Noble Corporation, a U.S.-based offshore drilling contractor, has increased its backlog to $6.7 billion in the third quarter of 2026 by securing drilling contracts worth $560 million. This success has been accompanied by increased utilization of the company's drilling fleet off the coasts of Uruguay, Nigeria, Ghana, Peru, and Norway.
Increased Fleet Utilization Rates
With the new contracts secured since the fleet status report in July, Noble's backlog reached $6.7 billion as of October 26, 2026. This amount does not include revenues related to the mobilization and demobilization of the fleet. The company's fleet of 23 vessels had a contract utilization rate of 66% in the third quarter, up from 64% in the previous quarter.
The new contracts have added approximately 44 months to Noble's fleet backlog, with advanced day rates for Tier-1 drilling rigs ranging between $400,000 and $500,000. Additionally, the utilization rate of the company's five ultra-premium jack-ups in the third quarter was 86%, compared to 80% in the previous quarter.
Details of New Contracts
The Noble BlackHawk drilling rig, built in 2014, has secured a one-well contract with Apache Corporation in Uruguay valued at an estimated $25 million. This contract is expected to commence in the fourth quarter of 2027 and last for 50 days. Additionally, the Noble BlackRhino drilling rig has secured a four-well contract with TotalEnergies in Nigeria, anticipated to start in the fourth quarter of 2026 and last for 150 days.
The Noble Faye Kozack drilling rig has also secured a five-well contract with Tullow Oil in Ghana, expected to begin in mid-2027 and last for 250 days. This contract also includes five optional wells priced. The Noble Globetrotter I drilling rig has secured a two-well contract with Oxy in Peru, expected to commence in the second quarter of 2027.
Furthermore, the Noble Interceptor jack-up has secured a one-well contract with DNO in Norway, expected to start in the third quarter of 2027. This contract will last for 50 to 90 days.
Noble Corporation is strengthening its capabilities in drilling and well intervention services and is expected to face a significant increase in fleet utilization and cash flow in the second half of 2027.
