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Travers Smith advises Noble Corporation on buyout of its Bully joint ventures with Shell

Overview

Travers Smith LLP has advised established client Noble Corporation plc (NYSE: NE) on the acquisition from a subsidiary of Royal Dutch Shell plc (Shell) of its fifty percent interest in their Bully I and Bully II joint ventures, and the buyout of the remaining term of its drilling contract for the drillship Noble Bully II.

The Travers Smith team was led by Corporate Partner Richard Spedding, assisted by Corporate Associates James Addison and Graeme Scotchmer.

The amount agreed by the parties for Shell to buy out the drilling contract resulted in a buyout price of $166 million. In exchange for Shell’s JV interests, Noble issued a note payable to Shell. The parties agreed to a net settlement mechanism whereby Shell paid approximately $59 million of the buyout price to Noble in cash, and the remaining portion of the buyout price was satisfied by Shell’s assignment of the note back to Noble.