Noble to sell North Sea drilling business

Noble Corp. has reached an agreement with Seawell Holding UK to sell its North Sea platform drilling business for $35 million.

Offshore staff

SUGAR LAND, Texas -- Noble Corp. has reached an agreement with Seawell Holding UK to sell its North Sea platform drilling business for $35 million.

The sale to Seawell includes labor contracts covering 11 platform operations in the UK sector of the North Sea. Not included in this sale is a labor and maintenance contract related to the Hibernia platform located off the east coast of Canada. Noble will continue to provide personnel for the drilling and maintenance operations in support of the project and its client ExxonMobil.

"With the sale of our platform drilling business we have taken another important step in focusing the company more tightly on our core endeavors," says David W. Williams, chairman of the board, CEO, and president of Noble Corp.

01/16/2008

More in Company News