Avista Invests in Frontier
In 2006, New York private equity firm Avista Capital Partners entrusted a million-dollar investment to Frontier Drilling Holdings Limited and its subsidiaries. The amount served as Avista Capital Partners’ act of support for Frontier’s attainment and restoration of the Transocean Explorer, a semi-submersible drilling rig that can drill in deep waters of up to 1,250 feet.
Frontier Drilling is a Houston, Texas-based, independent, worldwide supplier of offshore construction and drilling assistances for oil businesses. It aims in managing and operating offshore floating construction vessels as well as drilling rigs. Avista Capital Partners initially invested $20 million and guaranteed an additional amount of $7 million.
The firm’s co-managing associate, Steven Webster, said that the investment made by Avista Capital Partners signified an opportunity to take advantage of the large-scale scarcity of offshore drilling rigs, especially since there has been growth in global gas and oil exploration.
Frontier Drilling USA Inc’s chief executive officer, Robert Fulton, stated that the company is excited to team up with Avista Capital Partners. The Avista Capital group, he said, has a solid investment record and knowledge about the energy sector ensuring Frontier and its investors better value and services.
Avista Capital Partners is a company focusing in private equity investments. It predominantly focuses on growth-oriented healthcare, media, and energy companies.