Noble Corporation plc announced the purchase of a new Gusto MSC CJ46 design jackup rig from the PaxOcean Group (PaxOcean) in connection with a concurrently awarded drilling contract.

Noble paid $33.75 million of the $93.75 million purchase price in cash, with the remainder of the purchase price, or $60 million seller-financed at a 4.25% interest rate paid in cash and 1.25% paid in kind over the term of the financing. The Company used existing cash balances for the initial payment and the secured seller-financed amount is to be repaid in four years.  The Company also has an option for the purchase of a second newbuild CJ46 jackup from PaxOcean.

The newbuild jackup, to be named the Noble Johnny Whitstine, was built at the PaxOcean Graha shipyard in Batam, Indonesia.