Offshore Drilling Rigs Continue To Stack Up

Published at 12:22PM - 20/05/16

Offshore drilling company, Noble Corporation, has confirmed that it is to stack a further four of its offshore drilling units.

Due to the continued downturn in the offshore drilling market, early contract terminations, and failure to find further work, Noble will look to stack two of its semisubmersible rigs, and two drillships.

Offshore Drilling Rigs Continue To Stack Up

According to Noble’s latest fleet status report, it will look to cold stack the tow semi-submersibles, Noble Jim Day and Noble Dave Beard, whilst the two drillships Noble Tom Madden and Noble Sam Croft will be warm stacked.

Noble Dave Beard

The Noble Dave Beard is a 1986 delivered driller, that had been working the Brazilian sector for Petrobras. The six year contract finished in April 2016. Noble now plans to relocate the Noble Dave Beard to Singapore for cold stacking.

Noble Jim Day

The Noble Jim Day is an ultra deepwater drilling rig delivered in 1999. It had been working in the US sector of the Gulf of Mexico for Shell. Noble will now cold stack in rig in the Gulf of Mexico.

Noble Tom Madden & Noble Sam Croft

Both the Noble Tom Madden and Noble Sam Croft are ultra deepwater drillships delivered in 2014. Both had been on contract to US based Freeport-McMoRan, for work in the US sector of the Gulf of Mexico.

The Tom Madden and Sam Croft were due to complete their contracts in November and July 2017 respectively, bet were terminated early by the Freeport-McMoRan.

In its report, Noble stated that they had now reached agreement with Freeport-McMoRan over the early termination; and will receive over $540 million contingent payments of up to $75 million depending on the average price of WTI Crude Oil over a 12 month period, starting in June 30 2016.

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