RTTNews | Aug 26, 2021 07:56AM EDT

07:55 Thursday, August 26, 2021 (RTTNews.com) - Offshore drilling contractor for the oil and gas industry, Noble Corporation (NE) on Thursday said it has decided to sell four jackups to ADES International Holding Ltd. for $292 million.

Noble's subsidiaries have reached a definitive agreement with ADES' unit to sell the Noble Roger Lewis, Noble Scott Marks, Noble Joe Knight, and Noble Johnny Whitstine.

The deal is expected to close before the end of October 2021.

After considering the impact of the transaction, Noble expects 2021 adjusted revenue to be in the range of $870 million- $890 million and preliminary 2022 revenue is expected between $975 million and $1.050 billion.

"The sale of these four jackups further bolsters our already strong balance sheet and improves Noble's financial flexibility. As we look to 2022, our anticipated net cash position coupled with our expected free cash flow generation better positions the company to execute on our financial priorities to repay debt and return cash to shareholders," said Robert Eifler, President and CEO of Noble Corporation.

Read the original article on RTTNews ( https://www.rttnews.com/3221315/noble-corp-to-sell-jackups-to-ades-international-for-292-mln.aspx)

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