Fdr Holdings News

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)