Welcome to the two-tier deepwater rig market
Noble deal to acquire Diamond Offshore changes an industry ripe for consolidation
Offshore rig contractor Noble has agreed to acquire rival Diamond Offshore in a deal valued at $2.2b, including $500m in net debt. This deal cements Noble’s position as the second-largest player behind sector-leader Transocean, and creates a clear bifurcation in the deepwater rig market—it is now the rig majors and the rest. Conditions in the offshore rig market are ripe for consolidation. The post-2020 recovery for the floating rig market has transformed rig contractors’ financial and operating positions. Rig utilisation is now approaching 90% for the deepwater fleet. Older, less marketable assets have been retired, balance sheets strengthened, and margins improved. The deal would give Nobl
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
