ARTICLE VIII 

MISCELLANEOUS 

Section 8.1 Entire Agreement. This Agreement, together with the Master Separation Agreement, the Ancillary Agreements, and the
Schedules referenced or attached hereto and thereto, constitutes the entire agreement and understanding between Noble and Paragon with respect to the subject matter hereof and supersedes all prior written and oral and all contemporaneous oral
agreements and understandings with respect to the subject matter hereof. 
 Section 8.2 Governing Law. This Agreement shall be
governed and construed and enforced in accordance with the laws of the State of New York without regard to principles of conflicts of laws thereof that would result in the application of the laws of any other jurisdiction. 

Section 8.3 Termination. This Agreement may be terminated at any time by mutual consent of Noble and Paragon. In the event of
termination pursuant to this Section, no Party shall have any Liability of any kind to any other Party by reason of this Agreement or such termination. 

Section 8.4 Notices. Unless expressly provided herein, all notices, claims, certificates, requests, demands and other
communications hereunder shall be in writing and shall be deemed to be duly given (i) when personally delivered or (ii) if mailed registered or certified mail, postage prepaid, return receipt requested, on the date the return receipt is
executed or the letter is refused by the addressee or its agent or (iii) if sent by overnight courier which delivers only upon the signed receipt of the addressee, on the date the receipt acknowledgment is executed or refused by the addressee
or its agent or (iv) if sent by facsimile or electronic mail, on the date confirmation of transmission is received (provided that a copy of any notice delivered pursuant to this clause (iv) shall also be sent pursuant to clause (i),
(ii) or (iii)), addressed to the attention of the addressee’s General Counsel at the address of its principal executive office or to such other address or facsimile number for a party as it shall have specified by like notice. 

Section 8.5 Counterparts. This Agreement, including the Schedules hereto and the other documents referred to herein, may be
executed in counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement. 

Section 8.6 Binding Effect; Assignment. This Agreement shall inure to the benefit of and be binding upon the Parties and their
respective legal representatives and successors. This Agreement may not be assigned by any Party, except that Noble may assign any or all of its rights, interests and obligations hereunder to any Affiliate, as the case may be, provided that any such
Affiliate agrees in writing to be bound by all of the terms, conditions and provisions contained herein 
 Section 8.7 No Third
party Beneficiaries. This Agreement is solely for the benefit of the Parties and their respective Groups and is not intended to confer upon any other Person except the Parties and their respective Groups any rights or remedies hereunder. 

Section 8.8 Severability. If any term or other provision of this Agreement or the Schedules attached hereto is determined by a
nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall

  
 22 

 
nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to effect the original intent of the Parties as closely as
possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so
broad as is enforceable. 
 Section 8.9 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part
of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such
right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement or the Schedules attached hereto are cumulative to, and not exclusive of, any rights or remedies otherwise available. 

Section 8.10 Amendment. No change or amendment will be made to this Agreement except by an instrument in writing signed on behalf
of each of the Parties; provided, that Noble may, in its sole discretion, amend this Agreement to conform the text of this Agreement to any provision contained in the Distribution Information Statement (as defined in the Master Separation Agreement)
that purports to describe this Agreement. 
 Section 8.11 Authority. Each of the Parties represents to the other that
(a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it has been duly authorized by all necessary corporate or
other actions, (c) it has duly and validly executed and delivered this Agreement on or prior to the Spin-off Date and (d) this Agreement creates legal, valid and binding obligations, enforceable against it in accordance with its respective
terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles. 

Section 8.12 Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions
and provisions of this Agreement or any Ancillary Agreement, the Party or the Parties who are or are to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of their rights under this Agreement
or such Ancillary Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including
monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are
waived. 
 Section 8.13 Construction. This Agreement shall be construed as if jointly drafted by Paragon and Noble and no rule
of construction or strict interpretation shall be applied against any Party. 

  
 23 

 Section 8.14 Performance Guarantees. Noble and Paragon shall cause to be performed,
and hereby guarantee the performance of, all actions, agreements and obligations set forth herein to be performed by their respective Affiliates. 

Section 8.15 Limitation of Liability. IN NO EVENT SHALL ANY MEMBER OF THE NOBLE GROUP OR THE PARAGON GROUP OR THEIR RESPECTIVE
DIRECTORS, OFFICERS AND EMPLOYEES BE LIABLE FOR ANY EXEMPLARY, PUNITIVE, SPECIAL, INDIRECT, CONSEQUENTIAL, REMOTE OR SPECULATIVE DAMAGES (INCLUDING IN RESPECT OF LOST PROFITS OR REVENUES), HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (INCLUDING
NEGLIGENCE), WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 
 Section 8.16 Predecessors or
Successors. Any reference to Noble, Paragon, a Person or a Subsidiary in this Agreement shall include any predecessors or successors (e.g., by merger or other reorganization, liquidation or conversion) of Noble, Paragon, such Person or
such Subsidiary, respectively. 
 Section 8.17 Expenses. Except as otherwise expressly provided for herein, each Party and its
Subsidiaries shall bear their own expenses incurred in connection with the preparation of Tax Returns and other matters related to Taxes under the provisions of this Agreement for which they are liable. 

Section 8.18 Effective Date. This Agreement shall become effective on the date recited above on which the Parties entered into
this Agreement. 
 Section 8.19 Change in Law. Any reference to a provision of the Code or any other Tax Law shall include a
reference to any applicable successor provision or law. 
 Section 8.20 Disputes. The procedures for discussion, negotiation and
arbitration set forth in Article V of the Master Separation Agreement, once executed, shall apply to all disputes, controversies or claims (whether sounding in contract, tort or otherwise) that may arise out of or relate to, or arise under or in
connection with this Agreement. 

  
 24 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date set
forth above. 
  

			
	NOBLE CORPORATION PLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PARAGON OFFSHORE PLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 25EX-10.4

 Exhibit 10.4 

FORM OF 
 TRANSITION
SERVICES AGREEMENT 
 This TRANSITION SERVICES AGREEMENT (the “Agreement”) is entered into as of
[                     ], 2014 between Noble Corporation, an exempted company limited by shares incorporated and existing under the laws of the Cayman
Islands (“Noble”), and Paragon Offshore plc, a public limited company registered in England and Wales (“Paragon”). Noble and Paragon are sometimes hereinafter collectively referred to as the
“Parties” and each individually as a “Party.” 
 WHEREAS, Noble and Paragon have entered into a Master
Separation Agreement, dated on or about the date hereof (as amended, restated or otherwise modified from time to time in accordance with its terms, the “Master Separation Agreement”); 

WHEREAS, Noble and Paragon currently contemplate that Noble Corporation plc, a company incorporated in England and Wales and the parent
company of Noble (“Noble plc”), will distribute all of Paragon’s ordinary shares, nominal value $0.01 per share, as a special dividend to the shareholders of Noble plc on a pro rata basis; and 

WHEREAS, pursuant to the Master Separation Agreement, the Parties have agreed that (a) Noble will provide or cause to be provided to
Paragon (and/or its Affiliates) certain services and other assistance on a transitional basis during the Transition Period and (b) Paragon will provide or cause to be provided to Noble (and/or its Affiliates) certain services and other
assistance on a transitional basis during the Transition Period, in each case in accordance with the terms and subject to the conditions of this Agreement. 

NOW, THEREFORE, in consideration of the premises and the agreements set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby, agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. Capitalized terms used but not otherwise defined elsewhere in this Agreement shall
have the respective meanings given to such terms in the Master Separation Agreement. The following terms shall have the meaning ascribed thereto for purposes of this Agreement, including all Schedules hereto: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, means
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

 “Brazil Services Agreement” means that certain Transition Services Agreement
with respect to Brazil entered into by Noble, Paragon and certain affiliates of each of Noble and Paragon, dated on or about the date hereof, as the same may be amended, restated or otherwise modified from time to time in accordance with its terms.

