Noble puts up $25.2 million for jackup - July 20, 2003

Providing coverage of Alaska and northern Canada's oil and gas industryJuly 2003

Vol. 8, No. 29

Week of July 20, 2003

Noble puts up $25.2 million for jackup

Noble Corp. exercised its option to purchase the premium jack-up drilling unit, the Trident 19, from a subsidiary of Schlumberger for $25.2 million, the company said July 11.

In December 2002, Noble paid an option fee of $10.8 million to the seller for the right to acquire the unit. Noble’s aggregate purchase price for the Modec 300C, independent leg, cantilever jack-up is $36 million, the company said.

The Trident 19 is currently in the territorial waters of the United Arab Emirates and being assimilated into Noble’s Middle East fleet, which totals 10 units. The unit has been renamed the Noble Gene House.

“We are confident the unit will be under contract by late third quarter of 2003,” said Noble CEO James Day.

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