Noble Corporation plc (NYSE: NE) has announced a significant boost to its contract backlog with new awards totaling approximately $1.3 billion across nine rigs. This influx of business not only signals robust, multi-year demand for deepwater drilling but also marks a strategic expansion for Noble into the harsh environment floater market with a three-year contract for its semi-submersible rig, *Noble GreatWhite*, offshore Norway.
The deal with Aker BP, set to commence in Q2 2027, represents approximately $473 million in contract value and underscores Noble’s growing footprint on the Norwegian Continental Shelf. This move requires a substantial capital expenditure of around $160 million for rig reactivation and preparation, highlighting the investment needed to secure and execute these high-value contracts.
“These important backlog additions indicate a strong and broad-based demand for deepwater drilling on a multi-year basis,” stated Robert W. Eifler, President and Chief Executive Officer of Noble. He further elaborated on the operational impact: “The redeployment of four currently idle deepwater rigs should drive a meaningful utilization improvement across our fleet, with 92% of our 24 marketed floaters now contracted compared to 75% in our prior fleet status report.” Eifler anticipates that while these new programs will incur incremental one-time capital expenditures in 2026, they are poised to significantly enhance the company’s fleet EBITDA and free cash flow in the years that follow, supported by a planned reduction in capital expenditure beyond 2026.
Beyond the Norwegian venture, Noble has secured other key contracts:
* **Noble Gerry de Souza** has been awarded a two-year drilling contract, with options for three additional years, by an ExxonMobil affiliate in Nigeria. This project, estimated to add $292 million to the backlog, is slated to resume operations mid-2026, pending regulatory approvals. Noble plans to equip the rig with Managed Pressure Drilling (MPD) capabilities in preparation for this program.
* **ExxonMobil** has also extended its commitment in Guyana, assigning two additional rig years of backlog under the Commercial Enabling Agreement (CEA) across four drillships: *Noble Sam Croft*, *Noble Don Taylor*, *Noble Tom Madden*, and *Noble Bob Douglas*. This effectively extends each rig’s contract through February 2029.
* In the U.S. Gulf, the **Noble BlackRhino** has secured a contract for one workover well with Beacon Offshore Energy, scheduled to begin in March 2026 for approximately 50 days, with an option for an additional well.
* **Noble Endeavor** has been awarded an 11-well contract with an undisclosed operator in South America, expected to commence in late 2026. The contract carries a dayrate of $300,000, with potential for additional revenue from performance incentives.
* **Noble Developer** has landed a three-well contract with bp in Trinidad, commencing in Q1 2027 with an estimated duration of 240 days at a dayrate of $375,000. Options for up to three additional wells are included. Notably, a previously announced three-year contract for the *Noble Developer* in Suriname has been transferred to the *Noble Discoverer*.
Cumulatively, these new contract awards are expected to necessitate approximately $50 million in contract preparation capital expenditures for 2026, in addition to the investment required for the *Noble GreatWhite* program.
This cluster of new awards underscores a tightening offshore drilling market, where operators are securing capacity for critical deepwater projects. The strategic re-deployment of assets and the expansion into demanding operational environments like Norway suggest a proactive approach by Noble to capitalize on a strengthening demand cycle, positioning the company for enhanced profitability and operational efficiency.
**About Noble Corporation plc**
Noble Corporation plc is a prominent player in the oil and gas industry’s contract drilling sector. The company boasts a modern and versatile fleet, recognized for its technical sophistication. With a history of offshore drilling dating back to 1921 through its predecessors, Noble focuses on ultra-deepwater and high-specification jackup drilling opportunities across global markets. Further details are available at www.noblecorp.com.
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