 “Business” means either the Noble Business or the Paragon Business (as applicable). 

“Business Day” means any day, other than a Saturday, Sunday or a day on which banking institutions located in New York, New
York shall be authorized or required by any Government Requirement to close. 
 “Employee Matters Agreement” means that
certain Employee Matters Agreement entered into by Noble and Paragon dated on or about the date hereof, as the same may be amended, restated or otherwise modified from time to time in accordance with its terms. 

“Governmental Authority” means any instrumentality, subdivision, court, administrative or other agency, commission, official
or other authority of any country or any state, province, prefect, municipality, locality or other government or political subdivision thereof, or any governmental, quasi-governmental or private body exercising any executive, regulatory, taxing,
importing or other governmental or quasi-governmental authority. 
 “Governmental Requirement” means at any time
(i) any law, statute, code, ordinance, order, rule, regulation, judgment, decree, injunction, writ, edict, award, authorization or other requirement of any Governmental Authority in effect at that time or (ii) any obligation included in
any certificate, certification, franchise, permit or license issued by any Governmental Authority or resulting from binding arbitration, including any requirement under common law. 

“Group” means either the Noble Group or the Paragon Group (as applicable). 

“Late Interest Rate” means the lesser of (i) the one month LIBOR rate plus 2.00% or (ii) the maximum rate of
interest permitted to be charged by applicable Governmental Requirements. 
 “Noble Business” means the ownership and
operation of the Noble Rigs. 
 “Noble Group” means Noble plc and each direct or indirect Subsidiary of Noble plc (other
than Paragon and any Subsidiary of Paragon). 
 “Noble Rigs” means the drilling rigs identified in Exhibit A to this
Agreement. 
 “Paragon Business” means the ownership and operation of the Paragon Rigs. 

“Paragon Group” means Paragon and each direct or indirect Subsidiary of Paragon (other than Noble and any Subsidiary of
Noble). 
 “Paragon Rigs” means the drilling rigs identified in Exhibit B to this Agreement. 

  
 2 

 “Person” means any individual, partnership, joint venture, corporation, limited
liability company, limited liability partnership, trust, unincorporated organization or association or a Governmental Authority. 

“Regardless of Cause” means, whether or not any Damages are asserted to have arisen by virtue of tort (including negligence),
breach of statutory duty, breach of contract (including breach of condition) or quasi-contract, strict liability, misrepresentation, breach of any laws, regulations, rules or orders of any Governmental Requirements or otherwise, on the part of the
Party or other Person seeking indemnity (or exclusion or limitation of liability). Regardless of Cause means whether or not any Damages are asserted to have been caused by or arisen by virtue of gross negligence on the part of the Party or other
Person seeking indemnity (or exclusion or limitation of liability). 
 “Service Provider” means the Party (or its
Subsidiary or Affiliate) providing a Service under this Agreement. 
 “Service Receiver” means the Party (or its Subsidiary
or Affiliate) to whom a Service is being provided under this Agreement. 
 “Service Receiver Group” means the applicable
Noble Group or Paragon Group receiving the Services from the Service Provider. 
 “Subsidiary” means, with respect to any
specified Person, any corporation, partnership, limited liability company or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to
elect at least a majority of the board of directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such specified Person or by any one or more of its
Subsidiaries, or by such specified Person and one or more of its Subsidiaries. 
 “Tax Sharing Agreement” means the Tax
Sharing Agreement, dated on or about the date hereof, between Paragon and Noble Parent. 
 “Transition Period” means the
period from the Effective Date until December 31, 2015. 
 ARTICLE II 

SERVICES 

Section 2.1 Services. Subject to the terms and conditions of this Agreement, (a) Noble, acting through its own
or procured through its Affiliates’ and their respective employees, agents, contractors or independent third parties, agrees to provide or cause to be provided to Paragon and its Subsidiaries (solely with respect to the Paragon Business) the
services set forth in Schedules A-[    ] to A-[    ] hereto and any additional services provided to Paragon or its Subsidiaries pursuant to Section 2.3 of this Agreement (the “Noble
Services”), and (b) Paragon, acting through its own or procured through its Affiliates’ and their respective employees, agents, contractors or independent third parties, agrees to provide or cause to be provided to Noble and its
Subsidiaries (solely with respect to the Noble Business) the services set forth in Schedules B-[    ] to B-[    ] hereto and any additional services provided to Noble or its Subsidiaries pursuant to 

  
 3 

 
Section 2.3 of this Agreement (the “Paragon Services” and, collectively with the Noble Services, the “Services”). At all times during the performance of the
Services, all Persons performing such Services (including agents, temporary employees, independent third parties and consultants of the Service Provider, collectively, the “Service Provider Group”) shall be construed as being
independent from the Service Receiver Group, and no such Person shall be considered or deemed to be an employee of any member of the Service Receiver Group nor entitled to any employee benefits of the Service Receiver as a result of this Agreement.

 The Service Receiver acknowledges and agrees that, except as may be expressly set forth herein as a Service (including additional
Services to be provided pursuant to Section 2.3 below), no member of the Service Provider Group shall be obligated to provide, or cause to be provided, any service or goods to any member of the Service Receiver Group. 

Section 2.2 Service Coordinators. Each of Noble and Paragon will nominate a representative to act as the primary contact
with respect to the provision of the Services as contemplated by this Agreement (the “Service Coordinators”). The initial Service Coordinators shall be Alan Hay for Noble and David Organ for Paragon. Unless Noble and Paragon
otherwise agree, Noble and Paragon agree that all notices and communications relating to this Agreement other than those day-to-day communications and billings relating to the actual provision of the Services shall be directed to the Service
Coordinators in accordance with Section 11.4 hereof. The Service Coordinators shall meet as expeditiously as possible to resolve any dispute hereunder; and any dispute that is not resolved by the Service Coordinators within forty-five
(45) calendar days shall be resolved in accordance with the dispute resolution procedures set forth in Section 11.3. Each of Noble and Paragon may treat an act of a Service Coordinator of the other Party which is consistent with the
provisions of this Agreement as being authorized by such other Party without inquiring behind such act or ascertaining whether such Service Coordinator had authority to so act; provided, however, that no such Service Coordinator shall have
authority to amend this Agreement. Unless otherwise provided herein, Noble and Paragon shall advise each other promptly (in any case no more than three Business Days) in writing of any change in their respective Service Coordinators, setting forth
the name of the replacement, and stating that the replacement Service Coordinator is authorized to act for such Party in accordance with this Section 2.2. 

Section 2.3 Additional Services. During the period from August 1, 2014 (the “Effective Date”)
until the date that is ninety (90) days after the Effective Date, Noble and Paragon may, each acting in its sole discretion, mutually agree that a Service Provider will provide additional Services to a Service Receiver. Upon the mutual written
agreement as to the nature, cost, duration and scope of such additional Services, Noble and Paragon shall supplement in writing the Schedules hereto to include such additional Services. 

For the avoidance of doubt, no additional Services shall extend past the end of the Transition Period. 

