Business Description
We are a leading provider of diversified services for the oil and gas industry.
We perform contract drilling services with our fleet of 57 offshore drilling units
located in key markets worldwide. This fleet consists of 13 semisubmersibles (including
five Noble EVA-4000(TM) semisubmersibles), three dynamically positioned drillships,
38 jackup rigs and three submersibles. Approximately 75 percent of the fleet is
currently deployed in international markets, principally including the Middle
East, Mexico, the North Sea, Brazil, West Africa, India and the Mediterranean
Sea. We provide technologically advanced drilling-related products and services
designed to create value for our customers. We also provide labor contract drilling
services, well site and project management services, and engineering services.
Our long-standing business strategy continues to be the active expansion of
our international offshore drilling and deepwater capabilities through acquisitions,
rig upgrades and modifications, and the deployment of assets in important geological
areas.
Although the deepwater drilling market is currently experiencing near-term
softness due to an increased supply of deepwater rigs, both the level of drilling
activity and the number of announced discoveries and related development programs
in water depths greater than 5,000 feet have increased substantially in recent
years, thus increasing the demand for rigs capable of drilling in these water
depths. As such, in recent years we have focused on increasing the number of
rigs in our fleet capable of deepwater offshore drilling.
We typically employ each drilling unit under an individual contract. Although
the final terms of the contracts are the result of our negotiations with our
customers, many contracts are awarded based upon competitive bidding.
Competition in contract drilling involves numerous factors, including price,
rig availability and suitability, experience of the workforce, efficiency, condition
of equipment, operating integrity, reputation, industry standing and customer
relations. We believe that we compete favorably with respect to all of these
factors. Competition is primarily on a regional basis and may vary significantly
by region at a particular time. Demand for offshore drilling equipment also
depends on the exploration and development programs of oil and gas producers,
which in turn are influenced by the financial condition of such producers, by
general economic conditions and prices of oil and gas, and, from time to time,
by political considerations and policies.
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