Divestiture • Oil/Gas Exploration

Borr Drilling Acquires Noble - Jack-Up Rigs

On December 8, 2025, Borr Drilling acquired oil/gas exploration company Noble - Jack-Up Rigs from Noble for 360M USD

Acquisition Context
  • This is Borr Drilling’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Borr Drilling’s largest (disclosed) transaction.
  • This is Borr Drilling’s 1st transaction in Bermuda.

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M&A Deal Summary

Date December 8, 2025
Target Noble - Jack-Up Rigs
Sector Oil/Gas Exploration
Buyer(s) Borr Drilling
Sellers(s) Noble
Deal Type Divestiture
Deal Value 360M USD

Target Company

Noble - Jack-Up Rigs

Bermuda
Noble's Jack-Up Rigs, consisting of three Friede & Goldman JU-3000N design rigs and two Gusto MSC CJ50 design rigs, are based in Bermuda.
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Buyer Overview 1

Buyer

Borr Drilling

Hamilton, Bermuda

Category Company
Founded 2016
Sector Oil/Gas Exploration
Employees2,087
Revenue 1.0B USD (2024)
DESCRIPTION

Borr Drilling Limited is an offshore drilling contractor that owns and operates jack-up drilling rigs, providing services to oil and gas exploration and production companies in shallow-water environments worldwide. Borr Drilling was founded in 2016 and is based in Hamilton, Bermuda.


Deal Context for Buyer #
Overall 1 of 1
Sector: Oil/Gas Exploration 1 of 1
Type: Divestiture 1 of 1
Country: Bermuda 1 of 1
Year: 2025 1 of 1
Size (of disclosed) 1 of 1

Seller Profile 1

SELLER

Noble

Houston, Texas, United States

Category Company
Founded 1921
Sector Energy Services and Equipment
Employees5,000
Revenue 3.1B USD (2024)
DESCRIPTION

Noble is an offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 77 offshore drilling units (including two ultra-deepwater drillships and four high-specification jackup drilling rigs currently under construction), located worldwide, including in the U.S. Gulf of Mexico and Alaska, Mexico, Brazil, the North Sea, the Mediterranean, West Africa, the Middle East, India, Malaysia, and Australia. Noble was founded in 1921 and is based in Houston, Texas.


Deal Context for Seller #
Overall 1 of 1
Sector: Oil/Gas Exploration 1 of 1
Type: Divestiture 1 of 1
Country: Bermuda 1 of 1
Year: 2025 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-10 Diamond Offshore

Houston, Texas, United States

Diamond Offshore is an offshore drilling company that provides contract drilling services to the energy industry via offshore drilling rigs, semisubmersibles, dynamically positioned drillships, and jack-ups. Diamond Offshore was incorporated in 1953 and is based in Houston, Texas.

Buy $1.6B