The US energy group Noble Corporation and Diamond Offshore Drilling have entered into a definitive merger agreement in a cash-and-stock deal that would value the transaction at US$1.59bn. Under the agreement, 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% premium to closing stock prices on 7 June 2024. With it, Diamond shareholders will own approximately 14.5% of Noble's outstanding shares while Noble will own and operate a fleet of 41 rigs including 28 floaters and 13 jackups. Additionally, backlog for the combined company would be approximately US$6.5bn.
Noble is a US based offshore drilling contractor for the oil and gas industry, operating since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide.
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