Noble's Loss Widens on $793 mln Charge
Offshore oil and gas drilling contractor Noble Corp Plc reported a bigger quarterly loss on Thursday, hurt by a $792.8 million impairment expense related to drilling rigs and other equipment.
The company, which operates largely in the Gulf of Mexico, has been retiring deep-water rigs as oil producers move away from offshore drilling to cheaper land-based shale.
Noble had 54 percent of its fleet in operation in the second quarter of 2018, down from 65 percent a year earlier. The average dayrate for its rigs rose 10 percent to $180,689.
Net loss attributable to the company increased to $628.1 million or $2.55 per share in the three months ended June 30, from $93.4 million or 38 cents per share a year ago.
Revenue fell to $258.4 million from $278.1 million.
Reporting by Karan Nagarkatti