By David Wethe (Bloomberg) --Noble Corp., the offshore drilling contractor, filed for bankruptcy after the crash in crude prices made undersea oil wells too expensive to compete. The Chapter 11 filing in Texas envisions eliminating all of the company’s borrowings -- more than $3.4 billion -- by swapping debt for equity, the company said in a statement. Bondholders have … [Read more...]
Noble Renegotiates Drillship Contracts with Shell
London-baed drilling contractor Noble Corporation has agreed with Royal Dutch Shell to amend the long-term charter contracts for three ultra-deepwater drillships citing the challenging environment for offshore exploration and production projects. The contract amendments pertain to the Noble Bully II, Noble Globetrotter I and Noble Globetrotter II, which are currently … [Read more...]
High Currents at the Stones Field Wreak Havoc for the Noble Jim Day
Noble Corporation's ultra-deepwater semi-submersible drilling rig Noble Jim Day was running 20-inch casing last week at Walker Ridge 508 when sources tell gCaptain currents of up to 4.5 knots began to seriously complicate operations. Sources who requested anonymity in exchange for the information tell us that with thrusters and engines maxed out, the rig was unable to remain … [Read more...]
Noble Drilling to Retire Three Semi-Submersible Rigs
In Noble Corporation's 4th quarter earnings report released today, the company took a $713 million impairment charge on the retirement of three of their semi-submersible drilling rigs, the Noble Paul Wolff, Noble Driller and Noble Jim Thompson. The company reported a total loss of $595 million in the 4th quarter. Chairman and CEO David W. Williams described the market … [Read more...]
Noble Julie Robertson Turning to the Right at Pegasus West
The Atlantic Petroleum-contracted jackup rig Noble Julie Robertson has commenced drilling today at Pegasus West, a well located in approximately 95 feet of water in the southern North Sea. The target for the 2-month drilling campaign, according to a statement by Atlantic Petroleum, is natural gas which was discovered in the Carboniferous layer during a joint drilling … [Read more...]