Noble Drilling Acquires Jackup Rig

Noble Drilling Corporation has formed a joint venture with Lime Rock Partners, and the joint venture has acquired Ocean Scotian, a North Sea jackup, for $32.7 million. Concurrent with the acquisition, the rig was renamed Noble Julie Robertson. Noble Drilling owns 50 percent of the joint venture, and will manage the upgrade, marketing and operation of the rig. Noble Drilling expects to upgrade the drilling systems and the crew accommodations in order to conform to the new regulations applicable in the North Sea. The company anticipates the unit will be available for service in mid-2000. James C. Day, chairman and CEO of Noble Drilling, stated, "The opportunity to add an excellent harsh environment asset to our fleet at a competitive cost is consistent with our stated strategy…We appreciate the opportunity to work with such an outstanding group as Lime Rock Partners."