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Noble Secures Contract with Encana and Total

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Jul. 31 2018, Updated 1:06 p.m. ET

Last week

Last week, Noble (NE) released its monthly fleet status report. A fleet status report includes contract information, drilling status, and planned out-of-service time for every rig. In this part, we’ll look at the report in more detail.

Noble is the only company in the offshore drilling space that still releases monthly fleet status reports. All other companies like Transocean (RIG), Diamond Offshore (DO), Ensco (ESV), and Rowan Companies (RDC) have switched from monthly reports to quarterly reports.

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Fleet status report

According to Noble’s latest fleet status report, the company has secured two contracts and one contract extension for its jack-up rigs.

  • Noble Regina Allen secured a contract with Encana Corp (ECA). The contract will commence in January 2020 and will expire in May 2020. The company has not disclosed the contract’s day rate. But we believe it will likely be down from its existing day rate of $94,000.
  • Noble Sam Hartley won a contract with Total (TOT) for operation in the United Kingdom. The company has not disclosed the dayrate for this contract. The duration of the contract will be approximately ten months starting from October 2018 and ending in July 2019. The rig is currently warm stacked.
  • Noble Sam Turner, which is working with Total in Denmark, got a contract extension. The existing contract was expected to expire in August 2018 and had a dayrate of $96,500. The company got an extension up to March 2020. The company has not disclosed the dayrate for the extension.
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