Noble Completes $360M Sale of Five Jack-Ups to Borr Drilling

Noble Tom Prosser jack-up, renamed to Freyja (Credit: Noble Corporation)

Offshore drilling contractor Noble Corporation has completed the sale of five jack-up drilling rigs to Borr Drilling for $360 million.

Under the transaction, Noble generated approximately $210 million in cash and received $150 million in seller notes from the sale of the Noble Tom Prosser, Noble Mick O’Brien, Noble Regina Allen, Noble Resilient and Noble Resolute rigs.

Noble plans to continue operating two of the rigs – Noble Mick O’Brien and Noble Resolute – under a bareboat charter agreement with Borr until December 2026, while the Noble Resilient will remain operated by Noble through the remainder of its current contract term, including any exercised customer options.

For Borr Drilling, the acquisition increases its fleet to 29 rigs and expands its capacity across key offshore basins. The company said the transaction strengthens its position as a pure-play owner of premium jack-up rigs and leaves it with what it described as the youngest jack-up fleet with an international footprint.

Following the acquisition, the rigs will be renamed Sif (formerly Noble Regina Allen), Freyja (formerly Noble Tom Prosser), Forseti (formerly Noble Mick O’Brien), Bestla (formerly Noble Resolute) and Joro (formerly Noble Resilient).

“We are pleased to have expanded our premium fleet at an opportune point in this market cycle. These five jack-up rigs are highly compatible with our existing portfolio and provide well-suited capacity for near-term opportunities.

“The Borr Drilling platform -built on operational excellence, customer centricity, and our premium jack-up rig fleet - remains our defining competitive advantage, and we believe this expansion will deepen customer relationships and drive attractive long-term value for shareholders,” said Bruno Morand, Chief Executive Officer of Borr Drilling.