Noble Corporation Optimistic on Market Outlook

Noble Corporation Optimistic on Market Outlook
Noble Corporation is optimistic about the market outlook, according to Robert W. Eifler, the president and chief executive officer of the company.

Noble Corporation is optimistic about the market outlook.

That’s what Robert W. Eifler, the president and chief executive officer of Noble Corporation, said in the company’s first quarter results statement, adding that the business sees a pipeline of interesting tender opportunities developing along with improving day rates, especially in the floater market.

Noble emerged from Chapter 11 bankruptcy protection on February 5 and adopted fresh-start accounting, which resulted in the company becoming a new reporting entity for accounting and financial reporting purposes. As a result, the company noted in its first quarter results that its financial statements and notes after February 5 are not comparable to its financial statements and notes prior to that date.

From February 6 to March 31, Noble Corporation reported revenues of $92 million, with a contract drilling services revenue of $85 million, and an adjusted net loss of $27 million. As of March 31, the company's estimated revenue backlog totaled approximately $1.5 billion, consisting of around $1.1 billion associated with the floating rig fleet and approximately $400 million with the jackup fleet. An estimated $568 million of the revenue backlog was attributable to the remainder of the year 2021.

Noble Corporation announced the acquisition of Pacific Drilling in March, which closed on April 15. In a statement posted on its website last month, Noble Corporation said Pacific Drilling’s high specification ultra-deepwater drillship fleet further enhances Noble Corporation’s global position as an owner and operator of one of the most modern and technically advanced fleets in the offshore drilling industry.

“We are pleased to have completed the Pacific Drilling acquisition on an expedited timeline,” Eifler said in Noble Corporation’s first quarter results statement.

“The integration of Pacific Drilling's high specification drillships into Noble’s operations is going well, and we are excited to have available drillship capacity again to better serve the needs of our customers. We are on track to achieve our synergy target of $30 million before the end of 2021, and in so doing, lowering our shorebased burden per rig across the consolidated fleet,” he added.

“We remain committed to maintaining a strong balance sheet and to capital discipline, and we look forward to continuing to execute on our strategy and build shareholder value,” Eifler went on to say.

Noble Corporation is a leading offshore drilling contractor for the oil and gas industry, according to its website, which highlights that the company and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.

To contact the author, email andreas.exarheas@rigzone.com



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