Shelf Drilling to acquire 5 Noble jackups for $375 million

Noble Corp has entered into an asset purchase agreement to sell five jackups for $375 million to a newly formed subsidiary of Shelf Drilling. The sale agreement includes the rigs Noble Hans Deul, Noble Sam Hartley, Noble Sam Turner, Noble Houston Colbert and Noble Lloyd Noble, along with all related support and infrastructure. Associated offshore and onshore staff are expected to transfer with the rigs.

Following the sale, Noble expects to continue to perform the current drilling program for the Noble Lloyd Noble under a bareboat charter arrangement with Shelf Drilling until Q2 2023, when the primary term of its current drilling contract is expected to end. The charter arrangement would pass the economic benefit of the drilling contract to Shelf Drilling.

Drilling contracts for the other rigs are expected to be novated to Shelf Drilling, subject to the clients’ consent. Noble will provide certain customary transition support services to Shelf for a limited period of time.