Ocean Rig Sells Two Baredecks to Noble Drilling

Noble Drilling has contracted with subsidiaries of Ocean Rig ASA for the purchase of the Bingo 9000 Rig 3 and Bingo 9000 Rig 4 for an aggregate purchase price of $45 million. The two baredecks are currently stacked in China.

James C. Day, Chairman and Chief Executive Officer of Noble Drilling, said, "This acquisition is consistent with our stated strategy of continued focus on the deepwater market as part of our overall portfolio of floating deepwater units and premium jackups. There will continue to be acquisition opportunities that will enhance shareholder value for companies which have maintained financial discipline and followed strict investment criteria."

Consummation of the transaction is subject to Noble's inspection of the two baredecks, which has been satisfactorily completed, and closing conditions customary for this type of transaction. The sellers will have an option to buy the two baredecks back within one year at a purchase price of $56 million. Noble expects to close the purchase of the two baredecks this month.