Noble Corporation to Scrap Two Ultra-Deepwater Drillships

Noble Corporation plc (NYSE: NE) has announced plans to divest two cold-stacked ultra-deepwater drillships, the Pacific Meltem and Pacific Scirocco, as part of its fleet optimization strategy.

The company intends to permanently retire these vessels from drilling operations, with scrapping being considered as a potential option.

Both vessels were built by Samsung Heavy Industries and feature the Samsung 12000 Double Hull design, with the Pacific Scirocco delivered in 2011 and the Pacific Meltem in 2014. Noble acquired the vessels through its 2021 purchase of Pacific Drilling.

“Our decision to retire these non-contributing assets is based on a continuous cost-benefit evaluation of idle capacity. These retirements will be immediately cash flow accretive and result in a leaner, fitter fleet composition for Noble going forward,” said Robert W. Eifler, President and Chief Executive Officer of Noble Corporation.

This fleet optimization announcement comes following Noble’s significant expansion in September 2024, when it completed a $1.59 billion acquisition of Diamond Offshore Drilling. The merger established Noble as the operator of the largest fleet of 7th generation dual-BOP drillships and added approximately $2 billion to the company’s backlog.

With the acquisition, Noble grew its fleet to 41 rigs, including 28 floaters and 13 jackups, with a total backlog of approximately $6.7 billion as of the acquisition closing. The company is scheduled to report its fourth quarter and full year 2024 financial results on February 17, 2025, after the U.S. market close.

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