Noble bags drillship gigs in Gulf of Mexico and Ghana
Noble Corporation, a prominent offshore rig owner, has recently announced the acquisition of new contracts for two of its drillships. These contracts mark a significant development for the company, as they expand its operations in key regions such as the Gulf of Mexico and Ghana. The contracts not only promise substantial revenue but also highlight the ongoing demand for offshore drilling services in the energy sector.
New Opportunities in the Gulf of Mexico
The first contract involves the drillship Noble Globetrotter I, which was built in 2011. An undisclosed client has awarded this contract, which includes one firm well and up to six optional wells. The total potential duration of this contract is approximately 200 days. The drilling operations are set to commence in early January 2025. If all options are exercised, the estimated total contract value could reach around $70 million.
Currently, the Noble Globetrotter I is not engaged in any active drilling. Its last assignment was with Shell in the Gulf of Mexico, where it operated at a day rate of $390,000. This campaign concluded in October, leaving the drillship ready for its next venture. The new contract signifies a positive outlook for Noble as it continues to secure work in a competitive market.
Expanding Operations in Ghana
The second contract pertains to the Noble Venturer, a drillship built in 2014. This contract has been awarded by Tullow Oil and is set to begin in May 2025. Before this new assignment, the Noble Venturer will complete its current campaign for Rhino Resources in Namibia, where it is operating at a day rate of $410,000.
This contract with Tullow Oil is more extensive, covering six firm wells over a period of 360 days. The total contract value is estimated at $171 million. The first two wells are expected to take around 120 days to complete. However, after this initial phase, the contract will enter a suspension period at zero rate until the end of 2025. This break is necessary for planned maintenance, including the replacement of thrusters. Following this maintenance, the contract will resume in January 2026 for the remaining four wells, which are projected to take an additional 240 days. The contract also includes three optional extensions, each consisting of two wells, adding further potential value to Noble’s operations.
