Noble and Maersk Drilling received word from the Norwegian Competition Authority that it has no objection to the business combination of the two contract drillers. The process for obtaining the other approvals, including antitrust and foreign direct investment authorities in the UK and Denmark, is ongoing. The combining companies cannot provide any assurance as to whether all required approvals and consents will be obtained or the timing of, or conditions to, such approvals if they are obtained.
The pair announced their intent to merge on 10 November 2021 via a mostly stock transaction valued at around $3.4 billion. Following completion of the deal, Noble and Maersk Drilling shareholders will each own approximately 50% of the outstanding shares of the combined company. The combined company, to be called Noble Corporation, will boast a rig fleet comprising 20 floating units and 19 jackup rigs across benign and harsh environments.
The Maersk deal is Noble’s second merger since emerging from Chapter 11 bankruptcy in February 2021. In late March, the driller said it would combine with rival Pacific Drilling in an all-stock, no-debt deal.The acquisition enhanced Noble’s ultradeepwater drillship fleet.
