Service & Supply | Finance & Investing | General News | Oilfield Services | Capital Markets
Noble Corp. to Pursue Development of MLP
Print
|
Noble Corporation plc has reported 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."