Noble Corporation plc has announced a definitive merger agreement to acquire Diamond Offshore Drilling, Inc. in a cash plus stock transaction. Under the terms of the deal, Diamond shareholders will receive 0.2316 shares of Noble plus $5.65 per share, representing an 11.4% premium. Post-transaction, Diamond shareholders will own 14.5% of Noble’s outstanding shares. This acquisition aims to strengthen Noble’s market position with the addition of Diamond’s advanced rigs and substantial $2.1 billion backlog. The transaction is expected to be accretive to Noble’s free cash flow per share, bolstered by anticipated $100 million in annual cost synergies. Furthermore, Noble has approved a 25% increase in its quarterly dividend to $0.50 per share. The transaction, subject to regulatory approvals and shareholder consent, is expected to close by Q1 2025. Financial and legal advisors include Morgan Stanley for Noble and Guggenheim Securities for Diamond.
Oil and Gas Drilling, Maritime Services, Financial Services,United States, Global
https://contentapi.cision.com/api/v1.0/releases/20240610EN35340