NOBLE CORPORATION PLC ANNOUNCES THIRD QUARTER 2026 RESULTS
Higher utilization and new contract awards accompanied a wider quarterly loss and increased full-year capital spending guidance.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Noble (NYSE: NE) reported a third-quarter 2026 net loss of $117 million as earnings weakened from the prior quarter. Diluted loss per share was $0.73, versus $0.23 in Q2. Revenue rose to $729 million from $720 million, while adjusted EBITDA fell to $201 million from $212 million. Operating cash flow was $144 million and free cash flow was negative $48 million.
Approximately $560 million in new contracts brought backlog to $6.7 billion. Marketed-rig utilization increased to 70% from 67%. Noble narrowed full-year revenue guidance to $2,850–$2,900 million and adjusted EBITDA guidance to $850–$900 million. Capital spending guidance increased to $680–$705 million, primarily because of higher customer-reimbursable spending. The board declared an unchanged $0.50 quarterly dividend, expected to be paid December 17, 2026. The Noble Resolve sale closed October 9, delivering the remaining $45 million of proceeds.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointNew contract awards totaled approximately $560 million; backlog stood at $6.7 billion on October 26, 2026. 7.4% of market cap
- Moderate pointMarketed-rig utilization increased to 70% in Q3 from 67% in Q2.
- Moderate pointQ3 operating activities generated $144 million of cash.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Noble expects utilization and cash flow improvement starting H2 2027; contracted capacity already exceeds H1 2027 by approximately 20%.
- Moderate pointQ3 operating income increased to $60.083 million from $50.400 million a year earlier.
15 minor points
- Minor pointQ3 revenue rose to $729 million from $720 million in Q2, but remained below $798 million a year earlier.
- Minor pointFloater contracted utilization rose to 66% from 64%; recent awards added approximately 44 months of backlog.
- Minor pointJackup utilization rose to 86% from 80%; recent awards added approximately 26 months of backlog.
- Minor pointBoth Brazil rigs resumed operations during Q3.
- Minor point. Forward-looking: it has not happened yet and may not happen.Full-year revenue guidance narrowed to $2,850–$2,900 million from $2,800–$2,900 million.
- Minor pointNoble Resolve's sale closed October 9, 2026, bringing in the remaining $45 million of proceeds.
- Minor point. Forward-looking: it has not happened yet and may not happen.Noble expects the $38 million Noble Globetrotter II sale to close in Q4 2026.
- Minor point. Forward-looking: it has not happened yet and may not happen.Noble BlackRhino secured four wells with TotalEnergies in Nigeria, expected Q4 2026, estimated 150 days plus six priced option wells.
- Minor point. Forward-looking: it has not happened yet and may not happen.Noble Faye Kozack secured five wells with Tullow in Ghana, expected mid-2027, estimated 250 days plus five priced option wells.
- Minor point. Forward-looking: it has not happened yet and may not happen.Noble Interceptor secured DNO work in Norway, expected Q3 2027, estimated 50–90 days, followed by estimated 670-day ConocoPhillips work.
- Minor point. Forward-looking: it has not happened yet and may not happen.Noble BlackHawk secured Apache's Uruguay contract for approximately $25 million, excluding mobilization/demobilization fees; estimated 50 days starting Q4 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.Noble Globetrotter I secured two wells at $400,000 daily with Occidental in Peru, expected Q2 2027, plus mobilization.
- Minor point. Forward-looking: it has not happened yet and may not happen.Noble Globetrotter I's subsequent TotalEnergies agreement provides a 150-day annual minimum over three years; first Angola order expected Q3/Q4 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.Noble Intrepid secured one well with ORLEN in Norway, expected Q3 2027, with estimated duration of 40–60 days.
- Minor pointLong-term debt declined to $1,888.681 million at September 30, 2026, from $1,975.791 million at December 31, 2025.
Negative
- Moderate pointQ3 net loss widened to $117 million from $37 million in Q2 and $21 million a year earlier.
- Moderate pointQ3 adjusted EBITDA declined to $201 million from $212 million in Q2 and $254 million a year earlier.
- Moderate pointQ3 free cash flow was negative $48 million, with capital expenditures of $192 million.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year adjusted EBITDA guidance narrowed to $850–$900 million from $850–$925 million.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Capital spending guidance increased to $680–$705 million from $615–$665 million, primarily reflecting customer-reimbursable spending rising $40 million.
