Noble plans divestment of six jackups
Noble signed definitive agreements to sell six jackups, which includes the sale of five rigs to Borr Drilling, for $360 million and a separate transaction for the sale of one rig to Ocean Oilfield Drilling for $64 million in cash. Upon closing of these transactions, Noble will be a pureplay deepwater and ultra-harsh environment jackup operator.
The agreement with Borr, comprising $210 million in cash and $150 million in seller notes, includes the sale of the Noble Tom Prosser, Noble Mick O’Brien, Noble Regina Allen, Noble Resilient and Noble Resolute. Closing is expected in early 2026, and is subject to Borr’s successful financing.
The $150 million in proposed seller notes to Borr are expected to have a six-year maturity and be secured by a first lien on three jackups (Noble Tom Prosser, Noble Regina Allen and Noble Resilient). The notes can be prepaid at anytime without penalty, with certain provisions mandating early prepayment.
Additionally, Noble intends to operate two rigs – Noble Mick O’Brien and Noble Resolute – under a bareboat charter agreement with Borr for one year from signing of the definitive agreement.
The agreement with Ocean Oilfield Drilling anticipates the sale of the Noble Resolve. Closing is expected in Q2 2026, upon conclusion of the Noble Resolve’s current contract.
