Oil rig contractor Noble Company plc has accomplished its acquisition of Diamond Offshore Drilling, Inc.
The transaction enhances Noble’s place as a number one offshore driller, creating the biggest fleet of seventh era dual-BOP (blowout preventer) drill ships within the business and including roughly $2 billion of backlog, the corporate mentioned in an announcement.
In June, Noble introduced that it could purchase Diamond in a stock-plus-cash transaction. As a part of the transaction, Diamond shareholders acquired 0.2316 shares of Noble, plus money consideration of $5.65 per share for every share of Diamond inventory.
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Noble mentioned it has printed an up to date fleet standing report reflecting the addition of the Diamond rigs and different updates, mainly the addition of 4.8 rig years of backlog just lately awarded below the industrial enabling settlement (CEA) with ExxonMobil for the corporate’s 4 drillships working in Guyana. The updates enhance Noble’s present backlog to $6.7 billion, Noble famous.
Additional, Noble’s board of administrators has appointed Patrice Douglas from Diamond’s to function a brand new director of Noble.
Noble President and CEO Robert Eifler mentioned, “We’re excited to shut this extremely strategic and accretive transaction forward of schedule and start our integration actions. On behalf of Noble’s board of administrators and workers, I want to welcome the Diamond group onboard and look ahead to our thrilling journey forward as a mixed group”.
Noble Chairman Charles Sledge mentioned, “This mix marks a vital subsequent step in Noble’s 7G deepwater management technique. We’re excited to deliver Diamond’s distinctive group and fleet on to the Noble platform and look ahead to delivering worthwhile synergies for all stakeholders by means of the combination of those two nice firms. I might additionally wish to welcome Patrice Douglas, who was nominated to hitch Noble’s board of administrators from the Diamond board”.
In a earlier assertion, Eifler defined that the acquisition “allows Noble to proceed our journey of delivering superior innovation and worth to a broad vary of the main offshore operators the world over”.
“Our place can be strengthened with the addition of 4 seventh era drillships and one of the high-spec harsh setting semi-submersible rigs on the earth. Moreover, Diamond’s 5 standard deepwater and midwater rigs have averaged above 85 % utilization during the last three years and presently have sturdy ahead contract protection. Supported by Diamond’s $2.1 billion of backlog and $100 million of anticipated price synergies, we count on the transaction to be instantly accretive to our free money movement per share and contribute to accelerated development in our return of capital to shareholders,” Eifler added.
Diamond President and CEO Bernie Wolford mentioned, “This mix is a perfect end result that gives Diamond shareholders each instant and long-term upside potential as a part of a extra totally scaled platform that may ship buyer and shareholder worth on a through-cycle foundation, extra visibly and accessibly, whereas getting access to Noble’s sturdy dividend program. Noble’s operational energy, service posture and confirmed integration capabilities make this a pure match for Diamond. I want to thank the whole Diamond group for delivering terrific outcomes for our prospects and shareholders. Your day by day dedication to our uncompromising requirements can be an ideal match inside Noble, and we look ahead to continued success for our groups collectively on this strengthened, world class platform”.
To contact the writer, e-mail rocky.teodoro@rigzone.com
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