Noble Corporation (NE) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $55.08 million, or $ 0.23 a share in the quarter, against a net profit of $325.81 million, or $1.32 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $1.44 million, or $0.01 a share compared with $178.14 million or $0.72 a share, a year ago.
Revenue during the quarter plunged 57.05 percent to $385.15 million from $896.67 million in the previous year period. Operating margin for the quarter stood at negative 0.57 percent as compared to a positive 45.72 percent for the previous year period.
Operating loss for the quarter was $2.21 million, compared with an operating income of $409.97 million in the previous year period.
Addressing third quarter 2016 results and highlights, David W. Williams, chairman, president and chief executive officer of Noble Corporation plc, noted, “Utilization of our jackup fleet remained healthy in the third quarter at 80 percent and recent contract awards for the Noble Regina Allen and Noble Houston Colbert support our expectations for continued relative strong jackup fleet performance in the near-term. However, in our floating rig fleet, utilization in the third quarter declined from the previous quarter, reflecting the challenging offshore drilling conditions that persist. Also, fleet downtime in the quarter of six percent was slightly above guidance of five percent, and we experienced higher-than-expected shipyard days.
Operating cash flow declines
Noble Corporation has generated cash of $962.68 million from operating activities during the nine month period, down 23.12 percent or $289.55 million, when compared with the last year period.
The company has spent $609.88 million cash to meet investing activities during the nine month period as against cash outgo of $320.95 million in the last year period.
The company has spent $438.98 million cash to carry out financing activities during the nine month period as against cash outgo of $835.35 million in the last year period.
Cash and cash equivalents stood at $426.05 million as on Sep. 30, 2016, up 159.11 percent or $261.62 million from $164.43 million on Sep. 30, 2015.
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