Exxon extends contracts for four drillships operating in Stabroek Block until 2029

Feb 01, 2026 News

(Kaieteur News) – ExxonMobil has extended its contract with Noble Corporation to keep four drill rigs in the Stabroek Block, until 2029.

The Noble Tom Madden, Noble Sam Croft, Noble Don Taylor and Noble Bob Douglas which were deployed to Guyana will continue operations until February 2029.

Noble Corporation made the announcement this week in its Fleet Status Report. The American drilling company announced new contract awards for nine rigs comprising approximately US$1.3 billion of backlog.

It said, “ExxonMobil has awarded two additional rig years of backlog under the Commercial Enabling Agreement (CEA) in Guyana which has been assigned evenly across the four drillships – Noble Sam Croft, Noble Don Taylor, Noble Tom Madden and Noble Bob Douglas – extending each rig through February 2029.”

Exxon extends contracts for four drillships operating in Stabroek Block until 2029

One of the drillships that operates in Guyana: The Noble Bob Douglas

Noble did not reveal the day rates for the rigs that will continue operating in the Stabroek Block. It however indicated in its Fleet Status Report that the prices will be market based.

According to the company, “Our drilling contracts generally provide for payment on a day rate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted.”

The day rate invoices billed to the customer are typically determined based on the varying rates applicable to the specific activities performed on an hourly basis. “Such day rate consideration is allocated to the distinct hourly increment it relates to within the contract term and, therefore, recognised in line with the contractual rate billed for the services provided for any given hour,” the company added.

President and Chief Executive Officer of Noble, Robert W. Eifler commented that these important backlog additions indicate a strong and broad-based demand for deep-water drilling on a multi-year basis.

Eifler said, “Additionally, the redeployment of four currently idle deep-water rigs should drive a meaningful utilisation improvement across our fleet, with 92% of our 24 marketed floaters now contracted compared to 75% in our prior fleet status report.”

He was keen to note that the programs will help the company to drive cash flow in future years.

In addition to Guyana, the drilling company noted that new contracts were awarded for rigs to operate in Norway, Nigeria, the US Gulf and Trinidad among others.

In May last year, Kaieteur News reported that the market-based day rate for the four drillships that work in Guyana is pegged at US$400,000 each, however market-based day rates are reset twice per year (March 1, and September 1 each year) to the projected market rate at that time.

In keeping with the Petroleum Agreement Guyana signed with ExxonMobil in 2016, the country will be required to foot the bill associated with the drillrigs.

About Noble Corporation plc

Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deep-water and high specification jackup drilling opportunities in both established and emerging regions worldwide.

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drillship, drillships, ExxonMobil, rig, Stabroek Block

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