Noble Corporation has announced that the Company has signed definitive agreements to sell six jackups, which includes the sale of five rigs to Borr Drilling 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
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.
Source: Noble Corporation
