Noble Corp. Sells Four Jack-up Rigs to ADES

OE Staff
Thursday, November 4, 2021

Offshore drilling company Noble Corporation has completed the sale of four jack-up drilling rigs in Saudi Arabia to drilling firm ADES.

The companies first announced the sale and purchase deal for the rigs Noble Roger Lewis, Noble Scott Marks, Noble Joe Knight, and Noble Johnny Whitstine - all on contracts with Saudi Aramco - in August.

Noble said Thursday it expected to generate approximately $285 million in cash from the transaction net of fees, expenses, and the settlement of working capital. 

The ownership of the four rigs, as well as employment of the crews, has been transferred and the drilling contracts have been novated to ADES. Noble will continue to provide certain customary transition support services for a limited period of time.

"We are very pleased to have completed this transaction, which further bolsters our already strong balance sheet, is accretive to our shareholders, and supports our sustainable return of capital strategy." said Robert Eifler, President and CEO of Noble Corporation. 

Eifler said continued, "Our crews in the Kingdom have delivered excellent safety and operating performance for many years. I would personally like to thank the Noble employees who will transfer to ADES for their professionalism and dedicated service and wish them continued success."

Categories: Middle East Drilling Activity Drilling Rigs

Related Stories

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

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

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

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

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

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

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Current News

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

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