London-based offshore drilling contractor Noble Corporation reported a web loss attributable to the Company for the three months ended March 31, 2020 of $1.1 billion, on whole revenues of $281 million.
First quarter earnings earlier than curiosity, taxes, depreciation and amortization totaled $91 million in comparison with $83 million within the fourth quarter, excluding the influence of the Noble Bully II contract buyout, whereas contract drilling margin improved to 40 % from 36 % over the interval. The slight lower in revenues, when in comparison with the adjusted fourth quarter outcome, was due largely to a decline in whole fleet working days and a modest improve in fleet downtime. Fewer accessible days within the first quarter, as a result of retirement of the Noble Joe Beall, and fewer calendar days saved whole fleet utilization flat at 77 % when in comparison with the earlier quarter.
Julie J. Robertson, Chairman, President and Chief Executive Officer of Noble Corporation plc, famous, “Total fleet utilization and common every day revenues within the first quarter have been largely unchanged from the fourth quarter of 2019, with restricted influence from the numerous dislocation skilled within the international oil and gasoline market.”
“The first quarter outcomes have been aided by an distinctive effort to handle our international operation within the face of mounting dangers and uncertainties created by the COVID-19 pandemic. The effort, which included professionals all through our Operations, HSE, Human Resources and Supply Chain disciplines, and plenty of amongst our offshore personnel who agreed to prolonged crew rotation schedules, demonstrates the dedication and dedication that characterizes your complete Noble group.”

The Company’s 12 floating rigs achieved utilization of 58 % within the first quarter in comparison with 60 % within the fourth quarter. Excluding three chilly stacked items, utilization within the first and fourth quarters was 78 % and 80 %, respectively. In addition to the impact of fewer calendar days within the first quarter, there was a 4 % decline in working days when in comparison with the fourth quarter, due largely to lowered days for the drillship Noble Bully II, which spent the quarter mobilizing to a brand new stacking location. Partially offsetting the decline in working days was a full quarter of operations on the Noble Don Taylor offshore Guyana. At the conclusion of the primary quarter, seven of the Company’s 9 actively marketed rigs have been contracted. In April, operations on the Noble Tom Madden offshore Guyana have been positioned on standby for as much as 90 days at a lowered dayrate.
The Company’s 13 jackup rigs (earlier than the retirement of the Noble Joe Beall) skilled marginally fewer working days when in comparison with the fourth quarter. A discount in working days on every of the rigs Noble Joe Beall, Noble Regina Allen, Noble Johnny Whitstine and Noble Hans Deul, was largely offset by elevated exercise on the Noble Tom Prosser, Noble Houston Colbert and Noble Joe Knight. Due to the retirement of the Noble Joe Beall and fewer calendar days within the quarter, utilization completed the primary quarter at 94 % in comparison with 93 % within the fourth quarter. During the primary quarter, the Noble Hans Deuland Noble Sam Turnercompleted contracts within the UK North Sea and have been heat stacked. Following the conclusion of the quarter, the Noble Sam Hartley and Noble Houston Colbert have been heat stacked after finishing work assignments in April 2020 and operations on the Noble Tom Prosser offshore Australia have been positioned on standby at a lowered dayrate for as much as 365 days.
The jackup rig Noble Scott Marks, situated offshore Saudi Arabia, will probably be suspended on the request of its consumer.
Commenting on the state of the offshore drilling business, Ms. Robertson added, “The discount in demand on account of the COVID-19 pandemic and the precipitous escalation in international crude oil provides have positioned…

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