- Moderate pointNine-month revenue declined to $2,234.142 million from $2,521.156 million a year earlier.
- Moderate pointNine-month operating cash flow fell to $561.916 million from $764.553 million a year earlier.
6 minor points
- Minor pointQ3 diluted loss per share widened to $0.73 from $0.23 in Q2 and $0.13 a year earlier.
- Minor pointQ3 adjusted net loss reached $92 million, versus adjusted profits of $2 million sequentially and $30 million a year earlier.
- Minor pointQ3 contract drilling costs rose to $469 million from $446 million in Q2, despite falling year over year.
- Minor pointQ3 income tax provision increased to $133.047 million from $31.731 million a year earlier.
- Minor pointNine-month net results shifted to a $32.983 million loss from a $130.080 million profit a year earlier.
- Minor pointCash and equivalents fell to $337.186 million at September 30, 2026, from $471.399 million at December 31, 2025.
News Explained
At September 30, Noble reported $337 million of cash against $1.9 billion of debt principal, versus $456,208,000 of cash and equivalents at June 30.
Noble expects the Noble Globetrotter II sale to close in
Details
Market move: NE -5.04% vs previous close. 3Q26 earnings report
On Oct 26, the day this news came out, the latest delayed price for NE is 5.04% below the previous close. Our momentum scanner has recorded 3 alerts for this stock so far that day. The latest delayed price is $45.40. Relative volume is above average at 1.7x the average.
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Key Figures
- Q3 net loss
- $117 million loss
- Third quarter 2026
- Adjusted EBITDA
- $201 million
- Third quarter 2026
- Q4 cash dividend
- $0.50 per share
- Declared for fourth quarter 2026
- New contract awards
- $560 million
- Since the July fleet status report
- Backlog
- $6.7 billion
- As of October 26, 2026
- Revenue guidance
- $2,850–$2,900 million
- Full-year 2026; narrowed from $2,800–$2,900 million
- Adjusted EBITDA guidance
- $850–$900 million
- Full-year 2026; narrowed from $850–$925 million
- Capital expenditures guidance
- $680–$705 million
- Full-year 2026; increased from $615–$665 million, primarily due to higher customer reimbursable expenditures
Previous Earnings Reports
-
Q2 reported a $37 million net loss and reduced full-year revenue and EBITDA guidance.
-
Comparable Q3 results included a $21 million net loss and $254 million Adjusted EBITDA.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
non-gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Approximately
$560 million in new contract value awarded since the July fleet status report; backlog stands at$6 $0.50 - Q3 Net Loss of
$(117) million $(0.73) $(0.57) $201 million $144 million $(48) million - Full Year 2026 Guidance for Revenue and Adjusted EBITDA narrowed within prior guidance ranges; Capital Expenditures guidance increased, primarily attributable to higher customer reimbursable Capital Expenditures.
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Three Months Ended |
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(in millions, except per share amounts) |
|
September 30, |
|
September 30, |
|
June 30, 2026 |
|
Total Revenue |
|
$ 729 |
|
$ 798 |
|
$ 720 |
|
Contract Drilling Services Revenue |
|
684 |
|
757 |
|
679 |
|
Net Income (Loss) |
|
(117) |
|
(21) |
|
(37) |
|
Adjusted EBITDA* |
|
201 |
|
254 |
|
212 |
|
Adjusted Net Income (Loss)* |
|
(92) |
|
30 |
|
2 |
|
Basic Earnings (Loss) Per Share |
|
(0.73) |
|
(0.13) |
|
(0.23) |
|
Diluted Earnings (Loss) Per Share |
|
(0.73) |
|
(0.13) |
|
(0.23) |
|
Adjusted Diluted Earnings (Loss) Per Share* |
|
(0.57) |
|
0.19 |
|
0.01 |
|
|
|
|
|
|
|
|
|
* A Non-GAAP supporting schedule is included with the statements and schedules in this press release. |
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Robert W. Eifler, President and Chief Executive Officer of Noble, stated, "The third quarter, which featured a
Third Quarter Results
Contract drilling services revenue for the third quarter of 2026 totaled
Balance Sheet & Capital Allocation
The Company's balance sheet as of September 30, 2026, reflected total debt principal value of
On October 26, 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 23 marketed floaters was
Subsequent to last quarter's earnings press release, new contracts with a total contract value of approximately
- Noble BlackRhino was awarded a four-well contract with TotalEnergies in
Nigeria expected to commence in Q4 2026, with an estimated duration of 150 days plus six priced option wells.
