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8-K - FORM 8-K - Noble Finance Co | h74823e8vk.htm |
EX-4.2 - EX-4.2 - Noble Finance Co | h74823exv4w2.htm |
EX-4.1 - EX-4.1 - Noble Finance Co | h74823exv4w1.htm |
Exhibit 99.1
Press Release
Noble Corporation Closes Acquisition of Frontier Drilling
ZUG, Switzerland, July 28, 2010 /PRNewswire via COMTEX/
ZUG, Switzerland, July 28, 2010 /PRNewswire via COMTEX/
Noble Corporation (NYSE: NE) today 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 Nobles 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).
The closing comes one month after Nobles June 28, 2010 announcement that it
had entered into an agreement to acquire Frontier in a transaction that values
the enterprise at $2.16 billion. The transaction was financed with proceeds
from the Companys $1.25 billion bond offering on July 21, 2010 and cash on
hand. The Company did not utilize a bridge financing facility that had been
previously arranged.
With the addition of Frontiers 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, said David W. Williams, Chairman, President and Chief
Executive Officer of Noble. We are implementing a plan designed to rapidly
integrate these units and their personnel into the Noble framework, with
particular focus on our strong safety culture, something we see as a
fundamental element of our success on every rig we operate.
About Noble
Noble is a leading offshore drilling contractor for the oil and gas industry.
Noble performs, through its subsidiaries, contract drilling services with a
fleet of 69 offshore drilling units (including five drilling rigs currently
under construction or to be constructed), located worldwide, including in the
Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the
North Sea, Brazil, West Africa and Asian Pacific. Noble also owns and operates
a dynamically positioned floating production, storage, offloading vessel.
Nobles shares are traded on the New York Stock Exchange under the symbol NE.
Additional information on Noble Corporation is available via the worldwide web
at http://www.noblecorp.com/.
Statements regarding the Frontier transaction, including the integration,
contract backlog, fleet, and benefits, our operating capabilities, backlog,
customer and shareholder value, safety culture and uses of financing, as well
as any other statements that are not historical facts in this release, are
forward-looking statements that involve certain risks, uncertainties and
assumptions. These include but are not limited to actions by regulatory
authorities or other third parties, costs and difficulties related to the
integration of acquired businesses, delays, costs and difficulties related to
the transactions and the construction of newbuild rigs, market conditions, the
combined companies financial results and performance, consummation,
availability and terms of any financing, satisfaction of closing conditions,
ability to repay debt and timing thereof, actions by customers and other third
parties, factors affecting the level of activity in the oil and gas industry,
supply and demand of drilling rigs, factors affecting the duration of
contracts, the actual amount of downtime, factors that reduce applicable
dayrates, violations of anti-corruption laws, hurricanes and other weather
conditions, the future price of oil and gas and other factors detailed in the
Companys most recent Form 10-K, Form 10-Qs and other filings with the
Securities and Exchange Commission. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated.
SOURCE Noble Corporation