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Noble Corp Fleet Status: Contract Extension in Gulf of Mexico

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Noble Corporation (NE - Free Report) recently released its latest fleet status update.

According to the update, the contract for Noble Corp.’s semisubmersible Noble Paul Romano with Hess Corporation (HES - Free Report) at a dayrate of $128,500 has been extended. The contract is from mid Dec 2016 to late May 2017. The drillship will operate in Gulf of Mexico.

Noble Corp. provides diversified services for the oil and gas industry. The company offers contract drilling services with a fleet of 30 offshore drilling units, consisting of 16 semisubmersibles and drillships, and 14 jackups. The company 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 Corp. 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 less impacted by it than its peers. This is because it enjoys a strong backlog position of $8.7 billion.

Noble Corp. remains on track to upgrade its fleet through acquisitions and newbuild projects. Moreover, it continues to benefit from its robust position in the ultra-deepwater market.

Noble Corp.'s robust portfolio of assets, long-term commitments and strong backlog offer some relief in the currently weak pricing scenario.

Noble Corp. currently has a Zacks Rank #3 (Hold). Some better-ranked players in the same sector include SunCoke Energy Inc. (SXC - Free Report) and Suncor Energy, Inc. (SU - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

SunCoke Energy posted a positive earnings surprise of 177.78% in the last reported quarter. It reported a positive earnings surprise in three of the four preceding quarters.

Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It reported an average earnings surprise of 40.55% for the four preceding quarters.

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