Noble Holding Corporation introduced as we speak that on February 5, 2021 it efficiently accomplished its monetary restructuring and its debtor associates have emerged from Chapter 11 with a brand new father or mother firm organized underneath the legal guidelines of the Cayman Islands named Noble Corporation. As a results of the monetary restructuring, Noble can have a considerably delevered steadiness sheet with lower than $400 million of debt and liquidity of roughly $600 million. Noble’s new capital construction will embrace a brand new $675 million revolving credit score facility, of which $178 million is at present drawn, and $216 million of second lien notes. At emergence, Noble UK’s abnormal shares had been cancelled and shares of the Company had been issued to Noble UK’s former bondholders. Certain former bondholders and former fairness holders of Noble UK had been additionally issued warrants to buy shares of the Company. The Company intends to pursue itemizing on a nationwide securities alternate following emergence.
Noble emerges with a high-spec fleet of 18 rigs, balanced throughout jackups and floaters. The fleet is likely one of the youngest within the , with a mean age of seven years. Noble’s contract backlog is at present over $1.5 billion and we proceed to ship sturdy security efficiency, setting a number of firm security information throughout 2020. The Company stays dedicated to securely and effectively serving the wants of its clients globally.
“We are happy to have accomplished our restructuring course of and to emerge with renewed steadiness sheet energy and strategic flexibility,” mentioned Robert Eifler, President and Chief Executive Officer. “On behalf of the Company, I want to personally thank our clients, distributors, lenders, bondholders and board of administrators, for his or her help all through this course of. In specific, I additionally want to thank our staff who remained centered and delivered operational excellence all through our restructuring, regardless of the challenges introduced by the continuing pandemic. The mixture of this sturdy monetary basis with our industry-leading high-spec centered fleet, world class staff and deep buyer relationships will place us to benefit from progress alternatives forward.”
The following people have been appointed to the Company’s board of administrators: Patrick J. Bartels Jr., Robert W. Eifler, Alan J. Hirshberg, Ann D. Pickard, Charles M. Sledge and Melanie M. Trent. Mr. Sledge was additionally appointed to function Chairman of the Board. Commenting on the brand new board, Mr. Eifler continued: “We are extraordinarily happy to have such an skilled board of administrators that may assist Noble navigate the challenges forward and execute on our strategic priorities. We stay up for attending to work with them instantly.”
Noble Corporation operates a fleet of 18 offshore drilling items:
• 5 drillships after the sale of the Noble Bully I and II and the Noble Globetrotter
• 1 semi-submersible (Noble Clyde Boudreaux) after the sale of the Noble Jim Day and Paul Romano
• 12 jackups
(Source: Noble Corporation – Image Noble offshore roughnecks)
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