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    Noble's floating rigs fully contracted in Q2

Summary

Noble expects the positive momentum to continue despite global economic concerns.

by: NGW

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Noble's floating rigs fully contracted in Q2

Offshore driller Noble Corp reported on August 8 that its fleet of floating rigs was 100% contracted in the second quarter, as higher oil and gas prices spurred upstream companies to ramp up operations.

"Demand for offshore drilling is increasing in all our key operating regions, and we expect this positive momentum to continue despite global economic concerns," Noble CEO Robert Eifler commented. "Tender activity remains at attractive levels and our customers have a robust pipeline of opportunities for our rigs."

Nobel enjoyed a bump in revenues to $275mn in the three-month period, up from $219mn in the first quarter of this year and $219mn in the second quarter of last. This supported a spike in adjusted EBITDA to $84mn, from $27mn a year earlier. Net income came in at $37mn, versus $37mn loss in Q2 2021.

On the operations side, Noble noted that its Faye Kozack rig had been awarded a one-well contract with US firm LLOG for work in the Gulf of Mexico during the period at a daily rate of $420,000. That contract covers managed pressure drilling services and will run from late 2022 or early 2023.

Meanwhile in Suriname, APA actioned a second option for Noble's Gerry de Souza rig and is set to novate it to TotalEnergies for one well, and the Noble Globetrotter I recently completed work for Shell and demobilised to complete routine maintenance after a 10-year contract. That rig is slated to go to Mexico in the third quarter to start work for CNOOC and Petronas.

In the second quarter, the Noble Regina Allen started work in Guyana for Repsol, and after this operation it is scheduled to return to Trinidad and Tobago to drill six wells with another operator. In the UK North Sea, the Noble Sam Hartley is due to start drilling for TotalEnergies.