Noble inks deals with Shell and Frontier
Source: Agencies |
June 29, 2010, Tuesday
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Print Edition
Print Edition
NOBLE Corp said yesterday it will buy Frontier Drilling for US$2.16 billion in cash and struck US$4 billion worth of new contracts with Royal Dutch Shell.
Noble, a Swiss offshore drilling services company, also said it has allowed Shell to suspend any contracts the two have for rigs operating in the Gulf of Mexico because of the proposed United States moratorium on drilling in deep water.
The agreements with Shell cover two ultra deepwater projects and are subject to closing the deal with Frontier.
The Frontier deal would add six floating drilling units to Noble's fleet.
Shell will pay reduced fees for leasing the rigs in the Gulf. The Obama administration in May ordered a six-month halt on exploratory drilling in waters more than 500 feet deep.
The ban is being disputed in the courts. Noble was stung earlier this month when Anadarko Petroleum said it planned to excuse itself from drilling contracts.
Noble spokesman John Breed said the Shell deal is aimed at keeping oil firms from trying to abandon agreements altogether in the Gulf.
"We're working to find a resolution that would allow them to keep rigs under contract," Breed said.
Noble, a Swiss offshore drilling services company, also said it has allowed Shell to suspend any contracts the two have for rigs operating in the Gulf of Mexico because of the proposed United States moratorium on drilling in deep water.
The agreements with Shell cover two ultra deepwater projects and are subject to closing the deal with Frontier.
The Frontier deal would add six floating drilling units to Noble's fleet.
Shell will pay reduced fees for leasing the rigs in the Gulf. The Obama administration in May ordered a six-month halt on exploratory drilling in waters more than 500 feet deep.
The ban is being disputed in the courts. Noble was stung earlier this month when Anadarko Petroleum said it planned to excuse itself from drilling contracts.
Noble spokesman John Breed said the Shell deal is aimed at keeping oil firms from trying to abandon agreements altogether in the Gulf.
"We're working to find a resolution that would allow them to keep rigs under contract," Breed said.
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