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Is Noble Corp Different from Its Peers in Cold Stacking Rigs?

Key Takeaways from Noble Corporation's 2Q15 Earnings

(Continued from Prior Part)

Industry scrapping and stacking

Offshore drilling (OIH) companies such as Diamond Offshore (DO), Pacific Drillers (PACD), Ensco (ESV), Transocean (RIG), and Seadrill (SDRL) are reacting to depressed rig demand by either scrapping vessels or cold stacking them. According to Noble Corporation’s management, the total number of rigs selected for retirement in the industry is 42. Further, 64 rigs have been selected for cold stacking. These 86 rigs make up 22% of the total industry fleet.

Scrapping and...