Noble’s Largest Investor Buys More Stock
Noble stock has slumped this year, and the offshore-drilling contractor’s largest shareholder swept in to buy up more shares.
Noble agreed in June to acquire Diamond Offshore Drilling, another contractor for the oil-and-gas industry. The transaction is expected to close by the first quarter of 2025. Noble shares have slipped about 7% year to date.
A unit of A.P. Moller Holding of Copenhagen then paid $13.2 million on July 2 for 300,000 shares, an average price of $44.15. A.P. Moller Holding, itself a subsidiary of the A.P. Moller Foundation, now owns 28.4 million Noble shares, according to a filing A.P. Moeller Holding made with the Securities and Exchange Commission.
A.P. Moeller Holding didn’t respond to a request for comment. Its most recent purchase of Noble stock was on May 22, when A.P. Moeller paid $8.9 million for 192,160 shares, an average price of $46.45 each.
A.P. Moeller Holding remains Noble’s largest shareholder. Before the May and July stock purchases, A.P. Moeller Holding owned 27.9 million Noble shares, a 19.5% stake.
In addition to owning 100% of A.P. Moeller Holding, A.P. Moller Foundation holds 51.45% of the voting power of Danish shipping firm A.P. Moller-Mærsk A/S.