Six wells for the Noble Viking in Asia Pacific and three wells for the Noble Claus Bachmann in the UK North Sea add approximately 16 months of floater work as Noble maintains a $615 million to $665 million 2026 capital program.
Published by Allstream Insiders
Allstream Insiders Summary
Noble Corporation added approximately $200 million of new offshore drilling contract value since its April fleet update, led by a six-well assignment for the Noble Viking in Asia Pacific and a three-well bp contract for the Noble Claus Bachmann in the UK North Sea.
The two disclosed awards add approximately 16 months of floater backlog. The Noble Viking program is scheduled to begin in early 2028 and last approximately 300 days. The Noble Claus Bachmann is expected to begin work for bp in March 2027 for an estimated 150 to 210 days before moving directly into a previously announced three-year Aker BP campaign.
Noble reported $6.8 billion of contract drilling backlog as of July 27, 2026 and maintained its full-year capital-expenditure guidance at $615 million to $665 million. The capital program covers the wider fleet and includes sustaining work, major projects, subsea-related activity, capital spares, reimbursable capital, contract modifications and capitalized interest. Noble has not assigned the full program to the two new contracts.
Noble Offshore Rig Contract Tracker
| Rig | Customer and region | Firm scope | Expected schedule | Disclosed commercial terms |
|---|---|---|---|---|
| Noble Viking | Customer not named; Asia Pacific | Six wells | Early 2028 start; approximately 300 days | Included in Noble’s approximately $200 million aggregate new contract value; individual value and dayrate not disclosed |
| Noble Claus Bachmann | bp; UK North Sea | Three wells | March 2027 start; approximately 150 to 210 days | $320,000 per day, plus a $5 million mobilization fee |
Noble reported the approximately $200 million as the combined value of new contracts since its April 26 fleet status report. The company did not allocate that amount between the Noble Viking and Noble Claus Bachmann, so it should not be represented as the value of either rig’s award individually.
Noble Viking Secures Six-Well Asia Pacific Contract
The Noble Viking received a six-well contract in Asia Pacific scheduled to begin in early 2028. Noble estimated the firm assignment at approximately 300 days.
The company did not identify the customer, country, field, individual contract value or dayrate. The announced information establishes the number of wells, general region, expected start window and approximate duration, but it does not identify a project-specific capital budget or supporting contractors.
Noble’s filing also says the company no longer anticipated exercise of a separate Noble Viking option during the fourth quarter of 2026 because the relevant option was likely moving into 2027. That schedule change is separate from the newly awarded six-well contract beginning in 2028.
Noble Claus Bachmann Adds bp Work Ahead of Aker BP Campaign
The Noble Claus Bachmann received a three-well contract from bp in the UK North Sea. Noble expects the program to begin in March 2027 and run for approximately 150 to 210 days.
The contract carries a stated operating dayrate of $320,000 per day, plus a $5 million mobilization fee. Noble said the rig’s previously announced three-year campaign with Aker BP is now scheduled to begin in direct continuation of the bp assignment.
The sequence gives the semisubmersible a defined transition from the three-well bp program into longer-term Aker BP work. It could create planning requirements involving mobilization, contract preparation, regulatory compliance, maintenance, well-control systems and offshore logistics. Noble has not identified vendor awards or open bid packages for those supporting scopes.
Backlog Provides Multiyear Offshore Drilling Visibility
Noble reported $6.8 billion of contract drilling backlog as of July 27, 2026. The figure represents the maximum drilling revenue associated with contractual operating dayrates during firm periods and excludes mobilization, demobilization and uncommitted options.
| Backlog period | Company-reported backlog | Available days committed |
|---|---|---|
| Remainder of 2026 | Approximately $1.0 billion | 64% |
| 2027 | Approximately $2.3 billion | 65% |
| 2028 | Approximately $2.0 billion | 51% |
| 2029 through 2031 | Approximately $1.5 billion | 12% |
| Total as of July 27, 2026 | $6.8 billion | — |
Noble’s June 30 Form 10-Q recorded approximately $7.1 billion of backlog at quarter-end, while the later July 27 fleet update reported $6.8 billion. The July figure is the more recent measurement and reflects the passage of time, contract activity and fleet-schedule updates through that date.
