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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JANUARY 10, 2000
NOBLE DRILLING CORPORATION
(Exact name of Registrant as specified in its charter)
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DELAWARE 0-13857 73-0374541
(State of incorporation) (Commission file number) (I.R.S. employer identification number)
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10370 RICHMOND AVENUE, SUITE 400
HOUSTON, TEXAS 77042
(Address of principal executive offices) (Zip code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 974-3131
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ITEM 5. OTHER EVENTS.
The Registrant hereby incorporates by reference herein the information
set forth in its press release, dated January 10, 2000, a copy of which is
attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit 99.1 Noble Drilling Corporation Press Release
dated January 10, 2000, announcing filing of
a lawsuit by Noble Drilling Corporation and
certain subsidiaries against Samedan Oil
Corporation and Mariner Energy, Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NOBLE DRILLING CORPORATION
Dated: January 10, 2000 By: /s/ ROBERT D. CAMPBELL
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Robert D. Campbell, President
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INDEX TO EXHIBITS
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Exhibit No. Description
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Exhibit 99.1 Noble Drilling Corporation Press Release dated January 10,
2000, announcing filing of lawsuit by Noble Drilling
Corporation and certain subsidiaries against Samedan Oil
Corporation and Mariner Energy, Inc.
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EXHIBIT 99.1
HOUSTON, Texas, January 10, 2000 - Noble Drilling Corporation announced
today that it, along with its subsidiaries Noble Drilling Services Inc. and
Noble Drilling (U.S.) Inc., have filed suit against Samedan Oil Corporation and
Mariner Energy, Inc. for breach of contract.
In recent years, Noble Drilling has focused on increasing the number of
rigs in its fleet capable of deepwater offshore drilling. A principal component
of this deepwater strategy has been the conversion and upgrade of rigs to drill
in water depths greater than 5,000 feet. Five of the six rigs in this program
have been delivered under long-term contracts. The Noble Max Smith was delivered
on December 22, 1999 for use by Amerada Hess Corporation. A previously disclosed
dispute with Union Pacific Resources concerning its use of the Noble Max Smith
has been resolved in principle and a drilling contract is in the process of
final documentation.
The Noble Homer Ferrington, which is capable of drilling in 6,000 feet
of water, is the sixth rig in the program; and it is scheduled for delivery in
late February or March 2000. The Noble Homer Ferrington remains subject to
letter agreements dated February 1998 with Mariner Energy, Inc. and Samedan Oil
Corporation, which require Mariner and Samedan to sign drilling contracts
totaling five years and a related rig-sharing agreement. As previously
disclosed, Mariner expressed its view in March 1999 that its letter agreement
had expired, however it further expressed its intention to work toward a
mutually acceptable outcome. Noble Drilling is continuing its discussions with
Mariner and is hopeful that such a mutually acceptable outcome will be reached
in the near future. Also as previously disclosed, Samedan has questioned the
extent of its obligations under its letter agreement and expressed concerns
about the rig's design criteria. Noble Drilling believes these operators have
binding commitments to use the rig, and that the rig meets the originally agreed
upon design criteria. Accordingly, the company has filed suit to enforce its
rights. If the company is not able to resolve this matter promptly, it could
experience delay in finding alternate customers. While the current market for
deepwater rigs has softened, the increases in the price of oil in recent months
will stimulate drilling activity over time. In the interim, it is anticipated
that the unit could be contracted at dayrates lower than those reflected in the
existing letter agreements, which would adversely affect the company's future
revenues and operating income. Each $20,000 reduction in dayrate from the letter
agreement rate would reduce earnings per share on an annualized basis by
approximately $0.036.
Noble Drilling Corporation is a leading provider of diversified
services for the oil and gas industry worldwide. Contract drilling services are
performed with our fleet of 47 offshore drilling units located in key markets
worldwide. Our fleet of floating deepwater units consists of nine
semisubmersibles and three dynamically positioned drillships, seven of which are
designed to operate in water depths greater than 5,000 feet. Our fleet of 32
jackup rigs includes 19 premium units that operate in water depths of 300 feet
and greater, four of which operate in water depths of 360 feet and greater. In
addition, our fleet includes three submersible units. Ten of our units are
capable of operating in harsh environments. Over 60 percent of the fleet is
currently deployed in international markets, principally including the North
Sea, Africa, Brazil, the Middle East and Mexico. We also provide engineering and
production management services and turnkey drilling services. The company's
common stock is traded on the New York Stock Exchange under the symbol "NE".
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For additional information, contact:
Steve Manz, Director of Accounting and Investor Relations
Noble Drilling Corporation, 713-974-3131
