Noble Corporation (NYSE: NE) has landed a clutch of drilling deals in the North Sea as demand continues to see rigs being booked up.
The US-headquartered driller cited several contracts in its latest report, working for some of the largest companies in the sector.
In the UK, Harbour Energy has exercised an extension option on the Noble Intrepid, keeping it for up to three months longer for well service work at a day rate of $120,000.
BP has meanwhile handed a one-month extension to the Noble Innovator at $140,000 per day, with three well-based options still under contract.
Elsewhere the Noble Resilient has landed a two-well plugging and abandonment decommissioning contract with Wintershall DEA in the Danish part of the North Sea at a $115,000 day rate.
Petrogas has also taken the option for a 60 day extension, plus a 40-day option, on the Noble Resolute in the Netherlands.
Since last quarter, Noble said it has won contracts worth around $530m.
Maxed out
Earlier this week analysts said North Sea rig market is close to being maxed out as vessels depart for better prospects overseas.
Westwood Global said market utilisation was at 93% as of the end of 2023, compared to a low of 54% in February 2017.
It follows a year of warnings by drilling contractors over the impact of tax policies and fiscal changes on the sector, with concerns that rigs will not return to the basin after securing work in regions like Australia and the Middle East
Noble earnings surge
Noble Corporation, now close to having completed its integration of Maersk Drilling which it acquired in 2022, reported a surge in earnings for the 2023 financial year on Friday.
Pre-tax income stood at $512.2m more than doubling 2022’s $191.5m.
Backlog as of February 22 was $4.6bn.
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