Noble buys options to acquire jackup rigs

Petroleum News Houston staff

Houston-based contract driller Noble said it has entered into option agreements with a subsidiary of A.P. Moeller that give Noble the right to acquire two jackup rigs, the Maersk Viking and Maersk Valiant.

Noble said it paid $28.2 million in cash for the two options and would pay up to an additional $65.8 million should it decide to acquire both units. Both units are Modec 300C, independent leg, cantilever jackups and are currently operating offshore Iran.

Noble’s right to exercise its options and acquire the rigs would begin when they have completed current drilling contracts and have mobilized to United Arab Emirates territorial waters, Noble said, adding this would occur in August for the Valiant and January 2004 for the Viking.