- Noble Faye Kozack was awarded a five-well contract with Tullow in
Ghana expected to commence in mid-2027, with an estimated duration of 250 days, plus five priced option wells.
- Noble Interceptor was awarded a one-well contract with DNO in
Norway expected to commence in Q3 2027, with an estimated duration of 50-90 days. Thereafter, the rig is expected to commence, in direct continuation, a long-term P&A scope for ConocoPhillips inNorway on the Ekofisk field, with an estimated duration of 670 days.
- Noble BlackHawk was awarded a one-well contract with Apache in
Uruguay expected to commence in Q4 2027, with an estimated duration of 50 days. Contract value of approximately$25 million
- Noble Globetrotter I was awarded a two-well contract with Occidental in
Peru expected to commence in Q2 2027 at a dayrate of$400,000 West Africa under a 3-year Capacity Reservation Agreement (CRA) for light well intervention services, providing a minimum commitment of 150 days per year. The first call-off service order is expected to commence inAngola in Q3/Q4 2027.
- Noble Intrepid was awarded a one-well contract with ORLEN in
Norway that is expected to commence in Q3 2027 with an estimated duration of 40-60 days.
Backlog as of October 26, 2026, stands at
Outlook
For the full year 2026, Revenue guidance is narrowed to
Commenting on Noble's outlook, Mr. Eifler stated, "Forward contract coverage and dayrate trends for both deepwater and ultra harsh environment jackups continue to methodically improve, despite limited apparent demand tailwinds arising from higher oil prices during 2026 thus far. Noble's recent contract fixtures encompass a diversity of customers and regions, spanning frontier exploration to late-cycle well operations. We continue to build backlog that supports an expected meaningful inflection in fleet utilization and cash flow starting H2 2027, with already approximately
Due to the forward-looking nature of Adjusted EBITDA and Capital Expenditures (net of proceeds from insurance claims), 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 measures 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 third quarter 2026 results on Tuesday, October 27, 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 for 2027), including revenue, earnings and earnings per share, EBITDA and adjusted EBITDA, margins, leverage, operating results, project status and project schedules, 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 expectations, including reimbursable capital expenditures and related customer reimbursements, capital allocations expectations, including planned dividends and share repurchases, backlog, including the 2027 backlog profile and projections for the achievement of revenue associated with performance, rig demand, contract status, contract negotiations, terminations, options and extensions, contract awards and expected future contracts, anticipated contract start dates, contracted capacity, dayrates and duration, mobilization and demobilization fees, 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 and 2027 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 on 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
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NOBLE CORPORATION plc AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) |
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||||||||
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|
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Operating revenues |
|
|
|
|
|
|
|
|
|
Contract drilling services |
|
$ 683,650 |
|
$ 757,405 |
|
$ 2,105,647 |
|
$ 2,401,910 |
|
Reimbursables and other |
|
45,114 |
|
40,612 |
|
128,495 |
|
119,246 |
|
|
|
728,764 |
|
798,017 |
|
2,234,142 |
|
2,521,156 |
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
Contract drilling services |
|
468,516 |
|
479,894 |
|
1,364,950 |
|
1,444,420 |
|
Reimbursables |
|
32,026 |
|
30,547 |
