Image: Jack-up Noble Sam Turner
Investment Thesis
The London-based Noble Corporation (NE) released its second-quarter 2019 results, which confirmed that we may have finally reached a bottom in revenues, which are oscillating now between $280 million and $310 million. However, the backlog is still degrading, albeit at a slower pace, and daily rates are insufficient and still going down, from $236,700/d in Q2'18 to $197,911/d in Q2'19. Even the Jack-ups took a small hit with $124,572/d in Q2'19 compared to 127,150/d a year ago.
However, In the press release, the company indicated that