Overview
- Noble signed definitive agreements to transfer five jackups to Borr Drilling for $360 million and to sell the Noble Resolve to Ocean Oilfield Drilling for $64 million in cash.
- The Borr deal combines $210 million in cash and $150 million in six‑year seller notes secured by first liens on three rigs, with closing targeted for early 2026; the Noble Resolve sale is expected to close in Q2 2026 after its current contract ends.
- Two rigs, Noble Mick O'Brien and Noble Resolute, will be bareboat‑chartered back to Noble for 12 months to complete existing contracts, which Borr says should generate about $29 million in earnings before debt service.
- Borr plans to finance the acquisition through an additional $150 million of 2030 senior secured notes, a $150 million seller's credit due 2032, and an $85 million equity raise, with two chartered rigs placed in the notes' restricted group and three financed outside the bond group.
- On completion, Borr says its fleet would rise from 24 to 29 rigs, and Noble says the divestments position it as a pureplay focused on deepwater and ultra‑harsh‑environment jackups; Borr also initiated a process to list on Euronext Growth Oslo.