Frontier Drilling News

Offshore drilling contractor for the oil and gas industry, Noble Corp., reports that (excluding a sale transaction mentioned below, settlement and asset impairment charge), third quarter 2013 earnings were $219 million, or $0.85 per diluted share. The results compared to $177 million, or $0.69 per diluted share, for the second quarter of 2013 and $115 million, or $0.45 per diluted share for the third quarter of 2012. Results for the quarter included the sale of the jackup rig Noble Lewis Dugger…

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).

According to a June 28 report from Forbes, Noble is purchasing FDR Holdings, taking advantage of the oil and gas exploration and production industry's cheap valuations brought on by the BP spill in the Gulf of Mexico. Noble, based in Switzerland, said it will acquire the privately held FDR Holdings, commonly known as Frontier Drilling, for $2.2 billion in cash. The company also said it has a billion-dollar deal over new contracts with Royal Dutch Shell. (Source: Forbes)

Athens Group announced a 64% increase in year-over-year revenue for 2009 as well as a 225% increase in booked business for 2010. Athens Group is experiencing a growing demand for its Drilling Technology Assurance (DTA) Services on newbuilds and existing fleets as drilling contractors and operators become increasingly aware of the need for control systems and software engineering expertise on today’s high-specification assets. In 2010, Athens Group’s Proven Practices Methodology will be used by a growing base of customers to reduce Non-Productive time (NPT) and improve safety during all phases of the rig lifecycle including construction, operations, annual audits, and refurbs.

Measurement Technology NW (MTNW) has recently completed a contract to provide installation, calibration and commissioning on an eight-point mooring monitoring system for Frontier’s drill ship, Duchess, off the coast of Nigeria. The new running line tensiometer and LCI-90 mooring monitoring system provides visibility into line tensions which will support mooring and rig movement monitoring. The Duchess is a 475 ft by 75 ft vessel which needs to stay centered over an offshore oil-well for months on end despite sea states and drilling activity.

The semisubmersible rig, Frontier Driller was christened with its new name at Signal International’s East Bank shipyard on Saturday November 1, in Pascagoula, MS. Mrs. Debbi Schnoor ceremoniously broke a bottle of champagne on the rig’s structure to highlight the event. The ceremony was attended by representatives from Frontier Drilling and Shell Oil Company. Shell has contracted the rig for exploration in the Gulf of Mexico. The event concluded a major upgrade of the giant rig. Signal had performed extensive modifications to the drilling unit since it first arrived in Pascagoula in February 2006. The Signal yard had renewed every electrical and mechanical system…

Keppel Shipyard Limited was awarded a contract valued at about $100.7m for the integration and completion of a new build Bully drillship. Keppel secured the contract with a company jointly owned by Frontier Drilling and Shell. This is the second drillship of the Bully rig design awarded to Keppel by the same owners. The first Bully drillship was awarded in June 2007 with delivery by fourth quarter 2009. The new hull will be built in China and is due to arrive at Keppel Shipyard in the first quarter of 2009. The drillship is expected to be delivered by the second quarter of 2010. The Bully drillships are designed to conduct surface BOP (Blow-out Preventer) drilling operations in water depths of up to 12,000 ft. and sub-sea BOP operations in water depths of up to 8,250 ft.

Aker Kvaerner has been awarded a contract with Frontier Drilling USA Inc. for delivery of a drilling equipment to the Frontier Peregrine II drillship. The total contract value for Aker Kvaerner is approximately $17m. The equipment package will be delivered in 2007.

Aker Kvaerner has been awarded a contract with Frontier Drilling USA Inc for delivery of a drilling equipment to the Frontier Peregrine II drillship. The total contract value for Aker Kvaerner is approximately $17m. The equipment package will be delivered in 2007.

Frontier Drilling USA Inc, Houston, has engaged Aker Arctic of Helsinki, Finland to proceed with the initial design and conceptual development of the modification work for their turret moored Drillship Frontier Discoverer. The work includes development of a modified hull form and protection to the riser to suit the harsh environment of the Beaufort Sea. Aker Arctic will also conduct a series of ice model tests in their brand new model testing facility. Simultaneously an ice management plan, involving several icebreakers will be developed. Frontier Drilling's target is to provide suitable equipment to the industry looking for drilling opportunities in the Beaufort & Chukchi Seas as well as all other arctic regions.