General – Drilling Rigs
Borr Drilling has signed a US$360 million agreement to acquire five jack-up rigs from Noble Corp, while preparing to raise roughly US$85 million through a public offering of 21 million shares.
The transaction includes three Friede & Goldman JU-3000N units and two Gusto MSC CJ50 rigs, expanding Borr’s fleet from 24 to 29 jack-ups once completed.
Noble said the deal consists of US$210 million in cash and US$150 million in seller notes, covering the Noble Tom Prosser, Noble Mick O’Brien, Noble Regina Allen, Noble Resilient, and Noble Resolute. In a separate sale, Noble divested the Noble Resolve to Ocean Oilfield Drilling for US$64 million in cash.
Two of the acquired rigs — the Noble Mick O’Brien and Noble Resolute — will be leased back to Noble on a 12-month bareboat charter, enabling the company to fulfill its ongoing drilling contracts. The arrangement provides Borr with predictable earnings, with the two rigs expected to generate US$29 million before debt service.
The acquisition is expected to close in Q1 2026, subject to customary conditions.
