courtesy Noble Corp.

Drilling contractor Noble Corp. has posted $250.3 million in net income for the first quarter of 2007, 72 percent better than the year-ago period on more drilling.

Drilling services revenue rose 14 percent to $577 million in the quarter, up 14 percent.

Noble generated $270 million in net cash during the three months and invested $237 million in capital projects, while debt remained steady.

In the Gulf of Mexico, where deepwater brings in 25 percent of revenues, the company will operate six semi-submersibles with the arrival of Noble Clyde Boudreaux.in 2010.

Meanwhile, “602 unpaid shipyard days” are budgeted for 2007 due to “major upgrades”, repairs and inspections. The company just one a national award for three million hours “without a lost time accident”.