Noble Corporation, a leading provider of offshore drilling services, has reported a 78% utilisation rate for its marketed fleet of 16 floating drilling rigs during the second quarter. This positive trend was driven by continued strong demand for high-specification drillships, with leading day rates remaining in the £340,000-£400,000/day range.
The company's jackup fleet also saw an improvement in utilisation, reaching 77% in the quarter. Notably, harsh environment jackups in Norway commanded day rates in the mid-£160,000s/day, while rates elsewhere in the North Sea ranged from £100,000-£120,000/day.
Looking ahead, Noble anticipates moderately improving demand for jackups in Norway in 2025. However, the company adopted a more cautious outlook for the southern North Sea, citing policy and permitting uncertainties under the new Labour government in the UK.
During the quarter, Noble secured new contracts totalling approximately £220 million for the following projects:
Project A: A contract for a jackup rig in the North Sea, extending for a period of two years.
Project B: A contract for a drillship in the Gulf of Mexico, lasting for 18 months.
Project C: A contract for a jackup rig in the Middle East, spanning three years.
As of 31 July, Noble's overall contract backlog reached £3.4 billion. This robust backlog provides a strong foundation for future growth and financial stability.
While the company is optimistic about the long-term outlook for the offshore drilling sector, Noble recognises the challenges posed by regulatory uncertainties in some regions. The company remains committed to providing safe and efficient drilling services to its clients, while actively adapting to evolving market conditions.