Section 2.4 Third-Party Services. The Service Provider shall have the right, whenever it deems necessary or advisable, to
hire third-party subcontractors or acquire rights from third parties to provide all or part of any Service hereunder. The Service Provider will provide to the Service Receiver all reasonably requested information regarding such third-party 

  
 4 

 
subcontractors. The cost of such additional third-party Services or acquisition of such rights shall be billed to and paid for by the applicable Service Receiver in the manner set forth in the
applicable Schedule and Article IV. 
 Section 2.5 Standard of Performance. The Services to be provided hereunder shall
be performed in accordance with good oilfield practice for offshore drilling and with the same general degree of care as when the Service Provider and its Affiliates performed such services within the Service Provider organization prior to the
Effective Date. It is understood and agreed that the employees of the Service Provider and the other members of the Service Provider Group performing the Services are not professional providers to third parties of the types of services included in
the Services and that Service Provider Group employees performing Services have other responsibilities and will not be dedicated full-time to performing Services hereunder. EXCEPT AS EXPRESSLY SET FORTH IN THIS SECTION 2.5, NO REPRESENTATIONS OR
WARRANTIES OF ANY KIND, EXPRESSED OR IMPLIED (INCLUDING THE WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, SEAWORTHINESS OR CONFORMITY TO ANY REPRESENTATION OR DESCRIPTION), ARE MADE BY THE APPLICABLE SERVICE
PROVIDER OR ANY MEMBER OF THE SERVICE PROVIDER GROUP WITH RESPECT TO THE SERVICES UNDER THIS AGREEMENT AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE GOVERNMENTAL REQUIREMENTS, ALL SUCH REPRESENTATIONS OR WARRANTIES ARE HEREBY WAIVED AND
DISCLAIMED, REGARDLESS OF CAUSE, BY THE APPLICABLE SERVICE RECEIVER. 
 Section 2.6 Service Boundaries and Scope. Except
as otherwise provided in this Agreement or a Schedule for a specific Service: (a) the Service Provider shall be required to provide, or cause to be provided, the Services only to the extent and only at the locations such Services are being
provided by any member of the Service Provider Group for the applicable Business immediately prior to the Effective Date; and (b) the Services shall be available only for purposes of conducting the applicable Business substantially in the
manner it was conducted immediately prior to the Effective Date. Except as otherwise provided in this Agreement or a Schedule for a specific Service, in providing, or causing to be provided, the Services, the Service Provider shall not be obligated
to: (i) maintain the employment of any specific employee or hire additional employees or third-party service providers; (ii) purchase, lease or license any additional equipment (including computer equipment, furniture, furnishings,
fixtures, machinery, vehicles, tools and other tangible personal property), software or other assets, rights or properties; (iii) make modifications to its existing systems or software; (iv) provide any member of the Service Receiver Group
with access to any systems or software; (v) provide or cause to be provided any training, licensing or similar services to any person; (vi) provide any marketing, promotional, bid inquiry or similar services; (vii) provide any
transportation or shipping services; or (viii) pay any costs related to the transfer or conversion of data of any member of the Service Receiver Group. Each Party in its capacity as a Service Receiver acknowledges (on its own behalf and on
behalf of the other members of its respective Group) that the employees of the Service Provider or any other members of the Service Provider Group who may be assisting in the provision of Services hereunder are or may be at-will employees and, in
any event, may terminate or be terminated from employment with the Service Provider or any of the other members of the Service Provider Group providing Services hereunder at any time for any reason. For the avoidance of doubt, the Services do not
include any services required for or as the result of any business acquisitions, divestitures, start-ups or terminations by either Party or any other member of such Party’s Group or any similar transactions. 

  
 5 

 Section 2.7 Noble Documents and Other Information. 

 

	 	(A)	Except for software licensed from third parties that are not Affiliates of Noble, all software used on or in connection with any of the Noble Business (the “Noble Software”), is proprietary to Noble or
its Affiliates and is hereby licensed or sublicensed non-exclusively, royalty-free to Paragon solely for use in connection with the Paragon Business and only until the earlier of the termination of this Agreement or the time at which the Service to
which such Noble Software relates terminates or ceases to be provided under this Agreement. Paragon agrees not to use the licensed or sublicensed Noble Software or related documentation (other than in connection with the Paragon Business during the
term of this Agreement) or to copy, modify, reverse engineer, reverse compile, or reverse assemble it. Irrespective of any terms to the contrary in this Agreement, any and all such licenses and sublicenses shall terminate as of the termination of
this Agreement. Paragon shall, during the term of this Agreement and for two years thereafter, upon Noble’s reasonable request and upon reasonable prior notice from Noble, make the Paragon Rigs (or Paragon’s other places of business)
available for inspection by Noble or its designated representatives (at Noble’s sole expense) for the sole purpose of confirming Paragon’s compliance with this Section 2.7(A) and subject to Noble’s obligation to keep information
confidential pursuant to Article IX. 

  

	 	(B)	As a result of the provision of Noble Services, certain employees of the Paragon Group may receive access to computer, software, communications or information networks or systems of Noble or its Affiliates, and any
related electronic or written documentation (collectively, “Noble Systems”). Paragon shall access and use only those Noble Systems for which it has been granted the right to access and use. Paragon’s right to access and use is
provided for the limited purpose of supporting the Noble Services provided hereunder. Individual access to such Noble Systems is strictly limited to those employees of Paragon approved by Noble. With respect to all Noble Systems to which any
employee of the Paragon Group has access as a result of the Noble Services being provided, Paragon (i) shall use such Noble Systems internally and for their intended purpose only, shall not distribute, publish, transfer, sublicense or in any
manner make such Noble Systems available to other organizations or persons, and shall not act as a service bureau or consultant in connection with such Noble Systems; (ii) shall comply with applicable laws governing information security and
privacy and with all of Noble’s system security policies, procedures and requirements that have been provided to Paragon (“Noble Security Regulations”); and (iii) shall not tamper with, compromise or circumvent any
security or audit measures employed by Noble. Paragon shall ensure that only those employees acting on its behalf who are specifically authorized to have access to the Noble Systems gain such access and prevent unauthorized access, use, destruction,
alteration or loss of information contained therein, including notifying its employees who might have access to such Noble Systems of the restrictions set forth in this Agreement and of the Noble Security Regulations. 

  
 6 

	 	(C)	If, at any time, (i) any employee of the Paragon Group or other Person acting on its behalf seeks to circumvent, or circumvents, the Noble Security Regulations, (ii) any unauthorized employee of the Paragon
Group or Person acting on its behalf accesses the Noble Systems, or (iii) any employee or representative of the Paragon Group engages in activities that may lead to the unauthorized access, use, destruction, alteration or loss of data,
information or software of Noble, Paragon shall promptly terminate any such employee’s or Person’s access to the Noble Systems and immediately notify Noble. In addition, Noble shall have the right to deny any employee of the Paragon Group
or other Person acting on the Paragon Group’s behalf access to the Noble Systems in the event that Noble reasonably believes that such employee has engaged in any of the activities set forth above in this Section 2.7(C) or otherwise poses
a security concern. Paragon shall cooperate with Noble in investigating any apparent unauthorized access to the Noble Systems. 

  

	 	(D)	Without limiting the generality of any other provision hereof, the Paragon Group shall have responsibility under this Agreement for the actions and omissions of both its employees and any other Person acting on its
behalf. 

  

	 	(E)	To the extent Paragon no longer requires access to the Noble Systems with respect to specific software, functions, systems or services, Paragon’s access will be terminated. 

Section 2.8 Paragon Documents and Other Information. 

 

	 	(A)	Except for software licensed from third parties that are not Affiliates of Paragon, all software used on or in connection with any of the Paragon Business (the “Paragon Software”), is proprietary to
Paragon or its Affiliates and is hereby licensed or sublicensed non-exclusively, royalty-free to Noble solely for use in connection with the Noble Business and only until the earlier of the termination of this Agreement or the time at which the
Service to which such Paragon Software relates terminates or ceases to be provided under this Agreement. Noble agrees not to use the licensed or sublicensed Paragon Software or related documentation (other than in connection with the Noble Business
during the term of this Agreement) or to copy, modify, reverse engineer, reverse compile, or reverse assemble it. Irrespective of any terms to the contrary in this Agreement, any and all such licenses and sublicenses shall terminate as of the
termination of this Agreement. Noble shall, during the term of this Agreement and for two years thereafter, upon Paragon’s reasonable request and upon reasonable prior notice from Paragon, make the Noble Rigs (or Noble’s other places of
business) available for inspection by Paragon or its designated representatives (at Paragon’s sole expense) for the sole purpose of confirming Noble’s compliance with this Section 2.8(A) and subject to Paragon’s obligation to
keep information confidential pursuant to Article IX. 

