Noble Corporation acquired Diamond Offshore involving a mix of stock and cash. Diamond Offshore shareholders will own approximately 14.5% of Noble’s outstanding shares and receive a cash consideration per share 11,4% premium on top of closing price June 7th 2024.Noble Board of Directors will be expanded to include one member from the Diamond Board.
Both companies have exposure to the Brazilian market rigs Noble Faye Kozack and Ocean Courage are in country. Noble Faye Kozack marks the return of Noble to Brazil and is stationed in Niterói, off the coast of Rio de Janeiro, scheduled to commence operations for Petrobras in July, extending until 2026. Meanwhile, the Ocean Courage has been chartered to Petrobras since 2022, with the contract running through to 2027.
Upon completion of the merger, Noble will operate a fleet of 41 rigs, including 28 floaters and 13 jackups. Additionally, the combined company’s backlog is projected to be approximately $6.5 billion. This marks Noble’s second significant strategic move in recent years, following its business combination with Maersk Drilling which was made effective in October 2022.
Another Noble move
