Noble to buy Frontier Drilling for $2.16 billion
28 Jun 2010
Noble Corporation, a major contract driller for the oil and gas industry, today said it would acquire Frontier Drilling from private equity firms for $2.16 billion in cash.
The company also announced the signing of separate a contract with Royal Dutch Shell worth $4 billion.
Baar, Switzerland-based Noble Corporation is an offshore contract drilling services provider for the oil and gas industry. As of 31 December 2009, it operated a fleet of 62 mobile offshore drilling units, including 13 semi-submersibles, 4 dynamically positioned drill ships, 43 jackups, and 2 submersibles.
Noble has bought Frontier Drilling from private equity fund managed by the Carlyle Group and Riverstone Holdings.
FDR Holdings, based in Cayman Island had acquired Oslo Stock Exchange-listed Frontier Drilling in 2004 and made it into a privately held company.
Frontier is an independent supplier of drilling and production services for the oil industry, which focuses on the operation and management of conventional drillships, semi-submersibles and floating production, storage, offloading (FPSO) vessels.
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