Noble secures new offshore drilling contracts worth $1.3bn

Noble, an offshore drilling contractor, has secured new contracts for nine rigs, contributing approximately $1.3bn to its backlog.

These include a significant three-year agreement for the Noble GreatWhite semi-submersible, enhancing the company’s operations in Norway’s harsh environment floater market.

The Noble GreatWhite will undertake a three-year contract with Aker BP for offshore operations in Norway, starting in the second quarter of 2027 (Q2 2027). The contract, valued at around $473m (Nkr4.63bn), includes a mobilisation fee but excludes integrated services and bonuses. The company plans to invest approximately $160m in capital expenditure for reactivation and preparation activities for this campaign.

Additionally, the Noble Gerry de Souza drill-ship has received a two-year drilling contract from Esso Exploration and Production Nigeria, with the option for three extensions. Operations are expected to start in mid-2026, pending regulatory approvals, and will add an estimated $292m to the backlog through the PIDWAL joint venture. The rig will undergo upgrades for managed pressure drilling ahead of the project.

Furthermore, ExxonMobil has allocated two additional rig years under a commercial enabling agreement in Guyana, featuring four drill-ships: the Noble Sam Croft, Noble Don Taylor, Noble Tom Madden and Noble Bob Douglas, extending their contracts through February 2029.

The Noble BlackRhino has secured a contract for a workover well with Beacon Offshore Energy in the US Gulf, set to begin in March 2026, with an estimated duration of 50 days and an option for an additional well.

The Noble Endeavor has been awarded an 11-well contract with an undisclosed operator in South America, expected to start in late 2026 at a day rate of $300,000, plus mobilisation and demobilisation fees, with potential performance incentives.

Additionally, the Noble Developer has secured a three-well contract with bp in Trinidad, scheduled to commence in Q1 2027 at a day rate of $375,000, with options for up to three additional wells. The previously announced three-year contract with TotalEnergies in Suriname has been reassigned to the Noble Discoverer.

Overall, these contract awards are projected to require approximately $50m in contract preparation capital expenditure in 2026, in addition to the investments planned for the Noble GreatWhite programme.

Noble president and CEO Robert Eifler said: “These important backlog additions indicate a strong and broad-based demand for deep-water drilling on a multi-year basis.

“Additionally, the redeployment of four currently idle deep-water rigs should drive a meaningful utilisation improvement across our fleet, with 92% of our 24 marketed floaters now contracted, compared to 75% in our prior fleet status report.”

Unlock up to 35% savings on GlobalData reports

Use the code at checkout in the report store

• 20% OFF

  Buy 2 reports

  Use code:

  Bundle20

• 25% OFF

  Buy 3 reports

  Use code:

  Bundle25

• 30% OFF

  Buy 4 reports

  Use code:

  Bundle30

• 35% OFF

  Buy 5+ reports

  Use code:

  Bundle35

Valid on all reports priced $995 and above. Cannot be combined with other offers.

Still deciding what will work best for your business?

Ask our experts for help.

Enquire before buying