openPR Logo
Press release

Noble Corporation Announces Agreement to Acquire Diamond Offshore Drilling, Inc. for $2.15 Billion in Cash & Stock Deal

06-12-2024 04:08 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ABNewswire

Noble Corp to Acquire Diamond Offshore for $2.15 Billion in Cash & Stock Deal

Noble Corp to Acquire Diamond Offshore for $2.15 Billion in Cash & Stock Deal

Noble Corp (NYSE: NE) has announced to acquire Diamond Offshore Drilling, Inc. (NYSE: DO) in a deal valued at approximately $2.15 billion. This strategic move combines cash and stock, with Diamond Offshore shareholders set to receive $1.25 billion in cash and $900 million in Noble Corp common stock.
Oilfield services firm Noble Corp (NYSE: NE) entered into a definitive merger agreement of cash and stock deal on June 10, 2024 to acquire Diamond Offshore Drilling, Inc. (NYSE: DO) in a transaction valued at approximately $2.15 billion [https://www.insidearbitrage.com/2024/06/noble-corp-acquires-diamond-offshore-for-2-15-billion-in-cash-stock-deal/].

The acquisition, which includes a combination of cash and stock, is set to create one of the largest offshore drilling contractors in the world, enhancing operational capabilities and expanding the company's presence in key offshore markets.

Deal Structure:

As per the terms of the agreement, Diamond Offshore shareholders will receive 0.2316 shares of Noble, plus a cash consideration of $5.65 per share for each share of Diamond Offshore stock, representing a premium of 11.41% from the stock's last close. The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the fourth quarter of 2024, subject to customary closing conditions, including regulatory approvals and the approval of Diamond Offshore shareholders.

Company Profile:

Diamond Offshore is a global contract drilling service provider with a fleet of 13 offshore drilling rigs, which include drillships and semisubmersible rigs.

Noble Corp is an offshore drilling contractor for the oil and gas industry. The company has a fleet of 32 drilling rigs and provides contract drilling services worldwide. Noble focuses on high-specification floating and jack-up rigs, prioritizing safe operations, environmental stewardship, and superior performance.

Oil & Gas Sector's M&A Trend:

There's been a recent trend in the oil and gas industry where major oil producers are acquiring fracking companies to increase their reserves like ExxonMobil's (XOM) acquisition of Pioneer Natural Resources (PXD), Diamondback's (FANG) deal to buy privately-held Endeavor. and Chevron's (CVX) deal for Hess (HES).

Even in the oilfields sector, oilfield services firm Schlumberger Limited (SLB) acquired ChampionX (CHX) earlier this year to add new technology offerings for $8.22 billion [https://www.insidearbitrage.com/2024/04/schlumberger-acquires-championx-in-a-staggering-8-22-billion-all-stock-deal/].

Deal Details and Timeline:

Noble expects this deal to benefit its shareholders. Noble's Chief Executive Officer Robert Eifler said, "Supported by Diamond Offshore's $2.1 billion of backlog and $100 million of anticipated cost synergies, we expect the transaction to be immediately accretive to our free cash flow per share and contribute to accelerated growth in our return of capital to shareholders."

Diamond Offshore's current EV/EBITDA (TTM) ratio is 10.2, above the sector median of 6.28.

Noble intends to fund the cash portion of the transaction through new debt financing, which Noble has secured through a $600 million committed bridge financing facility. The transaction is expected to close by the first quarter of 2025.

Deal Metrics:

The Deal Metrics page for each merger or acquisition includes:

* A spread history chart of the merger from announcement through eventual completion or failure.
* Progress of the merger including expiration of the HSR period, regulatory approvals, shareholder votes, etc.
* News and SEC filings.
* A history of deal updates.
* And much more.

Unlock premium insights on the NE-DO deal now @ https://www.insidearbitrage.com/deal-metrics/DO/2990/diamond-offshore-drilling-inc-to-be-acquired-by-noble-corporation-plc/

Disclaimer: This press release includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can generally be identified by the use of words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," or similar expressions. These statements are based on the current expectations and beliefs of Noble Corp and Diamond Offshore management and are subject to a number of risks, uncertainties, and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, the following:

* Changes in global economic conditions and demand for offshore drilling services.
* Fluctuations in oil and natural gas prices and the impact on drilling activity.
* The ability to integrate Diamond Offshore's operations and achieve anticipated synergies.
* The outcome of any legal proceedings that may be instituted against Noble Corp, Diamond Offshore, or others related to the acquisition.
* Regulatory approvals and satisfaction of other conditions to the closing of the acquisition.
* The impact of changes in regulations and laws affecting the offshore drilling industry.

Please conduct thorough personal research before trading any securities mentioned herein. We do not guarantee the comprehensive accuracy of the content or data provided in this news.

About InsideArbitrage:

InsideArbitrage is a leading platform for investment insights and education, offering curated reading lists, analysis, and premium tools for investors seeking to enhance their knowledge of special situations investing that includes the strategies of merger arbitrage [https://www.insidearbitrage.com/category/merger-risk-arbitrage/], legal insider transactions, spinoffs, management transitions, stock buybacks [https://www.insidearbitrage.com/stock-buybacks/] and SPACs.

Inside Arbitrage provides access to six different event-driven strategies to expand your investing toolbox, special situations focused tools, qualitative writeups of ideas through weekly articles, and a comprehensive monthly newsletter.

