Diamond Offshore rises on $1.59 bln acquisition deal from Noble

Diamond Offshore Drilling

10/06/2024 15:03

(Updates)
    ** Shares of Diamond Offshore Drilling  DO.N  up 9.7% at
$15.28
    ** Oilfield services firm Noble Corp  NE.N  to buy DO in
cash-and-stock deal valued at $1.59 billion
    ** NE shares up 4% to $44.32
    ** Noble to pay $15.52 per Diamond Offshore share, of which
$5.65 will be in cash and rest in NE shares
    ** "We believe Noble's acquisition is highly strategic, and
the addition of 12 offshore floaters is expected to strengthen
the company's revenue and cash flow visibility through the
long-duration offshore upcycle," says Evercore ISI analyst James
West.
    ** Offer price represents 11.4% premium to DO's closing
price on Friday
    ** Deal expected to close in Q1 2025
    ** As of last close, DO stock is up 7.2% YTD

 (Reporting by Vallari Srivastava and Tanay Dhumal in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))