Noble Corporation has entered into option agreements with a subsidiary of Schlumberger that would give Noble the right to acquire two jackup drilling units, the Trident XVIII and Trident XIX. Both units are currently operating offshore Iran.
The Trident XVIII is a Marathon LeTourneau 116-C, independent leg, cantilever jackup. The Trident XIX is a MODEC 300C, independent leg, cantilever jackup.
In accordance with licenses 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 contracts and have mobilized to United Arab Emirates (UAE) territorial waters, which is expected to occur in May 2003 for the Trident XVIII and July 2003 for the Trident XIX.
Noble paid an aggregate of $24.9 million in cash for the options. If Noble exercises the options, Noble would pay an exercise price of an additional $58.1 million to acquire both units.
"The acquisition of the options on the Trident XVIII and Trident XIX provides us with an opportunity to acquire two additional premium jackup assets in the Middle East…If the options are exercised as permitted under our OFAC license, the two units would become part of our Middle East fleet which will be comprised of 11 units," said Chairman and Chief Executive Officer James C. Day.
Noble Corporation is a provider of diversified services for the oil and gas industry. Contract drilling services are performed with the Company's fleet, which stands at 55 offshore drilling units located in key markets worldwide.
The company's fleet of floating deepwater units consists of 13 semisubmersibles and three dynamically positioned drillships, seven of which are designed to operate in water depths greater than 5,000 feet.
The Company's premium fleet of 36 independent leg, cantilever jackup rigs includes 22 units that operate in water depths of 300 feet and greater, four of which operate in water depths of 360 feet and greater, and 11 units that operate in water depths up to 250 feet. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
