Noble Corp. Secures $1.3B in New Contracts
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3d ago
0mins
Source: seekingalpha
- Total Contract Value Surge: Noble Corp. announced new contract awards for nine rigs totaling approximately $1.3 billion, marking the company's strategic entry into Norway's harsh-environment floater market, demonstrating its commitment to market expansion.
- Norwegian Market Debut: The largest award is a three-year contract for the Noble Great White semi-submersible with Aker BP, expected to commence in Q2 2027, valued at around $473 million, representing the rig's first campaign in Norway.
- New Contract in Nigeria: The Noble Gerry de Souza drillship was awarded a two-year contract by Exxon Mobil in Nigeria, targeted to begin mid-2026, adding $292 million to the backlog, indicating the company's ongoing growth potential in the West African market.
- New Opportunities in South America: The Noble Endeavor semi-submersible secured an 11-well contract with an undisclosed operator, expected to start in late 2026 at a $300K dayrate, with performance incentives potentially boosting revenue, showcasing the company's expansion capabilities in the South American market.
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Analyst Views on NE
Wall Street analysts forecast NE stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for NE is 33.20 USD with a low forecast of 32.00 USD and a high forecast of 36.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
5 Analyst Rating
1 Buy
4 Hold
0 Sell
Hold
Current: 34.620
Low
32.00
Averages
33.20
High
36.00
Current: 34.620
Low
32.00
Averages
33.20
High
36.00
About NE
Noble Corporation plc is an offshore drilling contractor for the oil and gas industry, which owns and operates technically advanced fleets in the offshore drilling industry. The Company performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. It provides contract drilling services to the international oil and gas industry with its global fleet of mobile offshore drilling units. The mobile offshore drilling units comprising its offshore rig fleet operate in a global market for contract drilling services, and its customers consist primarily of large, integrated, independent, and government-owned or controlled oil and gas companies throughout the world. Its fleet of approximately 31 drilling rigs consists of 25 floaters and 6 jackups. Its fleet includes Noble Faye Kozack, Noble Venturer, Noble Viking, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Noble Corporation Sells Five Jackup Rigs for $360 Million
- Transaction Value: Noble Corporation completed the sale of five jackup rigs to Borr Drilling for $360 million, generating approximately $210 million in cash and $150 million in seller notes, which enhances the company's liquidity and financial flexibility.
- Charter Agreement: Noble intends to operate the Noble Mick O'Brien and Noble Resolute rigs under a bareboat charter agreement with Borr until December 2026, ensuring a continuous revenue stream and asset utilization.
- Market Positioning: This transaction signifies a strategic shift for Noble in the global offshore drilling market, focusing on high-specification and ultra-deepwater drilling opportunities, thereby enhancing its competitiveness in the industry.
- Historical Context: Engaged in contract drilling since 1921, Noble's asset sale further optimizes its modern and technically advanced fleet, supporting its future growth strategy.
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Noble Corporation Sells Five Jackup Rigs for $360 Million
- Transaction Value: Noble Corporation completed the sale of five jackup rigs to Borr Drilling for $360 million, generating approximately $210 million in cash and $150 million in seller notes, thereby enhancing the company's liquidity and financial flexibility.
- Charter Agreement: Noble intends to operate the Noble Mick O'Brien and Noble Resolute under a bareboat charter agreement with Borr until December 2026, ensuring a continuous revenue stream and optimizing asset utilization.
- Market Positioning: This transaction allows Noble to focus on its modern and technologically advanced drilling fleet, further solidifying its leadership position in the offshore drilling industry while paving the way for future growth opportunities.
- Historical Context: Engaged in contract drilling since 1921, this asset sale represents part of Noble's strategic restructuring aimed at improving operational efficiency and enhancing market competitiveness.
Continue Reading