Noble Corp. merges with Pacific Drilling
Offshore drilling contractor Noble Corporation has agreed to acquire competitor Pacific Drilling in an all-equity transaction, the companies said Thursday. The two companies recently deleveraged and restructured their balance sheets thanks to the Chapter 11 bankruptcy.
“The acquisition of Pacific Drilling will strengthen our position in the ultra-deep water market with the addition of its state-of-the-art ultra-deep drill vessels,” said Noble President and CEO , Robert Eifler. culture favoring safety and operational excellence. “
The purchase also gives Noble a new foothold in West Africa and the Mexican GoM, as well as a boost to its current footprint in the US Gulf. As Noble’s fleet is currently fully contracted, access to additional Pacific drill vessels will allow it to continue to bid on new tenders as the market enters a recovery phase.
“The consolidation of the Pacific Drilling and Noble fleets creates a stronger and more stable combined company capable of providing solutions to our customers globally,” said Bernie Wolford, CEO of Pacific Drilling. and will allow Pacific Drilling shareholders to fully participate in this takeover. “
The companies said there were also logistical advantages to uniting their operations: The two companies used equipment from the same OEMs for engines, thrusters, well control and drilling equipment, meaning that the companies used equipment from the same OEMs for engines, thrusters, well control and drilling equipment. two fleets will be easier to integrate.
Noble expects to save around $ 30 million per year in pre-tax synergies, with the full amount being realized by the end of this year.
Once the merger is finalized, Noble will have one of the largest and most modern drilling fleets in the world, with 11 drill ships, a semi-sub and 12 jack-ups. The firm says it will act quickly to get rid of two Pacific ships, Pacific Bora and Pacific Mistral.