Noble secures $1.3 billion in new rig contracts, enters Norway floater market
(WO) - Noble Corporation has announced new contract awards totaling approximately $1.3 billion, adding backlog across nine rigs and marking the company’s entry into the Norwegian harsh-environment floater market.
The awards reflect continued multi-year demand for deepwater and offshore drilling and are expected to materially improve fleet utilization over the coming years. Noble said the new contracts increase the percentage of its marketed floater fleet under contract to more than 90%, up from about 75% previously.
A key component of the announcement is a three-year contract awarded by Aker BP for the harsh-environment semisubmersible Noble GreatWhite. The contract, valued at roughly $473 million including mobilization fees, is scheduled to commence in the second quarter of 2027 and represents Noble’s first campaign in Norway. The company expects to invest approximately $160 million in reactivation and preparation work ahead of the program.
Additional awards include a two-year drilling contract, with optional extensions, for the Noble Gerry de Souza offshore Nigeria with an affiliate of ExxonMobil. The rig is expected to return to service in mid-2026 following upgrades, including preparations for managed pressure drilling. The award adds an estimated $292 million to Noble’s backlog.
In Guyana, ExxonMobil exercised options under an existing commercial agreement, extending contracts for four Noble drillships through early 2029. The company also secured shorter-term work in the U.S. Gulf of Mexico, South America and Trinidad, including drilling and workover programs scheduled to begin between 2026 and 2027.
Noble said the newly awarded programs will require incremental, one-time capital expenditures in 2026 related to reactivations and contract preparations. Beyond that period, capital spending is expected to decline as the rigs transition into longer-term revenue-generating operations.
The company said the awards underscore sustained offshore investment, particularly in deepwater and harsh-environment basins, and position Noble to benefit from improving utilization and cash flow as the programs ramp up.