|
96,246 |
|
90,691 |
|
Depreciation and amortization |
|
143,432 |
|
147,260 |
|
420,354 |
|
437,482 |
|
General and administrative |
|
27,286 |
|
33,301 |
|
84,278 |
|
103,485 |
|
Merger and integration costs |
|
— |
|
2,145 |
|
2,615 |
|
22,367 |
|
(Gain) loss on sale of operating assets, net |
|
(2,579) |
|
(6,232) |
|
(92,437) |
|
(10,983) |
|
Loss on Impairment |
|
— |
|
60,702 |
|
42,270 |
|
60,702 |
|
|
|
668,681 |
|
747,617 |
|
1,918,276 |
|
2,148,164 |
|
Operating income (loss) |
|
60,083 |
|
50,400 |
|
315,866 |
|
372,992 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
|
(34,990) |
|
(40,490) |
|
(111,752) |
|
(120,954) |
|
Gain (loss) on extinguishment of debt, net |
|
— |
|
— |
|
(17,603) |
|
— |
|
Interest income and other, net |
|
(9,070) |
|
726 |
|
2,791 |
|
7,275 |
|
Income (loss) before income taxes |
|
16,023 |
|
10,636 |
|
189,302 |
|
259,313 |
|
Income tax benefit (provision) |
|
(133,047) |
|
(31,731) |
|
(222,285) |
|
(129,233) |
|
Net income (loss) |
|
$ (117,024) |
|
$ (21,095) |
|
$ (32,983) |
|
$ 130,080 |
|
Basic earnings (loss) per share |
|
$ (0.73) |
|
$ (0.13) |
|
$ (0.21) |
|
$ 0.82 |
|
Diluted earnings (loss) per share |
|
$ (0.73) |
|
$ (0.13) |
|
$ (0.21) |
|
$ 0.80 |
|
NOBLE CORPORATION plc AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
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|
||||
|
|
|
September 30, 2026 |
|
December 31, 2025 |
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ASSETS |
|
|
|
|
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Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ 337,186 |
|
$ 471,399 |
|
Accounts receivable, net |
|
611,981 |
|
589,597 |
|
Prepaid expenses and other current assets |
|
314,033 |
|
211,286 |
|
Total current assets |
|
1,263,200 |
|
1,272,282 |
|
Property and equipment, at cost |
|
7,159,641 |
|
6,639,045 |
|
Accumulated depreciation |
|
(1,646,785) |
|
(1,236,222) |
|
Property and equipment, net |
|
5,512,856 |
|
5,402,823 |
|
Other assets |
|
382,077 |
|
854,662 |
|
Total assets |
|
$ 7,158,133 |
|
$ 7,529,767 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
|
$ 369,290 |
|
$ 298,751 |
|
Accrued payroll and related costs |
|
59,298 |
|
81,754 |
|
Other current liabilities |
|
288,167 |
|
379,224 |
|
Total current liabilities |
|
716,755 |
|
759,729 |
|
Long-term debt |
|
1,888,681 |
|
1,975,791 |
|
Other liabilities |
|
264,468 |
|
245,397 |
|
Total liabilities |
|
2,869,904 |
|
2,980,917 |
|
Commitments and contingencies |
|
|
|
|
|
Total shareholders' equity |
|
4,288,229 |
|
4,548,850 |
|
Total liabilities and equity |
|
$ 7,158,133 |
|
$ 7,529,767 |
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NOBLE CORPORATION plc AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
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|
||||
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|
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Nine Months Ended September 30, |
||
|
|
|
2026 |
|
2025 |
|
Cash flows from operating activities |
|
|
|
|
|
Net income (loss) |
|
$ (32,983) |
|
$ 130,080 |
|
Adjustments to reconcile net income (loss) to net cash flow from |
|
|
|
|
|
Depreciation and amortization |
|
420,354 |
|
437,482 |
|
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 |
|
(92,437) |
|
(10,983) |
|
Loss on impairment |
|
42,270 |
|
60,702 |
|
Net changes in operating assets and liabilities |
|
207,109 |
|
155,638 |
|
Net cash provided by (used in) operating activities |
|
561,916 |
|
764,553 |
|
Cash flows from investing activities |
|
|
|
|
|
Capital expenditures |
|
(500,362) |
|
(367,776) |
|
Proceeds from insurance claims |
|
1,584 |
|
22,201 |
|
Proceeds from disposal of assets, net |
|
216,000 |
|
101,898 |
|
Net cash provided by (used in) investing activities |
|
(282,778) |
|
(243,677) |
|
Cash flows from financing activities |
|
|
|
|
|
Issuance of debt |
|
800,000 |
|
— |
|
Repayments of debt |
