Offshore drilling company Noble Corporation has completed the sale of four jack-up drilling rigs in Saudi Arabia to drilling firm ADES.
The companies first announced the sale and purchase deal for the rigs Noble Roger Lewis, Noble Scott Marks, Noble Joe Knight, and Noble Johnny Whitstine - all on contracts with Saudi Aramco - in August.
Noble said Thursday it expected to generate approximately $285 million in cash from the transaction net of fees, expenses, and the settlement of working capital.
The ownership of the four rigs, as well as employment of the crews, has been transferred and the drilling contracts have been novated to ADES. Noble will continue to provide certain customary transition support services for a limited period of time.
"We are very pleased to have completed this transaction, which further bolsters our already strong balance sheet, is accretive to our shareholders, and supports our sustainable return of capital strategy." said Robert Eifler, President and CEO of Noble Corporation.
Eifler said continued, "Our crews in the Kingdom have delivered excellent safety and operating performance for many years. I would personally like to thank the Noble employees who will transfer to ADES for their professionalism and dedicated service and wish them continued success."