Barclays Upgrades Noble Corporation to Overweight on Stronger Offshore Drilling Demand

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Barclays upgraded Noble Corporation to Overweight, citing expectations of a multiyear upstream spending cycle driven by a Middle East supply shock. The bank now forecasts 9% to 10% growth in upstream spending in 2027 and roughly double-digit growth in 2028, up from a prior estimate of 3% to 5%. Noble recently secured new drilling contracts and extensions for six floaters, lifting its contracted fleet to 68% in the first quarter of 2026 from 62% in the prior quarter, and adding about five rig years of new floater backlog. Day rates for Tier-1 drillships have edged up to the low- to mid-$400,000 range, and the company's total backlog now stands at $7.5 billion.

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