  

	 	(B)	 As a result of the provision of Paragon Services, certain employees of the Noble Group may receive access to computer, software, communications or
information networks or systems of Paragon or its Affiliates, and any related electronic or written documentation (collectively, “Paragon Systems”). Noble shall access and use only those Paragon Systems for which it has been granted
the right to access and use. Noble’s right to access and use is provided for the limited purpose of supporting the Paragon Services provided 

  
 7 

	 	
hereunder. Individual access to such Paragon Systems is strictly limited to those employees of Noble approved by Paragon. With respect to all Paragon Systems to which any employee of the Noble
Group has access as a result of the Paragon Services being provided, Noble (i) shall use such Paragon Systems internally and for their intended purpose only, shall not distribute, publish, transfer, sublicense or in any manner make such Paragon
Systems available to other organizations or persons, and shall not act as a service bureau or consultant in connection with such Paragon Systems; (ii) shall comply with applicable laws governing information security and privacy and with all of
Paragon’s system security policies, procedures and requirements that have been provided to Noble (“Paragon Security Regulations”); and (iii) shall not tamper with, compromise or circumvent any security or audit measures
employed by Paragon. Noble shall ensure that only those employees acting on its behalf who are specifically authorized to have access to the Paragon Systems gain such access and prevent unauthorized access, use, destruction, alteration or loss of
information contained therein, including notifying its employees who might have access to such Paragon Systems of the restrictions set forth in this Agreement and of the Paragon Security Regulations. 

 

	 	(C)	If, at any time, (i) any employee of the Noble Group or other Person acting on its behalf seeks to circumvent, or circumvents, the Paragon Security Regulations, (ii) any unauthorized employee of the Noble
Group or Person acting on its behalf accesses the Paragon Systems, or (iii) any employee or representative of the Noble Group engages in activities that may lead to the unauthorized access, use, destruction, alteration or loss of data,
information or software of Paragon, Noble shall promptly terminate any such employee’s or Person’s access to the Paragon Systems and immediately notify Paragon. In addition, Paragon shall have the right to deny any employee of the Noble
Group or other Person acting on the Noble Group’s behalf access to the Paragon Systems in the event that Paragon reasonably believes that such employee has engaged in any of the activities set forth above in this Section 2.8(C) or
otherwise poses a security concern. Noble shall cooperate with Paragon in investigating any apparent unauthorized access to the Paragon Systems. 

  

	 	(D)	Without limiting the generality of any other provision hereof, the Noble Group shall have responsibility under this Agreement for the actions and omissions of both its employees and any other Person acting on its
behalf. 

  

	 	(E)	To the extent Noble no longer requires access to the Paragon Systems with respect to specific software, functions, systems or services, Noble’s access will be terminated. 

Section 2.9 Transitional Nature of Services; Changes. The Parties acknowledge the transitional nature of the Services and that the
applicable Service Provider may make changes from time to time in the manner of performing the Services. 
 Section 2.10 Conflict with
Laws; Business Ethics. Notwithstanding anything in this Agreement to the contrary, (a) no Service Provider nor any of its Affiliates shall undertake any actions that would or may place such Service Provider in violation of any Governmental
Requirements and (b) (i) Paragon acknowledges receipt from Noble of Noble’s Code of Business Conduct and Ethics (the “Noble Code”), and (ii) Noble acknowledges receipt from Paragon of

  
 8 

 
Paragon’s Code of Business Conduct and Ethics (the “Paragon Code” and, together with the Noble Code, the “Business Codes”), and each of the Parties agrees
that the other Party shall not be required to take any actions that would place such Party or any other member of such Party’s Group in violation of its Business Code or any other governance or other policies of its Group, as they may be
amended from time to time. Each Party agrees to notify each other Party in writing of any amendment or modification of such Party’s Business Code and provide a copy of the same within three (3) Business Days of such amendment or
modification. 
 Section 2.11 Local Implementing Agreements; Access. The Parties recognize and agree that there may be a need to
document the Services provided hereunder in or with respect to various countries from time to time. Consequently, the Parties shall enter into, or cause their respective Subsidiaries to enter into, local implementing agreements (“Local
Agreements”) for Services to be provided hereunder in or with respect to such countries or geographical regions as either Noble or Paragon may reasonably request from time to time; provided, however, that the execution or
performance of any such Local Agreement shall in no way alter or modify any term or condition hereof nor the effect thereof. Without limiting the generality of the foregoing, should there be any conflict between any term or condition of a Local
Agreement and this Agreement, the terms and conditions of this Agreement shall prevail. 
 During the term of this Agreement and for so long
as any Services are being provided, the Noble Group will provide the Paragon Group and its authorized representatives such access to Noble and any other member of the Noble Group and their respective employees, representatives, facilities, premises,
rigs and other equipment and books and records as Paragon and its representatives may reasonably require in order to perform the Services or fulfill their respective obligations hereunder. During the term of this Agreement and for so long as any
Services are being provided, the Paragon Group will provide the Noble Group and its authorized representatives such access to Paragon and any other member of the Paragon Group and their respective employees, representatives, facilities, premises,
rigs and other equipment and books and records as Noble and its representatives may reasonably require in order to perform the Services or fulfill their respective obligations hereunder. 

ARTICLE III 
 CHARGES

 Section 3.1 Charges. Subject to Section 8.4(A), each Service will be provided at the price indicated in the
corresponding Schedule hereto. 
 ARTICLE IV 

PAYMENT 

Section 4.1 Payment. Charges for Services shall be invoiced monthly or at such other times as provided in the applicable Schedules
hereunder in one or more statements (the “Monthly Statements”) prepared by the applicable Service Provider or one or more of its Affiliates and in the form set forth in Exhibit C hereto (with Noble as Service Provider) or
Exhibit D hereto (with Paragon as Service Provider). The recipient of such invoice shall make the corresponding payment no later than thirty (30) calendar days after receipt of the Monthly Statement. Each Monthly Statement shall be
directed to the applicable Service Coordinator or such other person 

  
 9 

 
designated in writing from time to time by such Service Coordinator. The Monthly Statement shall set forth in reasonable detail, for the period covered by such Monthly Statement: (i) the
Services rendered and (ii) the basis for the calculation of the costs as set forth in Section 3.1, if applicable. If the Service Provider or one or more of its Affiliates incurs any out-of-pocket expenses (including any incremental license
fees incurred by the Service Provider in connection with the performance of the Services and any travel expenses incurred at the request or with the consent of the Service Receiver) or remits funds to a third party on behalf of the Service Receiver,
in either case in connection with the rendering of the Services, then the Service Provider or one or more of its Affiliates shall include such amount on a Monthly Statement to the Service Receiver, with reasonable supporting documentation, and the
Service Receiver shall reimburse that amount to the Service Provider or its Affiliate (as applicable) pursuant to this Section 4.1 as part of its next monthly payment. In the event there is any dispute with respect to a Monthly Statement, the
Service Receiver shall make the payment for all non-disputed portions in accordance herewith. The Service Receiver will withhold an amount that the Service Provider or its Affiliate (as applicable) is entitled to, together with interest thereon at
the Late Interest Rate, as if such amount were past due. In the event it is determined that the Service Receiver is entitled to a refund of amounts actually paid by the Service Receiver hereunder, the Service Provider or its Affiliate (as
applicable) shall pay the Service Receiver such overpaid amount with interest at the Late Interest Rate. 
 Any amount due from the Service
Receiver under this Agreement that is not paid in full on or before the date such payment is due will incur a delayed payment charge on the unpaid amount from the original due date until the date paid at a per annum rate of interest equal to the
Late Interest Rate. 
 The Service Receiver shall be responsible for all transfer taxes, excises, fees or other charges (including any
sales, use, goods and services, value added or similar taxes) imposed or assessed on the Service Provider or its Affiliates as a result of the provision of Services under this Agreement. The Service Receiver shall be entitled to deduct and withhold
taxes required by any Governmental Requirements to be withheld on payments made pursuant to this Agreement. To the extent any amounts are so withheld, the Service Receiver shall (i) pay, in addition to the amount otherwise due to the Service
Provider under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by the Service Provider will equal the full amount the Service Provider would have received had no such deduction or withholding
been required, (ii) pay such deducted and withheld amount to the proper Governmental Authority, and (iii) promptly provide to the Service Provider evidence of such payment to such Governmental Authority. 

