Noble Corp. (NYSE:NE) said today it has agreed to acquire privately held independent drilling company FDR Holdings in an all-cash transaction that values the company at $2.16 billion.
FDR Holdings, known as Frontier, owns three dynamically positioned drillships, two conventionally moored drillships, a conventionally moored deepwater semisubmersible rig, and one dynamically positioned floating production, storage, offloading vessel.
Noble is thus acquiring a fleet with 23 rig years of contracts with $3.2 billion in gross contract backlog.
Part of the fleet still under construction comes with a 50/50 joint venture agreement with Royal Dutch Shell (RDSa).
Noble also said it signed separate agreements with Shell, contingent upon the close of the Frontier acquisition, for contracts on some of the fleet.
Noble said it expects the transaction, which will be accretive to cash flow immediately, to close by the end of July.
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