NOBLE CORPORATION PLC ANNOUNCES SECOND QUARTER 2026 RESULTS
Rhea-AI Summary
Noble Corporation (NYSE: NE) reported Q2 2026 total revenue of $720 million, down from $786 million in Q1 2026 and $849 million a year earlier. Contract drilling services revenue was $679 million. Noble posted a net loss of $37 million, or ($0.23) per diluted share, while adjusted diluted EPS was $0.01 and Adjusted EBITDA was $212 million. Free cash flow was $(59) million on operating cash flow of $144 million and capital expenditures of $205 million.
Noble refinanced $800 million of bonds with new 6.250% senior unsecured notes due 2034, which the company expects will unlock about $35 million of annual cash benefits, and ended Q2 with $1.9 billion of debt and $456 million of cash. The board declared a $0.50 per share Q3 2026 dividend, payable September 24, 2026, to shareholders of record on September 3, 2026.
Operationally, Q2 results were negatively affected by roughly $43 million from the suspension of two rigs in Brazil. Average floater utilization fell to 59%, while jackup utilization rose to 83%. Since the prior fleet update, Noble secured about $200 million in new contract value, including a six-well Noble Viking contract in Asia Pacific from early 2028 and a three-well Noble Claus Bachmann contract with bp in the UK North Sea from March 2027. Total backlog as of July 27, 2026, was $6.8 billion. Full-year 2026 revenue guidance was reduced to $2.8–$2.9 billion and Adjusted EBITDA guidance to $850–$925 million, while capex guidance remained at $615–$665 million.
Positive
- $200 million in new contract value added since April fleet update
- Contract backlog at $6.8 billion as of July 27, 2026
- Refinanced $800 million of bonds; about $35 million expected annual cash benefit
- Declared Q3 2026 cash dividend of $0.50 per share
- Q2 2026 Adjusted EBITDA of $212 million
- Q2 2026 operating cash flow of $144 million
Negative
- Q2 2026 net loss of $37 million versus Q1 profit of $121 million
- Q2 2026 revenue down to $720 million from $786 million in Q1 and $849 million year-ago
- Q2 free cash flow of $(59) million on $205 million capex
- Q2 results hit by about $43 million from Brazil rig suspensions
- Full-year 2026 revenue guidance cut to $2.8–$2.9 billion
- Full-year 2026 Adjusted EBITDA guidance reduced to $850–$925 million
News Explained
Noble completed the lease buyout of its third of four Blackships BOP systems for
Market reaction after 2Q26 earnings report: NE -9.07% in the Jul 28 session
In the Jul 28 session, NE declined 9.07%, reflecting a notable negative market reaction. Argus tracked a trough of -3.7% from its starting point during tracking. Our momentum scanner triggered 45 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 26 | Q1 earnings report | Positive | +8.2% | Strong earnings, backlog growth, maintained guidance, and a $0.50 dividend |
| Feb 11 | Q4 earnings report | Positive | -3.4% | Higher backlog and asset divestiture alongside full-year guidance |
| Oct 27 | Q3 earnings report | Negative | -1.6% | Net loss and narrowed full-year guidance despite higher backlog |
| Aug 05 | Q2 earnings report | Positive | +2.1% | New contracts, dividend declaration, and updated full-year guidance |
| Apr 28 | Q1 earnings report | Positive | +7.0% | Strong earnings, contract awards, backlog growth, and maintained guidance |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Across five tag-matched earnings events, four price reactions aligned with the reported earnings direction, while one positive report diverged.
Key Terms
adjusted ebitda financial
free cash flow financial
senior unsecured notes financial
non-gaap financial
dayrates technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Approximately
$200 million $6.8 billion - Successful refinancing of the legacy Diamond notes, simplifying the capital structure and unlocking
$35 million $0.50 - Q2 Net Loss of
$37 million $0.23 $0.01 $212 million $144 million $(59) million - Full Year 2026 Guidance for Revenue and Adjusted EBITDA reduced; capital expenditures guidance maintained.
