Reported about 1 year ago
Noble Corporation announced a $1.6 billion cash-and-stock deal to acquire Diamond Offshore Drilling, a smaller rival in the offshore oil drilling sector. The consolidation reflects industry trends with smaller players expected to merge in the energy space. Noble, the world's largest offshore oil drill contractor, aims to add scale in regions like Brazil amidst the maturing Permian Basin, where producers seek oil in offshore locations. This move follows a wave of previous consolidations among larger energy companies, indicating a shift towards larger plays in the industry.
Source: YAHOO