Drilling firm Noble Corporation (NYSE: NE) has been awarded a 10-month gig with Harbour Energy (LON: HBR) in the UK North Sea.
The contract is for an “accommodation scope” worth $28.5m at the Judy field.
Noble said the work is expected to begin in Q4 of this year.
Judy lies around 130 miles south-east of Aberdeen.
The contract includes extension options for a further five months of well intervention services.
Noble Drilling, who reported its Q2 earnings this week, has a backlog of $5bn.
Along with work for the Noble Regina Allen and Noble Tom Prosser, the company said the Noble Intrepid deal is part of a “steady recovery in jackup revenue”.
“Based on these dynamics and additional contract prospects over the near term, a steady recovery in jackup revenue and EBITDA contribution is expected to unfold over the coming quarters, with a more assertive recovery still predicated on demand dynamics in Norway and then North Sea from late 2024 onward.”
Q2 net income totalled $56m, up from $33m in the same period last year, while revenues more than doubled from $275m to $639m.
It comes after Noble combined with Maersk Drilling last year.
CEO Robert Eifler said: “Our second quarter results reflected solid operational and financial performance. Our recent initiation of a quarterly dividend starting at $0.30 per share, combined with $60 million of share repurchases in the second quarter, highlights our industry leading platform for cash flow generation and our commitment to returning capital to shareholders.
“We are realising the combined benefits of the business combination with Maersk Drilling with our enhanced capabilities, we believe, allowing us to better serve our customers.”
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