Replies to post #1343 on The Rising Influence of Rising Affluence

[DewDiligence]

Since you asked about RIG and DO, here’s a 3-day-old article on NE :- )

http://www.reuters.com/article/idAFN1919408920100719

›Noble Corp Profit Down Sharply on US Drilling Halt

Jul 19, 2010 5:29pm EDT

SAN FRANCISCO, July 19 (Reuters) - Offshore oil and gas rig contractor Noble Corp (NE) reported on Monday a sharper-than-expected drop in quarterly profit, blaming in part a government ban on deepwater drilling in the Gulf of Mexico following the BP Plc well blowout in April.

In the first set of financial results from a rig contractor since the disaster, Noble said its second-quarter net profit fell to $218 million, or 85 cents per share, from $392 million, or $1.49 per share, a year before. Analysts had expected profit of $1.03 per share, according to Thomson Reuters I/B/E/S.

Revenue fell 21 percent to $710 million, versus an average estimate of $761 million.

Chief Executive David Williams said the revenue fell for a number of reasons, "not least" of which was the drilling limitations ordered by the U.S. government following the Gulf of Mexico spill. "However, we have moved quickly on a variety of fronts to protect our backlog and shareholder value," he added.

Noble has agreed to standby rates with most of its Gulf of Mexico clients while the deepwater moratorium continues, but it is still in talks with Anadarko Petroleum Corp (APC), which has claimed force majeure to escape the contract due to the drilling halt.

Noble shares fell 5.5 percent to $29 in after-hours trade. They had already been down 28 percent since the April 20 blowout, while shares of sector leader Transocean Ltd (RIG), owner of the lost rig, have dropped 48 percent.‹