Noble Drilling Reports First Quarter 2001 Results

Apr 25, 2001, 01:00 ET from Noble Drilling Corporation

    SUGAR LAND, Texas, April 25 /PRNewswire/ -- Noble Drilling Corporation's
 (NYSE:   NE) reported net income increased 114 percent for the first quarter of
 2001 to $54.5 million, or $0.40 per diluted share, on operating revenues of
 $222.4 million, compared to net income of $25.5 million, or $0.19 per diluted
 share, on operating revenues of $184.8 million for the first quarter of 2000.
     James C. Day, Chairman and Chief Executive Officer, said, "Our excellent
 financial results speak for themselves.  All areas of the Company's operations
 continued to improve."
     At March 31, 2001, the Company's consolidated balance sheet reflected
 $1.650 billion in shareholders' equity, $220.7 million in cash and cash
 equivalents, and $685.0 million in total debt.
     Offshore contract drilling services revenues from deepwater drilling units
 (capable of drilling in 3,000 feet and greater) accounted for approximately 42
 percent and 50 percent of the Company's total offshore contract drilling
 services revenues for the first quarter of 2001 and 2000, respectively.  All
 six of the Company's deepwater semisubmersibles activated since December 1998
 are operating under long-term contracts, with five in the Gulf of Mexico and
 one offshore Brazil.  Offshore contract drilling services revenues from
 international sources accounted for approximately 45 percent and 52 percent of
 the Company's total offshore contract drilling services revenues for the first
 quarter of 2001 and 2000, respectively, as dayrates in the Gulf of Mexico have
 increased significantly since the first quarter of 2000.  The average dayrate
 on the Company's domestic jackup rigs increased to $50,666 in the first
 quarter of 2001, up from $28,684 in the first quarter of 2000.  Market
 conditions have also improved in certain international locations, particularly
 in West Africa which has shown a significant increase in utilization levels.
 Utilization improved to 90 percent in the first quarter of 2001, up from 27
 percent in the first quarter of 2000.  The average dayrate in West Africa also
 increased to $43,182 in the first quarter of 2001, up 23 percent from the same
 quarter of the prior year.
     Day said, "We are well positioned with the right management, experienced
 operational personnel and premium drilling assets to respond to the improved
 market.  Not surprisingly, our clients' activity levels continued to
 accelerate."
     Noble Drilling Corporation is a leading provider of diversified services
 for the oil and gas industry.  Contract drilling services are performed with
 the Company's fleet of 49 offshore drilling units located in key markets
 worldwide.  The Company's fleet of floating deepwater units consists of nine
 semisubmersibles and three dynamically positioned drillships, seven of which
 are designed to operate in water depths greater than 5,000 feet.  The
 Company's premium fleet of 34 independent leg, cantilever jackup rigs includes
 21 units that operate in water depths of 300 feet and greater, four of which
 operate in water depths of 360 feet and greater, and 11 units that operate in
 water depths of 250 feet.  In addition, the Company's fleet includes three
 submersible units. Nine of the Company's units are capable of operating in
 harsh environments.  Nearly 60 percent of the fleet is currently deployed in
 international markets, principally including the North Sea, Brazil, West
 Africa, the Middle East and India.  The Company also provides labor contract
 drilling services, well site and project management services, and engineering
 services.  The Company's common stock is traded on the New York Stock Exchange
 under the symbol "NE".
     This news release may contain "forward-looking statements" about the
 business, financial performance and prospects of the Company.  Statements
 about the Company's or management's plans, intentions, expectations, beliefs,
 estimates, predictions, or similar expressions for the future are forward-
 looking statements.  No assurance can be given that the outcomes of these
 forward-looking statements will be realized, and actual results could differ
 materially from those expressed as a result of various factors.  A discussion
 of these factors, including risks and uncertainties, is set forth from time to
 time in the Company's filings with the U.S. Securities and Exchange
 Commission.
     Additional information on Noble Drilling Corporation is available via the
 world wide web at http://www.noblecorp.com.
 
 
      NOBLE DRILLING CORPORATION AND SUBSIDIARIES
      SUMMARY OF RESULTS OF OPERATIONS
      (In thousands, except per share amounts)
      (Unaudited)
 
                                           Quarter Ended March 31,
                                          2001                2000
 
     Operating Revenues                 $222,391            $184,819
     Operating Costs and Expenses       (139,581)           (137,948)
     Operating Income                     82,810              46,871
     Other Income (Expense), Net          (9,705)            (11,450)
     Income Before Income Taxes           73,105              35,421
     Income Tax Provision                (18,642)             (9,918)
     Net Income                         $ 54,463            $ 25,503
 
     Earnings Per Share:
         Basic                          $   0.41            $   0.19
         Diluted                        $   0.40            $   0.19
 
     Weighted Average Common Shares
      Outstanding:
         Basic                           133,669             132,414
         Diluted                         135,547             134,622
 
