Noble Corporation NE reported 3Q10 EPS of $0.34, in line with Dahlman Rose & Co.'s forecast and slightly below the consensus $0.35 estimate. As expected, based on its recent fleet status report, Noble was met with several challenges during the quarter.
“Noble was forced to transfer the contract of the 4,000ft Lorris Bouzigard over to the Amos Runner, as it has apparently made no progress with Amos Runner's previous operator, Anadarko, which had the rig through 1Q11 but declared force majeure during the moratorium,” Dahlman Rose & Co. writes. “The Lorris Bouzigard has in turn been stacked. We expect continued choppy progress in the GoM, with tighter restrictions likely to lead to a somewhat staggered utilization recovery for most drilling contractors.”
Noble Corporation currently trades for $35.03.
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