Option for drillship excercised

Noble Corporation announced that a subsidiary has exercised its first option with Hyundai Heavy Industries Co. Ltd. (HHI) for the construction of an additional ultra-deepwater drillship, the third such drillship to be ordered this year subject to the parties executing a definitive construction contract which is expected to occur within the next week.

This increases the company's number of floating drilling units to 27, of which 15 are dynamically positioned. The new ultra-deepwater drillship, to be named at a later date, will be constructed HHI's shipyard in Ulsan, Korea, with an expected delivery from the shipyard in the second quarter of 2014. Following shipyard delivery, the unit is expected to undergo the customary 90-120 day period for mobilization and acceptance prior to being ready to commence a contract. The unit is uncontracted at this time.

As with the two previously announced drillships, this unit will be based on a Hyundai Gusto P10000 hull design and is designed for operations in waters of appr. 3,600 m, although it may be outfitted for less depending on specific contract requirements. The unit will have DP-3 station keeping abilities, the ability to handle two complete BOP systems, a heave compensated construction crane to facilitate deployment of subsea production equipment and accommodations for up to 210 personnel, in addition to a number of other operational enhancements beyond the shipyard's base specifications.