Noble Corp. -1.5% after warning of slowdown in new contracts


Noble Corp. (NE) -1.5% premarket after reporting a 36% increase in Q4 earnings, boosted by higher contract drilling service revenues, but warning of a slowdown in new contracts during H1 2014.

Contract drilling revenues rose thanks to higher dayrates and the contribution of three new ultra-deepwater drillships and the Noble Mick O'Brien jack-up, but CEO David Williams says the company finds itself “evaluating fewer floating rig contract opportunities today than we did a year ago."

NE saw an 84% utilization rate in Q4, ending the year with a contract backlog of ~$15.4B.

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  • marc heilweil
    , contributor
    Comments (180) | Send Message
     
    Noble used to be a top tier company in its management. The Board in recent years has let this company's leaders.Their biggest accomplishment management states is to get an opinion letter from the IRS,a job outside counsel handles. Unlike Pepsico and EBAY this company needs activist pressure. Its stock price is lower than liquidation value.
    23 Jan 2014, 01:47 PM Reply Like
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