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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: marc chatman who wrote (20010)	4/22/1998 3:00:00 PM
From: Teddy	Respond to of 95453

NE in line! Noble Drilling Reports First Quarter 1998 Results Wednesday, April 22, 1998 02:50 PM > HOUSTON, April 22 /PRNewswire/ -- Noble Drilling Corporation (NYSE: NE) reported a 95 percent increase in income before extraordinary items, for the first quarter of 1998 over the same period for 1997. Net income was $46.2 million, or $0.35 per share, on operating revenues of $189.0 million, compared to net income of $21.9 million, or $0.16 per share, on operating revenues of $168.7 million for the first quarter of 1997. Results for the first quarter of 1997 included an extraordinary charge of $1.7 million, net of taxes of $0.9 million, related to the Company's purchase of $29.6 million principal amount of its 9 1/4% Senior Notes Due 2003. James C. Day, Chairman, President and Chief Executive Officer, said, "Obviously we're pleased with the quarter's results and are sanguine about the longer term markets as our EVA-4000(TM) refurbishment efforts continue on time and on budget." The operating results of contract drilling services continued their strong performance in the first quarter of 1998 are due primarily to increases in average dayrates and the reactivation of the Noble Leonard Jones. Noble's platform management operations in the North Sea and Eastern Canada also experienced continued strong performance in the quarter due to a higher number of operating days and higher average labor contract dayrates. However, turnkey drilling services reported a net loss for the first quarter of 1998 due to a well which experienced unexpected drilling difficulties. At March 31, 1998, the Company's consolidated balance sheet reflected $1.2 billion in shareholders' equity, $48.0 million in cash and cash equivalents and marketable debt securities, and $204.6 million in short-term debt, current installments of long-term debt and long-term debt. Utilization of the Company's active rigs in the U.S. Gulf of Mexico averaged 99 percent for the first quarter of 1998 compared to 99 percent in the first quarter of 1997 and 97 percent in the fourth quarter of 1997. International offshore utilization averaged 90 percent for the first quarter of 1998 compared to 92 percent in the first quarter of 1997 and 97 percent in the fourth quarter of 1997. As of March 31, 1998, Noble operated 14 rigs under labor contracts in the U.K. North Sea and two rigs under a labor contract off the East Coast of Canada. These rigs are not owned or leased by the Company. Offshore contract drilling services from international sources accounted for approximately 72 percent and 68 percent of the Company's total offshore contract drilling services revenues for the first quarter of 1998 and 1997, respectively. Day said, "Due to the weakness in oil prices we can anticipate some decline in dayrates in certain markets, most dramatically in the Gulf of Mexico. However, our continued strategy of seeking longer-term contracts mitigates, to some extent, the near volatility in the commodity markets." The Company received notice today that Standard & Poors raised its corporate credit rating on Noble to single A minus from triple B. S&P also raised its rating on the Company's $125 million 9 1/8 Senior Notes due 2006 to single A minus from triple B.

To: marc chatman who wrote (20010)	4/22/1998 3:01:00 PM
From: PuddleGlum	Read Replies (1) \| Respond to of 95453

Has anyone been watching natural gas prices plummet today? They're down to about $2.40 last I checked, after going as low as $2.35. I suspect that the AGA report is to blame, but I haven't seen it yet. If anyone has access to it today, I'd sure appreciate a link. TIA, pg