Deepwater Oil Rigs Could Command $600,000 a Day as Investment Rises

The cost to rent a deepwater drilling rig could approach record highs if demand from oil companies continues to rise in the coming years, according to Robert Eifler, CEO of Noble Corp., the world’s largest offshore rig contractor.

In an interview on Friday, Eifler said he expects demand for floating drilling rigs to remain relatively steady next year, but anticipates growth starting in 2026 that could add about 10 rigs to the current global fleet of around 150. If that expansion occurs, day rates could potentially reach $600,000, he said.

"We expect day rates to trend upwards," Eifler stated. "Right now, we’re signing one- to three-year contracts at approximately $500,000 a day."

Noble Corp., citing Rystad research, forecasts global deepwater spending by oil producers to average $79 billion in 2026 and 2027—a 20% increase compared to the annual average between 2023 and 2025. This marks a significant recovery for the offshore drilling sector, which had been hit hard by the rise of shale projects and two consecutive oil busts that slashed demand and revenue.

Eifler now describes the offshore drilling market as more balanced and disciplined, where companies can secure a rig if needed. This contrasts with earlier boom periods, especially between 2010 and 2014, when oil explorers rushed to secure rigs amid fears of a supply shortage.

"It would take a few more years of continuous market improvement to create true supply scarcity in our industry," Eifler said. "I don’t think we’re on the verge of that just yet."