Noble has secured new offshore contracts with a combined value between US$2.2 billion and US$2.7 billion, the company announced on April 28. The company stated that the contracts add 15 rig years to its floater backlog and significantly increase contract coverage over the coming years.
Two Noble V-class 7th generation drillships, the Noble Voyager and another to be named, were awarded four-year contracts with Shell in the U.S. Gulf of Mexico. Each contract carries a base value of US$606 million, excluding mobilization and demobilization fees, and includes the opportunity to earn up to 20% in performance incentive compensation. The contracts are scheduled to commence in mid-2026 and the fourth quarter of 2027, respectively.
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The Noble Developer and a second V-class 7th generation drillship were awarded 16-well contracts with TotalEnergies in Suriname. The firm’s revenue for both contracts totals US$753 million, with an additional US$297 million tied to operational performance. These contracts are expected to begin between Q4 2026 and Q1 2027.
The Noble Discoverer received a 390-day extension from Petrobras in Colombia, extending operations from July 2025 to August 2026 at the current day rate. The Noble Regina Allen was awarded a one-well contract in Suriname, expected to start in Q4 2025 with an estimated value of US$17.7 million, including mobilization and demobilization.
The Noble Viking secured a contract with Brunei Shell Petroleum for one well and one option, with work set to begin in Q4 2025 and a firm value of US$14 million. The Noble Intrepid received a one-well contract from DNO Norge in Norway, with an estimated duration of 50 to 90 days starting in August 2025.
Assuming 40% realization of performance-based revenue under recent long-term contracts, Noble said its backlog as of April 28, 2025, stands at US$7.5 billion, excluding mobilization and demobilization fees.
Noble reported contract drilling services revenue of US$832 million for the first quarter of 2025, down from US$882 million in the prior quarter. The company attributed the decrease to the absence of a termination fee received in Q4 2024 for the Noble Deliverer. Contract drilling services costs declined to US$462 million from US$527 million.
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Net income increased to US$108 million, up from US$97 million in the previous quarter. Adjusted EBITDA rose to US$338 million from $319 million. Net cash provided by operating activities totaled US$271 million. Capital expenditures were US$114 million, offset by US$15 million in insurance claim proceeds. Free cash flow for the quarter was US$173 million.
Noble’s marketed fleet of 25 floaters was 80% contracted in Q1 2025, compared to 74% in the previous quarter. Thirteen marketed jackups had a 74% utilization rate, down from 82%. Recent day rates for Tier-1 drillships ranged from the low to high US$400,000s, while 6th generation floaters secured rates from the low US$300,000s to mid-US$ 400,000s. Harsh environment jackup rates in the North Sea remained stable, though recent fixture activity was limited.
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“Our strong first quarter financial results and recent contract awards have demonstrated the effectiveness of our First Choice OffshoreSM strategy amid prevalent macroeconomic volatility,” Chief Executive Officer Robert W. Eifler said. “Moreover, the booking of over 15 rig years of new contract awards over the past several weeks underscores the durability of our customers’ long-term commitments offshore, as well as Noble’s place as a trusted service provider for these highly strategic drilling campaigns.”
Noble’s operations in Guyana are primarily tied to the Stabroek Block. Four drillships — Noble Tom Madden, Noble Sam Croft, Noble Don Taylor, and Noble Bob Douglas — are currently in operation there.
