Noble Corporation plc NE, a leading U.S.-based offshore driller, has been awarded a new drilling contract by an undisclosed operator offshore Suriname. The new contract involves drilling one well using the Noble Regina Allen rig, and the project is expected to begin in the fourth quarter of 2025. The estimated duration of the contract is 65 days.

The contract has been valued at approximately $17.7 million, which includes mobilization and de-mobilization fees. The Noble Regina Allen jack-up rog was built in 2013 at the Jurong Shipyard. The rig boasts a Friede & Goldman JU3000N design and can drill to a maximum depth of 35,000 feet. It can operate in depths of 400 feet underwater.

The jack-up rig experienced a mechanical failure in its jacking system, one of the legs, which resulted in its demobilization in 2022 to a port in Trinidad. The rig underwent significant downtime following the mechanical failure, due to which its multi-well contract was canceled. The rig has remained off day rates since mid-December 2022. The rig was sent for repairs in Rotterdam, the Netherlands.

After concluding the repair work, the rig secured a contract with French energy giant TotalEnergies in Argentina in September 2023. TotalEnergies hired the rig for a three-well contract at an operating day rate of $150,000. The contract also included four one-well options.

On its fourth-quarter earnings release, Noble mentioned that as of February 2025, its project backlog totaled $5.8 billion.

NE’s Zacks Rank and Key Picks

NE currently carries a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks from the energy sector are Archrock Inc. AROC, Matador Resources Corporation MTDR and Cheniere Energy LNG. Archrock currently sports a Zacks Rank #1 (Strong Buy), while Matador Resources and Cheniere Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.

Matador Resources is a leading U.S.-based exploration and production firm. The company has consistently exceeded production expectations, demonstrating operational efficiency and robust growth. MTDR’s production efficiency, combined with the favorable oil price environment, is expected to positively impact its bottom line.

Cheniere Energy is involved in LNG-related businesses, which include LNG terminals and natural gas marketing. The company has achieved a milestone with the first production from the first LNG train of its Corpus Christi Stage 3 Liquefaction Project. The project, which includes seven midscale LNG trains, aims to expand the production capacity of the Corpus Christi Liquefaction facility. This expansion is expected to enhance Cheniere's position in the rapidly growing global LNG market, enabling it to meet the rising demand for LNG, both in the United States and internationally.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Noble Corporation PLC (NE) : Free Stock Analysis Report

Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report

Matador Resources Company (MTDR) : Free Stock Analysis Report

Archrock, Inc. (AROC) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research