Three Months Ended | ||||||
(in millions, except per share amounts) | June 30, 2026 | June 30, 2025 | March 31, 2026 | |||
Total Revenue | $ 720 | $ 849 | $ 786 | |||
Contract Drilling Services Revenue | 679 | 812 | 743 | |||
Net Income (Loss) | (37) | 43 | 121 | |||
Adjusted EBITDA* | 212 | 282 | 277 | |||
Adjusted Net Income (Loss)* | 2 | 20 | 41 | |||
Basic Earnings (Loss) Per Share | (0.23) | 0.27 | 0.76 | |||
Diluted Earnings (Loss) Per Share | (0.23) | 0.27 | 0.75 | |||
Adjusted Diluted Earnings (Loss) Per Share* | 0.01 | 0.13 | 0.26 | |||
* A Non-GAAP supporting schedule is included with the statements and schedules in this press release. | ||||||
Robert W. Eifler, President and Chief Executive Officer of Noble, stated, "Our second quarter was adversely impacted by
Second Quarter Results
Contract drilling services revenue for the second quarter of 2026 totaled
Balance Sheet & Capital Allocation
The Company's balance sheet as of June 30, 2026, reflected total debt principal value of
On July 27, 2026, Noble's Board of Directors approved an interim quarterly cash dividend on our ordinary shares of
Operating Highlights and Backlog
Noble's fleet of 24 marketed floaters was
Subsequent to last quarter's earnings press release, new contracts with a total contract value of approximately
- Noble Viking was awarded a six-well contract in
Asia Pacific scheduled to commence in early 2028 with estimated duration of approximately 300 days. - Noble Claus Bachmann was awarded a 3-well contract with bp in the
UK North Sea. The contract is expected to commence in March 2027 with estimated duration of 150-210 days at a dayrate of$320,000 $5 million
Backlog as of July 27, 2026, stands at
Outlook
For the full year 2026, Revenue guidance is reduced to
Commenting on Noble's outlook, Mr. Eifler stated, "Revised guidance primarily reflects reduced revenues for our two rigs operating in
Due to the forward-looking nature of Adjusted EBITDA and Capital Expenditures (net of reimbursements), management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure, net income and capital expenditures, respectively. Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. The unavailable information could have a significant effect on Noble's full year 2026 GAAP financial results.
Conference Call
Noble will host a conference call related to its second quarter 2026 results on Tuesday, July 28, 2026, at 8:00 a.m.
About Noble Corporation plc
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Additional information on Noble is available at www.noblecorp.com.
Forward-looking Statements
This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this communication are forward looking statements, including, but not limited to, those regarding future guidance, including revenue, earnings and earnings per share, EBITDA and adjusted EBITDA, margins, leverage, operating results, project status, expenses, tax rates and deferred taxes, future cash benefit expectations, the offshore drilling market and demand fundamentals, costs, amount, effect or timing of cost savings, debt, the benefits or results of asset acquisitions and dispositions, cash flows and free cash flow expectations, capital expenditures and capital allocations expectations, including planned dividends and share repurchases, backlog, including projections for the achievement of revenue associated with performance, rig demand, contract awards and expected future contracts, options or extensions on existing contracts, anticipated contract start dates, major project schedules, dayrates and duration, customer actions, needs and the general customer landscape, operational suspensions, projections, strategies and objectives of management for current or future operations and business, any asset sales or the retirement of rigs, access to capital, fleet condition, utilization and strategy, timing and amount of insurance recoveries, current or future market outlook and current or future economic trends or events and their impact on the Company, 2026 financial guidance and any statements or descriptions of assumptions underlying any of the above. Forward-looking statements involve risks, uncertainties and assumptions, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. When used in this communication, or in the documents incorporated by reference, the words "guidance," "anticipate," "aim," "believe," "continue," "could," "estimate," "expect," "future," "goal," "intend," "likely," "likelihood," "may," "might," "on track," "outlook," "plan," "possible," "potential," "predict," "project," "should," "schedule," "would," "achieve," "shall," "seek," "strategy," "target," "will" and similar expressions are intended to be among the statements that identify forward looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. These forward-looking statements speak only as of the date of this communication and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law. Actual results may differ materially from any future results expressed or implied by such forward-looking statements and the expectations expressed in forward-looking statements are subject to a number of risks, uncertainties and assumptions which could affect our business, operating results, and financial condition and include, but are not limited to, market conditions and changes in customer demand, the level of activity in the oil and gas industry and the offshore contract drilling industry, current and future prices of oil and gas, customer actions and the general customer landscape, new or substitute contracts, awards and expected future contracts, contract duration, renewal, terminations, and repricing, dayrates and contract duration, operational suspensions, realization of our current backlog of contract drilling revenue, operating hazards, natural disasters, seasonal weather events and related damages or liabilities, acts of war, geopolitical conflicts, including the conflict involving Iran and related geopolitical instability in the Middle East, and their impact on commodity prices, global energy markets and regional and global shipping flows, risks relating to operations in international locations, upgrades, refurbishment, operation, and maintenance of our rigs and related operational interruptions and delays, sales of drilling units, supplier capacity constraints or shortages, nonperformance by third-parties, suppliers and subcontractors, regulatory changes, the impact of governmental laws and regulations on our costs and the offshore drilling industry, potential impacts, liabilities and costs from pending or potential investigations, claims and tax or other disputes, and other factors, including those detailed in Noble's most recent Annual Report on Form 10-K, Quarterly Reports Form 10-Q and other filings with the U.S. Securities and Exchange Commission. We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us. With respect to our capital allocation policy, distributions to shareholders in the form of either dividends or share buybacks are subject to the Board of Directors' assessment of factors such as business development, growth strategy, current leverage and financing needs. There can be no assurance that a dividend or buyback program will be declared or continued.
Contract Backlog
The duration and timing (including both starting and ending dates) of the customer contracts are estimates only, and customer contracts are subject to cancellation, suspension, delays for a variety of reasons, and for certain customers, reallocation of term among contracted rigs, including some beyond Noble's control. The contract backlog represents the maximum contract drilling revenues that can be earned when only considering the contractual operating dayrate in effect during the firm contract period. The actual average dayrate will depend upon a number of factors (e.g., rig downtime, suspension of operations, etc.) including some beyond Noble's control. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, contract preparation, shipyards, or recharges, unless specifically otherwise stated. Dayrates may include revenue associated with performance including, for example, approximately
NOBLE CORPORATION plc AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Operating revenues | ||||||||
Contract drilling services | $ 679,444 | $ 812,077 | $ 1,421,997 | $ 1,644,505 | ||||
Reimbursables and other | 40,244 | 36,575 | 83,381 | 78,634 | ||||
719,688 | 848,652 | 1,505,378 | 1,723,139 | |||||
Operating costs and expenses | ||||||||
Contract drilling services | 446,309 | 502,427 | 896,434 | 964,526 | ||||
Reimbursables | 34,108 | 28,360 | 64,220 | 60,144 | ||||
Depreciation and amortization | 139,582 | 147,085 | 276,922 | 290,222 | ||||
