ExxonMobil and Noble Corp. Plc have executed a commercial enabling agreement for drilling services in the Guyana-Suriname basin.
The agreement defines contract terms for the continuation of drilling services using certain units in Noble’s fleet.
The ultra-deepwater drillships Noble Bob Douglas, Noble Tom Madden, and Noble Don Taylor—currently drilling for ExxonMobil offshore Guyana—are included in the framework agreement. The Noble Bob Douglas is on the Liza Phase I field development project and the Noble Tom Madden and Noble Don Taylor are assigned to exploration drilling in the region.
Other drilling rigs may be added, Noble said.
Following the dates listed in the second column of the table below, day rates earned by each rig will be updated at least twice per year to the prevailing market rate, subject to a scale-based discount and performance bonus which appropriately aligns the interests of both companies.
Concurrent with signing of the agreement, ExxonMobil has awarded 3.5 years of term to be added at the conclusion of each rigs’ current contract commitments, as follows:
| Rig | Est. Date of Commencement Under CEA | Initial Term Under CEA |
| Noble Tom Madden | December 2020 | 3 years |
| Noble Bob Douglas | March 2021 | 0.5 years |
| Noble Don Taylor | November 2020 |
The agreement provides for allocation of six additional years dependent on future development decisions and government approvals, as well as the potential for incremental contract term, or rigs as required.
