Noble Corporation plc - NE STOCK NEWS

Noble Corporation has successfully completed its business combination with Maersk Drilling as of October 3, 2022. This merger results in a unified organization poised to enhance operational and financial opportunities while benefiting from a world-class fleet and contract backlog exceeding $4 billion. The merger is expected to generate annual cost synergies of at least $125 million within two years. Noble also announced new financing commitments, including a $350 million loan, and plans to sell five jackup rigs for $375 million. Trading commenced today under the symbol 'NE'.

Noble Corporation has successfully completed its Cayman Merger with Noble Newco Sub Limited, ceasing its previous existence. The merger received overwhelming shareholder approval, with approximately 99% voting in favor. Following this, the Topco Shares have been listed on the New York Stock Exchange as of September 30, 2022. The board of directors has changed, with Chuck Sledge as Chairman and Robert Eifler as CEO. Additionally, a Long-Term Incentive Plan (LTIP) has been adopted, reserving 5,888,624 shares. The exchange offer to acquire shares of Maersk Drilling is also underway, marking a significant business combination.

Noble Corporation plc, through its subsidiary Topco, has successfully completed a voluntary public share exchange offer for Maersk Drilling's shares. The offer, which ran from August 10, 2022, until September 8, 2022, received acceptances for 37,266,530 shares, representing approximately 89.73% of Maersk Drilling's capital. Settlement is expected on October 3, 2022. With over 90% acceptances, Topco plans to exercise compulsory purchase rights for remaining shares and has requested delisting from Nasdaq Copenhagen, effective October 4, 2022.

Noble Corporation plc announced the preliminary results of its voluntary public share exchange offer for The Drilling Company of 1972 A/S, also known as Maersk Drilling. As of September 8, 2022, Noble received acceptances for approximately 37,266,171 shares, representing 89.73% of Maersk Drilling's share capital. The offer became valid on August 10, 2022, and all conditions for completion were met as of the announcement date. The final results will be disclosed by September 13, 2022. Cash elections for interim acceptance shares will be available from September 12 to September 26, 2022.

Noble Corporation plc has completed a significant step in its Exchange Offer to acquire The Drilling Company of 1972 A/S (Maersk Drilling). The Danish Financial Supervisory Authority approved its Listing Prospectus for up to 159,360,728 shares on Nasdaq Copenhagen. The shares will also be listed on the NYSE under the symbol 'NE', with trading expected to start around September 30, 2022. The Exchange Offer, set to conclude on September 8, 2022, is backed by Maersk Drilling's board, indicating a strategic move to combine operations and expand market presence.

Noble Corporation plc announced a reminder for Maersk Drilling shareholders regarding the Exchange Offer, aiming to acquire the entire share capital of Maersk Drilling. The Offer Period is set to expire on September 8, 2022, at 23:59 CEST. This offer has been endorsed by the board of Maersk Drilling, encouraging shareholders to participate before the deadline. The Offer Document, approved by Danish authorities, details the terms and conditions of the Exchange Offer, available on Noble's website.

Noble Corporation (NYSE: NE) announced that its CEO, Robert W. Eifler, will present at two upcoming investor conferences: the Barclays CEO Energy-Power Conference on September 7, 2022, and the Pareto Securities Energy Conference on September 15, 2022. Although these presentations will not be webcast, attendees can access presentation materials on Noble's investors section of their website. Noble is recognized for its modern fleet and specializes in offshore contract drilling for the oil and gas sector.

Noble Corporation (NYSE: NE) and Maersk Drilling (CSE: DRLCO) announced the UK Competition and Markets Authority's (CMA) decision not to pursue an in-depth review of their proposed merger. This allows Noble to proceed with the divestiture of five rigs to Shelf Drilling, a condition set by the CMA. Additionally, all merger control conditions for Noble's share exchange offer have been satisfied. The offer period is expected to end on September 8, 2022. Maersk Drilling's board has recommended acceptance of the offer, with major shareholders already committed to participate.

Noble Corporation (NYSE: NE) reported strong Q2 2022 results with total revenue reaching $275 million, a 31% increase from Q1. Net income stood at $37 million, alongside an Adjusted EBITDA of $84 million. Contract drilling services generated $262 million, up from $195 million in the previous quarter, with a fleet utilization rate of 85%.

Additionally, Noble's estimated revenue backlog is approximately $2.1 billion. The anticipated business combination with Maersk Drilling is set to close on October 3, 2022.