General and administrative | 26,944 | 34,976 | 56,992 | 70,184 | ||||
Merger and integration costs | — | 5,302 | 2,615 | 20,222 | ||||
(Gain) loss on sale of operating assets, net | — | (4,751) | (89,858) | (4,751) | ||||
Loss on Impairment | 42,270 | — | 42,270 | — | ||||
689,213 | 713,399 | 1,249,595 | 1,400,547 | |||||
Operating income (loss) | 30,475 | 135,253 | 255,783 | 322,592 | ||||
Other income (expense) | ||||||||
Interest expense, net of amounts capitalized | (36,203) | (39,997) | (76,762) | (80,464) | ||||
Gain (loss) on extinguishment of debt, net | (18,329) | — | (17,603) | — | ||||
Interest income and other, net | 3,664 | 4,712 | 11,861 | 6,549 | ||||
Income (loss) before income taxes | (20,393) | 99,968 | 173,279 | 248,677 | ||||
Income tax benefit (provision) | (16,291) | (57,096) | (89,238) | (97,502) | ||||
Net income (loss) | $ (36,684) | $ 42,872 | $ 84,041 | $ 151,175 | ||||
Basic earnings (loss) per share | $ (0.23) | $ 0.27 | $ 0.53 | $ 0.95 | ||||
Diluted earnings (loss) per share | $ (0.23) | $ 0.27 | $ 0.52 | $ 0.93 | ||||
NOBLE CORPORATION plc AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(In thousands) | ||||
(Unaudited) | ||||
June 30, 2026 | December 31, 2025 | |||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ 456,208 | $ 471,399 | ||
Accounts receivable, net | 547,814 | 589,597 | ||
Prepaid expenses and other current assets | 171,201 | 211,286 | ||
Total current assets | 1,175,223 | 1,272,282 | ||
Property and equipment, at cost | 6,958,223 | 6,639,045 | ||
Accumulated depreciation | (1,504,613) | (1,236,222) | ||
Property and equipment, net | 5,453,610 | 5,402,823 | ||
Other assets | 610,273 | 854,662 | ||
Total assets | $ 7,239,106 | $ 7,529,767 | ||
LIABILITIES AND EQUITY | ||||
Current liabilities | ||||
Accounts payable | $ 323,958 | $ 298,751 | ||
Accrued payroll and related costs | 52,020 | 81,754 | ||
Other current liabilities | 237,838 | 379,224 | ||
Total current liabilities | 613,816 | 759,729 | ||
Long-term debt | 1,888,430 | 1,975,791 | ||
Other liabilities | 252,918 | 245,397 | ||
Total liabilities | 2,755,164 | 2,980,917 | ||
Commitments and contingencies | ||||
Total shareholders' equity | 4,483,942 | 4,548,850 | ||
Total liabilities and equity | $ 7,239,106 | $ 7,529,767 | ||
NOBLE CORPORATION plc AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(In thousands) | ||||
(Unaudited) | ||||
Six Months Ended June 30, | ||||
2026 | 2025 | |||
Cash flows from operating activities | ||||
Net income (loss) | $ 84,041 | $ 151,175 | ||
Adjustments to reconcile net income (loss) to net cash flow from | ||||
Depreciation and amortization | 276,922 | 290,222 | ||
Amortization of intangible assets and contract liabilities, net | — | (8,366) | ||
(Gain) loss on extinguishment of debt, net | 17,603 | — | ||
(Gain) loss on sale of operating assets, net | (89,858) | (4,751) | ||
Other operating activities Other operating activities | 86,471 | 59,137 | ||
Net cash provided by (used in) operating activities | 417,449 | 487,417 | ||
Cash flows from investing activities | ||||
Capital expenditures | (308,383) | (230,117) | ||
Proceeds from insurance claims | 1,584 | 22,201 | ||
Proceeds from disposal of assets, net | 206,400 | 16,190 | ||
Net cash provided by (used in) investing activities | (100,399) | (191,726) | ||
Cash flows from financing activities | ||||
Issuance of debt | 800,000 | — | ||
Repayments of debt | (850,000) | — | ||
Debt extinguishment costs | (40,727) | — | ||
Debt issuance costs | (17,418) | — | ||
Warrants exercised | 3,053 | 38 | ||
Share repurchases | — | (20,000) | ||
Dividend payments | (163,220) | (160,921) | ||
Withholding tax related to employee stock transactions | (9,720) | (9,447) | ||
Finance lease payments | (62,526) | (12,187) | ||
Net cash provided by (used in) financing activities | (340,558) | (202,517) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (23,508) | 93,174 | ||
Cash, cash equivalents and restricted cash, beginning of period | 479,960 | 252,279 | ||
Cash, cash equivalents and restricted cash, end of period | $ 456,452 | $ 345,453 | ||
NOBLE CORPORATION plc AND SUBSIDIARIES | ||||||
OPERATIONAL INFORMATION | ||||||
(Unaudited) | ||||||
Average Rig Utilization (1) | ||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||
June 30, 2026 | March 31, 2026 | June 30, 2025 | ||||
Floaters | 59 % | 65 % | 70 % | |||
