The business combination between offshore drilling contractors Noble Corporation and Maersk Drilling has been completed, creating “a new and dynamic leader in offshore drilling.”

The transaction, announced in November 2021, concluded through the completion of Noble’s recommended voluntary public share exchange offer to the shareholders of Maersk Drilling. As of 3 October 2022, the companies are operating as a single organization.

Noble’s President and Chief Executive Officer, Robert Eifler, commented: “Today marks an exciting new chapter as we bring together these two exceptional companies. The fundamental industrial logic of the combination is clear and has only grown stronger over the past year, driven by steady improvements in the offshore drilling market and a deeper appreciation of the immense talent across this newly combined team.

“I’d personally like to thank the employees of both companies for their sustained focus on safety, integrity, and service as we have worked through this demanding transaction process. I look forward to supporting this team through a rapid integration as we aim to position Noble as a new and dynamic leader in offshore drilling.”

The new company claims it has among the youngest and highest specification fleets in the industry, with global scale and diversification. It is supported by a contract backlog of over $4 billion and a conservative balance sheet with low leverage and significant liquidity.

Annual cost synergies of at least $125 million are expected to be realized within two years after closing.

Charles M. (Chuck) Sledge, Noble’s Chairman of the Board of Directors, added: “Today’s combination of Noble and Maersk Drilling represents a defining moment in the history of offshore drilling. We are excited to join forces with Maersk Drilling’s talented team and embark on this journey together as a combined company.”

Noble expects to close the previously announced sale of five jack-up rigs (Noble Hans Deul, Noble Sam Hartley, Noble Sam Turner, Noble Houston Colbert, and Noble Lloyd Noble) to Shelf Drilling on 5 October for cash proceeds of $375 million.

On 8 September 2022, Nasdaq Copenhagen provided conditional approval for the admission to trading and official listing of Noble shares on Nasdaq Copenhagen under the symbol “NOBLE”. Trading in Noble Shares starts at 9:00 a.m. (CEST) today. Noble Shares are issued in USD, and the trading on Nasdaq Copenhagen and clearing through Euronext Securities Copenhagen will be carried out in DKK. In addition, Noble Shares are also listed on NYSE under the symbol “NE”.

Claus V. Hemmingsen, Alastair Maxwell, and Kristin H. Holth have been appointed to the Noble board of directors, which now comprises seven individuals, also including Charles M. (Chuck) Sledge, Alan J. Hirshberg, Ann D. Pickard, and Robert W. Eifler.

Further, Caroline Alting has been appointed as Senior Vice President – Operation Excellence and Mikkel Ipsen has been appointed as Vice President – Human Resources of Noble.