NEW YORK, July 25, 2014 /PRNewswire/ -- Paragon Offshore Ltd. (NYSE: PGN) will replace Intevac Inc. (NASD: IVAC) in the S&P SmallCap 600 effective after the close of trading on Friday, August 1. S&P 500 constituent Noble Corp. (NYSE: NE) is spinning off Paragon Offshore to shareholders in a transaction expected to be completed after the close of trading on that date. Post spin, Noble will remain in the S&P 500. Intevac is ranked # 600 in the S&P SmallCap 600 and is no longer representative of that index.

Paragon Offshore is a provider of standard specification offshore drilling rigs. Headquartered in Houston, TX, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Oil & Gas Drilling Sub-Industry index.

Following is a summary of the change:



                   S&P SMALLCAP 600 INDEX -  August 1, 2014
                   ----------------------------------------

                  COMPANY                  GICS ECONOMIC SECTOR             GICS SUB-INDUSTRY
                  -------                  --------------------             -----------------

      ADDED  Paragon Offshore                     Energy                   Oil & Gas Drilling
      -----  ----------------                     ------                   ------------------

     DELETED      Intevac                 Information Technology      Technology Hardware, Storage &
                                                                               Peripherals
     -------                -------           ---------------------- ------------------------------

Additions to and deletions from S&P Dow Jones Indices do not in any way reflect an opinion on the investment merits of the companies involved.

About S&P Dow Jones Indices
S&P Dow Jones Indices LLC, a part of McGraw Hill Financial, is the world's largest, global resource for index-based concepts, data and research. Home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average(TM), S&P Dow Jones Indices LLC has over 115 years of experience constructing innovative and transparent solutions that fulfill the needs of investors. More assets are invested in products based upon our indices than any other provider in the world. With over 1,000,000 indices covering a wide range of asset classes across the globe, S&P Dow Jones Indices LLC defines the way investors measure and trade the markets. To learn more about our company, please visit www.spdji.com.

Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). These trademarks have been licensed to S&P Dow Jones Indices LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively "S&P Dow Jones Indices") do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.

For more information:

David Blitzer
Managing Director and Chairman of the Index Committee
S&P Dow Jones Indices
(212) 438 3907
david.blitzer@spdji.com

David R. Guarino
Communications
S&P Dow Jones Indices
(212) 438 1471
dave.guarino@spdji.com

SOURCE S&P Dow Jones Indices