With contract backlog of $4.7 billion, Noble looks forward to ‘sustained long-term upcycle’

Offshore drilling contractor Noble Corporation has reported strong operational and financial performance during the third quarter of 2023, driven by elevated average day rates and rig fleet utilization, primarily due to high contracting activity for floaters. The flames of the rig owner's hopes for further offshore drilling market improvements are fueled by a further increase in its contract backlog a year after the merger with Maersk Drilling, which enabled the drilling giant to end 3Q 2023 with a total backlog of $4.7 billion.