Noble lands US$1.3Bn in new floater work, led by Norway harsh environment deal

Noble Corp has published new offshore drilling awards worth about US$1.3Bn in contract backlog, underpinned by multi-year floater contracts and what the company said is a strategic expansion into Norway’s harsh-environment market.

The Houston-based driller said nine rigs are covered by the latest awards, and highlighted a three-year contract for harsh-environment semisub Noble GreatWhite with Aker BP. The campaign, due to start in the second quarter of 2027, is valued at roughly US$473M including mobilisation.

“These important backlog additions indicate a strong and broad-based demand for deepwater drilling on a multi-year basis,” said Noble president and chief executive Robert Eifler.

West Africa also features prominently in the new business. Noble Gerry de Souza has been awarded a two-year drilling contract by ExxonMobil affiliate Esso Exploration and Production Nigeria, with up to three years of options. The programme, targeted to begin in mid-2026 subject to approvals, is expected to contribute about US$292M of backlog and will see the rig upgraded for managed pressure drilling ahead of the campaign.

In Guyana, ExxonMobil has allocated a further two rig-years of work under its Commercial Enabling Agreement, extending each of Noble Sam Croft, Noble Don Taylor, Noble Tom Madden and Noble Bob Douglas’s contracts through to February 2029. 

Elsewhere, Noble Endeavor has secured an 11-well programme in South America starting in late 2026 at a day rate of US$300,000, while Noble Developer has picked up a three-well BP contract offshore Trinidad at US$375,000 per day, with options for further work. Short-term activity has also been added in the US Gulf of Mexico, where Noble BlackRhino has been booked for a Beacon Offshore Energy workover with options.

Mr Eifler noted that the new awards will drive a sharp uplift in fleet utilisation, with 92% of Noble’s 24 marketed floaters now contracted, compared with 75% at the time of the previous fleet update.

“The redeployment of four currently idle deepwater rigs should drive a meaningful utilisation improvement across our fleet,” he said, pointing to stronger EBITDA and free cash flow in the years ahead despite near-term reactivation and preparation capital spend.

While floaters dominate the latest contract wins, Noble is continuing to try to streamline its portfolio, with several jack-ups held for sale and one unit already divested earlier in January.