brief the outlook review the Ian. Good over a demand like the today. financial outlook. and views opening on perspectives I'd before provide progress, call begin on Richard for call And you, us turning market remarks results with you to on and and and morning. then update our some the some to Thank joining integration thank everyone. Welcome, regional to
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outlook. offshore uniformly confluence in as near looked confirms on Now XXXX setup demand the based is and for XXXX to term fundamental multi-year investment past our that offshore years In rig pipeline point a sanctioning commercial project factors. And on sustained indicators to market in demand. Leading and on much. arguably it upturn macro the the and our short, a best has for supply XX industry the of
increase further observing licensing demand an also We're frontier interesting bid rounds support the in that in several regions story.
after that a finally structural of an inflecting result a is sector are signals underinvestment. demand improving these of of decade All upstream
lowest energy order, fleet aligns lifting and squarely for costs of decades. are The lowest prioritizing Noble's profile which In and gas do to largest continue positioning. world and new will with carbon of runs on the production, so producers barrels oil both the
for over upstream both a value to volume and cap validity the not while mistaken producers on And permanence, a has growth. be for imperative it sense is of
on deepwater production contrary, prior levels. two the as over is expected relative decade indicated call the growth next greenfield command in over investment, the to decade rising with real, set by of increase next sharp hydrocarbon On the share years an a international to FIDs
and The a market that competitive prior utilization fast and all of by threshold has cost and stands course, economically conditions classes since been redefined rational loose the year, and flight supply capital over of comprehensively the has past day the attrition, direct rates broader structure, during early derailed rise of much energy to with incremental industry complete offshore growth-at-all rig which, side fleet growth. the eclipsed more in contrast for most rig Meanwhile, upcycles in continue with commodity demand correlation market tightening, the XXXXs. been
the months. several in also and marketed with of XXX,XXXs are the count X per Deepwater XX UDW rigs, marketed UDW count has the of averaged with taken particular rig or UDW significant higher. the low drillships the in pulled XX% an half while higher XX contracted approximately first being the XX% The tier over only plus minus capability Consequently, leg tier XX rigs drillships XX%. remains utilization reached has lower upward X Today, in rising, fleet. pricing day with to the our not XXXX of contracted tilt, above utilization, firmly mid past utilization another rigs,
units between behind been new these fully Yes, rigs, especially and BOP developments into cold a majority formation some terms which tier sideline approximately any the with capacity and required builds, handful of of transacting in pool being both growth, there and the this ready demand not incremental meet utilization given of most stacks. scarcity fully has UDW territory. stranded event, of In necessarily X are XG of recent two with there are equipped UDW capital is moving sideline however, expected finite to stack recent a dozen drillships
the in fact marginalized the indication XG limited to and to the timing be becoming of to XX and the adequate prioritizing clear a of guaranteed drillships is also of more lead the Also, the drilling reactivation, due significant stranded a the compelling number time. shipyards passage for a continue in spread capital with stack very times are would are out for contractor of most that our a more major world disciplined of be view multi-year that drillships reactivation will sidelines established that Moreover, bidding, in project. tenders market in rigs investment contractors the underwrite return in
project, a one-year million X cold a As selectively delivery at tier stack drillship as all-in were which with we least timeline. reactivation reminder, our budgeting marketed Meltem, a have $XXX
a attractive approach take the in we would to capital continue payout return to on guaranteed with firm forward We with an that to Meltem, say very contract move with reactivation. plus full a disciplined order bidding which its is require
currently demand our UDW customer at a XXXX. internal demand XXX up to and to forecasting commercial XX% outlook, and the to deepwater rig a for rig to all from perspective forward XXXX, demand. XXX to floater years the of global indicators total consultant example, analyst increase rise dialogue XXX point multi-year Rystad, in research way from by years Looking on in probable peak by is rig in XXXX
likely truth of a While day certainly see exert that we upward even is that the materialize, rates. of on increase level further to demand year modest demand would love pressure could this
of Golden existing and Starting capacity but drillship two today growth XXXX been South XX far West rigs rig and and on increased rig all demand of be lot in of been to weeks fulcrum for most deepwater XX% count still or from with and capacity, continues the Brazil, to past Triangle, renewing especially by the America comprising way of Petrobras' the nearly throughout to of XX plus the operator in deepwater recently, extending A years rig XX Petrobras recent XXXX. contracted this The throughout signings. terms Africa. has has and years most active recently has minus securing
Some XX that sourced. research additional Petrobras that so, take next over floaters or Brazil an frankly be could an indicates hard next to realistically over XX incremental capacity that year it's five could rigs see to the Nonetheless, to to we months. much could although the seven where do believe XX XX absorb
licensed currently, South XXXX. interesting tangible to leading We're world two requirements. nine beyond the indicators Caribbean. and through demand pretty emergence some the bid on of places I'm Argentina America, increasing to Colombia this activity in round the an – seeing near Brazil, XXXX add as also parts Ecuador, markets, additional which rigs rig represents the one referring or Beyond of floaters in like the in of other and Uruguay, term reemergence of could like part the as jackup well side, side frontier on deepwater
