Noble Corp., Maersk Drilling Agree To Combine In All-stock Deal

(RTTNews) - Noble Corp. (NE) and Denmark's Drilling Co. of 1972 A/S, known as Maersk Drilling, announced Wednesday that they have agreed to combine in a primarily all-stock transaction.

Following the deal closure, both companies' shareholders will each own approximately 50 percent of the outstanding shares of the combined company.

The combined company will be named Noble Corp. and its shares will be listed on the New York Stock Exchange and Nasdaq Copenhagen. Robert Eifler, Noble's President and Chief Executive Officer, will become President and Chief Executive Officer of the combined company and will be a member of the Board of Directors.

The combined company is expected to have a modern, high-end fleet of floaters and jackup rigs across benign and harsh environments able to meet the needs of customers in the most attractive oil and gas basins.

The combination is expected to generate estimated annual run-rate synergies of $125 million, which will create significant value for shareholders.

The business combination agreement has been unanimously approved by the Boards of Directors of Noble and Maersk Drilling.

The deal also was supported by Noble's top three shareholders, which collectively currently own approximately 53 percent of Noble shares, and APMH Invest A/S which currently owns approximately 42 percent of the share capital and votes of Maersk Drilling.

In addition, certain foundations related to APMH Invest A/S, which currently own approximately 12 percent of the share capital and votes of Maersk Drilling, have expressed their intention to support the transaction.

The combined company will be headquartered in Houston, Texas, and will maintain a significant operating presence in Stavanger, Norway.

The deal is targeted to close in mid-2022.