Noble Corp. Secures New Contracts Worth Approximately $1.3B
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 26 2026
0mins
Noble Corp. (NE) announced new contract awards for nine rigs comprising approximately $1.3B of backlog, including a three-year contract for the harsh environment semisubmersible Noble GreatWhite, which will expand the company's existing Norway presence into the harsh environment floater market. Noble GreatWhite has been awarded a new three-year contract with Aker BP for operations offshore Norway, expected to commence in Q2 2027. The award represents approximately $473M of total contract value, including mobilization fee and excluding integrated services and bonus potential. This marks the Noble GreatWhite's first campaign in Norway. In preparation for this campaign, Noble anticipates approximately $160M of capital expenditures associated with reactivation and contract preparation activities. Noble Gerry de Souza has been awarded a two-year drilling contract, with up to three years of optional extensions, by Esso Exploration and Production Nigeria, an ExxonMobil (XOM) affiliate. Operations are targeted for mid-2026 subject to regulatory approvals and conditions. This project is expected to add an estimated $292M to our backlog resuming operations through PIDWAL, our Nigerian joint venture with Derotech. Noble plans to upgrade the Gerry de Souza for Managed Pressure Drilling ahead of this program. ExxonMobil has awarded two additional rig years of backlog under the commercial enabling agreement in Guyana which has been assigned evenly across the four drillships - Noble Sam Croft, Noble Don Taylor, Noble Tom Madden and Noble Bob Douglas - extending each rig through February 2029. Noble BlackRhino has been awarded a contract for one workover well with Beacon Offshore Energy in the U.S. Gulf scheduled to commence in March 2026 with an estimated duration of 50 days. The contract includes an option for an additional well with estimated duration of 100 days. Noble Endeavor has been awarded an 11-well contract with an undisclosed operator in South America, estimated to commence in late 2026 at a dayrate of $300,000 plus mobilization and demobilization fees with the potential for additional revenue from a performance incentive provision. Noble Developer has been awarded a three-well contract with estimated duration of 240 days with bp in Trinidad, scheduled to commence in Q1 2027 at a dayrate of $375,000. The contract includes options for up to three additional wells with estimated combined duration of 240 days. Additionally, the previously announced three-year contract with TotalEnergies (TTE) in Suriname that was formerly assigned to the Noble Developer has been transferred to the Noble Discoverer. On a combined basis, we anticipate that these contract awards will entail approximately $50M of contract preparation capital expenditure for 2026 in addition to the Noble GreatWhite program.
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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: 37.020
Low
32.00
Averages
33.20
High
36.00
Current: 37.020
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.
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- Historical Accuracy Analysis: According to Investopedia, from 1967 to 2025, the indicator had a 71% accuracy rate, but since 2005, it has only been accurate about 40% of the time, highlighting a significant reduction in its predictive power and reflecting skepticism in the market.
- Lack of Economic Mechanism: Despite the Super Bowl Indicator's persistence in market folklore, there is no plausible economic mechanism linking the outcome of a single sporting event to corporate earnings, monetary policy, or global capital flows, with market performance driven more by interest rate expectations, inflation trends, and fiscal policy.
- Investor Sentiment Impact: Stock index futures fell on Monday as investors looked ahead to key economic data releases, including the January Employment Situation report and retail inflation figures, indicating a focus on economic fundamentals, even as the Super Bowl Indicator remains a lighthearted topic in the market.
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- Conference Call Details: The company will host a conference call on February 12, 2026, at 8:00 a.m. U.S. Central Time to provide a detailed discussion of its financial results, which is expected to attract significant attention from investors and analysts.
- Investor Relations Support: Noble will make its earnings press release and presentation available on its website, ensuring that investors can access key information promptly, thereby enhancing transparency and communication efficiency.
- Industry Position: As a leading offshore drilling contractor, Noble has been active in contract drilling since 1921, operating a modern fleet focused on ultra-deepwater and high-specification drilling opportunities, demonstrating its competitive edge in the global market.
See More
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- Conference Call Details: The company will host a conference call on February 12, 2026, at 8:00 a.m. U.S. Central Time to discuss the financial results, allowing investors to dial in 15 minutes prior, enhancing engagement with stakeholders.
- Webcast Availability: A live webcast link will be provided on the company's website, ensuring transparency and accessibility of information, thereby improving communication efficiency with shareholders.
- Industry Context: As a leading offshore drilling contractor, Noble operates a modern fleet focused on ultra-deepwater and high-specification drilling opportunities, highlighting its significant position and technological advantages in the global oil and gas industry.
See More
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- 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.
See More
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- 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.
See More
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See More
