Noble Corporation plc to Acquire Diamond Offshore Drilling
6/10 7:58 AM
Noble Corporation plc to Acquire Diamond Offshore Drilling OAKHURST, N.J. (DTN) --- Noble Corporation plc and Diamond Offshore Drilling, Inc. today announced that they have entered into a definitive merger agreement under which Noble will acquire Diamond in a stock plus cash transaction valued at $1.6 billion. As part of the transaction, Diamond shareholders will receive 0.2316 shares of Noble, plus cash consideration of $5.65 per share for each share of Diamond stock, representing an 11.4% premium to closing stock prices on June 7. Upon closing, Diamond shareholders will own approximately 14.5% of Noble's outstanding shares. The transaction, subject to the satisfaction of customary closing conditions, is expected to close by the first quarter 2025. Upon closing, 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 $6.5 billion as of today, with a wide diversity of customers and regions of operation. With this expanded fleet and contracted cash flow visibility, Noble will remain committed to maximizing value for customers, employees and shareholders by delivering safe and efficient operational results maintaining a disciplined capital allocation approach that prioritizes returning the significant majority of free cash flow to shareholders. Also today, Noble's board of directors approved an interim dividend of $0.50 per share for the third quarter of 2024. The dividend is in addition to the $0.40 dividend previously announced which is expected to be paid on June 27 to shareholders at record of close of business on June 6. (c) Copyright 2024 DTN, LLC. All rights reserved.
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