Noble Profits Go Up

22 July 2009 (Last Updated July 22nd, 2009 18:30)

Offshore drilling company Noble has reported a 4% rise in quarterly profit, even while some of its jack-ups remained idle. Noble boss David Williams said that the company did not expect the near-term contracting environment to change significantly, despite the gradual crude price recov

Offshore drilling company Noble has reported a 4% rise in quarterly profit, even while some of its jack-ups remained idle.

Noble boss David Williams said that the company did not expect the near-term contracting environment to change significantly, despite the gradual crude price recovery.

The company said that second-quarter net profit rose to $392m, or $1.49 a share, from $376m, or $1.39 per share, from the same time last year, a Reuters report said.

Revenue was up nearly 11% to $899m.

Analysts on average had expected a net profit after charges of $1.48 per share on revenue of $888.5m, according to Reuters Estimates.