Noble Corporation Completes Sale Of Four Jackups In Saudi Arabia
Noble Corporation (NYSE: NE) has successfully finalized the sale of four jackup rigs to ADES International Holding Ltd., expected to generate approximately $285 million in cash after fees and expenses. The rigs involved are Noble Roger Lewis, Noble Scott Marks, Noble Joe Knight, and Noble Johnny Whitstine. This transaction is aimed at strengthening Noble’s balance sheet and is part of a strategy to ensure sustainable returns for shareholders. Transition support services will be provided to ADES during this transition period.
- Transaction expected to generate approximately $285 million in cash.
- Strengthens balance sheet and supports sustainable return of capital strategy.
- None.
SUGAR LAND, Texas, Nov. 3, 2021 /PRNewswire/ -- Noble Corporation (NYSE: NE, "Noble", or the "Company") today announced it has completed the sale of four jackup rigs to a subsidiary of ADES International Holding Ltd. ("ADES"). The Company expects to generate approximately
"We are very pleased to have completed this transaction, which further bolsters our already strong balance sheet, is accretive to our shareholders, and supports our sustainable return of capital strategy." said Robert Eifler, President and CEO of Noble Corporation. Mr. Eifler continued, "Our crews in the Kingdom have delivered excellent safety and operating performance for many years. I would personally like to thank the Noble employees who will transfer to ADES for their professionalism and dedicated service and wish them continued success."
About Noble Corporation
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Currently, Noble performs, through its subsidiaries, contract drilling services with a fleet of 20 offshore drilling units, consisting of 12 drillships and semisubmersibles and 8 jackups, focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Noble is an exempted company incorporated in the Cayman Islands with limited liability with registered office at P.O. BOX 309, Ugland House, S. Church Street, Grand Cayman, KY1-1104.
For additional information, visit www.noblecorp.com or email investors@noblecorp.com
Forward-looking Disclosure Statement
This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical facts included in this communication, including those regarding the expected net proceeds from the transaction, the impact of the transaction, strong balance sheet, accretion to our shareholders and return of capital, are forward-looking statements. When used in this report, or in the documents incorporated by reference, the words "anticipate," "assume," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "project," "should," "shall" and "will" and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. These forward-looking statements speak only as of the date of this communication and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law. We have identified factors, including, but not limited to, uncertainties relating to our emergence from bankruptcy, the ability to recognize the anticipated benefits of acquisition or disposition transactions, the effects of public health threats, pandemics and epidemics, such as the recent and ongoing outbreak of COVID-19, and the adverse impact thereof on our business, financial condition and results of operations (including but not limited to our growth, operating costs, supply chain, availability of labor, logistical capabilities, customer demand for our services and industry demand generally, our liquidity, the price of our securities and trading markets with respect thereto, our ability to access capital markets, and the global economy and financial markets generally), the effects of actions by, or disputes among OPEC+ members with respect to production levels or other matters related to the price of oil, market conditions, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, the actual amount of downtime, factors that reduce applicable dayrates, reset of dayrates under the commercial enabling agreement with our client for rigs operating in Guyana, operating hazards and delays, risks associated with operations outside the US, actions by regulatory authorities, credit rating agencies, customers, joint venture partners, contractors, lenders and other third parties, legislation and regulations affecting drilling operations, compliance with regulatory requirements, violations of anti-corruption laws, shipyard risk and timing, delays in mobilization of rigs, hurricanes and other weather conditions, and the future price of oil and gas, that could cause actual plans or results to differ materially from those included in any forward-looking statements. These factors include those "Risk Factors" referenced or described in the Company's most recent Form 10-K, Form 10-Q's, and other filings with the Commission. We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us.
Investors and others should note that we may announce material information using Securities and Exchange Commission filings, press releases, public conference calls, webcasts, and the "Investor" section of our website. In the future, we will continue to use these channels to distribute material information about the company and to communicate important information about the company, key personnel, corporate initiatives, regulatory updates, and other matters. Information that we post on our website could be deemed material; therefore, we encourage investors, the media, our customers, business partners and others interested in our company to review the information we post on our website.
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SOURCE Noble Corporation
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