DJ Noble Corp. To Divest Four Jackups in Saudi Arabia for $292M
By Michael Dabaie
Offshore drilling contractor Noble Corp. said it would sell four jackup rigs in Saudi Arabia to ADES International Holding Ltd. for $292 million.
Noble said expects to generate about $285 million in cash from the transaction net of fees, expenses, and the settlement of working capital. The Noble Roger Lewis, Noble Scott Marks, Noble Joe Knight and Noble Johnny Whitstine will be sold and the current drilling contracts will go to ADES.
Noble said it expects closing before the end of October.
Based on the impact of the deal, Noble guided for 2021 adjusted revenue of $870 million to $890 million and 2022 adjusted revenue of $975 million to $1.05 billion.
The company sees adjusted earnings before interest, taxes, depreciation and amortization of $110 million to $120 million in 2021 and $265 million to $300 million for 2022.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
August 26, 2021 07:49 ET (11:49 GMT)
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