The company’s fleet size increased with the addition of three 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 floating production, storage, offloading vessel (FPSO).
The closing comes one month after Noble signed agreement to acquire Frontier in a transaction that values the enterprise at $2.16bn. The transaction was financed with proceeds from the company’s $1.25bn bond offering on July 21, 2010 and cash on hand.
David Williams, chairman, president and CEO of Noble, said: “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.”
