Noble Corporation Reports Strong Contract Backlog and High Rig Utilization
Noble Corporation (NE) has reported significant momentum in the offshore drilling sector, securing $560 million in new contract awards during the third quarter of 2026. The company's ultra-deepwater (UDW) rig utilization has reached a near-capacity level of 99%, with 109 out of 110 marketed rigs currently contracted or committed to future programs. This tightening supply is driving daily charter rates for specialized drillships toward the $500,000 mark. Looking ahead, Noble's contract backlog has reached $6.7 billion, which management expects will trigger a substantial surge in Adjusted EBITDA starting in the second half of 2027. Additionally, the company has successfully contracted four of its five CJ70 jackups in Norway, benefiting from high regional demand and daily rates ranging between $230,000 and $300,000. The overall market outlook suggests a fully sold-out environment for high-end deepwater rigs within the next year.
Tickers: $NE
Topics: contract backlog earnings report offshore drilling rig utilization