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Noble Corp. +9% after winning contract extension for pair of rigs

Jan. 20, 2017 11:55 AM ETNoble Corporation plc (NE) StockNEBy: Carl Surran, SA News Editor6 Comments
  • Noble Corp. (NE +9.2%) shoots higher after securing contract extensions for a pair of jackup rigs from Saudi Aramco.
  • NE's latest fleet status report shows the Noble Scott Marks jack-up rig received a five-year contract extension with Aramco, with a slight dayrate reduction to $159K from $167K previously.
  • Also, the Noble Roger Lewis jack-up rig was awarded a five-year contract extension from Aramco, also at a reduced dayrate of $159K from $167K.
  • BofA Merrill upgrades shares to Neutral from Underperform, saying the contract extensions were expected but that the strong rate is a positive sign for the overall jackup market.

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