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Noble Entered Agreement With Jurong Shipyard

Noble Corporation has entered into an agreement with Jurong Shipyard in Singapore for the construction of two high-specification, harsh-environment jackups. The contract also contains options for up to four additional units, which must be exercised by January 1, 2012. The price of each option is based on the original unit price, plus a potential escalation factor. If exercised, deliveries would take place in six-month increments beginning in late 2013. The new rigs, the Friede & Goldman JU3000N design, will cost around $220 million each and are scheduled for delivery in the fourth quarter of 2012 and second quarter of 2013. The new Noble rigs will be rated to drill to 30,000 ft in 400 ft of water. The cantilever reach will be 75 ft, with a hookload capacity of 2.5 million pounds.

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