Covington Represents Financial Advisors to Diamond Offshore Drilling in its Acquisition by Noble Corporation

NEW YORK—Covington represented Guggenheim Securities, LLC and TPH&Co., the energy business of Perella Weinberg Partners, as lead financial advisors to Diamond Offshore Drilling, Inc. in its definitive merger agreement with Noble Corporation plc. under which Noble will acquire Diamond in a stock plus cash transaction.

As part of the transaction, Diamond shareholders will receive 0.2316 shares of Noble, plus cash consideration of $5.65 per share for each share of Diamond stock, representing an 11.4% premium to closing stock prices on June 7, 2024. Upon closing, Diamond shareholders will own approximately 14.5% of Noble's outstanding shares. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Diamond shareholders. The transaction is expected to close by the first quarter of 2025.

The Covington team was led by J.D. Weinberg and included Todd Mortensen and Gavin Buck.