Noble Corporation plc (NE – Free Report) , an offshore drilling contractor, has secured a contract from Petronas Suriname E&P for its semi-submersible rig Noble Developer. The contract involves drilling three wells offshore Suriname for Petronas. The duration of the contract is estimated to be 200 days.
The contract’s value is approximately $84 million. This includes mobilization and demobilization fees for the rig and additional services provided by NE. The contract is expected to start around June 2025. The companies have also agreed to add an option of drilling an additional well to the contract.
The Noble Developer drillship is currently stationed offshore Trinidad and Tobago. The necessary preparations are scheduled to start immediately for the rig’s upcoming assignment with Petronas. The rig was built in 2008 and can operate in water depths of approximately 10,000 feet. It has a maximum drilling depth of 40,000 feet.
Noble Developer previously worked for Petronas in Suriname. The company is looking forward to resuming operations in the region in mid-2025.
NE’s Zacks Rank and Key Picks
NE currently carries a Zacks Rank #5 (Sell).
Some better-ranked stocks from the energy sector are TechnipFMC plc (FTI – Free Report) , Sunoco LP (SUN – Free Report) and Oceaneering International (OII – Free Report) . TechnipFMC and Sunoco currently sport a Zacks Rank #1 (Strong Buy) each, while Oceaneering International carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a high of $14.7 million in the third quarter of 2024, indicating an 11.1% increase from the previous year’s level. This growing backlog ensures strong revenue growth for FTI.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores and distributors. Its current distribution yield is greater than that of the industry’s composite stocks, providing unitholders with consistent returns.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading offshore equipment and technology solutions provider to the energy industry. Its proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
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