(Reuters) - Offshore driller Noble Corp said on Thursday it would buy Pacific Drilling Company LLC in an all-stock transaction.
As part of the deal, Pacific Drilling’s shareholders will receive 16.6 million shares of Noble, or about 24.9% of its outstanding shares.
Both Noble Corp and Pacific Drilling emerged from Chapter 11 bankruptcy protection this year after a historic fall in energy prices forced the drillers to to restructure debt. (bwnews.pr/3lQ0tUV), (prn.to/2NXaCCY)
Noble, which expects to realize annual pre-tax cost synergies of at least $30 million, would also dispose of drill ships Pacific Bora and Pacific Mistral.
The company said that no changes are likely to be made to its board of directors or executive management team after the deal, which is expected to be completed in April 2021.
Reporting by Arunima Kumar and Rithika Krishna in Bengaluru; Editing by Vinay Dwivedi
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