- 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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