Noble Acquires Diamond Offshore Drilling for $1.6 Billion, Strengthening Offshore Market Position and Fleet Size.

Noble has completed its acquisition of rival offshore drilling contractor Diamond Offshore Drilling for $1.6bn. The acquisition comes after receiving regulatory clearance from the Australian Competition and Consumer Commission. It aims to strengthen Noble’s position in the offshore drilling market by forming the largest fleet of seventh-generation dual-blowout preventer (BOP) drillships in the industry and adding an estimated $2bn to its backlog. Following the transaction, Noble’s board of directors appointed Patrice Douglas as the company’s new director. The deal was structured as a combination of stock and cash and resulted in shareholders receiving approximately 14.5% ownership in Noble, which is listed on both the NYSE and the Canadian Securities Exchange.