After receiving final permit earlier this week, US offshore drilling contractor Noble Corporation announced on its website on September 4 that it had completed the acquisition of another similar US company, Diamond Offshore.
As previously reported, Noble and Diamond would complete the acquisition in a stock and cash manner. Under the final merger agreement reached by the parties, Diamond shareholders will receive 0.2316 shares of Noble along with cash consideration of $5.65 per Diamond share. Compared to the closing price of the stock on June 7, 2024, the final merger agreement represents a negotiated premium of 11.4%.
By this acquisition, Noble will own and operate a fleet of 41 rigs/drillships, including 28 semi-submersible rigs/drillships and 13 jackups, with a total backlog of orders valued at approximately $6.5 billion, of which $2.1 billion is from Diamond.
Following completion of the acquisition of Diamond, the Company’s board of directors has appointed Patrice Douglas from the Diamond board of directors to serve as a new director of Noble.
This transaction enhances Noble’s position as a leading offshore driller, creating the largest fleet of 7th generation dual-BOP drillships in the industry, and adding approximately $2 billion of backlog.