Noble Corp. Ensures Increased Deepwater Oil Demand
Despite the lowering oil prices we have seen lately, Noble energy is still creating higher demands within the offshore oil industry. They have seen growing revenue and higher need for offshore rigs. Augstino Fontevecchia explains why and how Noble is creating these increased demands.
Noble’s third quarter was marked by solid demand for its different rigs and vessels. The company’s total rig utilization reached 76% on 4,644 total operating days at an average daily rate of $151,782.
“The third quarter was highlighted by a number of accomplishments that further advance the strategic transformation of our fleet,” said David Williams, chairman, president, and CEO of Noble. The company has exercised options to add three additional high specification jackup rigs to its construction backlog and a fourth ultra-deepwater drillship, Williams said.
Noble is well positioned to take advantage of increased drilling activity across the globe. Halliburton, one of the world’s largest oil and gas service providers, revealed in its recent earnings that heightened activity fed its top line. At the same time, Brian Watson of MLP-specialized firm SteelPath, explained that increased activity would fuel the businesses of those MLPs involved in pipelines and terminals, which large E&P groups like Exxon Mobil and BP were shedding.
Noble Corporation is working hard to pick up the slack where others are not willing to. They are ceasing the moment of opportunity related to offshore drilling. Nothing wrong with grabbing the low hanging fruit! They could see great benefits from this.
Quotes taken from report by Agustino Fontevecchia, Read the entire article here.
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