Core Insights - Noble has expanded its backlog to $7 billion, yet its stock performance remains weak, with a notable investor, Canyon Capital Advisors, reducing its stake by $2 million [1][2][6] Company Overview - Noble is a leading offshore drilling contractor with a global fleet designed for complex exploration and production activities, primarily generating revenue through long-term contracts with energy companies [5] - The company reported a total revenue of $3.4 billion and a net income of $226.7 million for the trailing twelve months (TTM), with a dividend yield of 6.5% [4] Recent Developments - Canyon Capital Advisors reduced its stake in Noble by 158,607 shares, leaving them with approximately 1.3 million shares valued at $36.9 million as of September 30 [2][7] - Despite a third-quarter net loss of $21 million, Noble generated strong free cash flow of $139 million and secured $740 million in new contract awards since August, contributing to the increased backlog [8] Market Performance - As of the latest market close, Noble shares were priced at $31.35, reflecting a 6% decline over the past year, significantly underperforming the S&P 500's 13% gain during the same period [3][4] Investor Sentiment - Canyon Capital's decision to trim its position in Noble suggests a more selective approach to deepwater exposure, despite the company's improving backlog and cash generation [6][8]