SAN FRANCISCO, April 21 (Reuters) - Noble Corp, the world's third-largest offshore rig contractor by market value, posted a 10 percent drop in quarterly profit on Wednesday, better than Wall Street analysts were expecting.
Noble said its backlog was $7.5 billion, down from $8.1 billion at the end of 2009, as its clients' offshore drilling plans seem to lag a recovery in commodity prices.
'In spite of the continued strength in oil prices through the quarter, the contracting environment remains challenging,' Noble Chief Executive David Williams said.
The Swiss company said first-quarter net profit fell to $371 million, or $1.43 per share, from $414 million, or $1.58 per share a year ago. Revenue fell 6 percent to $841 milllion.
Analysts had expected a profit of $1.33 per share on revenue of $856 million, according to Thomson Reuters I/B/E/S.
Noble shares rose 0.9 percent to $41.95 in after-hours trading.
Larger rival Diamond Offshore Drilling Inc reports results on Thursday, along with Ensco Plc. Industry leader Transocean Ltd is due to report on May 5.
(Reporting by Braden Reddall. Editing by Robert MacMillan) Keywords: NOBLECORP/ (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Noble said its backlog was $7.5 billion, down from $8.1 billion at the end of 2009, as its clients' offshore drilling plans seem to lag a recovery in commodity prices.
'In spite of the continued strength in oil prices through the quarter, the contracting environment remains challenging,' Noble Chief Executive David Williams said.
The Swiss company said first-quarter net profit fell to $371 million, or $1.43 per share, from $414 million, or $1.58 per share a year ago. Revenue fell 6 percent to $841 milllion.
Analysts had expected a profit of $1.33 per share on revenue of $856 million, according to Thomson Reuters I/B/E/S.
Noble shares rose 0.9 percent to $41.95 in after-hours trading.
Larger rival Diamond Offshore Drilling Inc reports results on Thursday, along with Ensco Plc. Industry leader Transocean Ltd is due to report on May 5.
(Reporting by Braden Reddall. Editing by Robert MacMillan) Keywords: NOBLECORP/ (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.