Noble Corporation is reported to have announced and told the press about its second quarter 2008 earnings of $376 million, or $1.40 per diluted share, versus $290 million, or $1.08 per diluted share, for the second quarter of 2007. Per-share earnings were up 30 percent from the second quarter of 2007 and down 2 percent from the $1.43 per diluted share reported for the first quarter of 2008.
Contract drilling services revenues for the second quarter of 2008 were $783 million, up 19 percent from the second quarter 2007. Contract drilling margin for the second quarter 2008 was approximately 67 percent, generating $443 million in net cash provided by operating activities. The Company invested approximately $291 million in capital projects during the second quarter 2008. The results for the second quarter of 2008 include an after-tax gain on the sale of our North Sea labor contract drilling services business of $0.11 per diluted share and after-tax charges of $0.01 per diluted share related to the ongoing independent investigation of the Company’s Nigerian operations.
David W. Williams, Noble Corporation Chairman, President and Chief Executive Officer, said that “We are in the midst of another strong year, with great momentum as we head into the second half of 2008 – We continue to see healthy demand for all classes of units in all markets. We are particularly pleased with the continued strength of the international jackup business. As we look ahead to the remainder of the year, we anticipate taking delivery of the Noble Hans Deul in September 2008 and seeing that unit enter service in the North Sea, increasing our jackup fleet in that market to eight units.”
Earnings for the first six months of 2008 totaled $2.83 per diluted share compared with $2.01 in the same period last year. Earnings for 2008 include the gain on the sale of the North Sea labor contract drilling business, while earnings for 2007 included charges of $8 million related to the sale of non-core business assets. Contract drilling services revenues were $1.6 billion and earnings were $760 million in the first half of 2008, up 28 percent and 41 percent, respectively, from the year-earlier period.
Source: Noble Corporation