Noble Posts 3Q Results in Line With Our Expectations; Maintaining FVE
Noble’s third-quarter results moved lower sequentially, but were in line with our expectations. Fleet utilization weakened, with the Regina Allen, Houston Colbert, and Mick O’Brien jackups rolling off contract during the quarter. Jackup operating days of 1,043 sank 12% lower than the 1,183 operating days in the prior quarter, but higher than our estimate of 1,031. Absent any new opportunities in the fourth quarter, we believe Noble’s revenue operating days will sink further with several rigs rol...
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