Noble Corporation Ordinary Shares (UK)(NYSE:NE) has not only obtained a new contract with drillship Noble Bob Douglas with Apache Corporation (NYSE:APA), but it has also terminated another one with its customer; Quadrant Energy. The termination will take effect during the second half of Sep 2016 which is much earlier that the expected completion time. Nevertheless, the company will receive a 50% of the operating day rate being demobilization fee. As this happens, the new drillship contract which will operate in Suriname is for the period Apr–Jun 2017.
Diversification of Noble Corp’s services within the oil and gas industry
The company renders a vast array of services hence it is well-known because of its global reach. It has its presence in the United States, the Middle East, India, Mexico, the North Sea, Brazil, and West Africa. Noble Corp has been involved in engineering, consulting and project management services. But at the same time, it also offers contract drilling services with a fleet of 30 offshore drilling units which have the inclusive of 16 semisubmersibles and drillships and 14 jackups.
Various setbacks have in the last few months hit the industry. But apparently, and as others feel the impact, Noble Corp has nothing to lose from the consequences. It is still priding in being a leading offshore drilling firm that holds up to a full-bodied portfolio of assets. Its Zacks Rank #3 does not deter it from its operations given its strength which is the tune of ($8.1 billion) hence it remains unshaken. It still vows to stay in competition with the well-ranked players the likes of Sasol Ltd. SSL, Enbridge, Inc. ENB and Total SA TOT.
The building of new projects by Noble Corp and the upgrading of its fleet through acquisitions is clear indication that the company will be on track longer. It will perhaps be taking advantage of the growing market, and it will equally benefit from its strategic position.