Leading contract drilling company,
) reported first quarter 2013 earnings of 59 cents per share.
With a boost from multi-regional operational improvements, the
results surpassed both the Zacks Consensus Estimate of 57 cents
and year-ago earnings of 47 cents.
Total revenue in the quarter rose 21.7% to almost $971.0 million
from $797.7 million in the comparable quarter last year. However,
the top line failed to meet the Zacks Consensus Estimate of
$989.0 million. Contract Drilling Services contributed $928.7
million to the total revenue, reflecting a year-over-year
increase of 24.4% mainly on improved fleet utilization and higher
First Quarter Operating Highlights
Total operating income shot up almost 60% to $229.8 million from
the year-ago level of $143.6 million. Operating income from the
Contract Drilling segment rose 60.5% year over year to $225.1
million from $140.3 million.
Total rig utilization improved to 86% from the year-earlier level
of 74%. The overall average dayrate surged 4.5% to $174,578 from
$167,124 in the year-ago quarter.
The average dayrate for semisubmersible rigs registered about a
9.6% year-over-year fall to $321,037. Average capacity
utilization was 84% versus 86% in the year-ago period.
The average dayrate for Drillships rose about 13.1%
year-over-year to $315,216. Average capacity utilization was 83%
versus 51% in the year-ago period.
The average dayrate for the company's jackups was $105,559
compared with $90,382 in the year-ago quarter. Average capacity
utilization increased to 93% from the year-ago level of 79%.
The company has 74% of all rig days committed for this year,
including 79% of floating rig days and 76% of jackup rig days.
For 2014, 55% of the rig days are booked, comprising 71% of the
floater time and 50% of the jackup rig days. Overall total
backlog at the end of the first quarter was approximately $14.0
billion versus $14.3 billion as of year-end 2012.
At the end of the first quarter, the company had a cash balance
of $214.5 million and long-term debt of $4,844.2 million, with
debt-to-capitalization ratio of 36% (versus 35% at year-end
2012). In the reported quarter, Noble invested $372 million in
Noble Corporation is a leading offshore drilling contractor and
provider of diversified services for the oil and gas industry.
NOBLE CORP (NE): Free Stock Analysis Report
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