Noble Corp. plc, one of the top offshore drilling rig experts in the world, has secured a restructuring support agreement to eliminate all bond debt and reorganize via Chapter 11.

Subsidiaries of the London-based operator filed Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas in Houston. The company expects to emerge from bankruptcy before year’s end.

“Along with many other businesses in our industry, Noble has been affected by the severe downturn in commodity prices, which has been compounded by the Covid-19 pandemic,” CEO Robert Eifler said. “After many months exploring our strategic options, we concluded that a substantial deleveraging transaction implemented through a Chapter 11 filing, supported by our largest creditors, provides...