Official press releases from Noble Corporation or Diamond Offshore Drilling, regulatory filings

Noble to Acquire Diamond Offshore in $1.6 Billion, $15.52/Share Deal

Jun 10, 2024, 11:14 AM

Noble Corporation, the world's biggest offshore oil-rig contractor by market value, has agreed to acquire Diamond Offshore Drilling in a deal valued at $1.6 billion, or $15.52 per share. The acquisition will be funded through a combination of $5.65 in cash plus 0.2316 shares of Noble for each share of Diamond Offshore. Noble plans to finance the cash portion of the deal with a new secured financing of $600 million. The combined fleet of the merged entity will include 28 floaters and 13 jack-ups. Additionally, Noble has announced that the deal will enhance dividend payouts by 25%. Diamond Offshore shares rose 8.0% in pre-market trading following the announcement.