Jackups | 83 % | 78 % | 61 % | |||
Total | 65 % | 69 % | 67 % | |||
Operating Days | ||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||
June 30, 2026 | March 31, 2026 | June 30, 2025 | ||||
Floaters | 1,335 | 1,470 | 1,705 | |||
Jackups | 651 | 660 | 724 | |||
Total | 1,986 | 2,130 | 2,429 | |||
Average Dayrates | ||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||
June 30, 2026 | March 31, 2026 | June 30, 2025 | ||||
Floaters | $ 412,650 | $ 422,076 | $ 400,802 | |||
Jackups | 197,380 | 184,807 | 176,503 | |||
Total | $ 342,080 | $ 348,554 | $ 333,960 | |||
(1) | Average Rig Utilization statistics include all marketed and cold stacked rigs. |
NOBLE CORPORATION plc AND SUBSIDIARIES
CALCULATION OF BASIC AND DILUTED EARNINGS/(LOSS) PER SHARE
(In thousands, except per share amounts)
(Unaudited)
The following table presents the computation of basic and diluted earnings (loss) per share:
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Numerator: | ||||||||
Net income (loss) | $ (36,684) | $ 42,872 | $ 84,041 | $ 151,175 | ||||
Denominator: | ||||||||
Weighted average shares outstanding - basic | 159,573 | 158,798 | 159,397 | 158,901 | ||||
Dilutive effect of share-based awards | — | 2,084 | 1,269 | 2,084 | ||||
Dilutive effect of warrants | — | 646 | 1,200 | 787 | ||||
Weighted average shares outstanding - diluted | 159,573 | 161,528 | 161,866 | 161,772 | ||||
Earnings (loss) per share data: | ||||||||
Basic | $ (0.23) | $ 0.27 | $ 0.53 | $ 0.95 | ||||
Diluted | $ (0.23) | $ 0.27 | $ 0.52 | $ 0.93 | ||||
NOBLE CORPORATION plc AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION
Certain non-GAAP measures and corresponding reconciliations to GAAP financial measures for the Company have been provided for meaningful comparisons between current results and prior operating periods. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles.
The Company defines "Adjusted EBITDA" as net income (loss) adjusted for interest expense, net of amounts capitalized; interest income and other, net; income tax benefit (provision); and depreciation and amortization expense, as well as, if applicable, gain (loss) on extinguishment of debt, net; losses on economic impairments; amortization of intangible assets and contract liabilities, net; restructuring and similar charges; costs related to mergers and integrations; and certain other infrequent operational events. We believe that the Adjusted EBITDA measure provides greater transparency of our core operating performance. We prepare Adjusted Net Income (Loss) by eliminating from Net Income (Loss) the impact of a number of non-recurring items we do not consider indicative of our on-going performance. We prepare Adjusted Diluted Earnings (Loss) per Share by eliminating from Diluted Earnings (Loss) per Share the impact of a number of non-recurring items we do not consider indicative of our on-going performance. Similar to Adjusted EBITDA, we believe these measures help identify underlying trends that could otherwise be masked by the effect of the non-recurring items we exclude in the measure.
The Company also discloses free cash flow as a non-GAAP liquidity measure. Free cash flow is calculated as Net cash provided by (used in) operating activities less cash paid for capital expenditures. We believe Free Cash Flow is useful to investors because it measures our ability to generate or use cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases. We may have certain obligations such as non-discretionary debt service that are not deducted from the measure. Such business needs, obligations, and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses including return of capital.
We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management team for financial and operational decision-making. We are presenting these non-GAAP financial measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.
These non-GAAP adjusted measures should be considered in addition to, and not as a substitute for, or superior to, contract drilling revenue, contract drilling costs, contract drilling margin, average daily revenue, operating income, cash flows from operations, or other measures of financial performance prepared in accordance with GAAP. Please see the following non-GAAP Financial Measures and Reconciliations for a complete description of the adjustments.
