Shelf Drilling has signed a deal to acquire five jack-up rigs from Noble Corporation which could be the solution to UK competition regulator concerns over .
Noble Corporation has entered into an agreement to sell five jackup rigs for $375 million to a newly formed subsidiary of Shelf Drilling. The sale, which is subject to approval of the UK Competition and Markets Authority, is intended to address the potential concerns identified in the Phase I review of the proposed business combination between Noble and Maersk Drilling.
Noble Corp's sale of 5 jackup rigs to Shelf Drilling is a disappointing divestment. But why did I decide to keep my BUY rating on NE stock for now? Find out.
With reference to the announcement made on 9 May 2022 (Investor News no. 09/2022, link), Noble Corporation (NYSE: NE) (“Noble”) and The Drilling Company of 1972 A/S (CSE: DRLCO) (“Maersk Drilling”, and together with Noble, the “Parties”) today provided an update on the ongoing merger control process for the business combination announced on 10 November .