This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Noble Receives Contract Award For New Ultra-High Specification Jackup To Be Constructed For Mariner Project

ZUG, Switzerland, May 14, 2013 /PRNewswire/ -- Noble Corporation (NYSE: NE) today announced that the Company has been awarded a drilling contract by Statoil for a newbuild ultra-high specification jackup for use in the United Kingdom sector of the North Sea.  The initial contract is for four years and is anticipated to commence during the third quarter of 2016. The total estimated value of the four year primary term contract is USD $655 million, including mobilization.

The ultra-high specification jackup is an enhanced version of  Statoil's "Cat J" specifications and will be designed to operate in water depths of up to 150 meters (492 feet) in harsh environment conditions, with a maximum total drilling depth capacity of 10,000 meters (approximately 33,000 feet).  The award was made by Statoil as the operator of the Mariner project, which is located on the East Shetland Platform of the UK North Sea approximately 150 kilometers east of the Shetland Isles.  Statoil's partners in the Mariner project are JX Nippon Exploration and Production (U.K.) Limited and Cairn Energy PLC. The rig will be equipped for operations in harsh environments and capable of deploying either a surface or subsea blowout preventer when drilling wells in these challenging environments.

Noble is in the final stages of negotiating a contract for the construction of the new jackup and expects delivered costs to be approximately $690 million, including project management, spares and start-up costs, but excluding capitalized interest.

"We believe that the fundamentals of the high-specification jackup market segment will continue to be strong in the decade ahead," said David W. Williams, Chairman, President and Chief Executive Officer, Noble Corporation.  "This unit is designed to meet some of the industry's most stringent operating requirements and supports Noble's ongoing commitment to increasing the technological and operational capabilities of our fleet.  Furthermore, constructing this unit for use on a sanctioned project reduces our risk and enhances future shareholder value. We are particularly pleased at the opportunity of expanding our operation in the UK sector of the North Sea."

The rig will be based on the proven Gusto MSC CJ-70-150 design, with enhancements that include a number of features that are designed to further improve the rig's operating capability. The rig was designed to optimize HSE focus and is uniquely suited for operations over a very large platform or in a subsea configuration in water depths of up to 150 meters in the Norwegian sector.  Once delivered, it will be one of the most versatile jackup rigs in the industry.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,114.28 -17.58 -0.10%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,808.8240 -29.8190 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs