Lowering Noble, Diamond Fair Value Estimates on Continually Deteriorating Offshore Driller Outlook
We are lowering our fair value estimates for offshore drillers Noble and Diamond, with Noble moving from $6.60 per share to $4.25 and Diamond moving from $16 per share to $14. We believe the new fair value estimates more appropriately reflect the magnitude of the ongoing downturn in offshore drilling markets. While the offshore rig count is likely to transition from falling to stabilization in coming quarters, the full impact on drillers' financial performance will be felt until new contracts ar...
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