Noble David Tinsley Damaged During Pre-loading Operations

The Noble David Tinsley jackup experienced a "punch-through" while conducting pre-loading operations offshore Qatar. The incident involved the sudden penetration of all three legs through the sea bottom and severe damage to the legs and rig. However, the full extent of the damange is not yet known. Efforts continue to remove the rig, which is currently stable. There have been no reports of any injuries or pollution. Noble's deductible for this incident is US $25MM per occurrence.

The rig was recently contracted to Maersk Oil Qatar as an accommodation unit. The contract was for a year with a minimum firm period of eight months and subject to a four-month cancellation clause.

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