Noble Corporation, the renowned drilling contractor based in the United Kingdom, has recently declared that it has been granted a substantial additional backlog commitment from ExxonMobil Guyana under the Commercial Enabling Agreement (CEA). The contract duration has been extended for four drillships, which include Noble Tom Madden, Noble Sam Croft, Noble Don Taylor, and Noble Bob Douglas, all of which will be operating under the CEA from Q4 2025 to Q2 2027.
Robert Eifler, the President and CEO of Noble Corporation, expressed his enthusiasm for the contract extension, stating, “We are particularly excited to be awarded a significant additional backlog commitment from ExxonMobil Guyana under the CEA, and also to participate in the reemergence of Colombia as an active exploration basin with two of our deepwater rigs.”
Noble Corporation has had a strong start to the year, securing agreements worth a total of US$1.1bn in the first quarter, including a deal with ExxonMobil in Guyana. As a result, its total pipeline of work has now reached US$4.6bn. Eifler noted that the company’s first-quarter results reflect a strong start to the year from an operational, financial, and commercial perspective, and the steady tightening of offshore drilling fundamentals is offering attractive opportunities to place its fleet into improving contracts.
He further added that deepwater fundamentals continue to tighten, with marketed utilization for all ultra deep-water (UDW) units approaching the mid-90s. Eifler said that incremental rig reactivations are governed by significant lead-time and capital requirements, resulting in steadily rising day rates and expanding contract duration for UDW units and as a result, Noble’s floater fleet is well-positioned to benefit from positive re-contracting opportunities over the near term, with longer contract durations representing a crucial driver for maximizing utilization. Additionally, Eifler is optimistic about the future of the business, with improving harsh jackup demand expected in 2024 and beyond.
ExxonMobil Guyana, which is the operator of the esteemed Stabroek Block and has made over 30 commercial discoveries thus far, is one of Noble Corporation’s many valued partners.