increase significant late and off bottom, of region become basin. an the has Angola, After important deepwater South seeing by America, Africa second as mover tendering West rigs. the for We're a a dynamic was most West Nigeria driven emergence Namibia but exploration deficit it's units the Africa units several in around XX Current is and we rigs, now drillship of a the higher meaningful way a out of UDW see supply moving requirements in XX multi-year by of utilization marketed surfacing. region likely with a XXXX. three in
to a deepwater change with over we're The between near not years, couple past significant been of steady demand more Mexico counting market XX here of of has the on XX for the a of term. Gulf and rigs
rigs to flat or through the incremental up looks one bias However, perhaps by XXXX. two
and the harder of by nature E&Ps role term side hard by shorter The Gulf on most contracting Mexico more the played independent the demand to forecast nimble nature. the little makes a of of of the to
which comprises percentage higher and even current for So market the our XX% an total of Golden that's of of UDW the outlook Triangle the about fleet. placement
they peripheral Australia of a look to flat outside demand like projecting two global contribute one both to the roughly balances. are of in and total. rigs however, Other each Med Additionally, these further markets could
us XX to fact XX So over demand the up upward XX roll this rigs These a market. level in the rate UDW does about entering then movement more outcomes. to we capacity see next expect If to a should sideline that day exclusive mutually are months. incremental materialize, gets XX of of global and combination not to
$XXX,XXX. our Now for rate This a as backlog have of pages fleet own Since last above and in status early seven on XX day the XG fleet our outlook Faye for a an for across of includes Nigeria, the the slides. Lafosse Gulf the month deepwater contract in and also of for Gulf the XG status Globetrotter months XX which few nine at a Mexico. $XXX,XXX started secured six comments and additional and the XG, the Gulf day, drillships for November, summarized P&A scope average per of Souza on I, Mexico, we the day one-well Gerry the of contract at program in six recently well the in Stanley Mexico Kozack in de report
delayed the start, this off a and The process work Globetrotter I's approvals. from permit encountered and presently awaiting Petronas represents We in remains continue however, delayed regulator solution. believe to there, by diligently contract preceding towards past with precedent permitting we deviation has Mexico contract the a
Our indicates fleet expected status report date in now this for March. contract start an
However, the permitting remains process fluid.
securing UDW towards Our of a contracted year, throughout rigs XX for additional XX% will some are remaining uncontracted. visibility and utilization XXXX availability time this for marketed SPS although contract with currently the remain gaps portion
backlog trajectory $X.X is The uncommitted, for half $XXX,XXX. And our upward days market floater repricing billion an based average day fleet dynamics. on the rate of with is over across visible XXXX our floater approximately current today
XX about is current our balance working of market over at to out rates how the year. the very optimistic but future also XX we're next a moment, good or deepwater exposed rigs fleet backlog, with of positioned So our
middle jackups, next to effective year, still our Middle rig driven last but market on of surge which demand dimension East. XXX utilization roughly in eclipsed is an the jackup later fleet. XX% cycle to primarily the improving speaking, about Globally the in And the
softer the North market during harsh is ultra-harsh count last first rigs, Sea utilization the rig Norway Sea the region Current from XX now fleet region, a North of at XX However, year. where been activity principally Norway to in with down XX recently. and in XX%. jackup half This is positioned, the our and has is
of including also in a been the North decent term, the margins year upside XXXX, on out stimulative Allen. Noble levers forward, mid-XXXX. about Sea indicators rates, support improvement contracting near see compared term. This here in Norway certainly XXXX/XXXX to provide net have demand a believe for most UK weigh of losing utilization, not of visible fairly jackup XX% this from the is contribution over the anemic just an from impacts could The in demand encouraging EBITDA our least on jackup results likelihood the that policy we day case whitespace continue of year, activity for in over for better market will and not includes depending the tax earnings the huge Regina to for EBITDA improving We at this but short to margins of total guidance. which, key is this Naturally, crucially
side, On the rate during for year awarded the contract fourth day, a was high is day premium UK based on $XXX,XXX rates $XXX,XXX CJ-XX. $XXX,XXX do quarter, to recent other Sea But one-year through into we escalation. North the one UK technical at the rate see the a a as with the from rigs This positive with the to Noble BP day Innovator per harsh the up range, Innovator's capability $XXX,XXX improvement trough. for option in sub nonetheless, rate a environment with class the
world's the onsite scope industrial offshore Denmark. proud scale Long-term be at early In we're the from to carbon could commenced leader quite capture offshore significant. like Greensand, the the market potential pilot I'd capture meantime, that in field. carbon also Project project to Noble growth this offshore Resolve prove first recently highlight an
Noble recently late January. contract completed east, has Australia Prosser in Further with in Santos Tom its
work future do this have don't report, around the fleet of on visibility strong for reflected for starting work for of middle have significant we Prosser our the a rig we this While year. status amount
to do fleet across fill some overall, space but near set So, the looks over have opportunity the we term, promising. our
go the up pause the turn now I'd And wraps it Richard to like financials. overview. to That to and that, with market over
