Offshore drilling companies Noble Corporation and Maersk Drilling have completed their merger.
The transaction concluded through the completion of Noble’s recommended voluntary public share exchange offer to the shareholders of Maersk Drilling. The companies are now operating as a single organization as of October 3, 2022.
Noble’s President and Chief Executive Officer, Robert Eifler, said: "Today marks an exciting new chapter as we bring together these two exceptional companies. The fundamental industrial logic of the combination is clear and has only grown stronger over the past year, driven by steady improvements in the offshore drilling market and a deeper appreciation of the immense talent across this newly combined team.
I’d personally like to thank the employees of both companies for their sustained focus on safety, integrity, and service as we have worked through this demanding transaction process. I look forward to supporting this team through a rapid integration as we aim to position Noble as a new and dynamic leader in offshore drilling.”
Charles M. (Chuck) Sledge, Noble’s Chairman of the Board of Directors, added: “Today’s combination of Noble and Maersk Drilling represents a defining moment in the history of offshore drilling. We are excited to join forces with Maersk Drilling’s talented team and embark on this journey together as a combined company. I am confident that Noble is now better positioned to deliver enhanced value to all our customers and shareholders.”
Noble said that the combined company has one of the youngest and highest specification offshore drilling rig fleets in the industry, and contract backlog of over $4 billion, and a conservative balance sheet with low leverage and significant liquidity.
According to Noble, the merger will enable annual cost synergies of at least $125 million, which are expected to be realized within two years after closing.
As previously reported, Noble agreed to sell five jack-up rigs in the North Sea, to alleviate competition concerns in the UK.
Noble said Monday it expected to close the previously announced sale of five jackup rigs (Noble Hans Deul, Noble Sam Hartley, Noble Sam Turner, Noble Houston Colbert, and Noble Lloyd Noble, together the "Remedy Rigs") to Shelf Drilling Ltd. on October 5th for cash proceeds of $375 million.