Back to top

Analyst Blog

Rig contractor Noble Corporation (NE - Analyst Report) announced that it is working on fixing problems with the drillship Noble Discoverer, identified by the US Coast Guard in an inspection, as well as other potential issues the company found in an internal appraisal.

The U.S. Coast Guard alleged that several components and systems aboard the company's drillship require attention. The ship’s propulsion and safety management systems were the main concerns. Noble also found some other potential regulatory non-compliance problems associated with its operations, comprising likely unlawful collected water disposals taking place outside the period of drilling operations.

Noble intends to equip the ship prior to the Arctic drilling season that commences in June 2013. The company has already worked out numerous problems with the Noble Discoverer recognized by the Coast Guard. Currently, the ship is being moved to the shipyard and the remaining items will be resolved in course of the prior scheduled shipyard stay in Washington.

The current customer of Noble Discoverer — Royal Dutch Shell (RDS.A - Analyst Report) — and Noble, along with the Coast Guard are assessing the drillship's operations in Alaska as well as the impact of the 2012 Arctic operating conditions. These assessments are likely to assist the companies in increasing the promptness of the drillship and other drilling assets for 2013.

Moreover, Noble is designing an improved plan to make sure that its drilling rigs and their allied management procedures are in conformity with applicable maritime laws and leading industry practices. Noble has not made any commitments with respect to the timing, impact or result of the Coast Guard examination or its own appraisal into these regulatory matters.

Noble holds a Zacks #3 Rank, which is equivalent to a Hold rating for a period of one to three months. Longer term, we maintain our Neutral recommendation for the stock.

Please login to or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research


Are you a new Zacks Member or a visitor to

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
PLANAR SYST… PLNR 4.44 +5.21%
BITAUTO HOL… BITA 81.71 +5.12%
CTPARTNERS… CTP 16.66 +4.26%
CHINA BIOLO… CBPO 47.91 +3.30%
MALLINCKROD… MNK 72.94 +2.85%