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Noble Cut To Sell By Argus, Balance Sheet Said To Have Deteriorated

Argus downgraded Noble Corporation Ordinary Shares (UK) NE to Sell from Hold on declining offshore drilling activity and balance sheet concerns.

Analyst David Coleman noted that Noble continues to be pressured by a drop in offshore drilling activity, and has been hurt by lower fleet utilization and day rates.

Further, Noble will now face higher borrowing costs following credit downgrades from S&P and Moody's. In late April, Noble slashed its quarterly dividend to $0.02 from $0.15 to conserve cash.