US and Danish drilling giants agree on merger

USA

HOUSTON, November 10, 2021 – The USA’s Noble Corporation and Denmark’s Maersk Drilling have agreed to merge, the drilling contractors announced in a joint statement on Wednesday.

Under the agreement each company will have equal shares in the new entity called Noble Corporation.

Combined assets include a fleet of 20 floaters and 19 jackup rigs.

The proposed Houston-headquartered company will have a cash balance of around USD 900 million, with expected normalized free cash flow of USD 375 million in 2023.

The merger is expected to close in mid-2022 and is subject to regulatory approvals.

“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,” said Charles Sledge, chairperson of the board of directors for Noble Corporation.