Noble Corporation Secures Long-Term Ghana Drilling Contract
Noble Corporation plc NE has secured a long-term contract for the Noble Faye Kozack drillship, strengthening its backlog and extending the rig’s utilization into 2027. The award is with Tullow Oil plc and will enable the 2013-built drillship to undertake a drilling campaign offshore Ghana after completing its current assignment in Brazil, according to Offshore Energy.
Under the new contract, Noble Faye Kozack, the Houston, TX-based oil and gas drilling company’s drillship, is expected to drill up to 10 wells offshore Ghana. The campaign is scheduled to begin in mid-2027, providing Noble with additional visibility into future rig activity. The award also highlights continued demand for high-specification drillships as energy companies pursue offshore exploration and development projects.
Noble Faye Kozack to Support Ghana Campaign
The Noble Faye Kozack is currently working for Petrobras PBR offshore Brazil, according to Noble’s fleet status report from July 2026. The drillship will move to Ghana after completing the existing work, allowing Noble to maintain the unit’s operational deployment rather than leaving it idle between contracts.
The drillship was built in 2013 and is based on Samsung’s 12000 Double Hull design. It has a maximum drilling depth of 40,000 feet and can operate in water depths of up to 12,000 feet. These capabilities make the rig suitable for complex deepwater drilling programs.
The new contract also builds on Noble’s existing relationship with Tullow. The company has previously operated offshore Ghana, giving it experience in the region and familiarity with the operating environment.
Blake Denton, SVP of Marketing & Contracts, noted that the award underscores the strong relationship between Tullow and Noble, as well as the consistent performance of its crews operating offshore Ghana. Denton added that the Noble Faye Kozack is well positioned to support the upcoming campaign.
Contract Award Adds to Noble’s Backlog
The Ghana contract comes as Noble continues to secure new work across its modern offshore drilling fleet. In its July 2026 results, the company reported approximately $200 million in new contract value since the April fleet status report, including a six-well contract for Noble Viking and a three-well contract for Noble Claus Bachmann.
The additions included a six-well contract for the Noble Viking and a three-well contract for the Noble Claus Bachmann. The new Tullow contract is expected to add further contracted work to the company’s backlog, although its contract value was not disclosed.
A healthy backlog provides Noble with greater revenue visibility and supports fleet utilization. Long-term contracts can also help offshore drilling contractors secure more predictable cash flows while reducing exposure to short-term fluctuations in day rates and drilling activity.
The Ghana award is therefore significant because it adds future work for the Noble Faye Kozack after the current Brazilian campaign. Securing follow-on work well ahead of the rig’s existing assignment can help Noble reduce potential downtime and improve fleet planning.
Offshore Drilling Activity Remains a Key Growth Driver
Offshore drilling contractors have benefited from increased activity as oil and gas companies focus on developing large-scale offshore resources. Deepwater and ultra-deepwater projects generally require sophisticated rigs capable of operating in challenging environments, supporting demand for modern drillships.
Noble’s fleet includes several high-specification rigs designed for deepwater and ultra-deepwater operations. The company’s ability to secure contracts for these assets remains important for maintaining utilization and supporting revenue growth.
The Noble Faye Kozack’s upcoming Ghana assignment also demonstrates the geographic flexibility of Noble’s fleet. The drillship is currently deployed in Brazil and is expected to transition to West Africa for its next campaign. Such mobility allows Noble to pursue opportunities across major offshore markets as customers launch new drilling programs.
At the same time, offshore drilling remains capital intensive and exposed to changes in oil prices, exploration budgets, contract rates and project schedules. Delays in drilling campaigns or changes in customers’ capital spending plans could affect fleet utilization and future contract opportunities.
What Does the Contract Mean for Noble?
The Tullow contract provides Noble with additional visibility for the Noble Faye Kozack and adds to the company’s already substantial backlog. The award also demonstrates the continued demand for capable drillships in deepwater markets such as West Africa.
For investors, the key factors to watch will include Noble’s ability to maintain high fleet utilization, secure additional contracts at attractive day rates and convert its backlog into revenues and cash flow. The company’s expanding contract coverage could support its financial performance if offshore drilling activity remains healthy.
With the Noble Faye Kozack moving from Brazil to Ghana following its current assignment, Noble is positioned to keep the rig engaged in offshore drilling activity through another multi-well campaign. The latest award, combined with other recent contract wins, underscores the importance of backlog growth and fleet utilization to Noble’s outlook.
NE's Zacks Rank & Key Picks
Currently, NE has a Zacks Rank #4 (Sell), while PBR carries a Zacks Rank #3 (Hold). Petrobras is a leading Brazilian integrated energy company with operations spanning oil and gas exploration, production, refining and distribution. The company remains focused on expanding oil and gas production while strengthening its position in Brazil’s offshore energy sector.
Investors interested in the energy sector might consider some better-ranked stocks, such as Magnolia Oil & Gas Corp MGY and Delek US Holdings DK, both sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Magnolia Oil & Gas is valued at $5.71 billion. It is an independent oil and natural gas company focused on the acquisition, development, exploration and production of oil, natural gas and NGLs in South Texas. Magnolia Oil & Gas’ operations are concentrated in the Eagle Ford Shale and Austin Chalk formations across the Karnes and Giddings areas.
Delek US Holdings is valued at $4.15 billion. It is a diversified downstream energy company engaged in petroleum refining, renewable fuels, asphalt production and logistics operations. Delek US Holdings operates multiple refineries in the United States and is committed to delivering safe, reliable energy while investing in cleaner energy initiatives.
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This article originally published on Zacks Investment Research (zacks.com).
