NOBLE CORPORATION PLC ANNOUNCES PLANNED DIVESTMENT OF SIX JACKUPS
Rhea-AI Summary
Noble Corporation (NYSE: NE) signed definitive agreements to sell six jackups: five rigs to Borr Drilling (NYSE: BORR) for $360 million and one rig to Ocean Oilfield Drilling for $64 million in cash. Closings are subject to customary conditions, with the Borr deal expected in early 2026 (subject to Borr financing) and the Ocean sale expected in Q2 2026 after completion of the Noble Resolve contract.
The Borr transaction includes $210 million cash and $150 million in seller notes (6-year maturity, secured by a first lien on three jackups). Noble will operate two rigs under a one-year bareboat charter and will become a pureplay deepwater and ultra-harsh jackup operator.
Positive
- Sale of five jackups to Borr for $360 million
- Separate sale of one jackup to Ocean for $64 million
- $150 million seller notes with 6-year maturity
- Noble to operate two rigs under one-year bareboat charter
- Company shifts focus to deepwater and ultra-harsh jackups
Negative
- Borr transaction subject to Borr successful financing
- Seller notes secured by a first lien on three jackups
- Closings expected in early 2026 and Q2 2026, creating timing risk
- Divestment removes six jackups from Noble's fleet
News Market Reaction – BORR
On the day this news was published, BORR gained 7.39%, reflecting a notable positive market reaction. Argus tracked a peak move of +15.5% during that session. Argus tracked a trough of -4.1% from its starting point during tracking. Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $88M to the company's valuation, bringing the market cap to $1.28B at that time. Trading volume was above average at 1.7x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
The agreement with Borr, comprising
The agreement with Ocean Oilfield Drilling anticipates the sale of the Noble Resolve. Closing is expected in Q2 2026, upon conclusion of the Noble Resolve's current contract.
Robert W. Eifler, President and Chief Executive Officer of Noble, stated "These transactions are expected to be immediately accretive to our shareholders based on both trailing 2025 and anticipated 2026 EBITDA and Free Cash Flow, while also bolstering our balance sheet and sharpening the focus on our established positions in the deepwater and ultra-harsh jackup segments. I would like to thank the Noble crews and support teams behind these six jackups who have provided consistently outstanding service for our customers and wish everyone continued success in the rigs' future campaigns."
About Noble Corporation plc
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. Additional information on Noble is available at www.noblecorp.com.
Forward-looking Statements
This communication 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 communication are forward looking statements, including those regarding expectations for the sale of the six jackup rigs and Borr's seller notes and bareboat charter agreement, as well as expectations regarding the impact of the transactions on Noble including with respect to accretion and balance sheet. 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 communication, 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 communication 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
What did Noble (NYSE: NE) announce on December 8, 2025?
How is the $360 million Borr deal structured for Noble (NE)?
When are the Noble (NE) jackup sales expected to close?
What security and repayment terms apply to the seller notes in the Noble (NE) sale?
Will Noble (NE) continue operating any of the sold jackups after signing?
How does the divestment affect Noble's strategic focus (NYSE: NE)?
