RDC - Noble Corp. - Discussion Of Q3 Results
The earnings season for offshore drillers is in full swing, and this time we will look at the numbers reported by Noble Corp. (NE). Noble's shares doubled from early April to early October, but the recent sell-off in the oil market and the corresponding sell-off in offshore drilling stocks hit the company's shares hard:
After such a drop, the earnings numbers could not have impacted the stock materially in case there was no major earnings surprise. That rarely happens in the offshore drilling space since fleet status reports and dayrate estimates are readily