Offshore Drillers Noble and Pacific Drilling to Merge in All-Stock Deal

Home Community Industry News Offshore Drillers Noble and Pacific Drilling to Merge in All-Stock Deal

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    Greensea Systems
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    Offshore drilling contractors Noble Corporation and Pacific Drilling will combine in an all-stock transaction that will see Noble will acquire Pacific Drilling.

    A definitive merger agreement was unanimously approved by each company’s Board of Directors and announced Thursday.

    Under the terms of the transaction, Pacific Drilling’s equity holders will receive 16.6 million shares of Noble, or approximately 24.9% of the outstanding shares of Noble at closing. Noble expects to realize annual pre-tax cost synergies of at least $30 million, and additionally, will move to dispose of the drillship Pacific Bora and Pacific Mistral “expeditiously”.

    Read more by visiting gCaptain.

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