Dallas, Texas 10/21/2013 (Financialstrend) – Switzerland based oil and gas drilling company Noble Corporation (NYSE:NE) reported strong 3Q results on October 16. It was able to show improvements in terms of operations and growth in revenue on a quarter or quarter compare.
For the third quarter which ended on September 30, the $9.62 billion market capitalized oil manufacturer was able to garner revenues of $282 million. It was able to record net income post taxes of $63 million. The 3Q revenue compared well with $177 million it had recorded in 2Q revenue. Revenue from 3Q was also more than double the $115 million it had recorded in 3Q12. Total revenue in 3Q was $1.08 billion compared to $0.88 billion in 3Q12.
Commenting on a blow out 3Q results “Chairman, President and Chief Executive Officer of Noble Corporation” David W. Williams has been quoted as saying, “Our global operations execution continues to trend favourably with total operational downtime in the quarter falling to 4.6 percent from 5.2 percent in the previous quarter. As we continue the steady addition of new ultra-deepwater drillships and high-specification jackups to our rapidly transforming offshore fleet, the improved mix of premium rigs should drive further improvement in our contract drilling margins, as we saw in the third quarter.”
He also highlighted the advanced commissioning of operation on two of its deepwater drilling ships leading to increased production. Another feather in the cap for the company this quarter was the reduction in planned and unplanned downtime in operations including less than projected “shipyard days”. The increased efficiencies in execution led to deliveries on schedule leading to seamless commissioning of new rigs. Post the revenue numbers announcement, the stock posted a 1.33% increase in its stock value during trading on October 19. In the past one week, the stock has appreciated by 0.74%.
