Reborn Noble Corp is taking over Idan Ofer's Pacific Drilling in a merger deal that creates a fleet of 26 drillships.
The all-stock transaction will see shareholders of Texas-based Pacific Drilling take a 24.9% stake in Noble, which is also headquartered in the southern US state.
No financial details have been disclosed, but the buyer expects to realise pre-tax cost savings of at least $30m per year.
