Noble Corporation plc Announces Plan to Divest Two Ultra-Deepwater Drillships

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

The decision to retire these vessels from drilling operations, with potential scrapping as an option, is a strategic move by the company to streamline its fleet and enhance operational efficiency.

Both the Pacific Scirocco and Pacific Meltem were constructed by Samsung Heavy Industries and feature the Samsung 12000 Double Hull design. The former was delivered in 2011, while the latter joined the fleet in 2014 as part of Noble Corporation’s acquisition of Pacific Drilling.

Robert W. Eifler, President and CEO of Noble Corporation, stated, “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.”

This announcement follows Noble’s significant expansion in September 2024, marked by the completion of a $1.59 billion acquisition of Diamond Offshore Drilling. This strategic merger positioned Noble as the operator of the largest fleet of 7th generation dual-BOP drillships and bolstered the company’s backlog by approximately $2 billion.

Post-acquisition, Noble’s fleet now comprises 41 rigs, including 28 floaters and 13 jackups, with a total backlog of around $6.7 billion at the time of the acquisition closing. The company is scheduled to release its fourth quarter and full-year 2024 financial results on February 17, 2025, after the U.S. market closes.