  
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 Section 4.2 Reconciliation of Expenses. As expenses to provide the Services may be
reconciled over time, the reconciled amounts (together with interest at the Late Interest Rate from the date such amounts were due and payable to a Party had the reconciliation not been required until the date such amounts are actually paid to such
Party, if applicable), shall be included in the next applicable Monthly Statement. 
 ARTICLE V 

TERM 
 Section 5.1
Term. The term of this Agreement shall commence on the Effective Date and shall continue in force until the termination of all Services in accordance with the duration of such Services set forth in the Schedules hereto or as otherwise set forth
herein. Each Party shall undertake to provide to itself (either directly or through third parties other than the other Party and its Affiliates), and to terminate as soon as reasonably practicable, the Services provided to such Party hereunder.
Except as otherwise provided in a Schedule with respect to a specific Service, all Services shall terminate at the end of the Transition Period. 

ARTICLE VI 

DISCONTINUATION OF SERVICES 

Section 6.1 Discontinuation of Services. Except for those Services for which a minimum duration has been set in this Agreement or
the Schedules hereto, the Service Receiver may, upon thirty (30) calendar days’ advance written notice to the Service Provider, elect to discontinue any individual Service from time to time or this Agreement in its entirety; provided, that
any discontinuation of any Service will not affect the amounts payable to the Service Provider hereunder unless (and then only to the extent that) the charges for the discontinued Services are separately identified in this Agreement or the
applicable Schedule. The Service Receiver shall be liable to the Service Provider for all costs and expenses the Service Provider or any member of the Service Provider Group remains obligated to pay in connection with any discontinued Service or
Services, except in the case of a Service terminated by the Service Receiver pursuant to clause (ii) of the first sentence of Section 7.1. 

ARTICLE VII 
 DEFAULT

 Section 7.1 Termination for Default. In the event (i) of a failure of the Service Receiver to pay for Services in
accordance with the terms of this Agreement, or (ii) of a failure of the Service Provider to perform, or cause to be performed, the Services in accordance with the terms of this Agreement, which failure described in clause (ii) above
results or could reasonably result in a material adverse impact on the applicable Business of the Service Receiver, then in the case of either clause (i) or clause (ii) the non-defaulting Party shall have the right, at its sole discretion,
to terminate this Agreement if the defaulting Party has (A) failed to cure the default within forty five (45) days of receipt of the written notice of default or, (B) if such default is not reasonably susceptible to cure within a
45-day period, failed to take action within forty five (45) days of receipt of the written notice of default reasonably designed to cure such default as soon as is reasonably practicable. The Service Receiver’s right to terminate this
Agreement set forth in clause (ii) above and the rights set forth in Section 8.4 shall constitute the Service Receiver’s sole and exclusive rights and remedies for a breach by the Service Provider hereunder (including any breach
caused by an Affiliate of the Service Provider or other third party providing a Service hereunder). 

  
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 Section 7.2 Termination for Bankruptcy. In the event that a Party shall (i) file
a petition in bankruptcy, (ii) become or be declared insolvent, or become the subject of any proceedings (not dismissed within sixty (60) calendar days) related to its liquidation, insolvency or the appointment of a receiver,
(iii) make an assignment on behalf of all or substantially all of its creditors, or (iv) take any corporate action for its winding up or dissolution, then the other Party shall have the right to terminate this Agreement by providing
written notice in accordance with Section 11.4. 
 ARTICLE VIII 

INDEMNIFICATION 

Section 8.1 Liabilities and Indemnities. 
  

	 	(A)	Indemnity by the Service Receiver. EACH PARTY IN ITS CAPACITY AS A SERVICE RECEIVER SHALL FULLY INDEMNIFY AND DEFEND THE OTHER PARTY IN ITS CAPACITY AS A SERVICE PROVIDER AND ITS AFFILIATES (THE “SERVICE
PROVIDER INDEMNIFIED PARTIES”) FROM AND AGAINST ANY AND ALL LIABILITY, DEMANDS, CLAIMS, ACTIONS OR CAUSES OF ACTION, ASSESSMENTS, LOSSES, DAMAGES, FINES, PENALTIES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES AND EXPENSES
BUT EXCLUDING TAXES, AS DEFINED IN THE TAX SHARING AGREEMENT) (“DAMAGES”) DIRECTLY OR INDIRECTLY RELATED TO THE PROVISION OF SERVICES BY THE SERVICE PROVIDER UNDER THIS AGREEMENT, INCLUDING DAMAGES CAUSED BY THE SERVICE
RECEIVER’S BREACH OF THIS AGREEMENT AND DAMAGES CAUSED BY ANY SERVICE PROVIDER INDEMNIFIED PARTY TO ANY OF THE RIGS, RELATED EQUIPMENT OR OTHER ASSETS OR PERSONNEL OF THE SERVICE RECEIVER, EXCEPT ONLY TO THE EXTENT CAUSED BY THE WILLFUL
MISCONDUCT OF THE APPLICABLE SERVICE PROVIDER OR ITS AFFILIATES. EXCEPT TO THE EXTENT EXPRESSLY PROVIDED IN THE IMMEDIATELY PRECEDING SENTENCE, THIS INDEMNIFICATION IS EXPRESSLY INTENDED TO APPLY REGARDLESS OF CAUSE. THIS INDEMNIFICATION SHALL
SURVIVE AND CONTINUE IN FULL FORCE AND EFFECT NOTWITHSTANDING THE EXPIRATION OR TERMINATION OF THIS AGREEMENT FOR ANY REASON WHATSOEVER. 

  
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	 	(B)	Indemnity by the Service Provider. EACH PARTY IN ITS CAPACITY AS A SERVICE PROVIDER SHALL FULLY INDEMNIFY AND DEFEND THE OTHER PARTY IN ITS CAPACITY AS A SERVICE RECEIVER AND ITS AFFILIATES FROM AND AGAINST ANY
AND ALL DAMAGES DIRECTLY OR INDIRECTLY RELATED TO THIS AGREEMENT ONLY TO THE EXTENT CAUSED BY THE WILLFUL MISCONDUCT OF THE APPLICABLE SERVICE PROVIDER OR ITS AFFILIATES. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT
(REGARDLESS OF CAUSE) SHALL A SERVICE PROVIDER BE LIABLE TO A SERVICE RECEIVER AND ITS AFFILIATES WITH RESPECT TO CLAIMS ARISING OUT OF THIS AGREEMENT FOR AMOUNTS IN THE AGGREGATE EXCEEDING THE AGGREGATE SERVICE CHARGES PAID TO THE APPLICABLE PARTY
AS A SERVICE PROVIDER UNDER THIS AGREEMENT IN THE ONE-MONTH PERIOD PRIOR TO THE OCCURRENCE GIVING RISE TO THE DAMAGES (OR IF OCCURRING IN THE FIRST MONTH FOLLOWING THE EFFECTIVE DATE, SUCH AMOUNTS SHALL EQUAL THE AMOUNTS EXPECTED TO BE PAID TO THE
SERVICE PROVIDER IN SUCH MONTH BY WAY OF EXTRAPOLATION ON THE AMOUNTS PAID DURING SUCH SHORTER PERIOD). 

