Noble Corporation Secures $1.3 Billion in New Offshore Drilling Contracts

Noble Corporation plc, a major global offshore drilling contractor, has announced a series of significant new contract awards that together total approximately $1.3 billion in backlog. These awards include major new multi-year agreements across several regions — including a strategic first entry into the Norwegian harsh environment floater market — and demonstrate strong global demand for deepwater and specialized drilling services.

Overview of the New Contract Awards

On January 26, 2026, Noble Corporation plc (NYSE: NE) revealed it had secured new contract awards for nine of its offshore drilling rigs. In addition to boosting the company’s contracted backlog by approximately $1.3 billion, this series of awards significantly expands Noble’s presence in key global drilling markets.

The contracted backlog includes deepwater, harsh environment, and high-specification jackup drilling opportunities across multiple continents. These awards are part of a broader effort by Noble to increase international operations and improve utilization of its fleet.

Major Contract Wins and Details

Noble GreatWhite: Norway’s Harsh Environment Floater Market

A cornerstone of the new awards is the contract secured for the Noble GreatWhite. The company has been awarded a three-year drilling contract by Aker BP offshore Norway, marking the first time a Noble floater will operate in the Norwegian harsh environment market.

• Contract Value: Approximately $473 million in total contract value, including mobilization fees.
• Start Date: Expected in the second quarter of 2027.
• Significance: This contract represents a strategic expansion for Noble into the Norwegian Continental Shelf, a region known for its complex offshore drilling environment.
• Capital Expenditure: Noble anticipates spending around $160 million on reactivating and preparing the rig for this assignment.

Noble Gerry de Souza: Nigerian Offshore Drilling Contract

The Noble Gerry de Souza rig has been awarded a two-year drilling contract with Esso Exploration and Production Nigeria Ltd, an affiliate of ExxonMobil. This agreement may be extended for up to three additional years at the discretion of the customer.

• Estimated Value: Approximately $292 million added to Noble’s backlog.
• Operations Start: Targeted for mid-2026, pending regulatory approvals.
• Upgrade Plan: Noble plans to equip the rig with Managed Pressure Drilling (MPD) technology ahead of deployment.

Guyana Drillship Extensions

Under the Commercial Enabling Agreement with ExxonMobil in Guyana, four of Noble’s drillships — Noble Sam Croft, Noble Don Taylor, Noble Tom Madden, and Noble Bob Douglas — have had their assignments extended through February 2029.

Additional Contract Awards in the U.S., South America, and Trinidad

Other contract wins include a workover job for the Noble BlackRhino rig in the U.S. Gulf of Mexico, a multi-well drilling program for the Noble Endeavor in South America, and a three-well contract for the Noble Developer in Trinidad with bp.

• Noble BlackRhino: Workover well contract in the U.S. Gulf scheduled for March 2026 with option for additional work.
• Noble Endeavor: 11-well contract in South America with dayrate revenues and performance incentives.
• Noble Developer: Three-well contract in Trinidad with potential options.

Fleet Utilization and Capital Investment

Thanks to these new awards, Noble’s marketed floater utilization rate has increased to approximately 92%, up significantly from the previously reported 75%. This reflects the redeployment of four deepwater rigs that were previously idle.

While certain contract awards will require increased capital expenditure in the near term — including roughly $160 million for the GreatWhite and about $50 million for other rig preparations — the company expects these investments to drive enhanced earnings before interest, taxes, depreciation, and amortization (EBITDA) and improved free cash flow in the coming years.

Strategic Significance of the Awards

Noble’s strong backlog growth and expanded global footprint underscore ongoing demand for advanced offshore drilling services, especially in deepwater and harsh environment markets. The entry into the Norwegian market is particularly noteworthy, as it opens additional long-term opportunities on the Norwegian Continental Shelf — one of the world’s most technologically demanding offshore arenas.

The diversified set of awards across different regions also reduces risk and enhances the company’s long-term revenue stability. From Africa to South America and the U.S. Gulf, Noble is positioned to support a broad set of energy customers with high-specification drilling capabilities.

About Noble Corporation plc

Noble Corporation plc, organized in London with headquarters in Houston, Texas, is a leading offshore drilling contractor in the global oil and gas industry. The company operates an advanced fleet of drilling rigs serving deepwater, ultradeepwater, and harsh environment drilling projects around the world.

Noble has a long history of providing contract drilling services and continues to focus on delivering safe, reliable operations while expanding its global market presence and backlog.

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