DDH1

Perenti and DDH1 announced a scheme of arrangement for Perenti to acquire DDH1 for an implied value of A$410 million, split between cash and shares, aiming to create a globally dominant driller.

DDH1 has agreed to merge with Swick's drilling business, creating a combined entity with around $445 million in annual revenue and a fleet of 170 drill rigs. Swick shareholders will own 19.7% of the merged company.