  

	 	(C)	Indemnification Procedures. 

  

	 	(i)	Third-Party Claim. The indemnification obligation pursuant to Section 8.1(A) for each Party as a Service Receiver and the indemnification obligation pursuant to Section 8.1(B) for each party as a
Service Provider, in each case, with respect to Damages claimed or asserted against a person claiming indemnification under this Agreement (an “Indemnified Party”) by a third party (that third-party claim or assertion, a
“Claim”), are subject to the following terms and conditions: 

  

	 	(1)	 The Indemnified Party shall, with reasonable promptness after the Indemnified Party has notice of a Claim, (A) notify the Party from whom
indemnification is sought (the “Indemnifying Party”) of the existence of that Claim and (B) transmit to the Indemnifying Party a notice (a “Claim Notice”) describing, in reasonable detail, the nature of the
Claim, and copies of any papers served with respect to such Claim. Within thirty (30) calendar days after receipt of any Claim Notice (the “Election Period”), the Indemnifying Party shall notify the Indemnified Party
(A) whether the Indemnifying Party disputes its potential liability to the Indemnified Party under this Article VIII with respect to such Claim and (B) whether the Indemnifying Party desires, at its sole cost and expense, to defend the
Indemnified Party against such Claim. If the Indemnifying Party does not notify the Indemnified Party within the 

  
 13 

	 	
Election Period that the Indemnifying Party disputes its potential liability with respect to such Claim, any Damages resulting from such Claim shall be payable by the Indemnifying Party under
this Agreement. The Indemnified Party is hereby authorized, at the sole cost and expense of the Indemnifying Party (but only if the Indemnified Party is entitled to indemnification under this Agreement), to file, during the Election Period, any
motion, answer or other pleadings that the Indemnified Party shall reasonably deem necessary or appropriate to protect its interests or those of the Indemnifying Party. 

 

	 	(2)	If the Indemnifying Party notifies the Indemnified Party within the Election Period that the Indemnifying Party elects to assume the defense of the Claim, then this Section 8.1(C)(i)(2) shall apply (but not
otherwise) and the Indemnifying Party shall have the right to defend, at its sole cost and expense (if it is determined that the Indemnified Party is entitled to indemnification under this Agreement), such Claim by all appropriate proceedings, which
proceedings shall be prosecuted diligently by the Indemnifying Party to a final conclusion or settled at the discretion of the Indemnifying Party in accordance with this Section 8.1(C)(i)(2). The Indemnified Party may, at its own cost and
expense, participate in, but not control, any defense or settlement of any Claim controlled by the Indemnifying Party pursuant to this Section 8.1(C)(i)(2). Notwithstanding anything in this Section 8.1(C)(i)(2) to the contrary, the
Indemnifying Party may not, without the express written consent of the Indemnified Party, agree to any compromise or settlement which does not include an unconditional release of the Indemnified Party from all Damages. 

 

	 	(3)	 If the Indemnifying Party fails to notify the Indemnified Party within the Election Period that the Indemnifying Party elects to assume the defense of
the Claim or if the Indemnifying Party elects to assume the defense of the Claim but fails to satisfy its obligations under Section 8.1(C)(i)(2), then this Section 8.1(C)(i)(3) shall apply (but not otherwise) and the Indemnified Party
shall have the right to defend, at the sole cost and expense of the Indemnifying Party (if it is determined that the Indemnified Party is entitled to indemnification under this Agreement), the Claim by all appropriate proceedings, which proceedings
shall be prosecuted diligently by the Indemnified Party to a final conclusion or settled at the 

  
 14 

	 	
discretion of the Indemnified Party. The Indemnified Party shall have full control of such defense and proceedings, including any compromise or settlement of such defense and proceedings,
provided that the Indemnifying Party shall not be liable for any such compromise or settlement unless such compromise or settlement is made with the Indemnifying Party’s express written consent (which shall not be unreasonably withheld,
conditioned or delayed). The Indemnifying Party may, at its own cost and expense, participate in, but not control, any defense or settlement of any Claim controlled by the Indemnified Party pursuant to this Section 8.1(C)(i)(3). 

 

	 	(4)	Notwithstanding anything in this Section 8.1(C)(i) to the contrary, to the extent (A) the Indemnifying Party has delivered a notice to the Indemnified Party that the Indemnifying Party disputes its potential
liability to the Indemnified Party under this Article VIII and (B) such dispute is resolved in favor of the Indemnifying Party, the Indemnifying Party shall not be required to bear the costs and expenses of the Indemnifying Party’s defense
pursuant to Section 8.1(C)(i)(2) or the Indemnified Party’s defense pursuant to Section 8.1(C)(i)(3), and the Indemnified Party shall reimburse the Indemnifying Party in full for all of those costs and expenses. 

 

	 	(ii)	No Third-Party Claim. In the event any Indemnified Party claims indemnification against any Indemnifying Party under this Agreement but that claim for indemnification does not involve a Claim, the Indemnified
Party shall (A) notify the Indemnifying Party and (B) transmit to the Indemnifying Party a notice (an “Indemnity Notice”) describing, in reasonable detail, the nature of the claim. Within thirty (30) calendar days
after receipt of any Indemnity Notice, the Indemnifying Party shall notify the Indemnified Party whether the Indemnifying Party disputes its potential liability to the Indemnified Party under this Article VIII. If the Indemnifying Party does not
notify the Indemnified Party within such 30-day period that the Indemnifying Party disputes its potential liability with respect to such Indemnity Notice, any Damages resulting from such Indemnity Notice shall be payable by the Indemnifying Party
under this Agreement. 

  

	 	(iii)	The provisions of this Section 8.1(C) are in all cases subject to the limitations set forth in Sections 8.1 and 8.2 and elsewhere in this Agreement. 

  
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 Section 8.2 Limitations on Damages. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS
AGREEMENT, IN NO EVENT SHALL EITHER PARTY, THEIR RESPECTIVE AFFILIATES OR THEIR RESPECTIVE DIRECTORS, OFFICERS AND EMPLOYEES BE LIABLE UNDER THIS AGREEMENT FOR ANY CONSEQUENTIAL DAMAGES, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (INCLUDING
NEGLIGENCE) ARISING IN ANY WAY OUT OF ANY PROVISION OF THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATIONS SHALL NOT LIMIT EACH PARTY’S INDEMNIFICATION
OBLIGATIONS FOR LIABILITIES TO THIRD PARTIES AS SET FORTH IN THIS ARTICLE VIII. FOR PURPOSES OF THIS ARTICLE VIII, “CONSEQUENTIAL DAMAGES” MEANS ANY EXEMPLARY, PUNITIVE, SPECIAL, INDIRECT, CONSEQUENTIAL, REMOTE OR SPECULATIVE DAMAGES
(INCLUDING IN RESPECT OF LOST PROFITS OR REVENUES). 
 Section 8.3 Limited Recourse. EXCEPT AS EXPRESSLY PROVIDED IN THIS
AGREEMENT, (A) NO AFFILIATE OF ANY PARTY WILL HAVE ANY LIABILITY OR RESPONSIBILITY FOR, RELATING TO OR IN CONNECTION WITH A PARTY’S FAILURE TO PERFORM ANY TERM, COVENANT, CONDITION OR PROVISION OF THIS AGREEMENT AND (B) IN PURSUING
ANY REMEDY FOR ANY PARTY’S BREACH OF ANY TERM, COVENANT, CONDITION OR PROVISION OF THIS AGREEMENT OR OF ANY DUTY OR STANDARD OF CONDUCT BASED ON NEGLIGENCE, GROSS NEGLIGENCE, STRICT LIABILITY OR PERSONAL INJURY OR OTHER TORT OR VIOLATION OF
APPLICABLE GOVERNMENTAL REQUIREMENTS, OR OTHERWISE, THE OTHER PARTY WILL NOT HAVE RECOURSE AGAINST ANY PERSON OTHER THAN THE DEFAULTING OR BREACHING PARTY ITSELF NOR AGAINST ANY ASSETS OTHER THAN THE ASSETS OF THE DEFAULTING OR BREACHING PARTY
ITSELF. 
 Section 8.4 Limitation on Remedies. The Parties hereby acknowledge and agree that: 

