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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Thomas M. who wrote (23821)6/11/1998 1:23:00 PM
From: Bazmataz  Read Replies (2) of 95453
 
Noble Drilling Announces Semisubmersible Purchase

HOUSTON, June 11 /PRNewswire/ -- Noble Drilling Corporation (NYSE: NE - news) announced today that it formed a limited liability company that has
purchased the Ilion, a Friede & Goldman 9500 Enhanced Pacesetter design semisubmersible. Noble has an initial 50 percent equity interest in the limited liability
company. In addition, Noble has a convertible promissory note interest pursuant to which Noble can ultimately increase its equity interest to 70 percent. The
semisubmersible is currently located in Pascagoula, Mississippi.

The Ilion is the same design as the Noble Homer Ferrington. The Noble Homer Ferrington is currently in a shipyard undergoing refurbishment and upgrade for work
in deeper water depths. Plans call for the Ilion to be similarly upgraded for deepwater work when the company receives a long-term contract with an operator.

Noble Drilling Corporation is a major drilling contractor with offshore operations in the United States, Canada, Mexico, the North Sea, Africa, the Middle East,
South America and India. The Company's Common Stock is traded on the New York Stock Exchange under the symbol ''NE''

See the reference to FGII??? Watching Big Dog?
By the way, who out there is buying NE? Seems to be bouncing off its lows. Short covering? HeHe
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