Noble and Shell change drilling contracts

The Noble Corporation and certain subsidiaries of Royal Dutch Shell plc (NYSE: RDS. The) announced a Concordat which changes the long-term contracts exist in three ships of drilling in ultra-deep waters, the Noble Bully II, Noble Globetrotter I and Noble Globetrotter II. The agreement benefits both parties.

The daily rates of equipment now predict a floor of $275,000 per day, which represents a minimum value. In addition, Shell won the grant of right to idleness of the Noble Globetrotter II for a period of up to 730 days, starting January 2017, and during this period the traded rate payable will be $185,000 dollars a day.

In the Noble Bully II, Shell received the idle period of up to 365 days, which must begin at the latest in may 2017. Already the Noble Bully II is part of a joint venture (50% Noble Bully, 50%) Shell, which contains daily floor rate contract of $200,000 a day, plus operating expenses.

The President and CEO of Noble Corporation plc, David w. Williams, reported that the agreement offers more clarity in daily fees Noble and operating cash flows during the duration of the contracts of the three platforms, which offers more financial flexibility to offshore industry and boosts opportunities before the recent recovery of oil.

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