Last week, I discussed the general picture for the offshore drilling industry after recent oil price declines and was particularly concerned about the ongoing lack of deepwater exploration activity as supermajors have been largely sticking to their short-cycle investment strategies for now.
Today I will focus on Noble Corporation PLC (NE), a mid-sized offshore driller with meaningful exposure to both the floater and jackup markets, currently owning eight modern drillships (with two of them being jointly owned by the company and Royal Dutch Shell), four semi-submersibles of different ages and thirteen, mostly modern