Noble Drilling Corporation and Crosco Integrated Drilling & Well Services have formed a joint venture to own and operate the Panon, a 300 ft. jackup rig. Noble and Crosco will each own a fifty percent stake in the joint venture. Noble Drilling will be responsible for the upgrades, marketing and operations of the rig. Crosco will provide the key operations and technical personnel, including most of the rig crews. After the rig is mobilized from the Mediterranean to the Persian Gulf upgrades will begin to convert the rig from a slot configuration to a cantilevered unit. The upgrades should be completed in the first quarter of 2001 at which time the rig will be marketed worldwide.