Merger of two large offshore drilling companies - Nov 10

Merger of two large offshore drilling companies - Nov 10

Postby dan_s » Wed Nov 10, 2021 9:01 am

Oil Drillers Noble, Maersk to Combine in $3.4 Billion Merger | Hart Energy

Denmark’s Maersk Drilling and U.S. rival Noble Corp. will merge in a $3.4 billion deal to form one of the world’s largest offshore oil drilling rig companies, they said on Nov. 10.

The combined company is expected to reap annual cost savings of $125 million and it will take Noble Corp.’s name and be headquartered in Houston, with ownership split roughly 50:50 between the two companies' existing shareholders.

“The combination of Noble and Maersk Drilling will create a leading offshore driller with global scale, a strong balance sheet and significant free cash flow generation potential,” Noble board chair Chuck Sledge said in a statement.
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To meet future oil demand there must be a lot more offshore drilling and development for decades to come.
Dan Steffens
Energy Prospectus Group
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