Noble Corp. updates rig activity

Offshore staff

ZUG, Switzerland -- Three of the Noble Corp.’s deepwater drilling units moved to higher dayrates during the second quarter. In the Gulf of Mexico, the Noble Clyde Boudreaux's dayrate increased to $605,000 from $244,000. In the Mediterranean Sea, the Noble Homer Ferrington began its three-year contract in Libya with ExxonMobil at a dayrate of $537,000, an increase from its previous contracted dayrate of $434,000. In Brazil, the Noble Muravlenko began its six-year contract with Petrobras at a dayrate of $290,000, exclusive of a potential 15% performance bonus. The previous dayrate for this unit was $120,000, also exclusive of a 15% performance bonus.

Also in Brazil, the company reached an agreement with Petrobras regarding late delivery penalties on the deepwater semisubmersible Noble Dave Beard. Under the terms of the agreement, Noble will provide additional capital equipment on the unit for Petrobras' use. In exchange, the delivery date for the unit has been reset to October 2009. Since the unit is expected to begin work under the contract at the end of this year, the company may still incur a penalty. The penalty amount would be reflected as a reduction in dayrate over the five-year contract, the company says.

During the second quarter, the last of the company's three newbuild jackups, the Noble Scott Marks, began mobilization from the shipyard in Dalian, China to the North Sea. The unit is expected to begin its two-year contract with Venture Production at a dayrate of $210,000 during the third quarter.

Finally, in Nigeria, the company signed a contract extension on the Noble Ed Noble, an independent leg cantilever jackup, with ExxonMobil at a dayrate of $115,000. The 213-day contract is subject to a 30-day notice of cancellation by either party.

07/23/2009