Noble Corporation plc NE has announced that its semi-submersible drilling rig Ocean Apex has landed a new contract in Australia. The semi-submersible rig has been hired by an undisclosed client for work offshore Australia. The rig is currently stationed in Australian waters and the new contract should prolong its stay in the region.

The new drilling assignment is anticipated to last for at least 37 days. The assignment will follow Ocean Apex’s prior commitments in Australia, scheduled to take place between the second and third quarter of 2025.

The semi-submersible rig is currently working under contract for Santos, where it is anticipated to remain until May 2025. After completing its assignment with Santos, the rig shall move to begin its campaign with Chevron. The rig’s assignment with Chevron is scheduled to end in July 2025.

Built in 2014, Ocean Apex has a maximum drilling depth of up to 30,000 feet underwater. The rig can operate in water depths of approximately 6,000 feet and accommodate up to 140 people.

NE has recently secured another drilling contract in Suriname with Petronas. The contract involves drilling three wells offshore Suriname, using its semi-submersible rig Noble Developer. The Noble Developer semi-submersible rig was built in 2008 and can operate in water depths of approximately 10,000 feet.

NE’s Zacks Rank and Key Picks

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

Some better-ranked stocks from the energy sector areTechnipFMC plc FTI, Sunoco LP SUN and Oceaneering International OII. TechnipFMC and Sunoco currently sport a Zacks Rank #1 (Strong Buy) each, while Oceaneering International carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a high of $14.7 million in the third quarter of 2024, indicating an 11.1% increase from the previous year’s level. This growing backlog ensures strong revenue growth for FTI.

Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores and distributors. Its current distribution yield is greater than that of the industry's composite stocks, providing unitholders with consistent returns.

Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading offshore equipment and technology solutions provider to the energy industry. Its proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.

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