Noble Secures $1.3bn Offshore Drilling Contracts, Expands Global Deepwater Operations

Offshore drilling contractor Noble Corporation has strengthened its global backlog with newly awarded contracts worth approximately $1.3bn, highlighting strong demand for deepwater drilling services across Europe, Africa, and the Americas.

Announced in January 2026, the contracts cover nine offshore rigs and significantly increase fleet utilisation, particularly in the harsh-environment and ultra-deepwater drilling segments.

Major Norway Contract Leads the Portfolio

The headline award is a three-year contract for the Noble GreatWhite semi-submersible with Aker BP in Norway.

• Contract value - $473m (NOK 4.63bn)

• Start date - Q2 2027

• Investment - Noble plans ~$160m in capital expenditure for reactivation and upgrades

The deal strengthens Noble’s position in the Norwegian harsh-environment floater market, a key region for high-spec offshore drilling.

New Contracts Across Africa and the Americas

Noble also secured multiple awards across major oil and gas regions:

Nigeria Deepwater Campaign

The Noble Gerry de Souza drillship won a two-year contract with Esso Exploration and Production Nigeria.

• Expected start: mid-2026 (pending approvals)

• Estimated backlog addition: $292m

• Includes upgrades for managed pressure drilling.

Guyana Contract Extensions

Under an agreement with ExxonMobil, four drillships - Noble Sam Croft, Noble Don Taylor, Noble Tom Madden and Noble Bob Douglas - will continue operations through February 2029.

US Gulf Workover Project

The Noble BlackRhino secured a short-term contract with Beacon Offshore Energy for a 50-day well workover, starting March 2026.

South America and Caribbean Expansion

Noble’s expansion also includes new projects across South America and the Caribbean:

• Noble Endeavor: 11-well contract with an undisclosed South American operator at $300,000/day starting late 2026.

• Noble Developer: Three-well contract with bp in Trinidad beginning Q1 2027 at $375,000/day, with extension options.

• A previously announced three-year contract with TotalEnergies in Suriname has been reassigned to the Noble Discoverer.

The company expects $50m in additional preparation capex in 2026, alongside investments tied to the GreatWhite project.

Strategic Impact on Fleet Utilisation

Noble CEO Robert Eifler noted the awards reflect strong multi-year demand for deepwater drilling. The contracts will redeploy four currently idle rigs, increasing utilisation across the fleet.

• 92% of Noble’s 24 marketed floaters are now contracted, up from 75% previously.

This surge signals continued recovery in the global offshore oil and gas sector, driven by energy security and rising deepwater investments.

Outlook

With long-term contracts spanning multiple regions and operators, Noble has significantly strengthened its revenue visibility through the late 2020s. The awards also underline growing confidence in deepwater exploration as energy companies accelerate offshore development.

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