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Noble (NE) Inks Deal With Harbour for Well Intervention Work

Zacks Equity Research
·2-min read

Noble Corporation plc NE, the offshore drilling contractor, has struck a new deal with U.K.-based Harbour Energy HBRIY for one of its harsh environment jack-up rigs. The rig Noble Resilient has been tasked with well intervention work in the U.K. North Sea, for Harbour Energy. The contract, scheduled to begin in July 2024, has an estimated duration spanning 30-70 days. Financial details regarding the deal have not yet been disclosed.

The contract is slated to begin in continuation with the jack-up rig’s current program in the Wintershall Dea in Denmark. It is expected to be completed before beginning NE’s 120-day contract with Petrogas. For the aforementioned contract, one of Noble’s jack-up rigs will be responsible for the plug-and-abandonment activities.

The company’s representative has stated that the contract entails the construction of a CNS platform in the United Kingdom. This deal will ensure a seamless transition between two significant projects for Noble, which has scoped up several million-dollar assignments for its fleet in the first quarter of 2024. NE has a backlog worth $4.4 billion.

The Noble Resilient jack-up rig was built in 2009 and features the Gusto MSC CJ50 X100 MC design. Its maximum drilling depth is nearly 30,000 feet and can operate in water depths of up to 350 feet.

Zacks Rank and Key Picks

Currently, NE carries a Zacks Rank #5 (Strong Sell) while HBRIY carries a Zacks Rank #3 (Hold).

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Some better-ranked stocks in the energy sector are Archrock Inc. AROC and Hess Midstream Partners LP HESM. Archrock presently sports a Zacks Rank #1 (Strong Buy), while Hess Midstream presently carries a Zacks Rank of #2(Buy. 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.

Hess Midstream LP owns, operates, develops and acquires a wide range of midstream assets, providing services to Hess Corporation and other third-party customers. The partnership has a stable fee-based revenue model secured via long-term commercial contracts. Since Hess Midstream operates through 100% fee-based contracts, it is exposed to minimal commodity price risks.

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Noble Corporation PLC (NE) : Free Stock Analysis Report

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

Hess Midstream Partners LP (HESM) : Free Stock Analysis Report

Harbour Energy PLC Sponsored ADR (HBRIY) : Free Stock Analysis Report

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Zacks Investment Research