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Maersk Drilling, Noble Offer Concessions To UK Watchdog

 |  May 2, 2022

The Drilling Company Maersk Drilling said Monday that after the UK Competition and Markets Authority raised concerns over its planned acquisition by Noble Corp, the companies now plan to offer remedies.

Noble agreed to buy Maersk Drilling last November in an all-share deal under which shareholders of each company would own 50% of the combined group. However, last month UK regulators said the deal could increase operating costs for oil-and-gas producers in the U.K. and it would refer the deal for further review, unless the companies offer a solution.

Related: UK Watchdog Is Concerned Over Noble & Maersk Drilling Deal

In a statement Monday, Maersk Drilling said Noble plans to offer to divest certain jackup rigs currently located in the North Sea as it seeks to obtain conditional antitrust clearance from the U.K. CMA in Phase 1 of the merger control process.

The rigs concerned are the Noble Hans Deul, Noble Sam Hartley, Noble Sam Turner, Noble Houston Colbert, and either the Maersk Innovator or the Noble Lloyd Noble.

If the companies are able to obtain a conditional Phase 1 antitrust clearance from the U.K. CMA, the business combination is expected to close in mid-2022, it said.

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