Noble Corporation has signed definitive agreements to six jack-up rigs - five to Borr Drilling and one to Ocean Oilfield Drilling - in transactions valued at a combined $424 million.
Noble said the move is aligned with the company’s strategy to become a pure-play deepwater and ultra-harsh environment jack-up operator.
Five of the rigs will be sold to Borr Drilling for $360 million, a deal comprising $210 million in cash and $150 million in seller notes. A separate $64 million cash transaction will transfer one additional rig to Ocean Oilfield Drilling. Both deals remain subject to customary closing conditions.
The rigs included in the agreement with Borr are the Noble Tom Prosser, Noble Mick O'Brien, Noble Regina Allen, Noble Resilient and Noble Resolute.
Closing is expected in early 2026 and is contingent on Borr securing financing.
The seller notes, expected to mature in six years, will be backed by a first lien on three rigs - Noble Tom Prosser, Noble Regina Allen and Noble Resilient.
They may be prepaid at any time without penalty, with provisions requiring early repayment under certain conditions.
Noble said it plans to operate the Noble Mick O'Brien and Noble Resolute for one year under a bareboat charter arrangement with Borr following the signing of the definitive agreement.
The agreement with Ocean Oilfield Drilling covers the sale of the Noble Resolve, with closing expected in the second quarter of 2026 after completion of its current contract.
"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 jack-up segments.
“I would like to thank the Noble crews and support teams behind these six jack-ups who have provided consistently outstanding service for our customers and wish everyone continued success in the rigs' future campaigns,” said Robert W. Eifler, President and Chief Executive Officer of Noble.