Noble to sell platform drilling business
January 16, 2008
Offshore drilling contractor Noble Corp. has agreed to sell its North Sea platform drilling business to Seawell Holding UK Ltd. for $35 million, the Associated Press reports. The sale includes labor contracts spanning 11 platform operations in the U.K. sector of the North Sea, currently employing about 450 people. Noble said it will continue to provide labor for the drilling and maintenance operations on a platform off Canada''s eastern coast, as well as for client Exxon Mobil Corp., the largest U.S. oil company. The deal is expected to close in the first quarter, pending regulatory and other approvals. Noble said the sale will allow it to focus more on its core operations.