Offshore Market Headwinds Weigh on Noble's 1Q Results; Maintaining FVE and Moat Rating
No-moat Noble’s first quarter didn’t change our outlook, and we see no reason to adjust our fair value estimate or moat rating after implementing first-quarter results. Amid falling day rates and weak utilization, fleet performance dropped during the quarter. Core drilling revenue fell from $354,000 in the prior quarter to $229,000. In aggregate, Noble’s portfolio suffered from both declining operating days and day rates. Average rig utilization finished below 50% for the first time since offsho...
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