Noble Corporation has added about $1.3 billion in new contract awards since its October 2025 fleet status report, lifting total backlog to $7.5 billion. The amount includes mobilization and additional services, but does not include extension options.
A major portion of the added backlog comes from Guyana. ExxonMobil awarded two more rig years under its commercial enabling agreement, split evenly across four drillships—Noble Sam Croft, Noble Don Taylor, Noble Tom Madden, and Noble Bob Douglas—with each unit now running to February 2029.
In Norway, Aker BP booked Noble GreatWhite on a three-year program valued at $473 million, including mobilization. The disclosed value excludes integrated services fees and any bonus potential.
West Africa also contributed to the new awards. ExxonMobil selected Noble Gerry de Souza for a two-year campaign offshore Nigeria valued at $292 million, expected to start in mid-2026, and carrying three years of optional extensions.
In the U.S. Gulf, Beacon Offshore Energy contracted Noble BlackRhino for a one-well scope scheduled to begin in March 2026, with an estimated 50-day duration. The agreement includes an option for a further well estimated at 100 days.
In Trinidad, BP chose Noble Developer for three wells with an estimated 240-day duration, set to commence in Q1 2027 at a $375,000 day rate. Options cover up to three additional wells with an estimated combined duration of 240 days.
In South America, an undisclosed operator awarded Noble Endeavor an 11-well contract expected to start in late 2026 at $300,000 per day, plus mobilization and demobilization fees. The structure also allows for additional revenue via a performance incentive provision.
Robert W. Eifler, President and CEO of Noble Corporation, said the latest awards total nearly 10 rig years and represent $1.3 billion of backlog. He also pointed to ongoing fleet actions, including the divestment of six jack-ups, as part of efforts to strengthen the fleet profile and balance sheet.
Noble Corporation has completed the sale of five jack-ups for $360 million. A further jack-up, Noble Resolve, is expected to be sold in Q3 2026.
For the fourth quarter of 2025, contract drilling services revenue was $705 million versus $757 million in the prior quarter, with the sequential decline tied to lower average utilization and day rates. Marketed fleet utilization was 64% for the three months ended 31 December 2025, compared with 65% in the prior quarter. Net income improved to $87 million, up from a $21 million loss in the previous quarter.
The marketed floater fleet totaled 24 units and was 62% contracted through the fourth quarter of 2025, versus 67% in the prior quarter, largely reflecting rollovers on Noble BlackRhino and Ocean Apex. Since last quarter, backlog additions have contributed 9.3 rig years of floater backlog and are expected to support renewed utilization for four rigs that were idle.
Recent fixtures cited by the company placed Tier-1 drillships around the $400,000 day-rate level, while sixth-generation floaters were fixed from the low $300,000s to the low $400,000s per day. On the jack-up side, marketed utilization rose to 68% in Q4 from 60% in the prior quarter. Excluding the six jack-ups sold or pending sale, contracted utilization for five ultra-harsh jack-ups is expected to move from 60% in Q1 to 100% by early Q3 this year. Eifler said customer discussions and improved coverage point to a market that could tighten as the year progresses, while 2026 is expected to be a transitional year from an earnings perspective and 2027 backlog already exceeds the current year level.
