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Noble's (NE) Drillship Inks Offshore Contract With ExxonMobil
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According to the latest fleet update released by Noble Corporation (NE - Free Report) , the company’s drillship, Noble Paul Romano, has been contracted by ExxonMobil Corporation (XOM - Free Report) at an undisclosed dayrate. The three-year contract will commence operations in first-half 2018 and continue till early 2021. The drillship will operate offshore Guyana.
The purposes of the drillship have not been specified. Noble Paul Romano is most likely to be used for development drilling on the Liza project. Earlier, ExxonMobil had announced that Liza is likely to be brought online by 2020, with four drill centers visualized for the development with a total of 17 wells, including eight production wells.
Additionally, the Noble Paul Romano also won two extensions with Hess Corporation (HES - Free Report) in the Gulf of Mexico, the first until October at the same dayrate of $128,500 and then until December at a reduced dayrate of $115,000.
Noble provides diversified services for the oil and gas industry. The company offers contract drilling services with a fleet of 28 offshore drilling units, consisting of 14 semisubmersibles and drillships and 14 jackups. It renders contract drilling services along with provision of labor contract drilling, engineering and consulting and project management services. The company offers its services in the United States, the Middle East, India, Mexico, the North Sea, Brazil and West Africa.
In addition, Noble is a leading offshore drilling firm with a robust portfolio of assets. Though the industry has witnessed a setback in the past few months, the company is likely to be affected less than its peers. This is because it enjoys a strong backlog position of $3.2 billion.
Noble has plans to upgrade its fleet through acquisitions and newbuild projects. Moreover, it continues to benefit from its robust position in the ultra-deepwater market.
The company’s robust portfolio of assets, long-term commitments and strong backlog offer some relief in the current weak pricing scenario.
Over the last six months, shares of Noble have lost 53.3% compared with the industry’s decline of 44.8%.
Range Resources delivered a positive earnings surprise of 250.00% in the preceding quarter. The company beat estimates in three of the trailing four quarters with an average negative earnings surprise of 94.22%.
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Noble's (NE) Drillship Inks Offshore Contract With ExxonMobil
According to the latest fleet update released by Noble Corporation (NE - Free Report) , the company’s drillship, Noble Paul Romano, has been contracted by ExxonMobil Corporation (XOM - Free Report) at an undisclosed dayrate. The three-year contract will commence operations in first-half 2018 and continue till early 2021. The drillship will operate offshore Guyana.
The purposes of the drillship have not been specified. Noble Paul Romano is most likely to be used for development drilling on the Liza project. Earlier, ExxonMobil had announced that Liza is likely to be brought online by 2020, with four drill centers visualized for the development with a total of 17 wells, including eight production wells.
Additionally, the Noble Paul Romano also won two extensions with Hess Corporation (HES - Free Report) in the Gulf of Mexico, the first until October at the same dayrate of $128,500 and then until December at a reduced dayrate of $115,000.
Noble provides diversified services for the oil and gas industry. The company offers contract drilling services with a fleet of 28 offshore drilling units, consisting of 14 semisubmersibles and drillships and 14 jackups. It renders contract drilling services along with provision of labor contract drilling, engineering and consulting and project management services. The company offers its services in the United States, the Middle East, India, Mexico, the North Sea, Brazil and West Africa.
In addition, Noble is a leading offshore drilling firm with a robust portfolio of assets. Though the industry has witnessed a setback in the past few months, the company is likely to be affected less than its peers. This is because it enjoys a strong backlog position of $3.2 billion.
Noble has plans to upgrade its fleet through acquisitions and newbuild projects. Moreover, it continues to benefit from its robust position in the ultra-deepwater market.
The company’s robust portfolio of assets, long-term commitments and strong backlog offer some relief in the current weak pricing scenario.
Over the last six months, shares of Noble have lost 53.3% compared with the industry’s decline of 44.8%.
Noble currently carries a Zacks Rank #3 (Hold). Another better-ranked stock in the same space includes Range Resources Corp. (RRC - Free Report) , which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Range Resources delivered a positive earnings surprise of 250.00% in the preceding quarter. The company beat estimates in three of the trailing four quarters with an average negative earnings surprise of 94.22%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>