Shelf Drilling Wraps Up Acquisition Of Five Noble Jack-Ups

Shelf Drilling Wraps Up Acquisition Of Five Noble Jack-Ups
Shelf Drilling has completed the acquisition of five jack-up rigs from various subsidiaries of Noble Corporation.

Offshore drilling contractor Shelf Drilling has completed the acquisition of five jack-up rigs from various subsidiaries of Noble Corporation.

Shelf Drilling said that the acquisition includes the rigs Noble Hans Deul, Noble Sam Hartley, Noble Sam Turner, Noble Houston Colbert, and Noble Lloyd Noble as well as related support, infrastructure, and offshore and onshore personnel. The five rigs were bought for a total price of $375 million.

Shelf Drilling completed the acquisition after securing $130 million of equity financing and $250 million of senior secured debt financing as well as a further contribution from the company of $70 million from cash on hand.

“I am very pleased to announce the closing of this acquisition as it significantly enhances our asset quality and expands our geographical footprint into the North Sea at a very attractive price. We are also pleased to welcome to Shelf Drilling the experienced onshore and offshore teams that will ensure a seamless transition for our customers and operations. This unique transaction proves the differentiation of Shelf Drilling as we successfully completed several strategic actions against a challenging backdrop in getting this deal closed. This will unlock tremendous value for the company as the outlook for the sector continues to improve,” David Mullen, Chief Executive Officer of Shelf Drilling, said.

The sale of the five rigs was the condition Noble Corporation and Maersk Drilling had to fulfill in order for the merger of the two to go ahead.

Noble Corporation and Maersk Drilling completed their business combination last week after almost a year since the initial announcement. The companies are now operating as a single organization as of October 3, 2022. Now that Noble has finally sold the five rigs to Shelf, the backlog of the combined company is over $4 billion.

In other news regarding one of the five rigs, Shelf Drilling said it secured a two-year contract extension for the Noble Sam Turner jack-up rig in direct continuation of its current contract in Denmark by way of a priced option exercise by the customer.

The contract value of the extension is approximately $68 million, and the expected availability of the rig is now March 2025. The rig will be renamed Shelf Drilling Winner upon completion of the official renaming process in early 2023.

To contact the author, email bojan.lepic@rigzone.com 


What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network.

The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.


Most Popular Articles