Skip to main content

Noble Corp. to divest four jack-up rigs for US$292 million

Published by , Editor
Oilfield Technology,


Noble Corp. has announced that subsidiaries of the company have reached a definitive agreement to sell four jack-ups to ADES International Holding Ltd., through its subsidiary, (ADES) for US$292 million.

The company expects to generate approximately US$285 million in cash from the transaction net of fees, expenses, and the settlement of working capital. The Noble Roger Lewis, Noble Scott Marks, Noble Joe Knight, and Noble Johnny Whitstine will be sold and the current drilling contracts novated to ADES. Closing is expected before the end of October 2021 and is subject to the satisfaction of closing conditions, including novation of the drilling contracts and regulatory approvals.

"We are very pleased to have reached this mutually beneficial deal with ADES, which is accretive to our shareholders. The sale of these four jackups further bolsters our already strong balance sheet and improves Noble's financial flexibility. As we look to 2022, our anticipated net cash position coupled with our expected free cash flow generation better positions the company to execute on our financial priorities to repay debt and return cash to shareholders," said Robert Eifler, President and CEO of Noble Corp. "Our crews in the Kingdom have executed at the highest level for many years, and Noble and ADES are fully aligned to ensure this level of operational excellence is maintained. I would personally like to thank the Noble employees who will be hired by ADES for their dedicated service and wish them continued success."


Read the latest issue of Oilfield Technology in full for free: Issue 2 2021

Oilfield Technology’s second issue of 2021 starts with a report from KPMG that examines the outlook for the Scottish oil and gas sector. The rest of the issue is dedicated to articles covering the offshore supply chain industry, offshore asset integrity, expandable liner technology, advances in drilling, data security, flow control, EOR and methane emissions.

Exclusive contributions come from Tata Steel, EM&I Group, 3X Engineering, Enventure Global Technology, Varel Energy Solutions, Adrilltech, Tendeka and more.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/27082021/noble-corp-to-divest-four-jack-up-rigs-for-us292-million/

You might also like

 
 

Embed article link: (copy the HTML code below):