Noble Corporation NE, the offshore drilling contractor, has secured a three-well drilling contract on the UK Continental Shelf from the British energy giant, BP plc BP. The contract award is for the Noble GreatWhite semi-submersible rig, which was later renamed Noble Claus Bachmann. This sixth-generation semi-submersible rig was built in 2016 and is capable of operating in harsh environmental conditions.
Per the terms of the contract, the offshore drilling assignment is expected to begin in the second quarter of 2027. The assignment is expected to have a duration of 150-210 days, and the day rate has been pegged at $320,000. The contract also includes a mobilization fee of $5 million. Previously, NE had announced that the Noble GreatWhite semi-submersible rig had secured another long-term contract with Aker BP offshore Norway.
The new contract adds to Noble’s multi-million dollar backlog, strengthening revenue visibility for the offshore drilling contractor. The company had mentioned that its contract backlog as of April 27, 2026, totaled $7.5 billion. The Noble Claus Bachmann harsh environment semi-submersible rig boasts a Moss CS60E design and has a maximum drilling depth of 35,000 feet. It can operate in water depths of nearly 9,840 feet and can accommodate 180 people.
Zacks Rank and Key Picks
NE and BP each currently carry a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Cenovus Energy CVE and W&T Offshore WTI. While Cenovus sports a Zacks Rank #1 (Strong Buy) at present, W&T Offshore carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cenovus Energy Inc. is a Canadian integrated energy company with operations spanning the upstream, midstream and downstream sectors. The company is involved in exploration and production from its low-cost oil sands and heavy oil assets in Canada. The strategic MEG Energy acquisition is expected to boost Cenovus Energy's production levels in 2026.
W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s recent acquisition of six shallow-water fields in the Gulf of America boosts its future production prospects, which is expected to enhance its revenues.
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BP p.l.c. (BP): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).