Noble swells drilling contracts backlog, streamlines fleet
Noble Corp.’s fleet of 25 floating drilling rigs was 75% contracted during the second quarter, the company said in a results update.
Recent fixtures for Tier-1 drillships have been at day rates in the low to mid $400,000s, the company added, with sixth generation floater rates between the low $300,000s and mid $400,000s.
For Noble's 13 marketed jackups, the contracted figure was 61%, with upper end day rates for harsh environment jackups in the North Sea said to be stable.
New contracts awarded during the second quarter had a combined value of about $380 million (excluding unexercised extension options). They included:
- A five-well extension for Noble Stanley Lafosse from a client in the US Gulf of Mexico, with the drillship now engaged through August 2027. There is an additional option for five more wells;
- A one-well contract from TotalEnergies for the Noble Viking drillship to drill the deepwater Mailu well offshore Papua New Guinea, likely spudding in the fourth quarter, with three further option wells in the same region. The 47-day firm contract includes use of managed pressure drilling;
- A two-well contract for the Noble Globetrotter I drillship from OMV in the deepwater Han Asparuh block Bulgaria, with the four-month program due to start in the fourth quarter;
- bp contracted the Noble Innovator jackup for six wells in the UK North Sea for the Northern Endurance Partnership CCS project starting next summer, with a minimum duration of 387 days, plus options, as well as the Noble Intrepid jackup for two wells for the same project, in this case from second-quarter 2026; and
- The Noble Resilient jackup is due to begin a 92-day program this month in UK waters for Inch Cape Offshore, providing accommodation services.
Noble’s overall contracts backlog is currently $6.9 billion, excluding mob/demobilization revenues.
Recently the company completed the sale of its cold-stacked Pacific Scirocco and Pacific Meltem drillships for $41 million, and it expects to conclude the sale shortly of the cold stacked jackup Noble Highlander for $65 million.
Noble Globetrotter II and Noble Reacher remain available for sale.
Robert W. Eifler, the company’s president and CEO, noted in his review that “a persisting near-term softness in spot market contracting activity and increased instances of contract extension options [are] lapsing due to upstream capital restraint.
“Looking forward, the deepwater market is characterized by tangible, encouraging indicators of increasing demand levels by late 2026 and into 2027, especially throughout South America and Africa.”
Robert W. Eifler, president and CEO of Noble Corp., discusses offshore drilling trends, regional hotspots and his company’s role in the market with Bruce Beaubouef, Offshore's managing editor.
This interview took place Feb. 27, 2025.