Paul Weiss Guides Offshore Drilling Contractor $1.6 Billion Acquisition

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Paul Weiss 13 Partners

LONDON — Offshore drilling contractor Noble Corp. PLC announced on Monday its plans to acquire Diamond Offshore Drilling Inc. in a cash and stock transaction valued at approximately $1.6 billion.

Under the definitive merger agreement, shareholders of Texas-based Diamond Offshore will receive 0.2316 shares of Noble plus $5.65 in cash for each share they hold. The offer implies a value of $15.52 per share, representing an 11.4% premium on Diamond’s closing price of $13.93 on the New York Stock Exchange on Friday. Once the transaction is completed, Diamond’s shareholders will own 14.5% of the combined entity.

Paul Weiss Rifkind Wharton & Garrison LLP is serving as legal advisor to Noble, while Kirkland & Ellis LLP is advising Diamond.

The acquisition will extend Noble’s fleet to 41 rigs, enhancing its customer base and geographic reach. Noble President and CEO Robert Eifler emphasized the strategic value of the acquisition, stating, “This acquisition enables Noble to continue our journey of delivering superior innovation and value to a broad range of the leading offshore operators across the world.”