Noble Corp (NYSE: NE) reported Q3 EPS of ($0.43), $0.03 better than the analyst estimate of ($0.46). Revenue for the quarter came in at $279.41 million versus the consensus estimate of $260.89 million.

Julie J. Robertson, Chairman, President and Chief Executive Officer of Noble Corporation plc, stated, "Third quarter results gave convincing evidence of strengthening in the offshore drilling business and demonstrated how Noble is realizing measurable gains from the cyclical improvement. Across our fleet, operating days advanced 12 percent when compared to the second quarter, due primarily to higher activity among our premium jackups concentrated in the increasingly active North Sea and Middle East regions. Consequently, total revenues improved eight percent over the prior quarter, continuing the favorable trend through 2018, with third quarter revenues exceeding those reported for the first quarter of the year by almost 20 percent."

Outlook

In closing, Ms. Robertson noted, "It is apparent that a meaningful increase in drilling activity has begun, as customers increasingly recognize the compelling economics inherent in their offshore project portfolios. As more of these projects transition from an evaluation phase to full execution, and additional access is granted to promising offshore basins, we believe higher fleet utilization industry-wide is likely, especially for high-specification rigs. Recent contract awards across the Noble fleet, including those for the drillships Noble Globetrotter II, Noble Tom Madden and Noble Sam Croft, and the recent purchase and concurrent three-year award for the jackup Noble Johnny Whitstine, give evidence of a more fundamentally sound environment while serving to strengthen Noble's competitive position as we enter 2019."

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