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Fly News Breaks for June 10, 2019
NE
Jun 10, 2019 | 08:15 EDT
BofA/Merrill analyst Chase Mulvehill reinstated coverage of Noble Corporation with an Underperform rating and $1.25 price target, saying that while Noble has a "decent" setup over the next few years, there is not much capacity to grow, utilization is already high, and Noble "just has too much debt." Once contracts roll on its lower tier drillships beginning in 2022, Mulvehill contends that there could be material re-contracting risk as they sit outside of the optimized UDW rig supply curve.
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