                     MAKE YOUR OPINION COUNT -  Click Here
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SOURCE Noble Drilling Corporation
    SUGAR LAND, Texas, April 25 /PRNewswire/ -- Noble Drilling Corporation's
 (NYSE:   NE) reported net income increased 114 percent for the first quarter of
 2001 to $54.5 million, or $0.40 per diluted share, on operating revenues of
 $222.4 million, compared to net income of $25.5 million, or $0.19 per diluted
 share, on operating revenues of $184.8 million for the first quarter of 2000.
     James C. Day, Chairman and Chief Executive Officer, said, "Our excellent
 financial results speak for themselves.  All areas of the Company's operations
 continued to improve."
     At March 31, 2001, the Company's consolidated balance sheet reflected
 $1.650 billion in shareholders' equity, $220.7 million in cash and cash
 equivalents, and $685.0 million in total debt.
     Offshore contract drilling services revenues from deepwater drilling units
 (capable of drilling in 3,000 feet and greater) accounted for approximately 42
 percent and 50 percent of the Company's total offshore contract drilling
 services revenues for the first quarter of 2001 and 2000, respectively.  All
 six of the Company's deepwater semisubmersibles activated since December 1998
 are operating under long-term contracts, with five in the Gulf of Mexico and
 one offshore Brazil.  Offshore contract drilling services revenues from
 international sources accounted for approximately 45 percent and 52 percent of
 the Company's total offshore contract drilling services revenues for the first
 quarter of 2001 and 2000, respectively, as dayrates in the Gulf of Mexico have
 increased significantly since the first quarter of 2000.  The average dayrate
 on the Company's domestic jackup rigs increased to $50,666 in the first
 quarter of 2001, up from $28,684 in the first quarter of 2000.  Market
 conditions have also improved in certain international locations, particularly
 in West Africa which has shown a significant increase in utilization levels.
 Utilization improved to 90 percent in the first quarter of 2001, up from 27
 percent in the first quarter of 2000.  The average dayrate in West Africa also
 increased to $43,182 in the first quarter of 2001, up 23 percent from the same
 quarter of the prior year.
     Day said, "We are well positioned with the right management, experienced
 operational personnel and premium drilling assets to respond to the improved
 market.  Not surprisingly, our clients' activity levels continued to
 accelerate."
     Noble Drilling Corporation is a leading provider of diversified services
 for the oil and gas industry.  Contract drilling services are performed with
 the Company's fleet of 49 offshore drilling units located in key markets
 worldwide.  The Company's fleet of floating deepwater units consists of nine
 semisubmersibles and three dynamically positioned drillships, seven of which
 are designed to operate in water depths greater than 5,000 feet.  The
 Company's premium fleet of 34 independent leg, cantilever jackup rigs includes
 21 units that operate in water depths of 300 feet and greater, four of which
 operate in water depths of 360 feet and greater, and 11 units that operate in
 water depths of 250 feet.  In addition, the Company's fleet includes three
 submersible units. Nine of the Company's units are capable of operating in
 harsh environments.  Nearly 60 percent of the fleet is currently deployed in
 international markets, principally including the North Sea, Brazil, West
 Africa, the Middle East and India.  The Company also provides labor contract
 drilling services, well site and project management services, and engineering
 services.  The Company's common stock is traded on the New York Stock Exchange
 under the symbol "NE".
     This news release may contain "forward-looking statements" about the
 business, financial performance and prospects of the Company.  Statements
 about the Company's or management's plans, intentions, expectations, beliefs,
 estimates, predictions, or similar expressions for the future are forward-
 looking statements.  No assurance can be given that the outcomes of these
 forward-looking statements will be realized, and actual results could differ
 materially from those expressed as a result of various factors.  A discussion
 of these factors, including risks and uncertainties, is set forth from time to
 time in the Company's filings with the U.S. Securities and Exchange
 Commission.
     Additional information on Noble Drilling Corporation is available via the
 world wide web at http://www.noblecorp.com.
 
 
      NOBLE DRILLING CORPORATION AND SUBSIDIARIES
      SUMMARY OF RESULTS OF OPERATIONS
      (In thousands, except per share amounts)
      (Unaudited)
 
                                           Quarter Ended March 31,
                                          2001                2000
 
     Operating Revenues                 $222,391            $184,819
     Operating Costs and Expenses       (139,581)           (137,948)
     Operating Income                     82,810              46,871
     Other Income (Expense), Net          (9,705)            (11,450)
     Income Before Income Taxes           73,105              35,421
     Income Tax Provision                (18,642)             (9,918)
     Net Income                         $ 54,463            $ 25,503
 
     Earnings Per Share:
         Basic                          $   0.41            $   0.19
         Diluted                        $   0.40            $   0.19
 
     Weighted Average Common Shares
      Outstanding:
         Basic                           133,669             132,414
         Diluted                         135,547             134,622
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X96779872
 
 SOURCE  Noble Drilling Corporation