Noble Corp Stock Price, News & Analysis

Noble plc (NYSE: NE, CSE: NOBLE) announced the closing of an $800 million offering of 8.000% Senior Notes due 2030 through its subsidiary Noble Finance II These notes are additional to the $600 million previously issued in 2023. The proceeds will primarily fund the cash consideration for the pending merger with Diamond Offshore Drilling, Inc. and general corporate purposes. The new notes share terms with existing ones, except for issue-related details, and are guaranteed by certain subsidiaries. They were offered only to qualified institutional buyers in the U.S. and select international investors, and are not registered under the Securities Act, limiting their transferability.

Noble plc (NYSE: NE, CSE: NOBLE) announced that its subsidiary, Noble Finance II , has priced an upsized offering of $800 million in aggregate principal amount of 8.000% Senior Notes due 2030. The offering, initially set at $675 million, was increased to $800 million and priced at 103% of the principal amount. Closing is expected around August 22, 2024. The proceeds will fund the cash consideration for Noble's pending merger with Diamond Offshore Drilling, Inc. and general corporate purposes. These notes will be issued under the same indenture as the existing $600 million of 8.000% Senior Notes due 2030, forming a single series. The notes are being offered to qualified institutional buyers in the U.S. under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act.

Noble plc (NYSE: NE, CSE: NOBLE) announced that its subsidiary, Noble Finance II , is offering an additional $675 million in 8.000% Senior Notes due 2030. These New Notes will be issued under the same indenture as the existing $600 million notes from 2023. The proceeds will fund the cash consideration for Noble's pending merger with Diamond Offshore Drilling, Inc. and general corporate purposes. The New Notes will have the same terms as the Existing Notes, except for issue-related details, and will be guaranteed by certain subsidiaries. They are being offered only to qualified institutional buyers in the U.S. and to non-U.S. persons under Regulation S, and have not been registered under the Securities Act.

Noble plc (NYSE: NE) reported strong Q2 2024 results, with Net Income of $195 million and Adjusted EBITDA of $271 million, up 48% sequentially. The company announced the acquisition of Diamond Offshore Drilling, expected to close by Q1 2025. Noble increased its Q3 dividend to $0.50 per share, the highest in the U.S. oilfield services sector. Full Year 2024 Adjusted EBITDA guidance was narrowed to $950-$1,000 million.

Contract drilling services revenue increased to $661 million, with marketed fleet utilization at 78%. The company's backlog stands at $4.2 billion as of July 31, 2024. Noble updated its 2024 guidance, increasing total revenue to $2,650-$2,750 million. The company expects continued growth in the deepwater market from late 2025 and 2026, driven by sizeable development programs.

Noble (NYSE: NE) and Diamond Offshore Drilling (NYSE: DO) have announced the expiration of the Hart-Scott-Rodino Act waiting period for their pending merger. This marks a significant step towards completing the transaction. The merger is now subject to remaining closing conditions, including approval from Diamond's stockholders and informal clearance from the Australian Competition & Consumer Commission. A special meeting for Diamond stockholders to vote on the transaction is scheduled for August 27, 2024, at 8:30 a.m. CDT. This merger represents a major consolidation in the offshore drilling industry, potentially creating a stronger entity with enhanced market presence.

Noble plc (NYSE: NE, CSE: NOBLE) has announced its intention to voluntarily delist from NASDAQ Copenhagen while maintaining its primary listing on the New York Stock Exchange. The decision follows a comprehensive review, concluding that the trading volume of Danish Shares on NASDAQ no longer justifies the associated expenses and administrative requirements.

The NYSE accounts for approximately 99% of Noble's trading volume, providing sufficient liquidity for shareholders. The delisting is expected to be effective in late 2024 or early 2025. Holders of Danish Shares have options to either transfer their shares to NYSE or sell them on NASDAQ prior to the delisting. Noble anticipates substantial savings in fees and managerial efforts, which can be redirected towards initiatives to generate shareholder value.

Noble plc (NYSE: NE) has announced that it will release its second quarter 2024 financial results on Wednesday, July 31, 2024, after the U.S. market closes. The company will host a conference call to discuss these results on Thursday, August 1, 2024, at 8:00 a.m. U.S. Central Time.

Investors and interested parties can access the call by dialing +1 (800) 715-9871 and using the conference ID 31391. Alternatively, a live webcast will be available on the Investor Relations section of Noble's website. The earnings press release and accompanying presentation will be accessible on the company's website at www.noblecorp.com. A replay of the webcast will be available for a time following the call.

Noble (NYSE: NE) has announced an agreement to acquire Diamond Offshore Drilling (NYSE: DO) in a cash and stock transaction. Diamond shareholders will receive 0.2316 shares of Noble and $5.65 per share in cash, an 11.4% premium to Diamond's closing price on June 7, 2024. The merger will give Diamond shareholders a 14.5% stake in Noble. The deal, anticipated to close by Q1 2025, is expected to be immediately accretive to Noble's free cash flow per share, supported by $2.1 billion in backlog and $100 million in annual cost synergies. Noble will fund the $600 million cash portion through new debt financing. Additionally, Noble's Board has approved a 25% increase in its quarterly dividend to $0.50 per share, effective Q3 2024. This expanded fleet and backlog aim to maximize value for stakeholders.

Noble plc reported first quarter 2024 results with net income of $95 million, diluted earnings per share of $0.66, adjusted EBITDA of $183 million, and free cash flow of $(38) million. Major projects are on schedule for key contract commencements in Q2 and Q3. Full-year guidance for 2024 remains unchanged. The balance sheet shows total debt of $600 million and cash of $212 million. An interim dividend of $0.40 per share was approved for the second quarter of 2024. Noble's marketed fleet utilization improved, and new contracts worth $215 million were secured. Backlog as of May 6, 2024, stands at $4.4 billion. Outlook for 2024 includes total revenue of $2,550 to $2,700 million and adjusted EBITDA of $925 to $1,025 million.