Noble Corporation plc announces its intention to delist from NASDAQ Copenhagen

Rhea-AI Summary

Noble plc (NYSE: NE, CSE: NOBLE) has announced its intention to voluntarily delist from NASDAQ Copenhagen while maintaining its primary listing on the New York Stock Exchange. The decision follows a comprehensive review, concluding that the trading volume of Danish Shares on NASDAQ no longer justifies the associated expenses and administrative requirements.

The NYSE accounts for approximately 99% of Noble's trading volume, providing sufficient liquidity for shareholders. The delisting is expected to be effective in late 2024 or early 2025. Holders of Danish Shares have options to either transfer their shares to NYSE or sell them on NASDAQ prior to the delisting. Noble anticipates substantial savings in fees and managerial efforts, which can be redirected towards initiatives to generate shareholder value.

Positive

• Potential cost savings from reduced exchange fees and administrative expenses
• Simplified corporate structure with single listing on NYSE
• Redirection of resources towards value-generating initiatives

Negative

• Reduced trading options for holders of Danish Shares
• Potential short-term volatility during transition period

SUGAR LAND, Texas, July 18, 2024 /PRNewswire/ -- Noble Corporation plc ("Noble", "the Company") (NYSE: NE, CSE: NOBLE) announces its intention to voluntarily delist from NASDAQ Copenhagen ("NASDAQ"). Noble will remain traded on the New York Stock Exchange ("NYSE"), as Noble's primary listing exchange. 

Following a comprehensive review, the Company believes that the trading volume of its share entitlements ("Danish Shares") on NASDAQ no longer justifies the expense and administrative requirements associated with maintaining this dual listing. The Company's NYSE listing provides its shareholders with sufficient liquidity, as NYSE accounts for approximately 99% of its trading volume. The substantial savings in exchange fees, legal fees, and managerial time and effort to maintain a dual listing can be redirected to initiatives intended to generate shareholder value. Noble anticipates such delisting will be effective in late 2024 or early 2025.

To avoid holding Danish Shares that are not tradeable on a registered market following the effective date of the delisting, holders of Danish Shares traded on NASDAQ currently have the following options:

• Transfer. Shareholders may transfer their Danish Shares currently trading on NASDAQ to Noble shares trading on NYSE. Shareholders may contact their broker to arrange for transfer. Any transfer, brokerage or holding fees are the responsibility of the shareholder.
• Sell. Shareholders may sell their Danish Shares on NASDAQ prior to the effective date of the delisting.

The Company has not filed, and has not yet determined when it will file, a formal delisting request with NASDAQ. Additional information, including details regarding the practicalities of final transfers and tax treatment, will be provided after the Company submits its formal delisting request.

More information can be found on the Stockholder Information - FAQ section of the Investor Relations page on our website at www.noblecorp.com.

Forward-looking Statements
This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this communication are forward looking statements, including those regarding the listing of the Company on NASDAQ, the potential delisting from NASDAQ, the timing of any such delisting and the implications to the Company or shareholders of any such delisting. Forward-looking statements involve risks, uncertainties and assumptions, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. When used in this communication, or in the documents incorporated by reference, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "on track," "plan," "possible," "potential," "predict," "project," "should," "would," "shall," "target," "will" and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. These forward-looking statements speak only as of the date of this communication and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law. Risks and uncertainties include, but are not limited to, those detailed in Noble's most recent Annual Report on Form 10-K, Quarterly Reports Form 10-Q and other filings with the U.S. Securities and Exchange Commission. We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us.

About Noble Corporation plc
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. For further information visit www.noblecorp.com or email investors@noblecorp.com.

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SOURCE Noble Corporation plc

FAQ

Why is Noble (NE) delisting from NASDAQ Copenhagen?

Noble is delisting from NASDAQ Copenhagen due to low trading volume of Danish Shares, which no longer justifies the expenses and administrative requirements of maintaining a dual listing. The NYSE, which accounts for 99% of trading volume, provides sufficient liquidity for shareholders.

When will Noble 's (NE) delisting from NASDAQ Copenhagen be effective?

Noble anticipates the delisting from NASDAQ Copenhagen to be effective in late 2024 or early 2025. The company has not yet filed a formal delisting request with NASDAQ.

What options do holders of Noble 's (NE) Danish Shares have before the delisting?

Holders of Noble 's Danish Shares have two main options: 1) Transfer their Danish Shares to Noble shares trading on NYSE by contacting their broker, or 2) Sell their Danish Shares on NASDAQ Copenhagen prior to the effective date of the delisting.

Will Noble (NE) remain listed on any stock exchange after delisting from NASDAQ Copenhagen?

Yes, Noble will remain listed on the New York Stock Exchange (NYSE), which is its primary listing exchange and accounts for approximately 99% of its trading volume.