More long-term work for Noble drilling floaters

Noble Corp.’s fleet of 25 floating drilling rigs was 80% contracted during the first quarter, with recent contract awards adding 15 rig years to the total work backlog.

However, use of the company’s 13 jackups was won to 74% compared with 82% in the previous quarter, with limited new opportunities of late for harsh-environment jackups in the North Sea.

The company’s overall contract backlog is about $7.5 billion, excluding mob/demobilization fees. New awards in the year so far include:

Four-year contracts from Shell for Noble Voyager and another Noble V-class 7th generation drillship in the US Gulf of Mexico, with the programs set to start in mid-2026 and fourth-quarter 2027, and potential for further revenues under an incentive basis.
Offshore Suriname, TotalEnergies will take Noble Developer and a Noble V-class 7th generation drillship each for 16-well contracts with an estimated duration of 1,060 days. The assignments should begin between fourth-quarter 2026 and first-quarter 2027, with combined revenue of $753 million, and the potential to earn an additional $297 million depending on operational performance.
Petrobras took up an option to prolong Noble Discoverer’s contract offshore Colombia by 390 days from July 2025 to August 2026, at the same day rate.
Noble Regina Allen will start work later this year on a 65-day, one-well contract offshore Suriname valued at $17.7 million, including mobilization and demobilization fees.
Brunei Shell Petroleum contracted Noble Viking for one well plus one option, starting in the fourth quarter, with an estimated firm value of $14 million.
Noble Intrepid’s new one-well contract with DNO Norge offshore Norway should take effect in August 2025 with estimated duration of 50-90 days.