Noble Corporation and Diamond Offshore Drilling have entered into a definitive merger agreement under which Noble will acquire Diamond in a stock plus cash transaction. As part of the transaction, Diamond shareholders will receive 0.2316 shares of Noble, plus cash consideration of US$5.65 per share for each share of Diamond stock, representing an 11.4 per cent premium to closing stock prices on June 7, 2024. Upon closing, Diamond shareholders will own approximately 14.5 per cent of Noble's outstanding shares.
Noble's acquisition of Diamond Offshore also includes four drillships and one high-specification, harsh environment semisubmersible rig. Robert Eifler, Noble's President and Chief Executive Officer, said Diamond's five conventional deepwater and midwater rigs have averaged above 85 per cent utilisation over the last three years and currently have strong forward contract coverage
The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Diamond shareholders. The transaction is scheduled to close by the first quarter of 2025 and has been unanimously approved by the board of directors of each company.
