Noble details latest contracts for drillship, jackup fleet

Noble's Corp’s floating drilling unit fleet was 92% contracted during the third quarter, the company said in its latest results statement.

Noble's Corp’s floating drilling unit fleet was 92% contracted during the third quarter, the company said in its latest results statement.

Prospects for new work remain promising, the company added, with day rates for tier 1 drillships in the mid to high $400,000s range.

As for Noble's 13 marketed jackups, the take-up was 61% in the third quarter, slightly higher than in the second quarter. While harsh environment jackups are commanding rates of $130,000-150,000 per day, lower demand from operators in Norway is impacting the day rate potential for ultra-harsh jackups.

The company secured new contracts during the period with a total value of about $240 million, including:

• Noble Valiant with a six-month contract with LLOG in the US Gulf of Mexico, set to start in January 2024 in direct continuation of the rig's current contract. The day rate is $470,000, excluding additional fees for use of managed pressure drilling.
• Noble Regina Allen with a three-well (estimated 220 days) contract with TotalEnergies offshore Argentina, expected to begin in mid-2024, at $150,000/d, excluding mob/demobilization fees.
• Noble Globetrotter I and Noble Globetrotter II with additional contract terms from existing clients keeping both rigs occupied into mid-first-quarter 2024.
• Noble Reacher with a contract with TotalEnergies in the North Sea extended by 15 months, with the rig now contracted to mid-2025 with one year of priced option remaining; and
• Noble Resilient with a 120-day contract for Petrogas in the North Sea starting next summer at a day rate of $133,000.

Noble's total current contract backlog is $4.7 billion.

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