Noble Corp. Completes Pacific Drilling Acquisition


April 16, 2021

Pacific Drilling drillships - Credit: Rab Lawrence/Flickr under CC BY 2.0 license

Pacific Drilling drillships - Credit: Rab Lawrence/Flickr under CC BY 2.0 license

Offshore drilling contractor Noble Corporation has completed the acquisition of Pacific Drilling. 

Noble Corporation said Friday the Pacific Drilling hi-spec ultra-deepwater drillship fleet would further enhance Noble's global position "as an owner and operator of one of the most modern and technically advanced fleets in the offshore drilling industry."

Robert Eifler, President, and Chief Executive Officer said, "I am very pleased to have closed this transaction quickly and am delighted to welcome our new employees customers, and shareholders into the Noble family.  This is an important step for Noble as we continue to strengthen our fleet and focus on delivering safe and efficient services to our global customers."

To remind, the two companies, both of which have recently emerged from bankruptcy, in March said they'd entered into a definitive merger agreement under which Noble will acquire Pacific Drilling in an all-stock transaction.  Pacific Drilling drillships - Credit: Rab Lawrence/Flickr - Under CC BY 2.0 license

Noble said at the time it expected to realize annual pre-tax cost synergies of at least $30 million. The company also plans to dispose of the Pacific Bora and Pacific Mistral drillships "expeditiously."

The two drillships have been stacked in Oman, and Las Palmas, respectively. Apart from the two drillships to be disposed of, Noble will get hold of Pacific Drilling's drillships Pacific Santa Ana, Pacific Scirocco, Pacific Khamsin, Pacific Sharav, and Pacific Meltem.

Noble owns a fleet of 24 offshore drilling  rig, consisting of 12 drillships and semi-submersibles and 12 jackups.

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