With the Gulf of Mexico beset by oil gushing from a blown-out well, following an explosion on a Transocean
On Monday, the Switzerland-based company announced that it would pay $2.16 billion (including acquired debt) in cash to purchase closely held FDR Holdings, which operates as Frontier Drilling. As a second positive in this day of uncertainty among offshore drillers, Noble will pick up $4 billion worth of contracts from Royal Dutch Shell
On the basis of 2009 revenues, Noble runs neck and neck with Diamond Offshore
Given Noble's recent experience with Anadarko's
Deepwater drilling isn't about to disappear. On that basis, with Noble trading at a trailing price-to-earnings ratio below 5.0, with its operating margin above 54%, and a management team that has been considered stellar since my days in the industry, I'm inclined to keep a close eye on this growing company.