Backlog is not a capital-project budget, and realization on the original schedule is not guaranteed. Noble cautions that customer actions, contract changes, downtime, shipyard and maintenance activity, weather, operating performance and other factors could change the timing or amount ultimately earned.
Noble Maintains $615 Million to $665 Million Capital Program
Noble maintained its expected 2026 capital expenditures at $615 million to $665 million. The company recorded $205 million during the second quarter and $308.4 million during the first six months of 2026.
According to Noble’s Form 10-Q, the capital program includes:
- Sustaining capital across the fleet
- Major projects, including subsea and related work
- Capital spares
- Reimbursable capital
- Contract modifications
- Capitalized interest
The filing says current-period investing activity included routine projects associated with overhauls and upgrades on various rigs. Noble also cautioned that customer-specific rig upgrades, regulatory requirements and changes in contracting activity could create additional expenditures outside the existing capital budget.
The $615 million to $665 million range is a companywide fleet program. Noble has not disclosed how much of it is assigned to the Noble Viking, Noble Claus Bachmann or any individual rig.
Noble Advances $73 Million Blowout-Preventer Purchase Program
Noble is also completing the purchase of four blowout-preventer systems for an aggregate $73 million after exercising purchase options associated with equipment leases inherited through the Diamond Offshore transaction.
The third system was purchased in June 2026 for approximately $18 million. Noble expects to close the purchase of the fourth and final system during the fourth quarter of 2026 for approximately $18 million, consistent with the remaining lease term.
The transactions transfer the well-control equipment into Noble’s owned property and equipment. They should be treated as equipment purchases, not new offshore drilling contracts.
Fleet Schedule Changes Affect Brazil, the UK and the United States
Noble’s quarterly filing and presentation identify several fleet changes that are distinct from the two new contract awards:
| Rig or fleet item | Status reported by Noble | How Allstream classifies the update |
|---|---|---|
| Noble Innovator / Noble Intrepid | bp backlog transferred from the Innovator to the Intrepid for the second half of 2026 | Backlog transfer, not a new award |
| Noble Faye Kozack / Noble Courage | Both rigs are currently operating in Brazil following temporary operational suspensions; administrative discussions remain unresolved | Operating and contractual issue, not new work |
| Noble Stanley Lafosse | Anticipated contract end moved to January 2027 from July 2027 | Schedule reduction |
| Noble Globetrotter I | Black Sea contract concluded during the quarter | Completed contract |
| Ocean Apex | Idle semisubmersible sold in July for scrapping | Fleet disposition |
| Noble Globetrotter II / Noble Resolve | Classified as held for sale as of June 30 | Fleet disposition process |
The Brazil disclosure requires particular care. Noble’s Form 10-Q says the Noble Faye Kozack and Noble Courage are currently operating, but the outcome of discussions concerning administrative solutions following the suspensions remains uncertain. The rigs should not be characterized as idle, permanently suspended or operating without qualification.
What Could Noble’s Fleet Program Mean for Offshore Suppliers?
The two contract awards, the broader 2026 capital program and the blowout-preventer purchases could support work across several offshore service categories as rigs prepare for and execute future assignments:
- Shipyard, overhaul and rig-upgrade services
- Blowout-preventer, subsea and well-control equipment support
- Capital spares, inspection and certification
- Contract modifications and customer-specific upgrades
- Marine transportation, mobilization and offshore logistics
- Regulatory inspections and operational-readiness work
- Drilling consumables and rig maintenance services
These are potential work categories based on the company-reported capital and contract activity. Noble has not announced procurement schedules, solicitations, supplier selections or supporting-service awards for these scopes.
Allstream Perspective
Noble’s most material project signal is the combination of approximately $200 million in newly awarded offshore drilling contracts and a maintained $615 million to $665 million fleet-capital program.
The Noble Viking contract creates a defined six-well work program beginning in early 2028, while the Noble Claus Bachmann award provides a bridge into its longer Aker BP campaign. Those schedules offer useful planning visibility, but the customers, project locations and supporting procurement strategies are not fully disclosed.
The capital program provides a separate supply-chain signal. Noble confirms that its spending includes overhauls, upgrades, subsea-related projects, spares and contract modifications, but the company does not allocate the full amount by rig. Contractors should therefore track the announced rig schedules and later fleet updates for more specific shipyard, mobilization and equipment milestones rather than treating the companywide capital range as available work on the two newly awarded rigs.
