Image: Jack-up Noble Sam Turner
Investment Thesis
The London-based Noble Corporation (NE) released its third quarter 2019 results, which confirmed again that we might have reached a bottom in revenues, which are oscillating roughly between $275 million and $300 million. It is progress for this struggling company, but will it be enough?
The contract backlog is still eroding, albeit at a slower pace, and daily rates are insufficient and going down for the floaters, from $281,796 in Q3'18 to $189,773 in Q3'19. Conversely, the Jack-ups increased a little with $130,339 in Q3'19 compared