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

Offshore

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1016 sec (10 req/sec)