"Noble (NYSE: NE) offers a compelling combination of deepwater and international 'jackup' drilling exposure," says energy expert Elliott Gue in his The Energy Strategist.

"The stock is cheaper on a price-to-earnings and price-to-cash flow basis than most other contract drillers.

"In total, Noble has 14 deepwater and ultra-deepwater rigs operating in the Gulf, with all but one of these rigs contracted through early to mid 2011. Its booked contracts amount to around $10.6 billion, a solid base of defensive, visible earnings.

"The fundamental upside turnaround potential for Noble resides in its jackup fleet, which consists of 40 rigs of varying qualities.

"In total, Noble has 12 jackups working for Mexico's Pemex, primarily at day rates in the $125,000 to $160,000 range; these rigs offer exposure to any improvement in international jackup rates.

"In addition, Noble has eight harsh environment jackups working in the North Sea, a market that appears to be showing signs of stabilization.

"Finally, Noble is a conservative operator with an outstanding balance sheet and a solid backlog of rigs. I am adding Noble to the Wildcatters Portfolio."