Offshore Shipping Online

A publication for the offshore shipping industry published by Clarkson Research

  • Offshore Intelligence Monthly
  • Menu

    Noble Corporation announces acquisition of options on two jack-ups

    News // July 18, 2003
    Noble Corporation has announced that it has entered into option agreements with a subsidiary of A P Moeller that give Noble the right to acquire two jack-up drilling units, the Maersk Viking and Maersk Valiant.

    Both units are MODEC 300C, independent leg, cantilever jack-ups and are currently operating offshore Iran.

    In accordance with a license issued to Noble by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury, Noble's right to exercise its options and acquire the units will commence when the units have completed their current drilling contracts and have mobilized to United Arab Emirates territorial waters.

    This is expected to occur in August 2004 for the Valiant and in January 2004 for the Viking, but could be delayed by up to one year for the Viking if its current drilling contract is extended.

    Noble paid an aggregate of $28.2 million in cash for the two options. If Noble exercises the options, Noble would pay an exercise price not to exceed an additional $65.8 million to acquire both units.

    More articles from this category

    More news