Baker Botts Advises Noble In $2B Frontier Acquisition

Law360, New York (June 28, 2010, 1:49 PM EDT) -- Offshore drilling contractor Noble Corp. said Monday that it has agreed to buy FDR Holdings Ltd. in a cash transaction that values the privately held drilling company at $2.16 billion.

The deal will add six floating drilling units to Noble’s fleet, including two Bully-class drillships owned in a joint venture by FDR — which is known as Frontier Drilling — and Royal Dutch Shell PLC that are currently under construction, Noble said.

The Switzerland-based company has signed separate agreements with Shell that are subject to the...
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