Noble Corporation plc announces fleet retirements
Noble (NYSE: NE) has announced plans to divest two cold stacked drillships, the Pacific Meltem and Pacific Scirocco. The company aims to eliminate costs associated with these non-operational units and focus resources on its marketed fleet. The divestment strategy includes potentially scrapping the units, effectively retiring them permanently from drilling operations.
CEO Robert W. Eifler explained that the decision to retire these non-contributing assets stems from a continuous cost-benefit evaluation of idle capacity. The move is expected to be immediately cash flow accretive and result in a more optimized fleet composition for Noble.
Noble (NYSE: NE) ha annunciato piani per dismettere due piattaforme sottomarine in disuso, la Pacific Meltem e la Pacific Scirocco. L'azienda mira ad eliminare i costi associati a queste unità non operative e concentrare le risorse sulla sua flotta attiva. La strategia di dismissione include la possibilità di demolire le unità, ritirandole in modo permanente dalle operazioni di perforazione.
Il CEO Robert W. Eifler ha spiegato che la decisione di ritirare questi asset non contribuenti deriva da una continua valutazione del costo e del beneficio della capacità inattiva. Questa mossa dovrebbe portare a un immediato incremento del flusso di cassa e a una composizione della flotta più ottimizzata per Noble.
Noble (NYSE: NE) ha anunciado planes para deshacerse de dos plataformas de perforación frías, el Pacific Meltem y el Pacific Scirocco. La compañía tiene como objetivo eliminar los costos asociados con estas unidades no operativas y concentrar recursos en su flota comercializada. La estrategia de desinversión incluye la posible chatarra de las unidades, retirándolas de forma permanente de las operaciones de perforación.
El CEO Robert W. Eifler explicó que la decisión de retirar estos activos no contribuyentes proviene de una evaluación continua de costos y beneficios de la capacidad ociosa. Se espera que este movimiento sea inmediatamente beneficioso para el flujo de efectivo y resulte en una composición de flota más optimizada para Noble.
노블(Noble) (NYSE: NE)는 두 개의 냉각된 드릴십인 퍼시픽 멜템(Pacific Meltem)과 퍼시픽 시로코(Pacific Scirocco)를 매각할 계획을 발표했습니다. 회사는 이러한 비운영 단위와 관련된 비용을 줄이고, 상장된 함대에 자원을 집중하기를 원합니다. 매각 전략에는 단위를 스크랩하는 것이 포함되어 있어, 이를 영구히 드릴링 작업에서 퇴역시키는 것입니다.
CEO인 로버트 W. 아이플러(Robert W. Eifler)는 이러한 비기여 자산의 퇴역 결정이 유휴 용량에 대한 지속적인 비용-편익 평가에서 비롯되었다고 설명했습니다. 이 조치는 즉각적인 현금 흐름 증가를 예상하며, 노블을 위해 보다 최적화된 함대 구성을 갖출 것입니다.
Noble (NYSE: NE) a annoncé des plans pour céder deux navires de forage à l'arrêt, le Pacific Meltem et le Pacific Scirocco. L'entreprise vise à éliminer les coûts associés à ces unités non opérationnelles et à concentrer les ressources sur sa flotte commercialisée. La stratégie de cession inclut potentiellement le démantèlement des unités, les retirant de manière permanente des opérations de forage.
Le PDG Robert W. Eifler a expliqué que la décision de retirer ces actifs non contributifs découle d'une évaluation continue des coûts et des avantages de la capacité idle. Ce mouvement devrait avoir un impact immédiat sur le flux de trésorerie et entraîner une composition de flotte plus optimisée pour Noble.
Noble (NYSE: NE) hat Pläne angekündigt, zwei kalte, stillgelegte Bohrschiffe, die Pacific Meltem und die Pacific Scirocco, abzustoßen. Das Unternehmen zielt darauf ab, die Kosten im Zusammenhang mit diesen nicht operativen Einheiten zu eliminieren und Ressourcen auf seine vermarktete Flotte zu konzentrieren. Die Abstoßungsstrategie umfasst das mögliche Verschrotten der Einheiten, was bedeutet, dass sie endgültig von den Bohroperationen zurückgezogen werden.
CEO Robert W. Eifler erklärte, dass die Entscheidung, diese nicht beitragenden Vermögenswerte zurückzuziehen, aus einer kontinuierlichen Kosten-Nutzen-Bewertung der ungenutzten Kapazität resultiert. Der Schritt soll sofort zu einem positiven Cashflow führen und eine optimierte Flottenzusammensetzung für Noble zur Folge haben.
- Immediate improvement in cash flow expected from cost elimination
- Strategic fleet optimization through removal of non-contributing assets
- Reduction in maintenance costs for idle vessels
- Reduction in total fleet capacity
- Potential write-down of asset value from vessel retirement
Insights
Noble 's strategic decision to retire two cold stacked drillships marks a significant shift in fleet optimization that will generate immediate positive cash flow impact. The move to permanently remove the Pacific Meltem and Pacific Scirocco from the global drilling fleet demonstrates prudent capital allocation in the current market environment.
This fleet rationalization carries several key implications:
- Immediate reduction in holding costs, typically ranging from
$5,000 to$15,000 per day per unit for cold stacked rigs - Elimination of future reactivation costs, which could exceed
$50 million per unit - Enhanced fleet utilization metrics by removing non-contributing assets
- Improved balance sheet efficiency through reduced carrying costs
The timing is particularly strategic as the offshore drilling market continues to strengthen. By divesting these assets now, Noble can redirect resources to its active fleet during a period of improving dayrates and utilization. The decision to permanently retire these units, rather than maintain them for potential future reactivation, suggests management's confidence in achieving better returns through their existing marketed fleet.
This move aligns with the broader industry trend of 'right-sizing' drilling fleets, where operators focus on maintaining newer, more capable assets while retiring older or less competitive units. The retirement of these specific vessels will contribute to reducing global fleet supply, potentially supporting stronger pricing power for remaining assets in the market.
Robert W. Eifler, President and Chief Executive Officer of Noble Corporation plc, stated, "Our decision to retire these non-contributing assets is based on a continuous cost-benefit evaluation of idle capacity. These retirements will be immediately cash flow accretive and result in a leaner, fitter fleet composition for Noble going forward."
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. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. For further information visit www.noblecorp.com or email investors@noblecorp.com.
Forward-Looking Statements
This announcement includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this announcement are forward looking statements, including those regarding expectation for divestitures and their anticipated impacts. Forward-looking statements involve risks, uncertainties and assumptions, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. When used in this announcement, or in the documents incorporated by reference, the words "guidance," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "on track," "plan," "possible," "potential," "predict," "project," "should," "would," "achieve," "shall," "target," "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 announcement and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law. Risks and uncertainties include, but are not limited to, those detailed in Noble's most recent Annual Report on Form 10-K, Quarterly Reports Form 10-Q and other filings with the
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SOURCE Noble Corporation plc
FAQ
Which drillships is Noble (NE) retiring in February 2025?
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