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Noble Lands New Offshore Drilling Contract Worth $136.2M in Brunei
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Key Takeaways
Noble's Brunei contract covers six firm wells, with drilling expected to begin in early 2028.
The 296-day contract is expected to keep the Noble Viking working through fourth-quarter 2028.
The agreement includes options for three priced wells and excludes additional and MPD services.
Noble Corporation plc (NE - Free Report) , an offshore drilling contractor, secured a contract for the Noble Viking drillship from an undisclosed client for work offshore Brunei. The contract includes a firm scope of six wells, with drilling operations scheduled to start in early 2028. The contract value is estimated at approximately $136.2 million, exclusive of any additional services. The amount does not include managed pressure drilling (MPD) services. The contract also includes options for three additional priced wells.
The company stated that the contract duration is estimated to be 296 days. The contract is expected to keep the rig engaged through the fourth quarter of 2028. The Noble Viking drillship, built in 2013, has a maximum drilling depth of up to 40,000 feet and can operate in water depths of up to 12,000 feet.
A company spokesperson mentioned that the company looks forward to supporting the offshore drilling campaign in Brunei. The contract award underscores NE’s commitment to operational excellence and delivering high-quality results. The new contract adds to the company’s current backlog, enhancing future revenue visibility. Noble had previously stated that its contract backlog stood at $7.5 billion as of April 27, 2026.
Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt, and other petroleum products.
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.
FuelCell Energy is a clean energy company that offers scalable, reliable, low-carbon power solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company’s proprietary molten carbonate fuel cell systems generate electricity through an electrochemical process instead of burning fuel, reducing carbon emissions and minimizing the environmental impact of power generation. FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
View the Zacks #1 Rank List
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Noble Lands New Offshore Drilling Contract Worth $136.2M in Brunei
Key Takeaways
Noble Corporation plc (NE - Free Report) , an offshore drilling contractor, secured a contract for the Noble Viking drillship from an undisclosed client for work offshore Brunei. The contract includes a firm scope of six wells, with drilling operations scheduled to start in early 2028. The contract value is estimated at approximately $136.2 million, exclusive of any additional services. The amount does not include managed pressure drilling (MPD) services. The contract also includes options for three additional priced wells.
The company stated that the contract duration is estimated to be 296 days. The contract is expected to keep the rig engaged through the fourth quarter of 2028. The Noble Viking drillship, built in 2013, has a maximum drilling depth of up to 40,000 feet and can operate in water depths of up to 12,000 feet.
A company spokesperson mentioned that the company looks forward to supporting the offshore drilling campaign in Brunei. The contract award underscores NE’s commitment to operational excellence and delivering high-quality results. The new contract adds to the company’s current backlog, enhancing future revenue visibility. Noble had previously stated that its contract backlog stood at $7.5 billion as of April 27, 2026.
NE’s Zacks Rank and Key Picks
NE currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Par Pacific Holdings (PARR - Free Report) , Cenovus Energy (CVE - Free Report) and FuelCell Energy (FCEL - Free Report) . Par Pacific currently sports a Zacks Rank #1 (Strong Buy), Cenovus Energy and FuelCell Energy carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt, and other petroleum products.
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.
FuelCell Energy is a clean energy company that offers scalable, reliable, low-carbon power solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company’s proprietary molten carbonate fuel cell systems generate electricity through an electrochemical process instead of burning fuel, reducing carbon emissions and minimizing the environmental impact of power generation. FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.