SAN FRANCISCO, July 22 - Offshore oil and gas driller Noble Corp (NE.N) reported on Wednesday a 4 percent rise in quarterly profit as its deepwater rigs commanded higher rates, even while some of its jackups remained idle.
"Looking ahead, we do not expect the near-term contracting environment to change significantly despite the gradual recovery we are seeing in crude prices," Chief Executive David Williams said in a statement.
Noble, the world's third-largest independent contract driller, said second-quarter net profit rose to $392 million, or $1.49 per share, from $376 million, or $1.39 per share, a year before. Revenue rose nearly 11 percent to $899 million.
Analysts on average had expected a net profit after charges of $1.48 per share on revenue of $888.5 million, according to Reuters Estimates.
Noble's earnings included 5 cents of after-tax charges related to a rig that was damaged off the coast of Qatar in May when all three legs penetrated the sea floor. [ID:nN12339092]
The longer-term commitments involved in most deepwater drilling contracts have helped to shield Noble and others from a dramatic pullback in activity due to the drop in energy prices from record peaks a year ago.
Industry leader Transocean Ltd (RIG.N) demonstrated that resilience on Monday by announcing that one ultra-deepwater rig was contracted in Brazil for up to five years at a rate equal to, and possibly above, its current rate. [ID:nN20135670]
By contrast, land-drilling-focused rig contractor Nabors Industries Ltd (NBR.N) reported a sharp earnings drop on Tuesday, but saw the market bottoming out. [ID:nN21255714]
Transocean is due to report quarterly results next month, while nearest rival Diamond Offshore Drilling Inc (DO.N) is set to release its numbers on Thursday.
Shares of Noble traded at $32.30 in thin after-hours trade on Wednesday, after closing 1.9 percent down at $31.93.
The stock has risen 45 percent so far this year, compared with a 37 percent gain for the Philadelphia Stock Exchange oilfield service index .OSX.
"Looking ahead, we do not expect the near-term contracting environment to change significantly despite the gradual recovery we are seeing in crude prices," Chief Executive David Williams said in a statement.
Noble, the world's third-largest independent contract driller, said second-quarter net profit rose to $392 million, or $1.49 per share, from $376 million, or $1.39 per share, a year before. Revenue rose nearly 11 percent to $899 million.
Analysts on average had expected a net profit after charges of $1.48 per share on revenue of $888.5 million, according to Reuters Estimates.
Noble's earnings included 5 cents of after-tax charges related to a rig that was damaged off the coast of Qatar in May when all three legs penetrated the sea floor. [ID:nN12339092]
The longer-term commitments involved in most deepwater drilling contracts have helped to shield Noble and others from a dramatic pullback in activity due to the drop in energy prices from record peaks a year ago.
Industry leader Transocean Ltd (RIG.N) demonstrated that resilience on Monday by announcing that one ultra-deepwater rig was contracted in Brazil for up to five years at a rate equal to, and possibly above, its current rate. [ID:nN20135670]
By contrast, land-drilling-focused rig contractor Nabors Industries Ltd (NBR.N) reported a sharp earnings drop on Tuesday, but saw the market bottoming out. [ID:nN21255714]
Transocean is due to report quarterly results next month, while nearest rival Diamond Offshore Drilling Inc (DO.N) is set to release its numbers on Thursday.
Shares of Noble traded at $32.30 in thin after-hours trade on Wednesday, after closing 1.9 percent down at $31.93.
The stock has risen 45 percent so far this year, compared with a 37 percent gain for the Philadelphia Stock Exchange oilfield service index .OSX.
