Noble Corporation has completed the sale of four jackup rigs to a subsidiary of ADES International Holding Ltd. ("ADES"). The Company expects to generate approximately $285 million in cash from the transaction net of fees, expenses, and the settlement of working capital. Ownership of the Noble Roger Lewis, Noble Scott Marks, Noble Joe Knight, and Noble Johnny Whitstine as well as employment of the crews has been transferred and the drilling contracts have been novated to ADES. Noble will continue to provide certain customary transition support services for a limited period of time.
"We are very pleased to have completed this transaction, which further bolsters our already strong balance sheet, is accretive to our shareholders, and supports our sustainable return of capital strategy," said Robert Eifler, President and CEO of Noble Corporation. Mr. Eifler continued, "Our crews in the Kingdom have delivered excellent safety and operating performance for many years. I would personally like to thank the Noble employees who will transfer to ADES for their professionalism and dedicated service and wish them continued success."