Noble releases Q1 operation highlights
Noble Corp reported Q1 2025 results, including some notable operational highlights. Noble’s marketed fleet of twenty-five floaters was 80% contracted during the first quarter, compared with 74% in the prior quarter. Recent backlog additions since last quarter have added 15 rig years of total floater backlog, materially enhancing contract coverage over the next several years. Recent dayrate fixtures for Tier-1 drillships have been in the low-to-high $400,000s, with 6th-generation floater fixtures between the low $300,000s to mid $400,000s.
Use of Noble’s 13 marketed jackups was 74% in the first quarter, versus 82% utilization during the prior quarter. Leading edge dayrates for harsh environment jackups in the North Sea remained stable, albeit with limited fixtures recently.
New contracts with total contract value of between $2.2 to $2.7 billion include the Noble Voyager and a second Noble V-class 7th generation drillship, each awarded 4-year contracts with Shell in the US Gulf. The two contracts, scheduled to commence in mid 2026 and Q4 2027, each include a base dayrate value of $606 million. Furthermore, there is the potential to earn performance incentive compensation of up to a maximum of 20% of the base value. The performance incentive is not guaranteed and is contingent upon achieving specific performance targets.
Noble Developer and a Noble V-class 7th generation drillship to be named in the coming months have each been awarded 16-well (estimated 1,060 days) contracts with TotalEnergies in Suriname which are expected to commence between Q4 2026 and Q1 2027. Together, the firm revenue of the two contracts is $753 million. These contracts allow for an additional $297 million in revenue tied to collective operational performance program with TotalEnergies.
Noble Discoverer received a 390-day extension from Petrobras in Colombia via option exercise, extending the rig from July 2025 to August 2026 at its existing dayrate.
Noble Regina Allen received a one-well contract in Suriname with estimated duration of 65 days expected to commence in Q4 2025 with a total contract value estimated at $17.7 million including mobilization and demobilization fees.
Noble Viking received a contract from Brunei Shell Petroleum for one well plus one option, scheduled to commence in Q4 2025 with an estimated firm contract value of $14 million.
Noble Intrepid has been awarded a one-well contract with DNO Norge in Norway that is expected to commence in August 2025 with estimated duration of 50-90 days.
