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Noble Corp. - Complete Fleet Analysis As Of August 17, 2016 And Commentary

Summary

Noble released its August Fleet status yesterday. The company announce one small contract in Australia with Apache and the early termination of the JU Tom Prosser.

Bank of AMerica/Merril upgraded the stock yesterday from underperform to Neutral with price target of $7.50.

I recommend NE as a buy.

Source: Drillship Noble Bob Douglas

Noble Corporation plc (NYSE:NE)

This article is an update of my preceding article published on July 15, 2016, about the July fleet status.

Complete Fleet Analysis and Fleet Status as of August 16, 2016.

1. Class: Drillships

# Name

Spec.

K feet

Contract

End

Current

Day rate

K$

Location

(0-rate)

1

Noble Bob Douglas

2013

10/40

Mid 2/17

4/17 - 6/17 (60-day?)

636

$290?

[Anadarko]

GOM

[Apache]

Suriname

2

Noble Bully I

2011

8.2/40 Mid 3/17

488

[Shell]

GOM

5-Y survey 9/16

1Y priced option

3 x 1Y option unpriced

3

Noble Bully II

2011

8.25/40

Early 4/22

456

[Shell]

Malaysia

4

Noble Don Taylor

2013

10/40 Late 2/19 475

[Shell]

US GOM

15% bonus eligible

Decline in day rate due to reduction in crewing level as requested by client

5

Noble Globetrotter I

2011

10/40 Mid 7/22 434 (For 1st 5 years)

[Shell]

US GOM 15% bonus eligible

6

Noble Globetrotter II

2013

10/40

In transit

Early 9/23

434 (Fixed for first 5 years)

[Shell]

Bulgaria

15% bonus eligible

Decline in day rate due to reduction in crewing level as requested by client

Click to enlarge

2. Class: Semi-Submersibles

# Name

Spec.

K feet

Contract

End

Current

Day rate

$ k

Location
1

Noble Paul Romano

1981/1998

6/25

Mid 9/16

304

[Hess]

USGOM

Click to enlarge

4. Class: Jack-Ups

# Name

Spec.

Feet/K feet

Contract

End

Current

Day rate

Location
1

Noble Alan Hay

1980/2005

300/25

Late 12/17

85

Arabian Gulf

0-rate 2Q'16(60d)

2

Noble Lloyd Noble

2Q'2016

($460 million final payment)

492/32

10/16

mid 10/16 - Mid 10/20

Transit

Acceptance testing

447 (including mobilization revenue)

[Statoil] UKNS
3

Noble David Tinsley

1981/

2004/2010

300/25

Late 12/17

85

Arabian Gulf

4

Noble Gene House

1981/1998

300/25

Mid 11/18

65

[Aramco] Arabian Gulf
5

Noble Hans Deul

2009

400/30

8/18

88 ("1")

[Shell]

UK

North Sea

6

Noble Joe Beall

1981/2004

300/25

Mid 11/18

65

[Aramco] Arabian Gulf

7

Noble Mick O'Brien

2013

400/35

8/17

150

UAE

8

Noble Roger Lewis

2007

400/30

Early 3/17

167

[Aramco] Arabian Gulf

0-rate 4Q'16(30d)

9

Noble Sam Hartley

2014

400/35

Mid 1/19

111

[Total]

Brunei

10

Noble Sam Turner

2014

400/35

8/18

96.5

[Maersk]

Denmark

11

Noble Scott Marks

2009

400/30

Early 7/17

167

[Aramco] Arabian Gulf

(30d)4Q'16

12

Noble Tom Prosser

2014

400/35

Early 4/17 9/16

Early termination for convenience with termination fee paid.

203

[Apache

Quadrant En.]

Australia

Click to enlarge

("1") Client has the right to early terminate the contract for convenience subject to a notice period and, in some circumstances, a retroactive dayrate adjustment.

Rigs available, ready stacked or cold stacked, idle.

# Rig name/shipyard...

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