Noble Group
Noble Group Logo. Reuters

Noble Group on Tuesday said it has amended its agreement to sell its U.S.-focused oil liquids business Noble Americas Corp (NAC) to rival Vitol Group.

The sale now includes its U.S.-based petroleum supply and distribution unit Noble Petro Inc to the overall disposal of NAC business, lifting the base consideration for the deal by US$15 million.

Embattled commodity trader said both parties had agreed that the base consideration for its sale of Noble Americas Corp to Vitol would increase from about US$202 million to US$217 million as a result, the company said in a regulatory filing.

As a result the gross consideration for the deal would work out to be about US$1.43 billion and cash proceeds would also be higher at around US$597 million after deducting the indebtedness.

Noble Group on Monday said its co-Chief Executive Jeff Frase resigned in the wake of the sale of the company's oil business. Noble said William Randall, currently co-chief-executive, would take control of the company with immediate effect.

The resignation comes just days after Noble reported a third-quarter loss of $1.17 billion and warned that the operating environment remains challenging.

Shares in Noble Group fell 10 percent to S$0.20 on the Singapore Exchange.