Noble Corp. Withdraws Guidance as Offshore Drilling Outlook Turns Bleak

Offshore drilling contractor Noble Corporation has backtracked on its 2020 guidance announced in February, citing the recent sharp decline of oil price due to the oil oversupply and drop in demand caused by COVID-19, as the reason.

Noble Corp, a provider of drilling services to oil and gas companies, said Thursday that it expected the situation to negatively affect its business and results in 2020, but, “given the uncertainty surrounding the disruptions, cannot yet predict with reasonable accuracy the magnitude or duration of the impact, or the magnitude or pace of any recovery.”

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