Houlihan Lokey Advises Pacific Drilling

Houlihan Lokey is pleased to announce that Pacific Drilling Company LLC (Pacific Drilling) has merged with Noble Corp. in an all-stock transaction whereby Pacific Drilling stakeholders receive 24.9% of Noble’s shares. The transaction closed on April 15, 2021.

Pacific Drilling is an international offshore drilling contractor. With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to exceeding its customers’ expectations by delivering the safest, most efficient and reliable deepwater drilling services in the industry. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world.

Noble is a leading offshore drilling contractor for the oil and gas industry. Noble owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble performs—through its subsidiaries—contract drilling services with a fleet focused largely on ultra-deepwater and high-specification jackup drilling opportunities in both established and emerging regions worldwide. Following the transaction, Noble will own and operate a fleet of 24 rigs, with 11 drillships, one semisubmersible, and 12 jackups. Additionally, Noble will have backlog of approximately $1.7 billion, split across a diverse set of customers and regions of operation. Noble remains focused on serving the needs of its customers and delivering best-in-class operational excellence that is consistent across all geographies.

Houlihan Lokey served as the exclusive financial advisor to Pacific Drilling and assisted in marketing, structuring, and negotiating the transaction on its behalf. This deal further demonstrates Houlihan Lokey’s leading position in advising offshore drilling companies across an array of banking services.