Energy giant bp has awarded a significant drilling contract to Noble Corporation for work in Trinidad and Tobago. The agreement, confirmed in Noble’s 2025 full-year results, will see the semi-submersible rig Noble Developer deployed for a three-well campaign scheduled to commence in the first quarter of 2027.
The initial drilling program is slated to run for approximately 240 days, commanding a day rate of $375,000. The contract also includes options for up to three additional wells, providing further potential for bp’s regional operations. As one of the nation’s primary hydrocarbon producers, bp currently manages an extensive infrastructure in the area, comprising 12 offshore platforms and two subsea installations.
The announcement comes amidst a period of resilient activity in the global offshore sector. According to recent data from Westwood Global Energy Group, market utilization levels remained firm at the start of the year despite minor fluctuations in fleet size.
"The global committed jackup fleet decreased by four units to 384, with marketed committed utilization at 88%," Westwood Global noted in a recent market update. The group highlighted that nine new jackup contracts were awarded during the month, adding over six rig years to the global industry backlog.
While the jackup segment saw a slight contraction in units, the semi-submersible and drillship markets showed signs of expansion:
Semi-submersibles: The committed fleet grew to 59 units. Marketed utilization held steady at 79%, bolstered by seven new contracts, including the Noble-bp deal.
Drillships: This segment remains the tightest in the market, with utilization rising to 93%. Ten new fixtures were recorded, headlined by a 440-day contract for Seadrill’s West Capella to drill nine wells offshore Malaysia for PTTEP.
The Noble Developer, a veteran vessel built in 2009, joins a list of high-profile fixtures as operators look to secure capacity years in advance. Similar forward-looking activity was seen in the U.S. Gulf of Mexico, where Borr Drilling’s Odin recently secured a 120-day contract with ExxonMobil, set to begin in mid-2026.