London-based Noble Corp is reported to be continuing its expansion drive with a move to buy assets from restructuring Seadrill.
Unnamed sources told UK-based business intelligence firm Reorg that a bid has gone in to acquire a "substantial" portion of the John Fredriksen-backed drillship and rig company's fleet.
Seadrill is undergoing its second Chapter 11 reorganisation in the US within three years, while Noble emerged from its own Chapter 11 process in February.
Noble then set about buying Idan Ofer's Pacific Drilling, creating a fleet of 26 drillships.
The bid for Seadrill's assets has arisen due to the Oslo-listed company being unable to reach a deal with all its creditors.
Any deal is likely to wipe out existing shareholders in a debt for equity swap.
Neither side is commenting on the matter.
All-stock deal
Noble's all-stock deal for Pacific Drilling saw shareholders of the Ofer company take a 24.9% stake in Noble.
No financial details were disclosed, but the buyer expects to realise pre-tax cost savings of at least $30m per year.
Pacific Drilling has seven modern units and Noble has 19. VesselsValue estimates that the combined fleet is worth about $1.6bn.
Noble filed for Chapter last July with $3.4bn in debt.
Also in March, John Fredriksen-backed Seadrill Partners handed over the operation of its drillship fleet to Houston's Vantage Drilling International as it undergoes Chapter 11 restructuring.
Vantage said the framework agreement also covers management and marketing of the four deepwater units.
Contract torn up
Seadrill said on 5 May that Wintershall had sent a termination notice regarding the charter of the West Mira rig.
"The West Mira has had a period of unproductive time following an equipment failure on 19 March 2021," Seadrill added.
The operator, and the owner Northern Ocean, have been working to prepare the West Mira for a return to work.
Seadrill said it would review the notice, and continue "constructive engagement" with both Wintershall and Northern Ocean.
