Noble Corporation plc has agreed to transfer six jackup rigs to Borr Drilling Limited and Ocean Oilfield Drilling in transactions totalling about $424 million, as the company moves to concentrate on deepwater and ultra-harsh-environment jackup operations. The deals were announced on 8 December 2025 from Houston.
Under one agreement, Borr Drilling Limited will acquire five units from Noble for $360 million. The consideration is split between $210 million in cash and $150 million to be issued as seller notes. The rigs covered by this transaction are the Noble Regina Allen, Noble Resilient, Noble Tom Prosser, Noble Resolute and Noble Mick O’Brien. Closing is planned for early 2026 and will depend on Borr putting in place the necessary financing.
The proposed $150 million in seller notes to Borr are expected to carry a six-year term and be secured by a first-priority lien over three of the jackups: Noble Tom Prosser, Noble Regina Allen and Noble Resilient. Noble said the notes may be repaid ahead of maturity without any additional charge, and that certain conditions would require early repayment. In addition, Noble intends to continue running the Noble Mick O’Brien and Noble Resolute for a period of one year from signing through bareboat charter arrangements with Borr.
In a separate cash transaction, Ocean Oilfield Drilling is expected to purchase the jackup Noble Resolve for $64 million. This sale is scheduled to complete in the second quarter of 2026 after the rig finishes its current contract.
Following completion of both sales, and assuming all closing conditions are met, Noble expects its offshore drilling fleet to consist solely of deepwater units and jackups designed for ultra-harsh environments.
Commenting on the divestments, Robert W. Eifler, President and Chief Executive Officer of Noble, said the rig sales should enhance returns for shareholders when measured against both 2025 performance and projected 2026 EBITDA and free cash flow. He added that the transactions are intended to reinforce the company’s balance sheet and tighten its focus on markets where it already has established positions in deepwater and ultra-harsh-environment jackup operations. Eifler also thanked the crews and shore-based teams associated with the six rigs for their work supporting customers and expressed his best wishes for their future projects.
