Image: Jack-up Noble Sam Turner
Investment Thesis
The London-based Noble Corporation (NYSE: NE) released its first quarter 2020 results on May 6, 2020. It was the same disheartening situation that we experienced with Valaris (VAL) a week before.
There is a limit on how much this industry can take on the chin before collapsing unconscious. The offshore drilling industry had suffered some tremendous pain, which started when the US Shale became an important international oil-producing actor around 2015.
Operators were attracted to the idea of investing CapEx and almost instantly getting cash flow from