Gulf Oil and Gas accountACCOUNT

Noble Buys Newbuild Jackup Rig for Work in Saudi Arabia

Source: www.gulfoilandgas.com 2/14/2019, Location: Middle East

Noble Corporation plc has exercised an option for the purchase of a second newbuild Gusto MSC CJ46 design jackup rig from the PaxOcean Group (PaxOcean) for $83.75 million.

Noble will pay $30.1 million of the $83.75 million purchase price in cash, with the remainder of the purchase price, or $53.6 million, to be seller-financed at a 4.25% interest rate paid in cash and 1.25% paid in kind over the term of the financing. The Company will use existing cash balances for the initial payment and the secured seller-financed amount will be repaid in four years.

Like the Noble Johnny Whitstine, which the Company purchased in September 2018 in connection with a Saudi Aramco contract, the newbuild CJ46 design jackup, to be named the Noble Joe Knight, was built at the PaxOcean Graha shipyard in Batam, Indonesia. The rig is built for operations in moderate drilling environments and is capable of operating in water depths of up to 375 feet, with well depths of 30,000 feet. Enhanced drilling capabilities are supported by a modern drilling control system, along with a versatile cantilever skidding system and two blowout preventers.

Following closing of the transaction expected to take place in February 2019, the Noble Joe Knight will be relocated to a shipyard in Singapore for commissioning and final outfitting ahead of the expected commencement of operations during the third quarter of 2019 under a three-year primary term contract, plus a one-year option, with Saudi Aramco.

Julie J. Robertson, Chairman, President and Chief Executive Officer of Noble Corporation plc, stated, "The CJ46 design is an ideal drilling unit for many applications in the Middle East and the exercise of the option is evidence of Noble's customer-driven philosophy, including fit-for-purpose drilling solutions and superior operations execution. Both the Noble Joe Knight and Noble Johnny Whitstine are expected to serve our customer's needs for many years to come."

Rigs >>

Rigs News in Saudi Arabia >>

United Kingdom >>  4/18/2019 - Seadrill Partners LLC (SDLP) has received early termination notice for the West Capricorn contract approximately three months ahead of schedule. The ...
United States >>  4/17/2019 - Transocean Ltd. issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offsh...

Azerbaijan >>  4/16/2019 - Turan Drilling & Engineering Company LLC (A KCA Deutag and SOCAR AQS Company) has been awarded its first contract, which is with BP Exploration (Caspi...
Mongolia >>  4/16/2019 - Petro Matad Limited has signed contracts for two rigs for its upcoming 2019 four well drilling programme. ...

United Kingdom >>  4/15/2019 - Equinor has extended the Floatel Superior charter at the Martin Linge Field Development in the Norwegian sector of the North Sea with four months unti...
Norway >>  4/11/2019 - MHWirth, a company owned by Akastor ASA, signed a contract with Keppel FELS for delivery of one drilling equipment package for a new mid water semisub...

Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.