The drilling rig company Noble Corporation, which includes the former Maersk Drilling, is buying up the domestic market in the US, where an acquisition agreement has been reached with Diamond Offshore Drilling.

The payment is in shares and cash, and the total price represents a premium of just over 11 percent, according to an announcement from Noble, which with the acquisition will gain access to a USD 2.1bn order book at Diamond Offshore. 

The price for the acquisition is 0.2316 Noble shares and USD 5.65 per share in Diamond Offshore Drilling. 

Noble expects to achieve cost synergies of approximately USD 100m before tax annually as a result of the acquisition, 75% of which are expected to be realized within one year of the acquisition, according to the company. 

The deal has been unanimously approved by both boards of directors, but is pending the necessary regulatory approvals before it can be completed. 

Noble expects to close the transaction during the first quarter of next year. 

English edit: Catherine Brett