Noble Corporation Announces Six Jackup Commitments in Mexico

Mar 10, 2011, 17:19 ET from Noble Corporation

ZUG, Switzerland, March 10, 2011 /PRNewswire/ -- Noble Corporation (NYSE: NE) today announced that it has been awarded contracts for six of its jackup units with Pemex Exploracion y Produccion ("Pemex") in Mexico.  Pending execution of the contracts, the units are expected to commence operations under the following terms:

  • Noble Bill Jennings:  286 days beginning mid-March 2011 at a dayrate of $99,000 - $101,000,
  • Noble Leonard Jones:  272 days beginning mid-March 2011 at a dayrate of $99,000 - $101,000,
  • Noble John Sandifer: 624 days beginning mid-April 2011 at a dayrate of $82,000 - $84,000,
  • Noble Lewis Dugger:  588 days beginning late April 2011 at a dayrate of $82,000 - $84,000,
  • Noble Gene Rosser:  248 days beginning late April 2011 at a dayrate of $79,000 - $81,000, and
  • Noble Earl Frederickson:  139 days beginning late April 2011 at a dayrate of $57,000 - $59,000.

In some cases, the start dates could be accelerated to allow the contract to begin earlier than currently anticipated.  In addition and as anticipated, the Company signed a contract extension on the Noble Carl Norberg for 146 days commencing in early March at a dayrate of $57,000 - $59,000.  

"These long-awaited contracts are a significant step towards putting our jackup fleet back to work in Mexico," said David W. Williams, Chairman, President and Chief Executive Officer, Noble Corporation.  "By late April, when these units have all commenced their contracts, we expect to have at least eight jackups generating revenue in Mexico and we believe we will have opportunities for up to four additional jackups.  We expect Pemex to continue to be a core customer for Noble in the years to come."

About Noble

Noble is a leading offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 74 offshore drilling units (including nine drilling rigs currently under construction), located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, West Africa and Asian Pacific. Noble also owns and operates a dynamically positioned floating production, storage, offloading vessel. Noble's shares are traded on the New York Stock Exchange under the symbol "NE". Additional information on Noble Corporation is available via the worldwide web at http://www.noblecorp.com.

Statements regarding dayrates, timing and execution of definitive contracts, contract commencement dates, rig demand, industry fundamentals and market outlook, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to actions by third parties, corporate approvals, negotiation of and agreement of definitive contracts, governmental actions, litigation risks, operating hazards and delays, risks associated with operations outside of the U.S., factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting dayrates and the duration of contracts, factors that affect time in the shipyard, weather conditions, the future prices of oil and gas and other factors detailed in the Company's most recent Form 10-K, Form 10-Q's and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

SOURCE Noble Corporation



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