Noble Corporation and Maersk Drilling provided a further update on the merger control process for their proposed business combination announced on 10 November 2021 (the "Business Combination"), as the UK Competition and Markets Authority (the "CMA") has today published its decision not to refer the Business Combination for further in-depth Phase 2 review and has completed its review of the Business Combination.
On 9 May 2022, the CMA published its decision that there are reasonable grounds for believing that a sale of certain rigs to a suitable purchaser together with sufficient supporting infrastructure might be accepted by the CMA to address its concerns related to lessening of competition created by the Business Combination. On 23 June 2022, Noble announced that it had entered into an asset purchase agreement to sell five jackup rigs (Noble Hans Deul, Noble Sam Hartley, Noble Sam Turner, Noble Houston Colbert,andNoble Lloyd Noble, together the "Remedy Rigs") to a subsidiary of Shelf Drilling, Ltd. ("Shelf Drilling").
The CMA has today announced that it has accepted legally binding undertakings from Noble and Maersk Drilling. These undertakings require Noble to divest the Remedy Rigs, and related offshore and onshore personnel and assets and related operations, to a subsidiary of Shelf Drilling. The acceptance of these undertakings means that the CMA has decided not to refer the Business Combination for an in-depth Phase 2 review and completes the CMA's review of the Business Combination.
More here
Join our mailing list here
We are #1 on Google and Bing for the "Largest Mobile Energy Network"
Come join our community!
Download the Rig Lynx app here
Comments (0)