Noble Corp (NYSE: NE) reported Q1 EPS of ($0.37), $0.05 better than the analyst estimate of ($0.42). Revenue for the quarter came in at $282.89 million versus the consensus estimate of $275.65 million.

"We are encouraged by our strong start to 2019 and the continued evidence of steady industry improvement," said Julie J. Robertson, Chairman, President and Chief Executive of Noble Corporation plc. "Following the completion of timely reactivation programs, we have returned four floating units and one jackup to active service over the past seven months, including the drillship Noble Sam Croft during the first quarter of 2019. These cost-effective rig reactivations, coupled with the excellent regional positioning of our global fleet, were instrumental in driving higher total marketed fleet utilization in the first quarter, to 87 percent compared to only 57 percent for the same quarter in 2018. In addition, our fleet operating days continue to trend favorably, and operational execution remains outstanding with total fleet uptime in the first quarter of 97.8 percent."

Outlook

Concluding, Ms. Robertson noted, "At the close of the first quarter of 2019, utilization of the offshore industry's floating fleet, as measured by marketed contracted units, reached 80 percent for the first time since September 2015. Customer needs for floating rig capacity are becoming more numerous, with an increasing number of opportunities requiring primary terms of one or more years. These favorable developments, together with continuing improvement across the global jackup rig fleet, further supports the argument for a gradual, broadening industry recovery."

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