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Tuesday June 25 2024

Drilling companies Noble Corporation and Diamond entered into merger agreement

10 June 2024 21:40 (UTC+04:00)
Drilling companies Noble Corporation and Diamond entered into merger agreement

By Alimat Aliyeva

British offshore drilling contractor Noble Corporation plc is buying rival American company Diamond Offshore Drilling Inc, Azernews reports.

The deal, which was unanimously approved by the boards of directors of both companies, is estimated at $1.6 billion.
Diamond Offshore shareholders will receive 0.2316 Noble shares and $5.65 in cash for each share of the company they own. This represents a premium of $11.4% to the securities price at the close of the market on June 7.

Upon completion of the transaction, Diamond Offshore shareholders will own almost 14.5% of Noble shares.

The deal is scheduled to close by the end of the first quarter of 2025 after receiving approval from regulators and Diamond Offshore shareholders.

Noble President and CEO Robert Eifler said the deal will also strengthen Noble's position by adding four seventh-generation drilling vessels to the company's fleet, as well as one of the most high-tech semi-submersible drilling rigs in the world.

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