Noble drops rates on some vessels, stacks others

Offshore staff

LONDON and NEW YORKNoble has released its monthly contract status update, dropping several vessels’ day rates and confirming the results of its earlier agreement with Freeport-McMoRan.

As announced earlier this month, the Noble Tom Madden and Noble Sam Croft are preparing to be warm stacked in the Gulf of Mexico. The two will join the Noble Danny Adkins, Evercore ISI’s Oilfield Services, Equipment & Drilling group noted in its recent reporting on Noble’s update.

With three floaters available in the region, Noble announced it will cold stack the Noble Jim Day. The company previously planned to warm stack the 12,000-ft DP semisub, but cold stacking the unit should bring the stacking cost below the prior $35,000-40,000/d guidance range, Evercore said.

The analyst group went on to note that Noble reduced the Noble Bully I’s day rate to $488,000 from $491,000 as part of its “operating cost reduction.”  

Other items of possible interest in its recent status update are a new contract start date for the Mick’Brien, which will now commence in mid-June instead of May.  Also, the 60 days of operational downtime for regulatory inspection/maintenance on the Alan Hay was shifted to 3Q from 2Q.

05/20/2016

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