Noble Corp. posts 1Q loss. CEO sees improvement in offshore drilling industry

Offshore driller Noble Corp. has reiterated its belief in long term-oil market fundamentals despite posting a loss of $302 million in the first quarter of the year on revenues of $363 million.

The company said the loss would have been $42 million had it not been for a negative impact of non-cas discrete tax item of $260 million, following a previously announced internal reorganization that should enhance liquidity through a lower current tax expense.

For comparison, in the first quarter of 2016, the offshore driller posted a net income of $105 million, on revenues of $612 million.

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