ADES to Buy Four Noble Corp. Jack-up Rigs with Saudi Aramco Contracts

Thursday, August 26, 2021

Offshore drilling firm Noble Corporation will sell four jack-up drilling rigs to drilling company ADES for $292 million. 

Noble Corp, which recently acquired Pacific Drilling, expects to generate around $285 million in cash from the ADES transaction net of fees, expenses, and the settlement of working capital. 

The rigs in question are the Noble Roger Lewis, Noble Scott Marks, Noble Joe Knight, and Noble Johnny Whitstine.

They will be sold and the current drilling contracts will be novated to ADES. Closing is expected before the end of October 2021. All four rigs are on contracts with the Saudi oil giant Saudi Aramco.

Robert Eifler, President and CEO of Noble Corporation said: "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,” he said.

Eifler continued, “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.”


Categories: Energy Middle East Drilling Industry News Activity Rigs

Related Stories

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Jadestone Submits Field Development Plan for Assets Off Vietnam

Shell Hires Noble’s Drillship for Work in Southeast Asia

Current News

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com