 

	 	(A)	 In the event Noble fails to provide the Noble Services (or a portion thereof) in accordance herewith, the sole and exclusive remedy of Paragon shall
be (i) to make a claim for indemnification pursuant to Section 8.1(B) (if available), (ii) to have the Service (or relevant portion) reperformed, without having to reimburse Noble for its direct internal cost of such reperformance,
(iii) to withhold payment for such Service, (iv) to the extent applicable, to have the right to terminate the Agreement under Section 6.1 or (v) pursue its rights under Section 11.12. In the event Paragon fails to provide
the Paragon Services (or a portion thereof) in accordance herewith, the sole and exclusive remedy of Noble shall be (i) to make a claim for indemnification pursuant to Section 8.1(B) (if available), (ii) to have the Service (or
relevant portion) reperformed, without having to reimburse Paragon for its direct internal cost of such reperformance, (iii) to withhold payment for such Service, (iv) to the extent applicable, to have the right to terminate the Agreement
under 

  
 16 

	 	
Section 6.1 or (v) pursue its rights under Section 11.12. Either Party may pursue more than one remedy at the same time but ultimately may not recover more than once. Such rights
are the Parties’ sole remedy for any non-performance, inadequate performance, faulty performance or other failure or breach by a Service Provider under or relating to this Agreement. EXCEPT AS SET FORTH IN THE FIRST SENTENCE OF THIS SECTION
8.4(A), PARAGON HEREBY EXPRESSLY WAIVES ANY RIGHT IT MAY OTHERWISE HAVE TO CLAIM, COLLECT OR RECEIVE DAMAGES, TO ENFORCE SPECIFIC PERFORMANCE OR TO PURSUE ANY OTHER REMEDY AVAILABLE IN CONTRACT, AT LAW OR IN EQUITY IN THE EVENT OF ANY NON-PERFORMANCE, INADEQUATE PERFORMANCE, FAULTY PERFORMANCE OR OTHER FAILURE OR BREACH BY NOBLE UNDER OR RELATING TO THE NOBLE SERVICES, REGARDLESS OF CAUSE EXCEPT ONLY TO THE EXTENT CAUSED BY THE WILLFUL MISCONDUCT
OF NOBLE OR ITS AFFILIATES. EXCEPT AS SET FORTH IN THE SECOND SENTENCE OF THIS SECTION 8.4(A), NOBLE HEREBY EXPRESSLY WAIVES ANY RIGHT IT MAY OTHERWISE HAVE TO CLAIM, COLLECT OR RECEIVE DAMAGES, TO ENFORCE SPECIFIC PERFORMANCE OR TO PURSUE ANY OTHER
REMEDY AVAILABLE IN CONTRACT, AT LAW OR IN EQUITY IN THE EVENT OF ANY NON-PERFORMANCE, INADEQUATE PERFORMANCE, FAULTY PERFORMANCE OR OTHER FAILURE OR BREACH BY PARAGON UNDER OR RELATING TO THE PARAGON
SERVICES, REGARDLESS OF CAUSE EXCEPT ONLY TO THE EXTENT CAUSED BY THE WILLFUL MISCONDUCT OF PARAGON OR ITS AFFILIATES. 

  

	 	(B)	Without limiting the generality of any other provision hereof, it is not the intent of either Party (or their Affiliates) in its capacity as a Service Provider to render professional advice or opinions, whether with
regard to tax, legal, treasury, finance, intellectual property, employment or other matters; no Party in its capacity as a Service Receiver shall rely on any Service rendered by or on behalf of the Service Provider or its Affiliates for such
professional advice or opinions; and notwithstanding the Service Receiver’s receipt of any proposal, recommendation or suggestion in any way relating to tax, legal, treasury, finance, intellectual property, employment or any other subject
matter, the Service Receiver shall seek all third-party professional advice and opinions as it may desire or need, and in any event the Service Receiver shall be solely responsible for and assume all risks associated with the Services, except to the
limited extent set forth in this Section; and, with respect to any software or documentation within the Services, the Service Receiver shall use such software and documentation internally and for their intended purpose only, shall not distribute,
publish, transfer, sublicense or in any manner make such software or documentation available to other organizations or persons, and shall not act as a service bureau or consultant in connection with such software. 

  
 17 

	 	(C)	A material inducement to the provision of the Noble Services is the limitation of liability, damages and recourse set forth herein and the release and indemnity provided by Paragon. A material inducement to the
provision of the Paragon Services is the limitation of liability, damages and recourse set forth herein and the release and indemnity provided by Noble. 

  

	 	(D)	Without limiting the generality of any other provision hereof, none of Noble nor its Affiliates shall have any liability or responsibility for any loss of or Damage to any of the Paragon Rigs or any related equipment or
parts, which such liability, responsibility and risk shall be for the account of Paragon and its Affiliates, Regardless of Cause. Without limiting the generality of any other provision hereof, none of Paragon nor its Affiliates shall have any
liability or responsibility for any loss of or Damage to any of the Noble Rigs or any related equipment or parts, which such liability, responsibility and risk shall be for the account of Noble and its Affiliates, Regardless of Cause.

 Section 8.5 Express Negligence. EXCEPT AS OTHERWISE EXPRESSED THEREIN, THE INDEMNITY, RELEASES AND LIMITATIONS ON
DAMAGES, RECOURSE AND LIABILITIES IN THIS AGREEMENT (INCLUDING ARTICLES II AND VIII) ARE INTENDED TO BE ENFORCEABLE AGAINST THE PARTIES IN ACCORDANCE WITH THE EXPRESS TERMS AND SCOPE THEREOF, REGARDLESS OF CAUSE. 

ARTICLE IX 

CONFIDENTIALITY 

Section 9.1 Confidentiality. The Parties each acknowledge and agree that the terms of the Master Separation Agreement shall apply
to information, documents, plans and other data made available or disclosed by one Party to the other in connection with this Agreement, including any such information Paragon may gain from access to the Noble Systems or that Noble may gain from
access to the Paragon Systems. 
 ARTICLE X 

FORCE MAJEURE 
 Section
10.1 Effect and Definition. No failure or omission by either Party to perform or carry out its obligations in accordance with this Agreement (other than the obligation to make payment) shall give rise to any claim by the other Party or be deemed
a breach of this Agreement if such failure or omission arises from a Force Majeure Event. “Force Majeure Event” shall mean any event or circumstance that is beyond the reasonable control of the Party affected thereby, including
lightning, earthquakes, tornadoes, hurricanes, floods, wash outs, storms, fires, 

  
 18 

 
explosions, epidemics, acts of God, other natural disasters, acts of the public enemy, computer crimes, cyber terrorism, actions by any Governmental Authority or other governmental interference,
insurrections, riots, civil disturbance, sabotage, terrorism, threats of sabotage or terrorism, vandalism, wars and war like actions (whether declared or undeclared and whether actual, pending or expected), confiscation, seizure, arrests or other
restraints by a Governmental Authority, blockades, embargoes, boycotts, strikes, lockouts, labor unrest and other labor disputes, and any shortage of adequate power or transportation facilities. 

