Noble Closes Acquisition of Frontier Drilling

Thursday, July 29, 2010

Noble Corporation (NYSE:NE) announced that it has closed its acquisition of FDR Holdings Limited (Frontier). The acquisition of Frontier, formerly an independent drilling company, and previously announced agreements with Shell increase Noble's drilling fleet size to 69 from 62 units, with the addition of three dynamically positioned drillships (including two Bully-class joint venture-owned ultra-deepwater rigs under construction), two conventionally moored drillships, including one which is Arctic-class, and a conventionally moored deepwater semisubmersible drilling rig. Additionally, as a result of this acquisition, Noble will own and operate a dynamically positioned floating production, storage, offloading vessel (FPSO).

The closing comes one month after Noble's June 28, 2010 announcement that it had entered into an agreement to acquire Frontier in a transaction that values the enterprise at $2.16b. The transaction was financed with proceeds from the company's $1.25b bond offering on July 21, 2010 and cash on hand. The company did not utilize a bridge financing facility that had been previously arranged.

"With the addition of Frontier's units and personnel to the Noble fleet and in conjunction with our separate agreements with Shell, we have strengthened our capabilities and broadened our global footprint, doubled our backlog, and positioned the company to deliver even greater value both to our shareholders and our customers," said David W. Williams, Chairman, President and Chief Executive Officer of Noble. "We are implementing a plan designed to rapidly integrate these units and their personnel into the Noble framework, with particular focus on our strong safety culture, something we see as a fundamental element of our success on every rig we operate."
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

Ocean Installer Enters Australian O&G Market

Ocean Installer’s said that it has established office in Perth, Australia to meet demand for subsea construction services.  “This is the beginning of our presence

Nordic Wins with Noble

Nordic Maritime, a leading offshore service operator, today announced a five year time charter for its DP2 IMR Subsea vessel, Mokul Nordic, which has been awarded by Noble Energy,

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1154 sec (9 req/sec)