Exxon Mobil Contracts Noble’s Drillship For Three Years

Exxon Mobil Corporation has contracted Noble Paul Romano, a drill ship owned by Noble Corporation, at a daily rate that was not disclosed. The contract will run for three years with operations commencing in the first half of next year and run until the early months of 2021. This will be off the coast of Guyana in South America. Noble Paul Romano was built in 2013 and bears the Gusto P10,000-design.

Though the drillship’s purposes are yet to be specified, Noble Paul Romano will most likely be put to use in the Liza project, which is expected to come online in the course of the next three years. Four drill centers are going to be developed as well as 17 wells of which eight will be production wells.

Gulf of Mexico

The drillship has also won two extensions in the Gulf of Mexico with Hess Corporation. The first extension will run till October at a rate of $128,500 per day while the second extension will run till December at a rate of $115,000 per day. In the meantime Noble Paul Romano is understood to be heading to Suriname where it will be engaged in a short program with Tullow Oil.

Noble offers a variety of diversified services in the gas and oil sector. With a fleet of offshore drilling units numbering 28, Noble provides contract drilling services. These offshore drilling units consist of 14 jackups and 14 drill ships and semisubmersibles. Noble offers the contract drilling services together with labor contract drilling, consulting, engineering as well as project management services. The firm offers these services in West Africa, Brazil, the North Sea, Mexico, India, Middle East and the United States.

Strong backlog position

Noble is also a leading firm in offshore drilling and owns a portfolio of assets. Despite the fact that the gas and oil sector has been negatively affected in the last few months, the effect on Noble is not going to be as severe as the effect on its peers due to the fact that the company enjoys a formidable backlog position which currently is around $3.2 billion. Besides the strong backlog, long-term commitments and its portfolio of assets will allow the company to enjoy some relief as the weak pricing scenario in the market continues.

There are also plans by Noble to upgrade the fleet and this will be carried out through newbuild projects and acquisitions. Noble also enjoys an advantage in the deep water market.

Latest News

Leave a Reply