Noble’s backlog climbs to $7.5 billion

February 12, 2026, by Melisa Cavcic

Noble Corporation, a U.S.-headquartered offshore drilling giant, has landed a batch of new contracts and extensions off the coasts of Guyana, Norway, Nigeria, Trinidad, South America, and the U.S. Gulf, which have enabled the firm to augment its backlog.

Ocean Apex rig; Source: Diamond Offshore, now part of Noble Corporation

Noble has secured approximately $1.3 billion, including additional services and mobilization payments, but excluding extension options, in new contract awards since the fleet status report from October 2025, increasing its backlog to $7.5 billion. The firm completed the divestment of five jack-ups for $360 million, with another jack-up known as the Noble Resolve rig, estimated to be sold in Q3 2026.

ExxonMobil has awarded two additional rig years of backlog under the commercial enabling agreement (CEA) in Guyana, which has been assigned evenly across the four drillships, Noble Sam Croft, Noble Don Taylor, Noble Tom Madden, and Noble Bob Douglas, extending each rig to February of 2029.

The Noble GreatWhite rig was booked on a three-year contract by Aker BP in Norway, which is valued at $473 million, including mobilization, but excluding additional fees for integrated services and bonus potential.

The Noble Gerry de Souza drillship was picked for a two-year assignment by ExxonMobil in Nigeria, valued at $292 million and estimated to begin in mid-2026. The contract comes with three years of optional extensions.

The Noble BlackRhino drillship was hired on a deal for one well with Beacon Offshore Energy in the U.S. Gulf scheduled to start in March 2026, with an estimated duration of 50 days. The contract entails an option for an additional well with an estimated duration of 100 days.

The Noble Developer rig was selected for a three-well assignment with estimated duration of 240 days with BP in Trinidad, which is scheduled to commence in Q1 2027 at a day rate of $375,000. The deal encapsulates options for up to three additional wells with an estimated combined duration of 240 days.

The Noble Endeavor rig was chosen for an 11-well contract with an undisclosed operator in South America, estimated to begin in late 2026 at a day rate of $300,000 per day, plus mobilization and demobilization fees, with the potential for additional revenue from a performance incentive provision.

Robert W. Eifler, President and Chief Executive Officer of Noble, underlined: “Noble’s commercial success continues to build with the recent award of nearly 10 rig years of new bookings comprising $1.3 billion of high quality backlog.

“Meanwhile, we have continued to sharpen and high-grade our fleet posture and balance sheet with the announced divestitures of six jackups – collectively creating a platform of optimal focus, scale, and financial strength.”

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The U.S. rig owner explains that its contract drilling services revenue for the fourth quarter of 2025 totaled $705 million, compared to $757 million in the prior quarter, with the sequential decrease driven by lower average utilization and day rates.

The marketed fleet utilization was 64% in the three months ended December 31, 2025, compared to 65% in the prior quarter. The firm’s net income increased to $87 million in the fourth quarter, up from a loss of $21 million in the prior quarter.

Noble’s marketed fleet of 24 floaters was 62% contracted through the fourth quarter of 2025, compared with 67% in the prior quarter, primarily due to contract rollovers on the Noble BlackRhino and Ocean Apex rigs.

The company’s recent backlog additions since last quarter have added 9.3 rig years of total floater backlog and support renewed utilization for four currently idle rigs. The latest day rate fixtures for Tier-1 drillships have been in the $400,000 range, with sixth-generation floater fixtures between the low $300,000s to low $400,000s per day.

The utilization of Noble’s 11 marketed jack-ups was 68% in the fourth quarter versus 60% utilization during the prior quarter. Excluding the six jack-ups whose divestiture is completed or pending, contracted utilization of the firm’s five ultra-harsh jack-ups is anticipated to improve from 60% in the first quarter to 100% by early in the third quarter this year.

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Eifler underlined: “Recent improvement in our contract coverage, coupled with ongoing customer dialogue, indicate a likelihood of a tightening market as we progress through this year.

“While 2026 is anticipated to be a transitional year from an earnings perspective, the foundation for a meaningful inflection is becoming increasingly tangible, supported by the unique circumstance of our 2027 backlog now already eclipsing current year backlog.”