Section 10.2 Notification Requirements. The Party claiming to be affected by a Force Majeure Event shall, as soon as reasonably
practicable, notify the other Party of the beginning and end of any event claimed to be a Force Majeure Event and use commercially reasonable efforts to resume performance in accordance with this Agreement as soon as is reasonably practicable after
the end of the Force Majeure Event. 
 Section 10.3 Cooperation. The Parties shall cooperate in reasonable respects with each
other to find alternative means and methods for the provision of any suspended Service with respect to a Force Majeure Event. 
 ARTICLE
XI 
 MISCELLANEOUS 

Section 11.1 Construction Rules. 
  

	 	(A)	A reference to an Article, Section, Exhibit or Schedule shall mean an Article or Section of, or a Schedule or Exhibit to, this Agreement unless otherwise explicitly set forth. The titles and headings herein are for
reference purposes only and shall not in any manner limit the construction of this Agreement which shall be considered as a whole. 

  

	 	(B)	The words “include,” “includes” and “including” when used in this Agreement shall be deemed in each case to be followed by the words “without limitation.” 

 

	 	(C)	The words “hereof,” “herein” and “herewith” and words of similar import will, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision
of this Agreement. 

  

	 	(D)	The word “or” when used in this Agreement will not be exclusive. 

  

	 	(E)	Words in the singular when used in this Agreement will be held to include the plural. 

  

	 	(F)	Unless specifically stated otherwise, all dollar amounts referred to in this Agreement or required to be paid pursuant to this Agreement are expressed in and shall be paid in United States Dollar funds.

  
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 Section 11.2 Entire Agreement. This Agreement and the Exhibits and Schedules
referenced or attached hereto constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the
subject matter hereof. To the extent that there are any conflicts between the provisions of this Agreement and the Master Separation Agreement, the Employee Matters Agreement, the Brazil Services Agreement or the Tax Sharing Agreement, the
provisions of this Agreement shall control. 
 Section 11.3 Governing Law.  

 

	 	(A)	This Agreement shall be governed and construed and enforced in accordance with the laws of the State of New York without regard to principles of conflicts of laws thereof that would result in the application of the laws
of any other jurisdiction. 

  

	 	(B)	The procedures for discussion, negotiation and arbitration set forth in Article VI of the Master Separation Agreement shall apply to any dispute, controversy or claim (whether sounding in contract, tort or otherwise)
that arises out of or relates to, this Agreement any alleged breach hereof, or the transactions contemplated hereby (including all actions taken in furtherance of the transactions contemplated hereby or thereby on or prior to the date hereof), the
construction, interpretation, enforcement or validity hereof or thereof (a “Dispute”). Each Party agrees on behalf of itself and each member of its respective Group that the procedures set forth in Article VI of the Master
Separation Agreement shall be the sole and exclusive remedy in connection with any Dispute and irrevocably waives any right to commence any Action in or before any Governmental Authority, except as set forth in Section 6.1 of the Master
Separation Agreement. 

  

	 	(C)	Each Party on behalf of itself and each member of its respective Group irrevocably waives any right to any trial by jury with respect to any Dispute to which this Section 11.3 applies. 

Section 11.4 Notices. Unless expressly provided herein, all notices, claims, certificates, requests, demands and other
communications hereunder shall be in writing and shall be deemed to be duly given (i) when personally delivered or (ii) if mailed registered or certified mail, postage prepaid, return receipt requested, on the date the return receipt is
executed or the letter is refused by the addressee or its agent or (iii) if sent by overnight courier which delivers only upon the signed receipt of the addressee, on the date the receipt acknowledgment is executed or refused by the addressee
or its agent or (iv) if sent by facsimile or electronic mail, on the date confirmation of transmission is received (provided that a copy of any notice delivered pursuant to this clause (iv) shall also be sent pursuant to clause (i),
(ii) or (iii)), addressed to the attention of the addressee’s General Counsel at the address of its principal executive office or to such other address or facsimile number for a party as it shall have specified by like notice. 

  
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 Section 11.5 Counterparts. This Agreement, including the Exhibits and Schedules
hereto and the other documents referred to herein, may be executed in counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement. 

Section 11.6 Binding Effect; Assignment. This Agreement shall inure to the benefit of and be binding upon the Parties and their
respective legal representatives and successors. This Agreement may not be assigned by any Party, except that either Party in its capacity as a Service Provider may assign any or all of its rights, interests and obligations hereunder to an Affiliate
in order to provide any Service hereunder, provided that any such Affiliate agrees in writing to be bound by all of the terms, conditions and provisions contained herein, and provided further that no such assignment shall release Noble or Paragon,
as the case may be, from any liability or obligation under this Agreement. 
 Section 11.7 No Third Party Beneficiaries. This
Agreement is solely for the benefit of Noble, Paragon and any Affiliate of either Party providing Services hereunder and is not intended to confer upon any other Person except such Persons any rights or remedies hereunder, and except for any
Indemnified Party under Article VIII. 
 Section 11.8 Severability. If any term or other provision of this Agreement or the
Exhibits or Schedules attached hereto is determined by a nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and
provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to effect the original intent of the Parties as closely as
possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so
broad as is enforceable. 
 Section 11.9 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part
of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such
right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement or the Schedules attached hereto are cumulative to, and not exclusive of, any rights or remedies otherwise available. 

Section 11.10 Amendment. No change or amendment will be made to this Agreement except by an instrument in writing signed on behalf
of each of the Parties. 
 Section 11.11 Authority. Each of the Parties represents to the other that (a) it has the
corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate or other actions,
(c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with their respective terms subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles. 

  
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 Section 11.12 Specific Performance. In the event of any actual or threatened default
in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party or the Parties who are or are to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of their rights
under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including monetary
damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived.

 Section 11.13 Construction. This Agreement shall be construed as if jointly drafted by Noble and Paragon and, except as set
forth in this Section 11.13, no rule of construction or strict interpretation shall be applied against any Party. 

Section 11.14 Relationship of Parties. Each Party in its capacity as a Service Receiver understands and agrees that the Service
Provider’s relationship to such Party as a Service Receiver under this Agreement is strictly a contractual arrangement on the terms and conditions set forth in this Agreement, that no fiduciary, trust, partnership, joint venture, agency or
advisory relationship exists between either Party as a Service Provider and the other Party as a Service Receiver, that all Services are provided by the Service Provider as an independent contractor and that each Party in its capacity as a Service
Receiver hereby waives any and all rights that it may otherwise have under applicable Governmental Requirements to make any claims or take any action against the other Party (or any of its Affiliates) as a Service Provider based on any theory of
agency, fiduciary duty, relationship of trust or other special standard of care. 
 Section 11.15 Further Assurances. From time
to time, each Party agrees to execute and deliver such additional documents, and will provide such additional information and assistance as either Party may reasonably require to carry out the terms of this Agreement. 

Section 11.16 Survival. The Parties agree that Articles IV, VIII, IX, and XI and any limitations on liability or responsibility
and any exculpatory, disclaimer, waiver or similar provisions will survive the termination of this Agreement and that any such termination shall not affect any obligation for the payment of Services rendered or any other amounts due to the Service
Provider under this Agreement prior to termination. 
 [Remainder of Page intentionally Blank; Signature Pages Follow]

  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

  

			
	NOBLE CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PARAGON OFFSHORE PLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Transition Services Agreement]

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