NOBLE CORPORATION PLC COMPLETES SALE OF FIVE JACKUPS TO BORR DRILLING

Rhea-AI Summary

Noble Corporation (NYSE: NE) completed the sale of five jackup rigs to Borr Drilling (NYSE: BORR) for $360 million, receiving approximately $210 million cash and $150 million in seller notes. The rigs sold were Noble Tom Prosser, Noble Mick O'Brien, Noble Regina Allen, Noble Resilient and Noble Resolute.

Noble will operate Noble Mick O'Brien and Noble Resolute under a bareboat charter with Borr until December 2026, and will operate Noble Resilient through the remainder of its current contract term, including any customer options.

Positive

• Total consideration of $360 million received for five jackup rigs
• Immediate $210 million cash proceeds improve near-term liquidity
• $150 million in seller notes preserves additional receivable value
• Bareboat charters maintain operational continuity for two rigs through December 2026

Negative

• Fleet reduced by five jackup rigs, lowering owned rig count and potential future revenue
• Reliance on seller notes introduces counterparty and collection risk for $150 million

News Market Reaction – BORR

+3.33%

12 alerts

+3.33% News Effect

+2.2% Peak in 9 min

+$45M Valuation Impact

$1.39B Market Cap

0.1x Rel. Volume

On the day this news was published, BORR gained 3.33%, reflecting a moderate positive market reaction. Argus tracked a peak move of +2.2% during that session. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $45M to the company's valuation, bringing the market cap to $1.39B at that time.

Data tracked by StockTitan Argus on the day of publication.

HOUSTON, Jan. 28, 2026 /PRNewswire/ -- Noble Corporation plc (NYSE: NE, "Noble", or the "Company") today announced that it has completed the sale of five jackup rigs to Borr Drilling Limited (NYSE: BORR, "Borr") for $360 million. The Company generated approximately $210 million in cash plus $150 million in seller notes from the sale of the Noble Tom Prosser, Noble Mick O'Brien, Noble Regina Allen, Noble Resilient and Noble Resolute. Noble intends to operate two rigs – Noble Mick O'Brien and Noble Resolute – under a bareboat charter agreement with Borr until December 2026, as well as the Noble Resilient through the remainder of its current contract term (including exercise of any customer options).

For additional information, visit www.noblecorp.com or e-mail investors@noblecorp.com.

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 the Borr's seller notes and bareboat charter agreement, expectations regarding the impact of the transactions on Noble, the benefits or results of any acquisitions, dispositions or asset sales, and fleet condition and utilization. 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 U.S. Securities and Exchange Commission, including, but not limited to, risks related to market conditions, customer or counterparty actions and regulatory changes. 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. With respect to our capital allocation policy, distributions to shareholders in the form of either dividends or share buybacks are subject to the Board of Directors' assessment of factors such as business development, growth strategy, current leverage and financing needs. There can be no assurance that a dividend or buyback program will be declared or continued.

View original content:https://www.prnewswire.com/news-releases/noble-corporation-plc-completes-sale-of-five-jackups-to-borr-drilling-302673216.html

SOURCE Noble Corporation plc

FAQ

What did Noble (NYSE: NE) sell to Borr Drilling on January 28, 2026?

Noble sold five jackup rigs to Borr Drilling for a total of $360 million. According to Noble, the transaction generated about $210 million cash and $150 million in seller notes tied to the five named rigs.

How much cash did Noble (NYSE: NE) receive from the sale of five jackups?

Noble received approximately $210 million in cash from the sale to Borr Drilling. According to Noble, the total consideration was $360 million, the remainder structured as $150 million in seller notes.

Which rigs will Noble (NYSE: NE) continue operating after the sale and for how long?

Noble will operate Noble Mick O'Brien and Noble Resolute under bareboat charter with Borr until December 2026. According to Noble, Noble Resilient will be operated through its remaining contract term, including any customer options.

What is the structure of the $360 million payment from Borr to Noble (NYSE: NE)?

The $360 million consideration comprises about $210 million cash plus $150 million in seller notes. According to Noble, the seller notes represent deferred consideration tied to the five sold rigs.

How might the sale of five jackups affect Noble's (NYSE: NE) liquidity and fleet?

The transaction boosts near-term liquidity with roughly $210 million cash while reducing Noble's owned fleet by five jackups. According to Noble, two rigs remain in operation under charter arrangements through December 2026.