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

Key Figures

Sale to Borr Drilling $360 million Consideration for five jackups

Cash from Borr deal $210 million Cash portion of five-rig sale to Borr

Seller notes to Borr $150 million Seller notes as part of Borr consideration

Ocean Oilfield sale $64 million cash Sale of one jackup to Ocean Oilfield Drilling

Seller notes maturity 6 years Proposed maturity of Borr seller notes

Bareboat charter term 1 year Noble to operate two rigs for Borr under bareboat charter

Borr closing timing Early 2026 Expected closing of five-rig sale to Borr

Ocean deal closing Q2 2026 Expected closing after Noble Resolve’s current contract

Market Reality Check

$31.93 Last Close

Volume Volume 1.62M is 7% above 20-day average 1.52M (relative volume 1.07×). normal

Technical Price 31.93 is trading above 200-day MA at 26.77, indicating a pre-news upward trend.

Peers on Argus

NE was up 0.86% while key peers were mixed: RIG up 0.45%, HP down 0.85%, SOC down 2.09%, SDRL down 1.84%, PTEN flat. The modest gain ahead of this divestment news leans more stock-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Oct 27	Q3 2025 earnings	Positive	-1.6%	Reported Q3 loss but strong EBITDA, cash flow, backlog and dividend.
Oct 13	Earnings date notice	Neutral	-1.0%	Announced timing and access details for Q3 2025 results call.
Aug 05	Q2 2025 earnings	Positive	+2.1%	Posted Q2 profit, higher EBITDA, backlog growth and asset sale proceeds.
Jul 15	Earnings date notice	Neutral	-2.7%	Set schedule and call details for Q2 2025 earnings release.

Pattern Detected

Recent earnings-type news has mostly aligned with market reaction, with one instance where positive fundamentals coincided with a modest price decline.

Recent Company History

Over the last few months, Noble reported Q2 and Q3 2025 results showing solid Adjusted EBITDA in the $254–$282 million range, strong operating cash flow, and a growing backlog above $6.9–$7.0 billion, while continuing a $0.50 per share dividend. Q2 results included asset sales and updated 2025 guidance, and the Q3 report narrowed full-year revenue and EBITDA ranges. This divestment of six jackups fits into the ongoing portfolio reshaping signaled by prior asset sales and write-down plans.

Market Pulse Summary

This announcement details Noble’s plan to sell six jackups for a total of $424 million, including $360 million from Borr Drilling and $64 million from Ocean Oilfield Drilling, and to transition into a pureplay deepwater and ultra-harsh jackup operator. Investors may track closing conditions, Borr’s required financing, and the 6-year seller notes structure. Context from recent reports showing strong backlog and prior asset sales suggests this is part of a broader portfolio reshaping strategy.

Key Terms

seller notes financial

"comprising $210 million in cash and $150 million in seller notes"

Seller notes are informal or formal messages from a seller to potential buyers that highlight key features, benefits, or important details about a product or service. They help buyers understand what makes the offering appealing or unique, influencing their decision to purchase. For investors, seller notes can signal how a seller presents their assets, which may impact the perceived value or attractiveness of an investment.

bareboat charter financial

"under a bareboat charter agreement with Borr for one year"

A bareboat charter is a leasing arrangement where one person or company rents a vessel without crew, equipment, or supplies, essentially taking full control of it as if they own it. It matters to investors because it can be used to generate income from the vessel’s use or to reduce ownership costs, influencing a company's revenue and asset management strategies.

ebitda financial

"based on both trailing 2025 and anticipated 2026 EBITDA and Free Cash Flow"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

free cash flow financial

"trailing 2025 and anticipated 2026 EBITDA and Free Cash Flow"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

AI-generated analysis. Not financial advice.

HOUSTON, Dec. 8, 2025 /PRNewswire/ -- Noble Corporation plc (NYSE: NE, "Noble" or the "Company") today announced that the Company has signed definitive agreements to sell six jackups, which includes the sale of five rigs to Borr Drilling Limited (NYSE: BORR, "Borr") for $360 million and a separate transaction for the sale of one rig to Ocean Oilfield Drilling for $64 million in cash. Upon closing of these transactions, which are subject to satisfaction of customary closing conditions, Noble will be a pureplay deepwater and ultra-harsh environment jackup operator.

The agreement with Borr, comprising $210 million in cash and $150 million in seller notes, includes the sale of the Noble Tom Prosser, Noble Mick O'Brien, Noble Regina Allen, Noble Resilient and Noble Resolute. Closing is expected in early 2026, and is subject to Borr's successful financing. The $150 million in proposed seller notes to Borr are expected to have a 6-year maturity and be secured by a first lien on three jackups (Noble Tom Prosser, Noble Regina Allen and Noble Resilient). The notes can be prepaid at anytime without penalty, with certain provisions mandating early prepayment. Additionally, Noble intends to operate two rigs – Noble Mick O'Brien and Noble Resolute – under a bareboat charter agreement with Borr for one year from signing of the definitive agreement.

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 U.S. Securities and Exchange 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.

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SOURCE Noble Corporation plc

FAQ

What did Noble (NYSE: NE) announce on December 8, 2025?

Noble announced definitive agreements to sell six jackups: five to Borr for $360 million and one to Ocean for $64 million.

How is the $360 million Borr deal structured for Noble (NE)?

The Borr deal comprises $210 million cash at signing and $150 million in seller notes with a 6-year maturity.

When are the Noble (NE) jackup sales expected to close?

Closing of the Borr sale is expected in early 2026 (subject to Borr financing); the Ocean sale is expected in Q2 2026.

What security and repayment terms apply to the seller notes in the Noble (NE) sale?

The $150 million seller notes are secured by a first lien on three jackups and have a 6-year maturity; early prepayment is allowed.

Will Noble (NE) continue operating any of the sold jackups after signing?

Yes; Noble intends to operate two rigs (Noble Mick O'Brien and Noble Resolute) under a one-year bareboat charter with Borr.

How does the divestment affect Noble's strategic focus (NYSE: NE)?

After the transactions, Noble will be a pureplay deepwater and ultra-harsh environment jackup operator, sharpening its strategic focus.