Noble Corporation has announced a series of new drilling rig contracts, strengthening its rig coverage until 2027. The total value of these contracts is approximately $560 million.
Contract Details
Noble has deployed two of its seventh-generation drilling rigs named Noble Black Rhino and Noble Black Hawk in these contracts. The Noble Black Rhino is set to begin a four-well contract with TotalEnergies in Nigeria starting in the fourth quarter of 2026. This project is expected to have 150 working days along with six optional wells.
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The Noble Black Hawk has also signed a one-well contract with Apache in Uruguay worth approximately $25 million, expected to commence in the fourth quarter of 2027 and last for 50 days.
Other Contracts and Future Plans
The sixth-generation Noble Globe Trotter I has signed a two-well contract with Occidental in Peru worth $400,000 per day. This project is expected to start in the second quarter of 2027. Additionally, this rig is set to follow up with a three-year contract with TotalEnergies in West Africa under a light well intervention services capacity agreement.
Noble's semi-submersible rig, Noble Interceptor, has also signed a one-well contract with DNO in Norway for 50 to 90 working days, after which this rig will join a long-term project for ConocoPhillips in the Ekofisk field in Norway.
In total, Noble's new contracts have resulted in an increase of approximately 44 months of delays in floating rig projects. Daily rates for drilling rigs have varied from $400,000 to $500,000. Meanwhile, new contracts for jack-up rigs have added 26 months of new delays.
Ultimately, Noble aims to increase the utilization of its fleet and cash flow in the second half of 2027, forecasting about 20% more contracted fleet capacity compared to the first half of 2027.
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