Offshore drilling contractor Noble has exercised an option to purchase a second jack-up rig from the PaxOcean Group in an $83.75m deal.

The new-build CJ46 design jack-up rig will be named the Noble Joe Knight and is built to carry out operations in moderate drilling environments.

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It is capable of operating in water depths up to 375ft and well depths of 30,000ft.

Noble chairman, president and CEO Julie Robertson said: “The CJ46 design is an ideal drilling unit for many applications in the Middle East and the exercise of the option is evidence of Noble’s customer-driven philosophy, including fit-for-purpose drilling solutions and superior operations execution.”

“The CJ46 design is an ideal drilling unit for many applications in the Middle East.”

Noble will pay $30.1m of the purchase price in cash, and the remaining $53.6m will be seller-financed at a 4.25% interest rate paid in cash.

Another 1.25% will be paid in kind over the term of the financing.

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Noble will make the initial payment using existing cash balances and plans to repay the secured seller-financed amount in a period of four years.

A new drilling control system, along with a versatile cantilever skidding system and two blowout preventers, supports the enhanced drilling capabilities of the jack-up rig.

The transaction is expected to conclude this month, following which the Noble Joe Knight will be relocated to a shipyard in Singapore for commissioning and final outfitting.

The jack-up rig is expected to start operations during the third quarter of this year as part of a primary term contract with Saudi Aramco for three years, plus a one-year option.

Noble has a fleet of 24 offshore drilling units, comprising 12 drillships and semi-submersibles and 12 jack-ups.