Market Overview

Noble Corporation plc To Pursue Development Of MLP


Noble Corporation plc (NYSE: NE) announced today that the Company's Board of Directors has authorized the Company to pursue the development of a master limited partnership (MLP). The MLP would be comprised of interests in select rigs chosen from Noble's existing fleet.

If realized, the Company would expect to file a registration statement with the Securities and Exchange Commission relating to the initial public offering of common units in the MLP during the second quarter of 2015. The anticipated offering would be subject to the final approval of Noble's Board of Directors and market conditions.

David W. Williams, Chairman, President and Chief Executive Officer of Noble Corporation plc, noted, "With our fleet transformation largely complete, we have concluded that the creation of an MLP could enhance our capital allocation strategy. Alternatives surrounding the uses of cash flow are evolving with the significant reduction in newbuild capital expenditures to be realized after 2014. We believe this step will provide Noble with enhanced financial flexibility that will facilitate value creation and place the Company in a stronger competitive position."

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. This press release is made in reliance on Rule 135 under the Securities Act of 1933, as amended (the "Securities Act").

Posted-In: News Press Releases


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