(Updated at 7:50 a.m on April 30. Update corrects EPS.)

Noble Corp (NYSE: NE) reported Q1 EPS of $0.72, $0.21 better than the analyst estimate of $0.51. Revenue for the quarter came in at $804.34 million versus the consensus estimate of $776.19 million.

David W. Williams, Chairman, President and Chief Executive Officer of Noble Corporation plc, pointed to the Company's operations performance as a key driver of the strong financial results in the quarter. "Improved revenue efficiency resulting from fleet downtime of less than 4 percent represented outstanding performance and was well below our guidance for the quarter. This accomplishment is particularly noteworthy given the dramatic shift of our fleet over the past two years toward a higher mix of premium floating and jackup rigs. The strong execution was, in part, responsible for an 18 percent decline in contract drilling operating expenses when compared to the fourth quarter of 2014, as rig repair costs were minimized. We also benefited during the quarter from further cost control initiatives as we adjusted our operations to the current pace of offshore activity. The excellent operating performance led to higher profitability and a lower-than-expected effective tax rate, which contributed to the strong financial results.

"We entered 2015 well aware of the formidable industry challenges resulting from the combination of lower crude oil prices, reduced upstream spending by customers and excess offshore rig capacity. In the face of weaker industry fundamentals, we remain focused on efforts to capture additional cost reductions and improve operating efficiencies to maintain healthy contract drilling services margins while upholding our high operational standards."

For earnings history and earnings-related data on Noble Corp (NE) click here.