UK operator Harbour Energy is expecting an increase in its capital expenditure for 2024, compared to the previous two years, driven by higher investment in the UK and internationally. In 2024, the operator expects a total capital expenditure of c.$1.2 billion, including a lower decommissioning spend of $0.2 billion. The guidance relates to Harbour's current portfolio and excludes any effects or contributions from the proposed acquisition of Wintershall Dea. 

In 2023, the company’s estimated total capex was c.$1 billion, including c.$0.3 billion of decommissioning, and in 2022 it totalled $0.9 billion. 2022 was the year when the UK government introduced the energy profits levy (EPL), also known as the windfall tax, amid the cost of living crisis. In response, Harbour, as well as several other operators in the UK, decided to reduce spending in the North Sea. Harbour also refrained from participating in the UK’s licencing round that year, and started a review of its organisation to be in line with lower future activity and investment in the country. Now, Harbour’s increased UK drilling activity is targeting high return, quick payback opportunities in its operated J-Area, Greater Britannia, and AELE hubs, in addition to the Talbot development. It also includes advancement of Harbour’s UK CCS projects, including FEED at Viking. 

Harbour has five rigs under contract in the North Sea region, three jackups and one semisub in the UK and one jackup in the Norwegian sector. The rigs are conducting a range of operations, from development to exploration drilling as well as P&A and accommodation work. With these, Harbour has contract coverage in the North Sea into Q3 2028 or even further into Q3 2032 if counting options. The 492-ft CJ70 jackup Noble Integrator has just recently started its one-well contract with Harbour in Norway, after leaving Stavanger anchorage where it had been warm stacked since September 2023. Over in the UK, Harbour has recently extended a contract for the 400-ft jackup Valaris 120, adding three more years of work to its backlog. 

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