Noble Corporation Completes $1.6 Billion Acquisition of Diamond Offshore Drilling

Noble Corporation plc (CSE: NOBLE, NYSE: NE) has finalized its $1.59 billion acquisition of Diamond Offshore Drilling, Inc., strengthening its position in the offshore drilling industry. The merger, announced in June, creates the largest fleet of 7th generation dual-BOP drillships and adds approximately $2 billion to Noble’s backlog.

Following the acquisition, Noble’s fleet now consists of 41 rigs, including 28 floaters and 13 jackups, with a total backlog of about $6.7 billion. The company has also appointed Patrice Douglas from Diamond’s board to serve as a new director of Noble.

“We are excited to close this highly strategic and accretive transaction ahead of schedule and commence our integration activities,” said Robert W. Eifler, President and CEO of Noble. “On behalf of Noble’s board of directors and employees, I would like to welcome the Diamond organization onboard and look forward to our exciting journey ahead as a combined team.”

Charles M. Sledge, Noble’s Chairman of the Board, added: “This combination marks a crucial next step in Noble’s 7G deepwater leadership strategy. We are excited to bring Diamond’s exceptional team and fleet on to the Noble platform and look forward to delivering valuable synergies for all stakeholders through the integration of these two great companies.”

In light of the acquisition, Noble has advised investors that its previously issued financial guidance for 2024 is no longer applicable. The company has also published an updated fleet status report, which includes the addition of 4.8 rig years of backlog recently awarded under the Commercial Enabling Agreement with ExxonMobil for Noble’s four drillships operating in Guyana. These updates have increased Noble’s current backlog to $6.7 billion.

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