Offshore drilling contractor Noble Corporation has reported a strong start to 2026, securing approximately US$565 million in new contract awards while locking in additional work offshore Guyana with ExxonMobil.
In its first quarter results released on April 26, the company said its backlog now stands at US$7.5 billion, underpinned by fresh contracts across multiple regions, including a new one-well deal in Guyana.
Among the key developments is a contract for the Noble Developer drillship, which will continue operating for ExxonMobil offshore Guyana at a dayrate of US$375,000. The contract is expected to begin in early 2027, directly following its current programme.
Guyana remains a major hub for offshore drilling activity, as companies expand exploration and development campaigns in the Stabroek Block, where ExxonMobil and its partners have already driven production to over 900,000 barrels per day.Noble’s President and CEO, Robert Eifler, said the company entered the year with “solid operational and financial results,” noting that contract activity remains strong.
“Commercial momentum remains brisk… We remain intensely focused on project execution, with several important contract commencements scheduled over the course of this year,” he stated.
For the first quarter of 2026, Noble reported net income of US$121 million, up from US$87 million in the previous quarter, while adjusted EBITDA rose to US$277 million.
Revenue for the period stood at US$786 million, supported by improved fleet utilisation, which climbed to 68% from 64% in the previous quarter.
The company also generated US$273 million in operating cash flow and US$169 million in free cash flow, highlighting strong cash generation despite ongoing capital spending. Noble said tightening market conditions for offshore rigs are pushing dayrates higher, particularly for high-specification drillships, where rates are now trending in the low-to-mid US$400,000 range.
This trend aligns with broader industry developments, as global oil demand and supply uncertainties continue to drive investment in offshore projects. Guyana, in particular, remains one of the fastest-growing oil provinces globally, with multiple new development, including Yellowtail and Uaru, set to further boost output in the coming years.
The company’s latest contract wins also include a three-year extension with Petrobras for the Noble Courage and a multi-well programme with Woodside in Australia, signalling sustained demand across key offshore basins.
Looking ahead, Noble maintained its full-year 2026 revenue guidance of between US$2.8 billion and US$3 billion, with adjusted EBITDA expected to range from US$940 million to US$1.02 billion. However, capital expenditure guidance was increased to as much as US$665 million due to the reactivation of one of its rigs.
Eifler said improving fundamentals in the offshore sector are expected to support stronger earnings visibility.
“With tightening floater fundamentals, the trajectory for dayrates, contract duration and earnings visibility is improving,” he said, adding that the company anticipates “a meaningful financial inflection” in the year ahead.
