Noble buys Frontier Drilling for $2.16B

NEW YORK (AP) - Noble Corp. will buy Frontier Drilling for $2.16 billion in cash.

Noble, a Swiss offshore drilling services company, said Monday the deal would add six floating drilling units to its fleet. It also has signed $4 billion in separate agreements for two ultra deepwater projects with Shell subject to closing the deal with Frontier.

The company also announced new agreements with Shell and its operations in the Gulf of Mexico, where there is a moratorium on some drilling.

Noble said it should take on loans from existing lines of credit to complete the deal for Frontier, also known as FDR Holdings Limited.