Noble - Maersk Drilling Merger Completed

Noble Corp. (NE) and the Drilling Company of 1972 A/S, known as Maersk Drilling, have successfully completed their business combination. The companies are now operating as a single organization as of October 3, 2022, Noble said in a statement.

In November 2021, Noble Corp. and Maersk Drilling agreed to combine in a primarily all-stock transaction. Both companies' shareholders would each own about 50 percent of the outstanding shares of the combined company.

Noble noted that it has received preliminary commitments from a group of banks to enter into a $350 million, 3-year term loan to replace the existing Maersk Drilling syndicated facilities.

In addition, Noble has received a preliminary commitment for a $150 million, 3-year term loan to replace the existing Maersk Drilling loan with Danish Ship Finance. Each loan has an indicative initial interest rate of Term SOFR plus 3.50% with margin increases beginning in year two. The loans remain subject to final documentation and customary closing conditions, which Noble anticipates will be completed during the fourth quarter.

Noble expects to close the previously announced sale of five jackup rigs (Noble Hans Deul, Noble Sam Hartley, Noble Sam Turner, Noble Houston Colbert, and Noble Lloyd Noble) to Shelf Drilling on October 5th for cash proceeds of $375 million.

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