Seeking Alpha

Noble profit surges 70% as drilling fleet grows

  • Noble Corp. (NE+1.4% AH after Q1 earnings surged 70%, beating expectations, as the offshore driller saw new rigs help lift revenues.
  • Noble, with a fleet of ~77 drilling units, says revenues from drilling services, which makes up most of the company's top line, rose nearly 30% Y/Y to $1.2B as several new rigs went into operation and operating days improved.
  • Average daily revenues gained 5% to $223.6K vs. the previous quarter average of $212K, reflecting the addition of premium assets, while fleet utilization rose to 84% in Q1 compared to 82% in Q4 2013.
  • Contract backlog as of March 31 was ~$14.3B, vs. $15.4B as of Dec. 31.

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Comments (4)
  • saratogahawk
    , contributor
    Comments (2400) | Send Message
    Jeez Credit Suisse and the other major brokerages all say that offshore drilling is dead. How is it possible that NE beats and looks pretty strong in a weak cycle point? Does anyone need oil anymore?
    16 Apr 2014, 07:45 PM Reply Like
  • 2839298249
    , contributor
    Comments (347) | Send Message
    The sky is falling!
    16 Apr 2014, 10:53 PM Reply Like
  • saratogahawk
    , contributor
    Comments (2400) | Send Message
    Must be time to short the drillers. NE just beat. Can't be good news. Oh my the sky is falling. Where is Chicken Little when we need her?
    17 Apr 2014, 10:31 AM Reply Like
  • DividendInvestorLA
    , contributor
    Comments (3602) | Send Message
    Do you know off-hand how recent Noble's fleet is?


    I agree with you, though, all those drilling rights auctioned, companies finding oil where they're looking... the future is clearly very, very cloudy... ;)
    18 Apr 2014, 02:14 AM Reply Like
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