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Exxon awards new rig contract to Noble at US$375,000 day rate
(Kaieteur News) – ExxonMobil Guyana Limited (EMGL) has awarded a new drilling contract to offshore contractor Noble Corporation for its Noble Developer, a semi-submersible rig, at a day rate of US$375,000.
According to Noble’s first quarter 2026 earnings report, it secured a one-well contract with ExxonMobil for operations in Guyana. The contract is expected to begin in early 2027, immediately following the rig’s current drilling programme.
Noble Developer
EMGL has already contracted four of Noble’s drillships operating in Guyana’s prolific Stabroek Block at a market-based day rates in the low-to-high US$400,000 range. Exxon’s in its contract with Noble agrees to pay the market-based day rate for the drill rigs: Noble Tom Madden, Noble Sam Croft, Noble Don Taylor, and Noble Bob Douglas. The day rates for Tier 1 drillships like those working in Guyana have ranged from the low to high US$400,000.
Notably, market-based day rates are reset twice per year (March 1, and September 1 each year) to the projected market rate at that time.
It should be noted that for every day that the drill ships work, Guyana will have to foot the bill. Owing to the 2016 Production Sharing Agreement (PSA), Guyana signed with Exxon – all of the company’s expenses will be recovered. Under the deal, Exxon receives profits after 75 percent is withdrawn to cover operational expenses.
In May 2023, Noble announced that ExxonMobil Guyana had extended their contract for the rental of the four ultra-deep-water drill ships to work in Guyana until second quarter of 2027. The following year, the company announced that ExxonMobil has extended its contract for four of its drillships to work in the Stabroek Block.
According to Noble, ExxonMobil awarded 4.8 additional rig years of backlog under the Commercial Enabling Agreement (CEA) which has been assigned evenly across the four drill ships extending each rig’s contract duration from June 2027 to August 2028.
This publication had reported that Exxon had also contracted drill rigs from Stena for its Stabroek Block operations.
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Unbelievable what did we signed. I think our livelihood and futuristic profit and everything in it they continue with the 75%. My god are we so dumb unintelligent and stupid I am ashamed what These morons did with our country. Both governments unbelievable and the y have intensions to rewrite or a negotiable contract.
My point BB if view is that we should really really have a REFERENDUM. BY THE PEOPLE FOR THE PEOPLE
THIS IS NOT A SOCIALISM IT IS TRYING TO GET BACK SOME OF OUR WEALTH. DEFINITELY.