NOBLE CORPORATION plc AND SUBSIDIARIES | ||||||
NON-GAAP MEASURES AND RECONCILIATION | ||||||
(In thousands, except per share amounts) | ||||||
(Unaudited) | ||||||
Reconciliation of Adjusted EBITDA | ||||||
Three Months Ended June 30, | Three Months Ended | |||||
2026 | 2025 | March 31, 2026 | ||||
Net income (loss) | $ (36,684) | $ 42,872 | $ 120,725 | |||
Income tax (benefit) provision | 16,291 | 57,096 | 72,947 | |||
Interest expense, net of amounts capitalized | 36,203 | 39,997 | 40,559 | |||
Interest income and other, net | (3,664) | (4,712) | (8,197) | |||
Depreciation and amortization | 139,582 | 147,085 | 137,340 | |||
Amortization of intangible assets and contract | — | (915) | — | |||
Costs incurred in connection with contract | — | — | 2,000 | |||
(Gain) loss on extinguishment of debt, net | 18,329 | — | (726) | |||
Merger and integration costs | — | 5,302 | 2,615 | |||
(Gain) loss on sale of operating assets, net | — | (4,751) | (89,858) | |||
Loss on impairment | 42,270 | — | — | |||
Adjusted EBITDA | $ 212,327 | $ 281,974 | $ 277,405 | |||
Reconciliation of Adjusted Income Tax Benefit (Provision) | ||||||
Three Months Ended June 30, | Three Months Ended | |||||
2026 | 2025 | March 31, 2026 | ||||
Income tax benefit (provision) | $ (16,291) | $ (57,096) | $ (72,947) | |||
Adjustments | ||||||
Costs incurred in connection with contract | — | — | (420) | |||
Gain (loss) on sale of operating assets, net | — | — | 23,504 | |||
Discrete tax items | (23,039) | (22,129) | (16,621) | |||
Total adjustments | (23,039) | (22,129) | 6,463 | |||
Adjusted income tax benefit (provision) | $ (39,330) | $ (79,225) | $ (66,484) | |||
NOBLE CORPORATION plc AND SUBSIDIARIES | ||||||
NON-GAAP MEASURES AND RECONCILIATION | ||||||
(In thousands, except per share amounts) | ||||||
(Unaudited) | ||||||
Reconciliation of Adjusted Net Income (Loss) | ||||||
Three Months Ended June 30, | Three Months Ended | |||||
2026 | 2025 | March 31, 2026 | ||||
Net income (loss) | $ (36,684) | $ 42,872 | $ 120,725 | |||
Adjustments | ||||||
Amortization of intangible assets and contract | — | (915) | — | |||
Joint taxation scheme compensation | 1,093 | — | — | |||
Merger and integration costs | — | 5,302 | 2,615 | |||
(Gain) loss on sale of operating assets, net | — | (4,751) | (66,354) | |||
Loss on impairment | 42,270 | — | — | |||
Costs incurred in connection with contract | — | — | 1,580 | |||
(Gain) loss on extinguishment of debt, net | 18,329 | — | (726) | |||
Discrete tax items | (23,039) | (22,129) | (16,621) | |||
Total adjustments | 38,653 | (22,493) | (79,506) | |||
Adjusted net income (loss) | $ 1,969 | $ 20,379 | $ 41,219 | |||
Reconciliation of Adjusted Diluted EPS | ||||||
Three Months Ended June 30, | Three Months Ended | |||||
2026 | 2025 | March 31, 2026 | ||||
Unadjusted diluted EPS | $ (0.23) | $ 0.27 | $ 0.75 | |||
Adjustments | ||||||
Amortization of intangible assets and contract | — | (0.01) | — | |||
Joint taxation scheme compensation | 0.01 | — | — | |||
Merger and integration costs | — | 0.03 | 0.02 | |||
(Gain) loss on sale of operating assets, net | — | (0.02) | (0.42) | |||
Loss on impairment | 0.26 | — | — | |||
Costs incurred in connection with contract | — | — | 0.01 | |||
(Gain) loss on extinguishment of debt, net | 0.11 | — | — | |||
Discrete tax items | (0.14) | (0.14) | (0.10) | |||
Total adjustments | 0.24 | (0.14) | (0.49) | |||
Adjusted diluted EPS | $ 0.01 | $ 0.13 | $ 0.26 | |||
Reconciliation of Free Cash Flow and Capital | ||||||
Three Months Ended June 30, | Three Months Ended | |||||
2026 | 2025 | March 31, 2026 | ||||
Net cash provided by (used in) operating activities | $ 144,159 | $ 216,357 | $ 273,290 | |||
Capital expenditures | (204,530) | (116,581) | (103,853) | |||
Proceeds from insurance claims | 1,584 | 6,810 | — | |||
Free cash flow | $ (58,787) | $ 106,586 | $ 169,437 | |||
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SOURCE Noble Corporation plc