Media Contact
Company Name: InsideArbitrage
Contact Person: Asif Suria
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=noble-corporation-announces-agreement-to-acquire-diamond-offshore-drilling-inc-for-215-billion-in-cash-stock-deal]
Phone: +1 (541) 221-2902
Country: United States
Website: http://www.insidearbitrage.com/



This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Noble Corporation Announces Agreement to Acquire Diamond Offshore Drilling, Inc. for $2.15 Billion in Cash & Stock Deal here

News-ID: 3536596 • Views:

More Releases from ABNewswire

Dlinxoutreach Unlocks the Power of AI Ecosystems for Companies Seeking Higher ROI
Dlinxoutreach Unlocks the Power of AI Ecosystems for Companies Seeking Higher RO …
In today's fintech-driven digital economy, artificial intelligence is no longer a speculative technology; it is a monetizable growth driver. Global private investment in AI reached $252 billion in 2024, a 44.5% year-over-year increase according to Stanford's AI Index. In financial services, 77% of executives report achieving positive ROI within the first year of AI deployment, according to Bank Automation News. A Boston Consulting Group study further shows that one in
DigiGary Marketing Powers Local Dallas Businesses with Proven SEO Strategies
DigiGary Marketing Powers Local Dallas Businesses with Proven SEO Strategies
DigiGary Marketing, a Dallas-based digital marketing agency, helps businesses grow through tailored SEO strategies, including keyword research, technical SEO, and local SEO. They focus on improving online visibility and attracting local leads. With a customer-centric approach and in-house support, DigiGary stands out by providing personalized service that drives results for businesses in Dallas. Dallas, TX - DigiGary Marketing, a trusted digital marketing agency based in Dallas, TX, is helping local businesses
Killian Pest Control Offers Eco-Friendly Solutions for Safe and Sustainable Pest Management in McFarland, CA
Killian Pest Control Offers Eco-Friendly Solutions for Safe and Sustainable Pest …
Killian Pest Control offers environmentally responsible pest management in McFarland, CA, using safe methods that protect your home, family, and the planet. Their sustainable approach ensures lasting results while minimizing environmental impact. McFarland, CA - Killian Pest Control, a trusted provider of pest management services in McFarland, CA, is proud to announce its commitment to offering eco-friendly solutions for safe and sustainable pest control McFarland [https://www.google.com/maps?cid=11102796334978393092]. As an industry leader in
Pest Control Awareness: Seaside Pest Control Educates Surrey Residents on How to Safeguard Homes
Pest Control Awareness: Seaside Pest Control Educates Surrey Residents on How to …
Seaside Pest Control offers valuable guidance to Surrey residents on protecting their homes from common pests. Learn proactive strategies to safeguard your property. Surrey, BC - As the fall season approaches, Seaside Pest Control is raising awareness about the importance of pest control Surrey [https://seasidepest.ca/pest-control-surrey-bc/]. With the increasing presence of pests such as rodents, ants, and insects, the company is educating local homeowners on how to protect their properties from unwanted

All 5 Releases


More Releases for Diamond

Industrial Diamond Market Hits New High | Major Giants Sandvik, Zhongnan Diamond …
HTF MI just released the Global Industrial Diamond Market Study, a comprehensive analysis of the market that spans more than 143+ pages and describes the product and industry scope as well as the market prognosis and status for 2025-2032. The marketization process is being accelerated by the market study's segmentation by important regions. The market is currently expanding its reach. 𝐌𝐚𝐣𝐨𝐫 Giants in Industrial Diamond Market are: De Beers Group, Element Six,
Diamond Wire Rope Market 2023: Companies Revenue Analysis- Diamond WireTec, Asah …
The Diamond Wire Rope market research report is proficient and top to bottom research by specialists on the current state of the industry. This statistical surveying report gives the most up to date industry information and industry future patterns, enabling you to distinguish the items and end clients driving income development and benefit. It centres around the real drivers and restrictions for the key players and present challenge status with
Synthetic Diamond Market Seeking Excellent Growth | New Diamond Technology, Appl …
Advance Market Analytics published a new research publication on "Synthetic Diamond Market Insights, to 2027" with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Synthetic Diamond market was mainly driven by the increasing R&D spending across the world. Get Free Exclusive PDF Sample Copy of
Jewelry Diamond Market is Booming Worldwide | Zhongnan Diamond, Jinqu Chaoying D …
Latest launched research document on Global Jewelry Diamond Market study of 115 Pages provides detailed analysis with presentable graphs, charts and tables. The Research Study presents a complete assessment of the Market and highlights future trend, growth factors & drivers, leaders opinions, facts, and primary validated market data. The research study provides estimates for Global Jewelry Diamond Forecast till 2026*. How to reach that market place and its associated audience with
Synthetic Diamond Market | Key Players - Include Element Six (E6), Applied Diamo …
As per the current market trends and the promising nature of the Global Synthetic Diamond Market, it can be estimated that the future holds positive outcomes. In order to provide a deep insight about the concerned market, Market Research Reports Search Engine would be publishing a resourceful analysis that will enclose knowledge about the regional market size, revenue and opportunity status. Readers will be offered the privilege to decode various
Global Industrial Diamond Sales Market 2017 - Advanced Diamond Solutions, Applie …
The Industrial Diamond Sales market research report distils the most essential aspects of the market and presents them in the form of a comprehensive and cohesive document. The findings of this report have been obtained via a balanced mix of both primary and secondary research. Interviews of C-level executives in the Industrial Diamond Sales market form a chunk of the qualitative analysis contained in this report. Download Sample Report @