Image: Noble Mick O'Brien Courtesy: Noble Corp.
Investment thesis
Noble Corp. (NE) released its fleet status on July 9, 2020. It was a new fleet status, and I was expecting much worse. Some long-term contracts were postponed, and one contract was canceled, but overall it was not catastrophic. Perhaps the oil price rebound that we have experienced recently has helped operators regain some confidence.
However, the offshore drilling sector is facing a very challenging environment, and I do not see any quick fix. Noble Corp. is now facing a dire financial situation,