Noble Corporation / Maersk Drilling merger inquiry

The CMA investigated and cleared the anticipated merger between The Drilling Company of 1972 A/S (Maersk Drilling) and Noble Corporation (Noble).

From:
Competition and Markets Authority
Published
24 February 2022
Last updated
7 October 2022 — See all updates
Case type:
Mergers
Case state:
Closed
Market sector:
Oil and gas refining and petrochemicals
Opened:
24 February 2022
Closed:
5 October 2022

Statutory timetable

Date Action
1 September Undertakings in lieu of reference accepted
9 May CMA to consider undertakings offered
22 April 2022 Decision announced
23 February 2022 Launch of merger investigation
24 February 2022 to 10 March 2022 Invitation to comment

Phase 1

Case closure

7 October 2022: The sale of the Divestment Business subject to the undertakings in lieu to Shelf Drilling, Ltd was approved by the CMA and completed on 5 October 2022. This brings the merger investigation to an end.

Undertakings in lieu of reference accepted

1 September 2022: The CMA has accepted undertakings in lieu of reference for the anticipated merger between Noble Corporation and Maersk Drilling.

Undertakings in lieu of reference consultation

22 July 2022: We are consulting on proposed undertakings in lieu of a reference for the anticipated merger between Noble Corporation and Maersk Drilling.

Extension of consideration of undertakings in lieu

23 June 2022: The CMA has extended the consideration of undertakings in lieu until 1 September 2022.

CMA to consider undertakings offered

9 May 2022: The CMA considers that there are reasonable grounds for believing that the undertakings offered by Noble Corporation and Maersk Drilling, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.

Reference unless undertakings accepted

22 April 2022: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

Launch of merger inquiry

23 February 2022: The CMA announced the launch of its merger inquiry by notice to the parties.

Invitation to comment: closes 10 March 2022

24 February 2022: The CMA is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

These comments should be provided by the deadline set out above.

Contact

Please send written representations about any competition issues to general.enquiries@cma.gov.uk.

Updates to this page

Published 24 February 2022
Last updated 7 October 2022 + show all updates

  1. Case closed.

  2. The full text decision of undertakings in lieu of reference accepted published.

  3. Final undertakings published.

  4. Undertakings in lieu of reference consultation, including proposed undertakings, published.

  5. Notice to extend undertakings in lieu of reference period published.

  6. Full text decision published.

  7. Decision that undertakings might be accepted published.

  8. Decision to consider undertakings announced.

  9. Reference unless undertakings accepted, including summary of decision, published

  10. First published.

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