Drilling company Noble Corporation has been awarded a 10-month contract by Harbour Energy in the UK North Sea. The contract, valued at $28.5 million, is for an "accommodation scope" at the Judy field. Noble's vessel, Noble Intrepid, will provide accommodation services for the project, which is expected to begin in the fourth quarter of this year. The Judy field is located approximately 130 miles southeast of Aberdeen.

The contract with Harbour Energy also includes options for a further five months of well intervention services. Noble Corporation reported a backlog of $5 billion during the second quarter earnings announcement. The recent contract with Harbour Energy, along with other projects involving the Noble Regina Allen and Noble Tom Prosser, signifies a steady recovery in jackup revenue for the company.

Noble Corporation merged with Maersk Drilling last year, and its CEO, Robert Eifler, expressed satisfaction with the company's second-quarter performance. The net income for Q2 amounted to $56 million, a notable increase from the $33 million reported in the same period last year. Furthermore, the revenues more than doubled, soaring from $275 million to $639 million.

In light of the positive financial performance and the anticipated demand dynamics in Norway and the North Sea from late 2024 onward, Noble Corporation expects a steady recovery in jackup revenue and EBITDA contribution in the coming quarters. The company also recently initiated a quarterly dividend of $0.30 per share and allocated $60 million for share repurchases in Q2, underscoring their commitment to generating cash flow and returning capital to shareholders.

Noble Corporation's partnership with Harbour Energy and the forthcoming projects demonstrate the company's enhanced capabilities, resulting from the merger with Maersk Drilling, and its dedication to providing exceptional services to its clients.