Noble Corp. will acquire Diamond Offshore Drilling in a stockplus-cash transaction.

This acquisition brings together highly complementary fleets and customer coverage. The combined fleet will include 14 dual BOP 7th generation drill ships, creating a leading tier-one drillship fleet. The Ocean GreatWhite, one of the world’s largest ultra-deepwater harsh environment semisubmersibles, and five other semisubmersibles will add significant contracted cash flow, with strong commercial opportunities globally. Shared values of safety and operational excellence will support seamless integration. The $6.5 billion backlog, including Diamond’s $2.1 billion backlog, enhances per-share value and rig pricing, with notable contracts averaging $460,000 per day.

Diamond shareholders will receive 0.2316 Noble shares and $5.65 per Diamond share, representing a 11.4% premium. Diamond shareholders will own 14.5% of Noble’s shares post-transaction. Noble’s Board has approved a 25% increase in its quarterly dividend to $0.50 per share, starting Q3 2024.

Noble expects annual pre-tax cost synergies of $100 million, with 75% realized within a year of closing. The transaction, subject to customary conditions, is expected to close by Q1 2025.

For more information, visit noblecorp.com.