NOBLE CORPORATION PLC COMPLETES SALE OF FIVE JACKUPS TO BORR DRILLING

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.

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

Argus Jan 29 session

+4.02% close to close Open Argus

Details

News Market Reaction – NE

On Jan 29, the first trading day after this news, NE closed 4.02% above the previous close.

Data tracked by StockTitan Argus for the Jan 29 session.

Key Figures

Jackup sale value: $360 million Cash proceeds: $210 million Seller notes: $150 million +1 more

Jackup sale value

$360 million

Aggregate consideration for five jackup rigs sold to Borr

Cash proceeds

$210 million

Cash generated from jackup sale transaction

Seller notes

$150 million

Seller notes received as part of consideration

Rigs sold

5 jackup rigs

Noble Tom Prosser, Mick O'Brien, Regina Allen, Resilient, Resolute

Historical Context

5 past events · Latest: Jan 26

5 events

1. Jan 26

   Contract awards/backlog

   24h Move

   +4.4%

   New awards for 9 rigs adding about $1.3B backlog and boosting utilization.

2. Jan 15

   Earnings date (peer)

   24h Move

   -0.9%

   Avis Budget Group scheduled Q4 2025 earnings release and investor call details.

3. Oct 27

   Q3 2025 earnings

   24h Move

   -1.6%

   Reported Q3 net loss, strong Adjusted EBITDA, higher backlog and narrowed 2025 guidance.

4. Oct 13

   Earnings date

   24h Move

   -1.0%

   Announced timing and access details for the Q3 2025 earnings release and call.

5. Aug 05

   Q2 2025 earnings

   24h Move

   +2.1%

   Reported Q2 net income, higher Adjusted EBITDA, strong backlog and capital returns.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

jackup rigs, bareboat charter agreement

2 terms

jackup rigs technical

"it has completed the sale of five jackup rigs to Borr Drilling Limited"

Jackup rigs are mobile offshore platforms with long legs that can be lowered to the seabed so the platform is lifted above the water, providing a stable work surface for drilling or maintenance in relatively shallow seas—think of a heavy tripod that raises a small house above the waves. Investors watch jackup rig activity because demand and day rates reflect nearby oil, gas or offshore wind work; changes in utilization, commodity prices, regulation or safety can directly affect revenue and stock value for rig owners and suppliers.

bareboat charter agreement technical

"Noble intends to operate two rigs … under a bareboat charter agreement with Borr"

A bareboat charter agreement is a contract where one party rents an entire ship for a set period and takes full control of it, including hiring the crew, paying for fuel, upkeep and insurance—like leasing a car and being responsible for driving, maintenance and costs. For investors, it matters because it shifts operating responsibility and financial risks from the owner to the charterer, affecting revenue stability, asset use, and who carries maintenance and liability on the balance sheet.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.