Tag Archives: Ensco

In Too Deep! Noble Corp To Spinoff Older Assets And Focus On Deepwater Drilling

Noble Corporation (NE) is going deep after announcing plans to spin off a business holding most of its standard specification drilling units. The new company’s assets will include ‘five drillships, three semisubmersibles, 34 jackups, two submersibles, and one FPSO’ and also be responsible for the Hibernia platform operations. Noble will continue to own and operate its high-specification assets, ~35 rigs… Read More »

New Plans for Pride & Seahawk

Image via Wikipedia Despite the optimism of spinoff investors, not every spin is a success story…at least when measured by stock price appreciation. In late August of 2009, offshore rig contractor Pride International (PDE) spun off its shallow water operations into the newly formed Seahawk Drilling (HAWK). The great ticker could not overcome the poor industry fundamentals and… Read More »