Noble Corporation and Pacific Drilling Company LLC have entered right into a definitive merger settlement below which Noble will purchase Pacific Drilling in an all-stock transaction. The definitive merger settlement was unanimously authorised by every firm’s Board of Directors. The transaction has additionally been authorised by a majority of Pacific Drilling’s fairness holders, and no shareholder vote is required for Noble to shut the transaction. As a part of the transaction, Pacific Drilling’s fairness holders will obtain 16.6 million shares of Noble, or roughly 24.9% of the excellent shares of Noble at closing. Noble expects to appreciate annual pre-tax value synergies of not less than $30 million, and moreover, will transfer to eliminate the Pacific Bora and Pacific Mistral expeditiously. The transaction is topic to customary closing circumstances and is predicted to be accomplished in April 2021.
Noble’s President and Chief Executive Officer, Robert Eifler, mentioned, “The acquisition of Pacific Drilling will improve our place within the ultra-deepwater market by the addition of its technologically-advanced ultra-deepwater drillships, that are extremely complementary to Noble’s current fleet. By bringing these fashionable drillships into the Noble fleet, we will higher serve the wants of our clients globally and to take part in a wider vary of drillship tender exercise. The mixture brings collectively two firms who share a typical tradition prioritizing security and operational excellence. Additionally, the acquisition expands and additional solidifies our relationship with sure key clients, facilitates re-entry into each the West African and Mexican areas, and strengthens our presence within the US Gulf of Mexico.”
Mr. Eifler continued, “This acquisition is a constructive strategic step for Noble, and we are going to work expeditiously to shut the transaction and combine the 2 firms. We stay dedicated to producing shareholder worth by security and operational excellence, capital self-discipline and buyer satisfaction. As the offshore drilling panorama evolves, we stay up for sustaining our management position as we proceed to develop in live performance with the wants of our clients.”
Bernie Wolford, Pacific Drilling’s Chief Executive Officer, said, “Bringing collectively the Pacific Drilling and Noble fleets creates a stronger and extra secure mixed firm with the size to supply options for our shoppers on a worldwide foundation. This mixture will advance the continued restoration within the trade and can permit Pacific Drilling fairness holders to totally take part in that restoration. I want to personally thank your complete Pacific Drilling group for his or her unwavering dedication to delivering protected, environment friendly and dependable providers to our clients, and we stay up for working with Noble to efficiently combine the 2 firms.”
Significant Value Creation Potential for Noble Shareholders and Pacific Drilling Equity Holders:
• Pacific Drilling’s excessive specification UDW drillships are complementary to Noble’s excessive specification fleet : The mixed fleet can be one of many youngest and most technologically superior fleets within the trade. The complementary nature of each drillship fleets will allow sharing of experience, capital spares and gear throughout the rigs. For instance, each firms make the most of the identical authentic gear producers for engines, thrusters, nicely management and drilling gear.
• Shared tradition and dedication to operational excellence : Noble and Pacific Drilling each function with a dedication to best-in-class security efficiency and environmental stewardship. A key element of each firms’ worth proposition additionally consists of delivering probably the most environment friendly and dependable drilling efficiency to the shopper.
• Expansion of Noble’s buyer relationships and geographic footprint : The acquisition facilitates Noble’s reentry into…

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