Exclusive interview with Noble: Tight rig demand on 2026 horizon – Golden Triangle and US Gulf as core growth regions

February 2, 2026, by Melisa Cavcic

With contracting opportunities still on the uptick in spite of potential softer energy prices, Noble Corporation, a U.S.-headquartered offshore drilling giant, has pinpointed the Gold Triangle, the U.S. Gulf, South America, and West Africa as the key regions that will drive its floater demand growth. As Suriname and Colombia remain in the lead for frontier activity areas, the Asia Pacific opportunities in Brunei and Australia are anticipated to add diversification.

While outlining two priorities for 2026 during a recent interview with Offshore-Energy.biz, Blake Denton, SVP of Marketing and Contracts at Noble Corporation, explained that planned divestments of select jack-ups, scheduled to close in early to mid-2026, support the sharpening of the rig owner’s portfolio around deepwater and ultra harsh jack-ups, streamlining the company’s capital allocation and aligning its fleet with durable demand areas.

He emphasized executing newly awarded, multi-year deepwater programs and maintaining high contract coverage on its Tier1 drillships as another priority for the year, after recent awards increased its backlog and set start dates in mid-2026 for Shell in the U.S. Gulf and late-2026 for TotalEnergies in Suriname. These long-term contracts are perceived to give Noble steady, predictable work across both strong and soft markets.

Denton underlined: “The U.S. Gulf remains a core basin for us. The Noble Voyager and Noble Venturer each have four-year contracts scheduled to commence mid-2026 and Q4 2027 respectively, with performance linked incentives and options for further extensions.

“Industry analysis indicates U.S. Gulf deepwater production setting a record near around 2.5 million boe/d in 2026, even as discoveries ebb and flow year to year. This reinforces steady demand for high spec floaters as well as efficient plug and abandonment (P&A) and development campaigns.”

Noble’s SVP of Marketing and Contracts elaborates that the firm sees sustained growth in the Golden Triangle, U.S. Gulf, South America, and Africa, and select Asia Pacific markets.

View on Offshore-energy.

The company anticipates that South America, particularly Guyana, Suriname, and Brazil, will account for the largest share of open floater demand. As a result, the deepwater spend forecast is set to increase in 2026–27. The rig owner is convinced that its recently awarded Suriname work reflects that trajectory.

While the U.S. Gulf remains strategic, with operators locking in long duration deepwater programs and record output expected in 2026, West Africa and select Asia Pacific opportunities, such as Brunei and Australia, are interpreted to complement the growth mix with previously disclosed near-term awards and options.

Based on the disclosed contract standpoint, Noble’s frontier and emerging basin focus includes Suriname, where multi-well semi-submersible campaigns in 2025 lead into Q42026/Q12027 drillship programs with TotalEnergies, and Colombia, where Petrobras exercised a 390-day option on the Noble Discoverer rig through August 2026.

While highlighting that “Suriname is transitioning from exploration to development at scale,” as the extension in Colombia underscores “momentum in the wider Caribbean area,” Denton noted: “We will continue to evaluate frontier opportunities where geology, risk sharing, and contracting structures fit within our returns framework.”

Noble continues its multi-faceted decarbonization journey

While reminding that Noble completed major steps in sector consolidation with its acquisitions of Pacific, Diamond Offshore, and the merger with Maersk Drilling in the recent past, the firm’s SVP of Marketing and Contracts pointed out that these moves created a larger, more modern deepwater fleet, capturing synergies already reflected in the company’s 2024–2025 updates.

Denton continued: “We have executed and planned engine ventilation, lighting, and heat recovery retrofits that are deigned to achieve significant CO₂ equivalent reductions per year across specific rigs. We have done trials with sustainable diesel (HVO) blends on jack-ups, achieving an approximate 19% CO2 reduction on a Netherlands campaign, and advanced a conceptual green methanol jack-up design that could reduce CO2 by up to 95% versus conventional diesel when supply/logistics are aligned.

“We supported Project Greensand’s first cross border, subsea CO2 injection, building the capability stack for customers exploring offshore carbon capture and storage (CCS) options. We have also launched a joint industry partnership – which includes some supermajors – to accelerate the design, testing and qualification of a CO2-specific drilling system.”

View on Offshore-energy.

The rig owner’s SVP of Marketing and Contracts stresses that the firm’s decarbonization work is practical and already underway, with digital efficiency at scale, as Energy Efficiency Insights (EEI) has now been implemented across 27 of its 29 rigs, enabling crews to monitor fuel burn and CO2 equivalent in real time and deliver approximately 6–10% fuel/emissions reductions through behavior and operational optimization.

“Fully ‘all electric, renewables only’ rig operations in deepwater are technically interesting but not imminent at industrial scale for several reasons, including how renewable systems and batteries still struggle with reliability and offshore integration. That said, hybridization and low carbon fuels are the practical near-term path,” added Denton.

“We are already cutting emissions and improving reliability through digital optimization, power management upgrades, waste heat recovery, and alternative fuels. As offshore wind and floating solar continue to mature, we expect to pilot hybrid renewable solutions in select basins that complement rather than fully replace conventional marine fuels.”

View on Offshore-energy.

Regarding expectations for the offshore drilling market, the U.S.-headquartered player’s SVP of Marketing and Contracts underscored that independent market sources suggest that 2026 could still bring “plenty of upstream activity” and offer “strong contracting opportunities” in deepwater for operators that are financially solid and focused on long-term projects, likely starting toward the end of the year, even though macro conditions could contribute to softer energy prices at the start of 2026.

“Offshore floating rig demand is expected to remain tight, with the Golden Triangle and U.S. Gulf leading the activity. Day rates and utilization should be supported by the limited number of idle seventh-generation drillships and the high cost of bringing them back into service,” stated Denton.

While diving into the tailwinds up to 2050, he put an emphasis on energy security and long-life- reservoirs, with deepwater said to playing an important role in energy security, offering steady, long-term production that keeps it in demand across different market cycles.

In light of this, Noble’s SVP of Marketing and Contracts claims that these large reservoirs represent some of the world’s most cost-efficient and emissions-efficient areas. Within the technology and efficiency gains spheres, he sees digital reliability, automation, and low-carbon fuels as ingredients that progressively lower the emissions intensity of offshore drilling.

View on Offshore-energy.

In the realm of headwinds up to 2050, the rig owner’s SVP of Marketing and Contracts mentions policy and permitting variability, with lease/sale cadence, fiscal terms, and environmental regulation having the potential to create periodic uncertainty in exploration plans.

In addition, he underlines supply chain constraints, with skilled labor, equipment lead times, and reactivation costs for sidelined rigs remaining structural considerations that could affect industry capacity.

Denton concluded: “Noble’s strategy is to be First Choice Offshore by delivering wells efficiently and safely, managing operational risks to protect people and the environment, and creating exceptional customer experiences through a service-focused approach.

“We are achieving tangible wins for customers in key offshore basins while building a more efficient, lower carbon intensity fleet. Our recent awards in the U.S. Gulf and Suriname, the Diamond Offshore integration, and our EEI driven emissions reductions are tangible proof points of that approach.”