Noble: Offshore Drillers Remain Challenged by Low Utilization and Pricing
Offshore drillers Diamond, Ensco, Noble, and Transocean all reported generally flat second-quarter results, owing to stagnant offshore drilling market day rates and utilization levels, particularly in the deep-water-focused floater rig market, which accounts for the bulk of the companies’ revenue and operating income. Our fair value estimates and no-moat ratings are unchanged for now.The chief exception to the flat results came from Transocean, which saw a 19% sequential revenue uplift and oper...
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