Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

NOBLE HOLDING CORPORATION PLC

(NE)
End-of-day quote. End-of-day quote Other OTC - 02/08
0.0529 USD   -3.82%
03/11NOBLE CORP. : Q4 Earnings Snapshot
AQ
2020Transocean's $1.5 Billion Restructuring Survives Hedge-Fund Lawsuit
DJ
2020NOBLEá : Provides Fleet Contract Status Update
PU
SummaryQuotesChartsNewsRatingsCompany 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Offshore-Rig Operator Noble Files for Bankruptcy

07/31/2020 | 01:50pm EDT

By Patrick Fitzgerald

Noble Corp., an operator of offshore oil-and-gas drilling rigs, filed for bankruptcy Friday, the latest victim of falling oil demand as the coronavirus pandemic ravages the global economy.

London-based Noble and more than three dozen affiliates sought chapter 11 protection in U.S. Bankruptcy Court in Houston after reaching a deal with bondholders on a debt-for-equity swap that wipes out $3.4 billion in debt.

Noble has carried a heavy debt load for years, but business has dried up since the Covid-19 pandemic led to collapsing demand for oil and gas. Earlier this month, the company missed a $15 million payment on bonds that mature in 2024, starting a 30-day grace period to cover the amount, according to the company's public filings.

"Along with many other businesses in our industry, Noble has been affected by the severe downturn in commodity prices which has been compounded by the Covid-19 pandemic," said Robert Eifler, Noble's chief executive.

The company, which has a fleet of 24 offshore drilling rigs, will continue operating during the chapter 11 case.

The coronavirus pandemic has hurt the global economy, oil demand has fallen and there is a supply glut. Those factors have combined to drive down crude-oil prices, making customers think twice about drilling for more oil.

Although oil prices have rebounded some, there remains significant uncertainty about whether the trend will be sustained.

Other major offshore-drilling companies have filed for bankruptcy or are working on restructuring their debts. London-based Valaris PLC, with some $7 billion in debt, recently warned a bankruptcy filing could be imminent. Diamond Offshore Drilling Inc. filed for bankruptcy in April.

In May, Noble warned it might not be able to continue as a going concern because the pandemic was likely to cause it to burn through cash faster than projected.

The company said major bondholders will pump $200 million of new capital -- in the form of second-lien notes -- into the reorganized business. A lending syndicate, led by JPMorgan Chase & Co, is expected to lend $675 million to the new Noble. The company listed assets of $7.3 billion against debts of $4.7 billion in court filings.

An army of lawyers and bankers are advising Noble and its creditors. Among Noble's bankruptcy advisers are Skadden, Arps, Slate, Meagher & Flom LLP; Evercore Inc. and AlixPartners LLP.

Kramer Levin Naftalis & Frankel LLP, Akin Gump Strauss Hauer & Feld LLP and Ducera Partners LLC are advising an ad hoc group of Noble's s priority guaranteed noteholders. Milbank LLP and Houlihan Lokey Capital Inc. are advising senior noteholders. And Simpson Thacher & Bartlett LLP and PJT Partners Inc. are advising JPMorgan.

Write to Patrick Fitzgerald at patrick.fitzgerald@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
DIAMOND OFFSHORE DRILLING, INC. -2.30% 0.1289 End-of-day quote.-25.00%
EVERCORE INC. -3.88% 136.46 Delayed Quote.24.46%
HOULIHAN LOKEY, INC. -0.85% 79 Delayed Quote.17.51%
JPMORGAN CHASE & CO. -1.70% 157.57 Delayed Quote.24.00%
LONDON BRENT OIL 0.04% 73.04 Delayed Quote.40.00%
PJT PARTNERS INC. -0.17% 70.05 Delayed Quote.-6.91%
S&P GSCI CRUDE OIL INDEX 0.33% 388.1397 Delayed Quote.45.51%
VALARIS A -0.44% 0.068 Delayed Quote.35.46%
WTI 0.04% 71.059 Delayed Quote.45.60%
All news about NOBLE HOLDING CORPORATION PLC
03/11NOBLE CORP. : Q4 Earnings Snapshot
AQ
2020Transocean's $1.5 Billion Restructuring Survives Hedge-Fund Lawsuit
DJ
2020NOBLEá : Provides Fleet Contract Status Update
PU
2020NOBLE CORPORATIONá : plc To Announce Third Quarter 2020 Results
PR
2020NOBLEá : Announces Contract Extension In Guyana
PU
2020STUART JACKSON : Seadrill names Stuart Jackson as new CEO to lead restructuring
RE
2020Energy Flat On Volatile Session As Natural-Gas Rally Continues -- Energy Roun..
DJ
2020NOBLE CORPORATIONá : plc To Participate At The Pareto Energy Conference
PR
2020NOBLEá : Provides Fleet Contract Status Update
PU
2020Hermitage Offshore Files for Bankruptcy Protection in U.S. -- Update
DJ
More news
Chart NOBLE HOLDING CORPORATION PLC
Duration : Period :
Noble Holding Corporation plc Technical Analysis Chart | MarketScreener
Full-screen chart
Managers and Directors
NameTitle
Robert W. Eifler President, Chief Executive Officer & Director
Richard B. Barker Chief Financial Officer & Senior Vice President
Joey M. Kawaja Vice President-Operations
Patrick Joseph Bartels Director
Alan J. Hirshberg Director