What Does Noble Corp’s Acquisition of Diamond Offshore Mean for the Industry?

The oil industry has been a hotbed of merger and acquisitions-M&A, activity over the last couple of years. I discussed this frenzy in an OilPrice article last fall as oil giants jockeyed for prime positions in U.S. shale plays to ensure their long-term survival. Up to now industry consolidation of this type has largely skipped over the oil service industry, but the recent announcement by Noble Corporation, (NYSE:NE) of the acquisition of Diamond Offshore, (NYSE: DO) brings momentum to the offshore drilling segment. Recent stock price movement…