Frontier Drilling, domiciled in Norway with administrative offices in Houston, Texas, is an independent supplier of drilling and production services for the oil industry, which focuses on the operation and management of conventional drillships, semi-submersibles and floating production, storage, offloading (FPSO) vessels. Frontier Drilling seeks to compete in market segments such as the Arctic that are not dominated by larger competitors and where its assets offer customers cost savings and a competitive advantage.

The Company maintains local subsidiaries in the areas where it operates.
Frontier Drilling Asia Pte (Ltd) is the Company's subsidiary based in Singapore responsible for drilling operations in Southeast Asia which is considered the primary market for the Frontier Duchess.  Frontier Drilling do Brasil Ltda is the Company's subsidiary based in Vitoria, Brazil responsible for the operation of the Company's Dynamically Postioned, FPS0, the Seillean.  The Group's subsidiaries and associate companies had a total workforce of approximately 668 employees including hired personnel as of December 31, 2006.

Shell EP Offshore Ventures Limited and Frontier Drillships Ltd., a subsidiary of Frontier Drilling, have signed a deepwater/arctic drillship Joint Venture agreement. Under the agreement, Shell and Frontier will build and rollout a new drillship concept, known as the ‘Bully’ rig. The ‘Bully’ rig design effectively sets a new standard and offers a flexible, smaller but highly capable, vessel suited for deepwater and arctic drilling, while reducing the construction and operational costs compared to current new-build drilling rigs of similar capability. The Shell/Frontier Joint Venture expects to deliver the first 'Bully' rig to the Gulf of Mexico in late 2009 and it will be operated by Frontier on behalf of the Joint Venture under a separate management services contract. The Joint Venture expects to build and own several of these vessels.

• The Bully I: is a purpose built Drillship capable of ultra-deepwater DP operations worldwide and specifically designed for moored and DP arctic operations. Bully I is scheduled for delivery in late 2009 and will initially operate on a 5 year contract with Shell in the deepwater Gulf of Mexico.
  
  
• The Bully II: is a purpose built Drillship capable of ultra-deepwater DP operations worldwide and specifically designed for moored and DP arctic operations. Bully II is scheduled for delivery in mid 2010 and will initially operate on a 10 year contract with Shell worldwide.
  
  
• The Seillean: state-of-the-art dynamically positioned FPSO currently under long term contract with Petrobras in Brazil.
  
  
• The Duchess: conventionally moored drillship currently operating in Indonesia for Petronas.
  
  
• The Discoverer: conventionally moored drillship currently being upgraded / refurbished in a Singapore shipyard for long-term contract with Shell.
  
  
• The Phoenix: dynamically positioned drillship currently being upgraded / refurbished in a Singapore shipyard for a long-term contract with Shell.
  
  
• The Frontier Driller: moored semi-submersible currently being upgraded / refurbished in a US shipyard for a long-term contract with Shell in the Gulf of Mexico.
  
  
• The Company also manages, under long-term contract with Shell, the Kulluk, a purpose-built arctic drilling barge.