Noblewoman, old, abandoning jet and ship (7)
I believe the answer is:
duchess
'noblewoman' is the definition.
(duchess is a kind of noblewoman)
'old abandoning jet and ship' is the wordplay.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'abandoning' suggests deleting specific letters.
'jet' becomes 'douche' (a jet of water).
'and' says to put letters next to each other.
'ship' becomes 'ss'.
'douche' with 'o' taken out is 'duche'.
'duche'+'ss'='DUCHESS'
(Other definitions for duchess that I've seen before include "Duke's wife" , "Female aristocrat" , "Titled lady" , "Noble lady" , "Great lady" .)