Six Noble rigs changing hands as Borr Drilling and Ocean Oilfield go on fleet expansion quests

December 9, 2025, by Melisa Cavcic

Noble Corporation, a U.S.-based offshore drilling giant, is parting ways with six premium jack-up rigs, five of which are set to join the rig fleet of Bermuda-based offshore drilling contractor Borr Drilling. The remaining rig will find a new home amid Ocean Oilfield Drilling’s fleet.

Noble Resilient jack-up rig; Source: Noble Corporation

Thanks to the duo’s agreement, Borr will acquire five premium jack-up rigs from Noble Corporation, consisting of three Friede & Goldman JU-3000N design rigs and two Gusto MSC CJ50 design rigs, for a total purchase price of $360 million. The acquisition is expected to close in Q1 2026, subject to customary closing conditions, including completion of senior secured notes financing.

These rigs, which are said to have complementary specifications and geographic footprint to the Bermuda-based firm’s existing fleet, enable the company to leverage its best-in-class platform to maximize the value of these assets while offering its customers a larger and versatile fleet.

Upon completion of the acquisition, the firm’s fleet size will increase from 24 to 29 rigs. Two of the rigs will be chartered back to Noble on a bareboat basis for a period of 12 months, allowing the U.S. giant to complete the current drilling contracts for these rigs. The rigs are expected to generate total earnings of $29 million before debt service.

According to Borr, the acquisition is planned to be financed by an offering of an additional $150 million of the company’s existing 10.375% senior secured notes due 2030; a $150 million seller’s credit due in 2032; and an $85 million equity raise.

The two rigs under bareboat charters will be placed into the senior secured notes’ restricted group which secures the rig owner’s existing bond, while the remaining three rigs will be financed on a non-recourse basis by the seller’s credit facility outside the bond group.

Bruno Morand, Chief Executive Officer of Borr Drilling, emphasized: “This acquisition represents a compelling strategic and financial opportunity for Borr Drilling. We are acquiring these rigs at an attractive price and at a point in the jack-up rig cycle where demand is showing signs of strengthening. We expect the transaction to be immediately accretive to adjusted EBITDA and reduce our debt per rig.

“The Borr Drilling’s platform – built on operational excellence, customer centricity, and our premium jack-up fleet – remains our defining competitive advantage. We believe this expanded platform will deepen customer relationships and drive attractive long-term value for shareholders.”

Noble’s agreement with Borr, comprising $210 million in cash and $150 million in seller notes, includes the sale of the Noble Tom Prosser, Noble Mick O’Brien, Noble Regina Allen, Noble Resilient, and Noble Resolute rigs. The U.S firm intends to operate two rigs, Noble Mick O’Brien and Noble Resolute, under a bareboat charter agreement with the Bermuda-based player for one year from signing of the definitive agreement.

Meanwhile, Noble also confirmed a separate transaction for the sale of one rig to Ocean Oilfield Drilling for $64 million in cash. Once these divestments are out of the way, subject to satisfaction of customary closing conditions, Noble claims that it will be a pureplay deepwater and ultra-harsh environment jack-up operator.

The agreement with Ocean Oilfield anticipates the sale of the Noble Resolve rig, with the closing expected in Q2 2026, upon conclusion of the jack-up’s current contract. These rig acquisition moves come weeks after Borr Drilling obtained contract extensions for three premium jack-up rigs from its fleet operating offshore Mexico.

Robert W. Eifler, President and Chief Executive Officer of Noble, underlined: “These transactions are expected to be immediately accretive to our shareholders based on both trailing 2025 and anticipated 2026 EBITDA and free cash flow, while also bolstering our balance sheet and sharpening the focus on our established positions in the deepwater and ultra-harsh jack-up segments.”