ZUG, Switzerland – Noble Corp. has agreed to acquire Frontier Drilling Inc. for $2.16 billion. Frontier has three dynamically positioned drillships, two conventionally moored drillships, a conventionally moored deepwater semisubmersible rig, and one FPSO. The transaction is expected to close by the end of July 2010, says Noble.
“This acquisition is a highly complementary extension of our mid- and deepwater presence and positions us for additional growth in new market segments that can provide further opportunities for Noble and our customers,” says David W. Williams, chairman, president, and CEO of Noble.
At the same time, Noble announced separate agreements with Shell Oil regarding continuation of the agreement with Frontier regarding the two dynamically positioned Bully-type rigs under construction.