Offshore driller Noble Holding Corporation has announced that it has completed its financial restructuring and emerged from chapter 11 with a new parent company named Noble Corporation.
As a result of the financial restructuring, Noble will have a substantially delevered balance sheet with less than $400m of debt and liquidity of approximately $600m.
The company’s fleet now stands at 19 rigs with an average age of seven years and a contract backlog currently over $1.5bn.
“We are pleased to have completed our restructuring process and to emerge with renewed balance sheet strength and strategic flexibility….The combination of this strong financial foundation with our industry-leading high-spec focused fleet, world class employees and deep customer relationships will position us to take advantage of growth opportunities ahead,” said Robert Eifler, president and CEO of Noble.
Noble Corporation filed for chapter 11 in August last year.