Welcome to the two-tier deepwater rig market
Noble deal to acquire Diamond Offshore changes an industry ripe for consolidation
Offshore rig contractor Noble has agreed to acquire rival Diamond Offshore in a deal valued at $2.2b, including $500m in net debt. This deal cements Noble’s position as the second-largest player behind sector-leader Transocean, and creates a clear bifurcation in the deepwater rig market—it is now the rig majors and the rest. Conditions in the offshore rig market are ripe for consolidation. The post-2020 recovery for the floating rig market has transformed rig contractors’ financial and operating positions. Rig utilisation is now approaching 90% for the deepwater fleet. Older, less marketable assets have been retired, balance sheets strengthened, and margins improved. The deal would give Nobl
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