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Caroline Alting, Senior Vice President of Operations Excellence and Sustainability at Noble Corp (NYSE:NE), recently sold 1,618 shares of the company’s Class A Ordinary Shares, netting a total of $54,122. The shares were sold at a price of $33.45 each. Following this transaction, Alting retains ownership of 2,004 shares in the company. Noble Corp, currently valued at $5.2 billion, maintains a "GOOD" financial health score according to InvestingPro analysis.
In addition to the sale, Alting acquired 3,622 shares through the vesting of Restricted Stock Units (RSUs), which were converted into Class A Ordinary Shares. These RSUs were acquired at no cost as part of her compensation package. The RSUs vest in three equal annual installments, with the first installment having vested on January 26, 2025.
Alting’s transactions reflect a strategic management of her equity holdings in Noble Corp, a company engaged in drilling oil and gas wells.
In other recent news, Noble Corporation has been the focus of several recent developments. The company reported a positive outlook following the successful acquisition of Diamond Offshore, which added 41 rigs and a $2 billion increase to its backlog. This was further highlighted by JPMorgan maintaining a Neutral rating for Noble, despite a slower contracting pace compared to 2022-23.
Noble has secured contracts for several of its drilling vessels, but was informed by INPEX of an early termination for the Noble Deliverer rig. This termination fee will be reported as a special item in the fourth-quarter 2024 earnings. JPMorgan forecasts Noble’s fourth-quarter 2024 EBITDA to be $295 million, aligning with consensus estimates.
The integration of Diamond Offshore into Noble’s operations is progressing well, with most of the anticipated $100 million in annual cost synergies expected to be realized in 2025. Additionally, Noble is preparing to bid its Noble Valiant drillship and Noble Voyager for global work opportunities. Lastly, capital expenditures for 2025 are estimated at $422 million, a 23% decrease from the 2024 forecast of $550 million.
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