|
(850,000) |
|
— |
|
Debt extinguishment costs |
|
(40,727) |
|
— |
|
Debt issuance costs |
|
(17,642) |
|
— |
|
Warrants exercised |
|
3,267 |
|
41 |
|
Share repurchases |
|
— |
|
(20,000) |
|
Dividend payments |
|
(243,090) |
|
(240,442) |
|
Withholding tax related to employee stock transactions |
|
(9,918) |
|
(9,713) |
|
Finance lease payments |
|
(63,624) |
|
(18,525) |
|
Net cash provided by (used in) financing activities |
|
(421,734) |
|
(288,639) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(142,596) |
|
232,237 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
479,960 |
|
252,279 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ 337,364 |
|
$ 484,516 |
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NOBLE CORPORATION plc AND SUBSIDIARIES OPERATIONAL INFORMATION (Unaudited) |
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Average Rig Utilization (1) |
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|
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Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
|
|
September 30, 2026 |
|
September 30, 2025 |
|
June 30, 2026 |
|
Floaters |
|
63 % |
|
65 % |
|
59 % |
|
Jackups |
|
79 % |
|
54 % |
|
83 % |
|
Total |
|
67 % |
|
61 % |
|
65 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Days |
||||
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
|
|
September 30, 2026 |
|
September 30, 2025 |
|
June 30, 2026 |
|
Floaters |
|
1,398 |
|
1,488 |
|
1,335 |
|
Jackups |
|
579 |
|
627 |
|
651 |
|
Total |
|
1,977 |
|
2,115 |
|
1,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Dayrates |
||||
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
|
|
September 30, 2026 |
|
September 30, 2025 |
|
June 30, 2026 |
|
Floaters |
|
$ 403,113 |
|
$ 423,489 |
|
$ 412,650 |
|
Jackups |
|
207,651 |
|
202,982 |
|
197,380 |
|
Total |
|
$ 345,846 |
|
$ 358,126 |
|
$ 342,080 |
|
(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 tables present the computation of basic and diluted earnings (loss) per share: |
||||||||
|
|
||||||||
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ (117,024) |
|
$ (21,095) |
|
$ (32,983) |
|
$ 130,080 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
159,648 |
|
158,834 |
|
159,482 |
|
158,879 |
|
Dilutive effect of share-based awards |
|
— |
|
— |
|
— |
|
1,999 |
|
Dilutive effect of warrants |
|
— |
|
— |
|
— |
|
835 |
|
Weighted average shares outstanding - diluted |
|
159,648 |
|
158,834 |
|
159,482 |
|
161,713 |
|
Earnings (loss) per share data: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ (0.73) |
|
$ (0.13) |
|
$ (0.21) |
|
$ 0.82 |
|
Diluted |
|
$ (0.73) |
|
$ (0.13) |
|
$ (0.21) |
|
$ 0.80 |
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; (gain) loss on sale of operating assets, 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, net of any proceeds from insurance claims, if applicable. 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 September 30, |
|
Three Months Ended |
||
|
|
|
2026 |
|
2025 |
|
June 30, 2026 |
|
Net income (loss) |
|
$ (117,024) |
|
$ (21,095) |
|
$ (36,684) |
|
Income tax (benefit) provision |
|
133,047 |
|
31,731 |
|
16,291 |
|
Interest expense, net of amounts capitalized |
|
34,990 |
|
40,490 |
|
36,203 |
|
Interest income and other, net |
|
9,070 |
|
(726) |
|
(3,664) |
|
Depreciation and amortization |
|
143,432 |
|
147,260 |
|
139,582 |
|
(Gain) loss on extinguishment of debt, net |
|
— |
|
— |
|
18,329 |
|
Merger and integration costs |
|
— |
|
2,145 |
|
— |
|
(Gain) loss on sale of operating assets, net |
|
(2,579) |
|
(6,232) |
|
— |
|
Loss on impairment |
|
— |
|
60,702 |
|
42,270 |
|
Adjusted EBITDA |
|
$ 200,936 |
|
$ 254,275 |
|
$ 212,327 |
|
|
|
|
|
|
||
|
Reconciliation of Adjusted Income Tax Benefit (Provision) |
|
|
|
|
||
|
|
|
Three Months Ended September 30, |
|
Three Months Ended |
||
|
|
|
2026 |
|
2025 |
|
June 30, 2026 |
|
Income tax benefit (provision) |
|
