Noble buys newbuild jackup, wins first contract

Noble Corp. plc has purchased a new GustoMSC CJ46 design jackup rig from the PaxOcean Group in connection with a concurrently awarded drilling contract.

Offshore staff

LONDON– Noble Corp. plc has purchased a new GustoMSC CJ46 design jackup rig from the PaxOcean Group in connection with a concurrently awarded drilling contract.

Noble paid $33.75 million of the $93.75 million purchase price in cash, with the remainder of the purchase price, or $60 million seller-financed at a 4.25% interest rate paid in cash and 1.25% paid in kind over the term of the financing. The company said it used existing cash balances for the initial payment and the secured seller-financed amount is to be repaid in four years.

The company also has an option to purchase a second newbuild CJ46 jackup from PaxOcean.

The newbuild jackup, to be named theNoble Johnny Whitstine, was built at the PaxOcean Graha shipyard in Batam, Indonesia.

The rig is designed to operate in water depths of up to 375 ft (114 m) and well depths of 30,000 ft (9,144 m). It features a modern drilling control system and versatile 70 ft x 40 ft (21 m x 12 m) envelope cantilever skidding system equipped with two BOPs.

In connection with the purchase, Noble has entered into a new drilling contract in theMiddle East with a three-year primary term, plus a one-year option. Drilling is expected to begin in early 2019.

Julie J. Robertson, chairman, president and CEO of Noble Corp. plc, said: “With our premium jackup rig fleet fully committed through late-2018, and further evidence of rising jackup demand into 2019, we remain focused on growth opportunities that reinforce our competitive position.

“This attractive acquisition of a proven and highly versatile jackup design will provide us with a near-term contract commitment and future opportunities where growing customer demand is evident.”

09/21/2018

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