Freeport Pays Noble for Canceled Rigs

摘要

Offshore drilling contractor Noble Corp. has received a $540 million payment from Freeport-McMoRan after the firm decided to terminate contracts for two drillships in May (OD May11'16). The two rigs, Noble Sam Croft and Noble Tom Madden, were contracted through July and November of 2017, respectively. Noble was paid with Freeport shares, which were immediately sold for cash. Depending on the average crude price over the next year, Noble may also be entitled to an additional payment of $75 million.