The firm cited that the floater rig count demand in second quarter 2015 fell similarly to the first quarter 2015. Contracting for this quarter was barely up but mostly for short-term work.
In addition, the pace of rigs moving to non-marketed supply has lagged behind the drop in demand compared to earlier in the year and this is due to more higher quality rigs going idle. Only nine rigs moved to non-marketed status this quarter compared to 21 rigs in the first quarter, according to the analyst note.
"We expect all of these trends to persist near-term," analysts said. "Shares look expensive, and we could see a further drift down for most names."
Noble operates as an offshore drilling contractor for the oil and gas industry worldwide. It owns and operates a fleet of mobile offshore drilling units.
On Thursday, shares closed down 2.49% to $14.88.
Separately, TheStreet Ratings team rates NOBLE CORP PLC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NOBLE CORP PLC (NE) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."