Noble Corp - NE STOCK NEWS

Noble Corporation (NYSE: NE) and Maersk Drilling provided an update on their merger announced on November 10, 2021. The UK Competition and Markets Authority determined that the merger could substantially lessen competition for jack-up rigs in North West Europe. To address this, the companies proposed divesting certain rigs, including Noble Hans Deul and Noble Sam Hartley. The UK CMA indicated a possibility of accepting one proposal. The completion of the merger is still uncertain but is anticipated by mid-2022, with financial synergies goals remaining unchanged.

Noble Corporation (NYSE: NE) reported a revenue increase to $210 million in Q1 2022, up from $208 million in Q4 2021. The backlog rose to $1.9 billion, reflecting a strong operational performance, including successful operations of the Noble Gerry de Souza in Suriname. Adjusted EBITDA guidance has improved to $320-$350 million for 2022. However, net loss for Q1 was $37 million. The merger with Maersk Drilling is pending UK clearance and may require divestiture of certain rigs to address antitrust concerns.

Noble Corporation (NYSE: NE) plans to announce its first quarter 2022 financial results on May 2, 2022, after the market closes. A conference call is scheduled for May 3, 2022, at 7:30 a.m. CT, where investors can dial in using conference ID 31391. With a fleet of 19 offshore drilling units, including 11 drillships and 8 jackups, Noble is a major player in the offshore drilling sector, focusing on ultra-deepwater drilling opportunities. Details will be available on their website.

Noble Corporation (NYSE: NE) and Maersk Drilling (CSE: DRLCO) updated on their merger control process following the November 10, 2021 announcement. The transaction is approved in Brazil, Norway, and Trinidad & Tobago, with pending clearances from Angola and the UK. The UK Competition and Markets Authority (CMA) is reviewing the deal, and divestment of certain North Sea jackup rigs may be necessary for approval. The companies maintain cost synergy goals and do not plan to alter the agreed exchange ratio. Anticipated completion remains mid-2022.

Noble Corporation (NYSE: NE) announced an extraordinary general meeting for its shareholders on May 10, 2022, to approve a proposed business combination with Maersk Drilling (CSE: DRLCO). This meeting will be held at 9:00 a.m. CT in Sugar Land, Texas. The SEC approved the registration statement on Form S-4 for this transaction on April 11, 2022. Shareholders of record as of April 8, 2022, can vote online or via phone until May 9, 2022, at 11:59 p.m. CT. All are encouraged to vote in favor of the merger.

Noble Corporation (NYSE: NE) and Maersk Drilling (CSE: DRLCO) have announced the executive management team for the combined company after their business combination expected to close soon. Robert W. Eifler will serve as President and CEO, supported by a leadership team from both companies with extensive experience. This integration aims to enhance value for customers and shareholders. Key management roles include Richard B. Barker as CFO and Joey M. Kawaja as VP of Operations, among others. The companies emphasize their readiness to navigate the competitive offshore drilling market.

Noble Corporation (NYSE: NE) and Maersk Drilling (CSE: DRLCO) announced their Board of Directors following their business combination, expected to close after the acquisition agreement signed on November 10, 2021. The seven-member board, led by Chairman Charles M. (Chuck) Sledge, brings diverse leadership experience. The composition aims to strengthen the combined entity in the offshore drilling sector, enhancing strategic planning and operational efficiency. The executives highlighted the merger's potential to create a leading offshore drilling company focused on customer experience and sustainability.

Noble Corporation (NYSE: NE) reported its Q4 and full-year 2021 results, highlighting a successful restructuring and acquisition of Pacific Drilling. In Q4, total revenue reached $208 million, with contract drilling services at $192 million, reflecting a decline from Q3. The company's net income surged to $123 million from a loss of $24 million in the previous quarter. Adjusted EBITDA dropped to $12 million. Challenges included unplanned downtime and hurricane-related expenses totaling $31 million. Noble expects a bright 2022 with growth in ultra-deepwater dayrates and a lucrative backlog of $1.2 billion.

Noble Corporation (NYSE: NE) will report its financial results for Q4 and full-year 2021 on February 16, 2022, after market close. A conference call is scheduled for February 17, 2022, at 8:00 a.m. CT, accessible via registration or live webcast. Noble is a major offshore drilling contractor with a fleet of 20 drilling units, focusing on ultra-deepwater and high-specification drilling globally. For more details, visit www.noblecorp.com.