Noble Corporation and Maersk Drilling have announced the executive management team to be effective after the closing of the business combination.
According to a statement by the two companies, the combined offshore driller will have a proven management team led by Robert W. Eifler as President and Chief Executive Officer.
"This highly capable management team, comprised of existing leadership from both Noble and Maersk Drilling, will bring significant experience and strong leadership values to the combined company. Together, we will work to integrate the two businesses and help deliver a differentiated value proposition for both our customers and shareholders,” Eifler said quickly and successfully.
Other members of the executive management team for the combined company will include Richard B. Barker as the SVP and Chief Financial Officer, William E. Turcotte as SVP, General Counsel, and Corporate Secretary, Joey M. Kawaja as SVP of Operations, Caroline Alting as SVP of Operational Excellence, Blake A. Denton as SVP of Marketing and Contracts, Marika Reis as the Chief Innovation Officer, Mikkel Ipsen as the VP of Human Resources, and Kirk T. Atkinson will be the HSE head.
As for regional vice presidents, Claus Bachmann will be the VP of Operations for the North Sea, Matthew J. Brodie will fulfill the same role for the Middle East, Africa, and Asia-Pacific while Garth Pulkkinen will be the VP of Operations for the Americas.
Last week, Noble Corp. and Maersk Drilling announced the Board of Directors which will be effective upon the closing of the merger. Namely, the seven-member Board of Directors will be led by Chairman Charles M. Sledge. He is currently serving as the chairman of Weatherford and is a board member of Talos Energy.
The board members will be Maersk Drilling chairman Claus V. Hemmingsen, Noble Corp. board member Alan J. Hirshberg and Ann D. Pickard, Maersk Drilling Board members Kristin H. Holth and Alistair Maxwell. The final member of the board will be Robert W. Eifler – the Noble Corp. President, and CEO who will also be the CEO of the combined company.
As for the business combination, the combined market capitalization of the two companies is estimated at approximately $3.4 billion. The combination is expected to generate estimated annual run-rate synergies of $125 million.
The offshore drillers will create a combined company with a fleet of 20 floaters and 19 jack-up rigs via a primarily all-stock transaction. Maersk Drilling and Noble Corp. shareholders will each own approximately 50 percent of the outstanding shares of the combined company.
The business combination agreement has already been unanimously approved by the boards of directors of Noble and Maersk Drilling. The transaction is targeted to close in mid-2022. When the merger goes through, the combined company will be named Noble Corporation.
It will be headquartered in Houston, Texas, but will maintain a significant operating presence in Norway, to retain proximity to customers and support operations in Norway and the broader North Sea.