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Noble Corporation plc

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Noble is a leading offshore drilling firm with a robust portfolio of assets. As of Jun 30, 2018, 76% of jackup’s available operating days were committed for 2018. For floater’s 42% of available rig operating days are committed.  The company also received new contracts as well as contract extensions as per its latest fleet report.  These secured commitments act as a cushion for the company in the volatile pricing market. However, we also remain concerned about Noble Corp’s high debt level. The company has a higher debt-to-capitalization ratio of 44.6% compared to the industry’s ratio of 37.1%. Moreover, Noble’s revenues have been declining since 2016. Even during the first six months of 2018, the company’ revenues decreased 11.9%. If this trend continues, the company’s bottomline will be affected.

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