Noble Corp (NYSE: NE) reported Q3 EPS of $0.72, $0.20 better than the analyst estimate of $0.52. Revenue for the quarter came in at $896.7 million versus the consensus estimate of $761.43 million.

Outlook

In closing, Williams stated, "Noble possesses a number of important elements that remain critical for successfully managing the offshore industry's cyclical trough. Of greatest importance is our contract cover, which remains strong into 2017 and has recently been supplemented by new contracts for the Noble Sam Hartley and Noble Danny Adkins. We believe the limited number of rigs in our fleet with near-term exposure to the current market are located in regions offering reasonable opportunities for follow-on assignments. Our total backlog of $8.1 billion at the conclusion of the third quarter should provide revenue potential in 2016 of an estimated $2.5 billion and another $1.6 billion in 2017. In addition, the consistency of our operational performance and our ability to effectively manage operating costs and capital expenditures have been instrumental in achieving better than expected levels of cash flow while maximizing liquidity. Finally, our recently announced dividend adjustment continues to provide a meaningful return to shareholders and is expected to increase liquidity by more than $220 million annually. This provides the Company with greater flexibility as we remain committed to positioning Noble to achieve value creation through the cycle."

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