Dear Colleagues, October 17th 2023
I'm reaching out through this newsletter to provide you with an update on our contract situation for our operations in Norway.
As you are aware, 2024 is shaping up to be a challenging year. The anticipated upswing in activity, as forecasted by analysts a year ago, has experienced delays. However, it's worth noting that we are witnessing a significant increase in activity outside of Norway as an indicator of what is to come.
Looking ahead to 2025 and beyond, we have established dialogues with several companies planning projects in Norway that is suited to our units, and we are committed to maintaining our competitive position in this regard. I`m confident that we will be awarded work in this space.
Our partnership with AkerBP has proven to be a success for all stakeholders, with both Noble Invincible and Noble Integrator consistently delivering stellar performance.
This not only keeps AkerBP satisfied but also allows us to keep our rigs active in Aamoyfjorden during shorter idle periods, creating a win-win situation.
As part of this alliance, we are also committed to optimizing our competencies for various projects, including HPHT/MPD and other requirements, this will lead to some adjustments in crew compositions.
Noble Invincible (Alliance contract with AkerBP until 2027):
2023: Ongoing work for AkerBP
Potential white space starting in May 2024, AkerBP is actively working to minimize this window, and as it stands, it may be reduced to 3-4 months. We are exploring all options to close this gap, including the possibility of Aamoyfjorden during a brief idle period.
Noble Integrator (Alliance contract with AkerBP until 2027):
2023: Contracted with AkerBP performing projects in Aamoyfjorden.
2024: Exploration well for Harbour Energy, followed by a direct continuation for AkerBP on Alvheim Deep, then Fenris extending into 2025.
Inspirer Manning (Repsol, Yme):
The current drilling program is estimated to be finished in February 2024.
Noble has offered to extend the current contract, which expires in April 2024. However, Repsol has chosen to change contractors, and the identity of the new contractor remains undisclosed. Ongoing discussions with Repsol are aimed at exploring whether this transition process will include a change of enterprise, allowing our crew members the opportunity to transition to the new contractor.
Once Repsol announces the new contractor, we will initiate discussions, including Noble union representatives from the start.
I wish I could provide more definitive information in this newsletter, especially regarding the Inspirer manning and the white space for Invincible. These processes take time, and I want to prevent any rumors by sharing the current status. More updates will follow in this space.
Lastly, I want to express my sincere gratitude to all of you for the outstanding performance delivered over the past year. Please remain focused and, above all, stay safe.
Operations Manager Norway