$ (133,047) |
|
$ (31,731) |
|
$ (16,291) |
|
Adjustments |
|
|
|
|
|
|
|
Discrete tax items |
|
15,781 |
|
(5,280) |
|
(23,039) |
|
Total adjustments |
|
15,781 |
|
(5,280) |
|
(23,039) |
|
Adjusted income tax benefit (provision) |
|
$ (117,266) |
|
$ (37,011) |
|
$ (39,330) |
|
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 September 30, |
|
Three Months Ended |
||
|
|
|
2026 |
|
2025 |
|
June 30, 2026 |
|
Net income (loss) |
|
$ (117,024) |
|
$ (21,095) |
|
$ (36,684) |
|
Adjustments |
|
|
|
|
|
|
|
Joint taxation scheme compensation |
|
(1,066) |
|
— |
|
1,093 |
|
Merger and integration costs |
|
— |
|
2,145 |
|
— |
|
(Gain) loss on sale of operating assets, net |
|
(2,579) |
|
(6,232) |
|
— |
|
Loss on impairment |
|
— |
|
60,702 |
|
42,270 |
|
(Gain) loss on extinguishment of debt, net |
|
— |
|
— |
|
18,329 |
|
Discrete tax items |
|
15,781 |
|
(5,280) |
|
(23,039) |
|
Other, net |
|
13,383 |
|
— |
|
— |
|
Total adjustments |
|
25,519 |
|
51,335 |
|
38,653 |
|
Adjusted net income (loss) |
|
$ (91,505) |
|
$ 30,240 |
|
$ 1,969 |
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Diluted EPS |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Three Months Ended |
||
|
|
|
2026 |
|
2025 |
|
June 30, 2026 |
|
Unadjusted diluted EPS |
|
$ (0.73) |
|
$ (0.13) |
|
$ (0.23) |
|
Adjustments |
|
|
|
|
|
|
|
Joint taxation scheme compensation |
|
(0.01) |
|
— |
|
0.01 |
|
Merger and integration costs |
|
— |
|
0.01 |
|
— |
|
(Gain) loss on sale of operating assets, net |
|
(0.01) |
|
(0.04) |
|
— |
|
Loss on impairment |
|
— |
|
0.38 |
|
0.26 |
|
(Gain) loss on extinguishment of debt, net |
|
— |
|
— |
|
0.11 |
|
Discrete tax items |
|
0.10 |
|
(0.03) |
|
(0.14) |
|
Other, net |
|
0.08 |
|
— |
|
— |
|
Total adjustments |
|
0.16 |
|
0.32 |
|
0.24 |
|
Adjusted diluted EPS |
|
$ (0.57) |
|
$ 0.19 |
|
$ 0.01 |
|
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow and Capital |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Three Months Ended |
||
|
|
|
2026 |
|
2025 |
|
June 30, 2026 |
|
Net cash provided by (used in) operating activities |
|
$ 144,467 |
|
$ 277,136 |
|
$ 144,159 |
|
Capital expenditures |
|
(191,979) |
|
(137,659) |
|
(204,530) |
|
Proceeds from insurance claims |
|
— |
|
— |
|
1,584 |
|
Free cash flow |
|
$ (47,512) |
|
$ 139,477 |
|
$ (58,787) |
View original content:https://www.prnewswire.com/news-releases/noble-corporation-plc-announces-third-quarter-2026-results-302919891.html
SOURCE Noble Corporation plc
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Noble's third-quarter 2026 earnings?
Noble reported a $117 million net loss, or $0.73 per diluted share, for Q3 2026. Revenue was $729 million and adjusted EBITDA was $201 million. The prior quarter had a $37 million net loss, $720 million in revenue and $212 million in adjusted EBITDA.
What is Noble's updated full-year 2026 guidance?
Noble expects revenue of $2,850–$2,900 million, adjusted EBITDA of $850–$900 million and capital expenditures of $680–$705 million. Customer-reimbursable capital spending increased from $25 million to $65 million; excluding that $40 million increase, capital spending guidance would remain within the previous range.
When will Noble pay its fourth-quarter 2026 dividend?
Noble's $0.50 per share quarterly cash dividend is expected to be paid December 17, 2026, to shareholders of record at the close of business on November 25, 2026. The amount is unchanged.
What does Noble's $6.7 billion contract backlog include?
Noble's backlog represents maximum contract drilling revenue at contractual operating dayrates during firm contract periods and excludes mobilization and demobilization revenue. Contract timing and duration are estimates. Actual average dayrates depend on factors including downtime and suspended operations; certain long-term Shell and TotalEnergies contracts include approximately 40% assumed performance revenue on a combined basis.