Noble Corp. Plc. (NE) announced on Wednesday its acquisition of Diamond Offshore Drilling, Inc. (DO), expanding its backlog by approximately $2 billion.
As part of the transaction, Noble issued roughly 24.2 million class A ordinary shares to former Diamond shareholders, increasing the total outstanding shares to nearly 167.3 million.
The company emphasized that, following this acquisition, investors should no longer rely on its previously issued financial outlook for the fiscal year 2024.
Additionally, Noble has appointed Patrice Douglas, formerly of Diamond's board of directors, as a new director.
In other updates, the U.S.-based company has secured an additional 4.8 rig years of backlog through a Commercial Enabling Agreement with ExxonMobil for operations in Guyana. This update boosts Noble's current backlog to $6.7 billion.
As of now, Noble Corp.'s stock is trading at $36.55, marking a 1.36 percent increase on the New York Stock Exchange.
