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Travers Smith advises on completed combination of Noble Corporation and Maersk Drilling

Overview

Travers Smith LLP has acted as English law and UK tax counsel to Noble Corporation plc ("Noble") on the completed business combination of Noble Corporation (NYSE: NE) with The Drilling Company of 1972 A/S (CSE: DRLCO). The companies are now operating as a single organization as of 3 October 2022.

The transaction was implemented by way of (i) a Cayman merger through which shareholders in Noble Corporation received Noble shares on its merger into a subsidiary of Noble; and (ii) a Danish voluntary tender exchange offer by Noble to Maersk Drilling shareholders.

Noble shares are now listed on NYSE under the symbol "NE" and on Nasdaq Copenhagen under the symbol "NOBLE". Noble is a leading offshore drilling contractor for the oil and gas industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide.

The Travers Smith team was led by Corporate Partners Richard Spedding and Mohammed Senouci alongside Senior Counsel Mark Anderson and Senior Associate Stuart Boath. UK tax input was led by Tax Partners Jessica Kemp and Madeleine Gowlett, assisted by Senior Associates Joseph Sheldrick and Hugh Brooks. Incentives advice was given by Head of Incentives Mahesh Varia and Senior Associate Hugo Twigg.

Kirkland & Ellis acted as international counsel to Noble, with Plesner providing Danish advice. Davis Polk & Wardwell and Gorrissen are legal counsel to Maersk Drilling.

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