Oppenheimer Maintains Noble Rating, Cuts EPS Estimates

Noble Corporation's NE fleet status report showed a significant drop in anticipated 4Q10 downtime (961 days, up 111% from the prior estimate at the end of 3Q), Oppenheimer reports. “Much of the blame can be placed on the drilling moratorium in the GOM and the subsequent slowdown in permitting activity,” Oppenheimer writes. “Weak jackup supply/demand fundamentals globally and budget issues in Mexico specifically are also contributing factors. Overall, we are cutting our 2010/2011 EPS estimates to $3.10/$4.45. We maintain our Perform rating.” Noble Corporation currently trades at $36.20.