Guyana is leading contributor to Noble’s 2023 revenue surge

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Noble Corporation plc announced US$2.6 billion in revenue in its 2023 Annual Report, marking a year-on-year increase of 83%. Notably, Guyana emerged as the leading contributor, generating US$703 million (27%) million.

The bulk of Noble’s revenues also came from Guyana in 2022, mostly due to ExxonMobil’s Stabroek block operations and sporadic exploration elsewhere in the basin. In 2022, Noble’s Guyana operations generated US$469 million, accounting for a third of its total revenues for the year, which totaled US$1.4 billion.

ExxonMobil Guyana extended its hold on four advanced Noble drillships being used in the Stabroek block, through a Commercial Enabling Agreement (CEA). The extension of the contract from Q4 2025 to Q2 2027 applies to Noble Tom Madden, Noble Sam Croft, Noble Don Taylor, and Noble Bob Douglas. These four drillships are being used for Exxon’s extensive exploration and development efforts in the Stabroek block, where the company has so far discovered more than 11 billion oil-equivalent barrels. 

Exxon is currently executing a 35-well exploration and appraisal campaign, alongside development drilling for the Payara, Yellowtail, and Uaru projects. 

For the full year 2024, Noble set a guidance range for total revenue of $2.55-2.7 million.

Noble had said late last year that the Guyana-Suriname basin looks like it will need 6-7 ultra-deepwater rigs through 2024. Six are currently being used by Exxon, while Petronas is using the Noble Voyager to drill the Fusaea well in Suriname’s block 52.

Commenting on Noble’s outlook, Robert Eifler, President and Chief Executive Officer, said the company expects to realize improving financial results in 2024 compared to 2023, with mid-year contract start-ups for several floaters and jackups expected to drive stronger financial performance in the second half of the year.

“Meanwhile, commercial visibility for 2025 and 2026 is highly encouraging based on recent months’ step-change increase in open demand, which is a positive indicator for future backlog development,” Eifler said. “Against this favorable backdrop, we look forward to growing our return of capital to shareholders as free cash flow improves over the course of the cycle.”

The successful business combination with Maersk Drilling in 2022 has positioned Noble as a leading offshore drilling contractor with one of the youngest and most advanced fleets globally.

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