NE: Noble Corporation Instablogs

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Tuesday, May 14, 8:37 AM Noble Corp. (NE) is awarded a drilling contract by Statoil (STO) for a newbuild ultra-high specification jackup for use in the U.K. North Sea. The initial contract is for four years and is anticipated to begin during Q3 2016. The total estimated value of the primary term contract is $655M, which equates to an all-in dayrate of $448,600. 1 Comment [Energy]
Friday, April 26, 12:28 PM Noble Corp. (NE -1.8%) shareholders approve the driller's recommended board candidates, as expected, but Credit Suisse sees the real action happening in coming weeks as 8.3% stakeholder Fir Tree could prove active in helping structure the much anticipated spinoff of NE's non-core assets. Bottom line, CS says: The higher the dividend of the legacy assets, the higher the multiple. Comment! [Energy, On the Move]
Thursday, April 18, 11:49 AM Noble Corp. (NE +4%) says Shell (RDS.A) has been in talks to extend its contract to use the Noble Discoverer beyond Feb. 2014, underlining its long-term plans for the offshore Arctic. NE also secures contracts for its final two ultra-deepwater drillships under construction, adding $1.3B to its backlog; it had reported earlier a backlog of $14B, down from $14.3B Q/Q, along with higher-than-expected Q1 profits. Comment! [Energy, On the Move]
Wednesday, April 17, 5:28 PM More on Noble (NE): Q1 comes in mixed, beating on a per share basis but coming up just shy on the revenue side, despite a 22% rise in total sales. Net income also grew by 25% as revenue growth outpaced operating costs amid strong drilling activity. Operating expenses rose 13% to $741.2M as expenses associated with drilling services grew. Revenue from drilling services grew 24% to $928.7M. Contract backlog as of March 31 was $14B, down slightly from $14.3B at the end of the previous quarter. Comment! [Energy, Earnings]
Wednesday, April 17, 5:05 PM Noble Corp. (NE): Q1 EPS of $0.59 beats by $0.08. Revenue of $971M misses by $20.48M. (PR) Comment! [Earnings, Breaking News]
Wednesday, April 17, 12:10 AM Notable earnings after Wednesday’s close: ALB, AXP, CCK, CLB, CVA, CYS, EBAY, EPB, KMP, NE, SCSS, SLM, SNDK, STLD Comment! [Earnings, Breaking News]
Tuesday, April 16, 5:35 PM Notable earnings after Wednesday’s close: ALB, AXP, CCK, CLB, CVA, CYS, EBAY, EPB, KMP, NE, SCSS, SLM, SNDK, STLD Comment! [Earnings]
Friday, March 8, 12:09 PM Noble (NE +0.9%) yesterday reported a fleet contract update, saying unpaid downtime for its rigs this year should average 4%-4.5%. NE shares have been "stuck in neutral" YTD vs. peers, Tudor Pickering Holt says; the market is "nervous about potential operational hiccups" given NE’s 11 new-build rigs to be delivered in the next few years. Comment! [Energy]
Thursday, February 7, 3:23 PM Barclays analysts downplay the impact of the safety notice on offshore drillers ordering inspection of subsea equipment on some Gulf of Mexico drilling rigs for faulty bolts. "While this event poses additional downtime risk for these drillers, we believe the downtime would be limited and can be often mitigated through the course of normal operations," the firm says. 7 Comments [Energy]
Wednesday, February 6, 3:17 PM Shares of oil and gas drillers slide to session lows following a Bloomberg report that drilling regulators had directed offshore operators to halt work on some oil and gas wells in the Gulf of Mexico after discovering faulty bolts on equipment used to prevent blowouts. Replacing all bolts on blowout preventers could cost millions, Rowan (RDC) CEO Matt Ralls says. 12 Comments [Energy]
Monday, February 4, 2:47 PM Noble Corp.'s (NE -1.6%) proposed dividend increase to $1/year from $0.50 fails to receive a favorable review from all corners. UBS says NE likely would need to borrow to pay the dividend, since the company "is not generating free cash flow until 2014 and in 2013 will have to borrow again to complete the construction of its newly build program." Shareholder activism could have influenced the move, UBS adds. Comment! [Energy, On the Move]
Friday, January 25, 11:23 AM Noble Corp. (NE -1.2%) is downgraded to Hold from Buy with a $41 price target, down from $44, at Jefferies, which also lowers 2013 and 2014 earnings estimates. The firm still likes NE's long-term earnings growth potential despite disappointments on operating and capital expenses (Q4), but it remains on the sidelines given recent share appreciation and near-term risks. Comment! [Energy, Quick Ideas]
Thursday, January 24, 11:46 AM Noble Corp. (NE -4%) is a big decliner among energy stocks after Q4 earnings came in roughly flat Y/Y earlier as higher revenue from contract drilling services was offset by repair costs and other operating expenses. It was "not a great quarter [but] the operational results were near the pin,” Simmons analysts say. NE sees Q1 contract drilling services of $485M-$495M. 3 Comments [Energy, On the Move]
Wednesday, January 23, 5:08 PM Noble Corp. (NE): Q4 EPS of $0.50 may not be comparable to $0.62 consensus. Revenue of $966M (+28.7% Y/Y) beats by $11M. Shares flat AH. (PR) Comment! [Earnings, Energy, Breaking News]
Wednesday, January 23, 12:05 AM Notable earnings after Wednesday’s close: AAPL, ALTR, AMGN, BKW, CBST, CCI, FBC, FFIV, HXL, INVN, JEC, LOGI, LRCX, LSI, MIPS, MLNX, NE, NFLX, PLCM, SWFT, SNDK, SYK, SYMC, TER, URI, VAR, WDC Comment! [Earnings]
Tuesday, January 22, 5:35 PM Notable earnings after Wednesday’s close: AAPL, ALTR, AMGN, BKW, CBST, CCI, FBC, FFIV, HXL, INVN, JEC, LOGI, LRCX, LSI, MIPS, MLNX, NE, NFLX, PLCM, SWFT, SNDK, SYK, SYMC, TER, URI, VAR, WDC 3 Comments [Earnings]

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