Noble Corporation (NE) lifts backlog to $7.5B and outlines 2026 outlook

Rhea-AI Filing Summary

Noble Corporation plc reported solid fourth-quarter and full-year 2025 results while resetting expectations for 2026. Q4 2025 revenue was $764 million, down from $798 million in Q3 and $927 million a year earlier, as floater utilization and dayrates eased. Net income swung to a $87 million profit versus a $21 million loss in Q3, with Adjusted EBITDA of $232 million.

For full-year 2025, revenue reached $3.29 billion, net income was $216.7 million, and Adjusted EBITDA was $1.11 billion, supporting $454 million of free cash flow. Noble highlighted about $1.3 billion of new contract awards since October, lifting backlog to $7.5 billion, and completed a $360 million sale of five jackups, with another jackup sale expected to close in Q3 2026. The board declared a $0.50 per share Q1 2026 dividend, bringing total capital returned since Q4 2022 to about $1.3 billion.

For 2026, Noble guided to total revenue of $2.8–$3.0 billion, Adjusted EBITDA of $940–$1,020 million, and capital expenditures of $590–$640 million. Year-end 2025 balance sheet metrics included $2.0 billion of total debt and $471 million of cash, with net debt around $1.50 billion and liquidity of $1.02 billion.

Insights

Offshore energy equity analyst

Backlog and cash generation are strong, but 2026 guidance points to a consolidation year rather than rapid earnings growth.

Noble shows a resilient core business: 2025 revenue of $3.29 billion and Adjusted EBITDA of $1.11 billion generated free cash flow of $454 million. A $7.5 billion backlog and roughly $1.3 billion of recent contract awards underpin multi‑year visibility, including new deals with ExxonMobil, Aker BP, bp and others.

At the same time, the company frames 2026 as a “transitional year.” Midpoint guidance implies Adjusted EBITDA easing versus 2025, while capital expenditures rise to up to $640 million, partly for the Noble GreatWhite project. That means lower near‑term free cash flow despite healthy contracted work.

Capital allocation remains shareholder‑friendly: Noble has returned about $1.3 billion since Q4 2022 and is maintaining a $0.50 per‑share dividend for Q1 2026. Net debt of roughly $1.50 billion and liquidity of about $1.02 billion suggest a manageable leverage profile as the company funds its fleet investments and executes on the enlarged backlog.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________

FORM 8-K

__________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (date of earliest event reported): February 11, 2026

__________________________________________

NOBLE CORPORATION plc

(Exact name of registrant as specified in its charter)

England and Wales

001-41520

98-1644664

(State or other jurisdiction of incorporation)

(Commission file number)

(I.R.S. employer identification no.)

2101 City West Boulevard,

Suite 600,

Houston,

Texas

77042

(Address of principal executive offices)

(Zip code)

Registrant’s telephone number, including area code: (281) 276-6100

__________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
A Ordinary Shares, par value $0.00001 per share			NE			New York Stock Exchange
Tranche 1 Warrants of Noble Corporation plc			NE WS			New York Stock Exchange
Tranche 2 Warrants of Noble Corporation plc			NE WSA			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02.    Results of Operations and Financial Condition.

On February 11, 2026, Noble Corporation plc (the “Company”) issued a press release announcing its condensed consolidated financial results for the quarter ended December 31, 2025. A copy of such press release is included as Exhibit 99.1 and will be published in the “Investors” section on the Company’s website at www.noblecorp.com.

Pursuant to the rules and regulations of the Securities and Exchange Commission, the press release is being furnished and shall not be deemed to be “filed” under the Securities Exchange Act of 1934.

Item 7.01.    Regulation FD Disclosure.

On February 12, 2026, the President and Chief Executive Officer of Noble Corporation plc (NYSE: NE), Robert W. Eifler, together with other executive officers, plan to announce Noble Corporation plc's earnings for the quarter ended December 31, 2025, via teleconference, which will be open to the public and broadcast live over the internet. A copy of the slide presentation used in connection with the teleconference is attached as Exhibit 99.2 and is incorporated by reference into this item.

Pursuant to the rules and regulations of the Securities and Exchange Commission, the slide presentation is being furnished and shall not be deemed to be “filed” under the Securities Exchange Act of 1934.

Item 9.01.    Financial Statements and Exhibits.
			(d)    Exhibits
EXHIBIT
NUMBER			DESCRIPTION
Exhibit 99.1			Press Release issued by Noble Corporation plc dated February 11, 2026
Exhibit 99.2			Noble Corporation plc Slide Presentation dated February 12, 2026
Exhibit 104			Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NOBLE CORPORATION plc

Date:

February 11, 2026

By:

/s/ Robert W. Eifler

Robert W. Eifler

President and Chief Executive Officer

EXHIBIT 99.1

PRESS RELEASE

NOBLE CORPORATION PLC ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS

•Approximately $1.3 billion in new contract awards since October fleet status report, increasing backlog to $7.5 billion.

•Completed divestiture of five jackups for $360 million; additional jackup (Noble Resolve) divestiture estimated to close in Q3 2026.

•$0.50 per share dividend declared for Q1 2026, bringing cumulative total capital returned since Q4 2022 to approximately $1.3 billion.

•Full Year 2026 guidance provided as follows: Total Revenue $2,800 to $3,000 million, Adjusted EBITDA $940 to $1,020 million, and Capital Expenditures $590 to $640 million.

HOUSTON, TEXAS, February 11, 2026 - Noble Corporation plc (NYSE: NE, “Noble”, or the “Company”) today reported fourth quarter and full year 2025 results.

						Three Months Ended
(in millions, except per share amounts)						December 31, 2025						September 30, 2025						December 31, 2024
Total Revenue						$	764					$	798					$	927
Contract Drilling Services Revenue						705						757						882
Net Income (Loss)						87						(21)						97
Adjusted EBITDA*						232						254						319
Adjusted Net Income (Loss)*						14						30						91
Basic Earnings (Loss) Per Share						0.55						(0.13)						0.60
Diluted Earnings (Loss) Per Share						0.54						(0.13)						0.59
Adjusted Diluted Earnings (Loss) Per Share*						0.09						0.19						0.56
* A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release.

Robert W. Eifler, President and Chief Executive Officer of Noble, stated, “Solid fourth quarter performance brought our full year 2025 Adjusted EBITDA to the upper half of the original guidance range and contributed to another year of strong free cash flow. Noble’s commercial success continues to build with the recent award of nearly 10 rig years of new bookings comprising $1.3 billion of high quality backlog. Meanwhile, we have continued to sharpen and high-grade our fleet posture and balance sheet with the announced divestitures of six jackups – collectively creating a platform of optimal focus, scale, and financial strength.”

Fourth Quarter Results

Contract drilling services revenue for the fourth quarter of 2025 totaled $705 million compared to $757 million in the prior quarter, with the sequential decrease driven by lower average utilization and dayrates. Marketed fleet utilization was 64% in the three months ended December 31, 2025, compared to 65% in the prior quarter. Contract drilling services costs for the fourth quarter were $471 million, down from $480 million in the prior quarter. Net income (loss) increased to $87 million in the fourth quarter, up from $(21) million in the prior quarter, and Adjusted EBITDA decreased to $232 million in the fourth quarter, down from $254 million in the prior quarter. Net cash provided by operating activities in the fourth quarter was $187 million, Capital

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Expenditures were $152 million (including $18 million associated with the termination of the BOPs service agreement), and free cash flow (non-GAAP) was $35 million.

Balance Sheet and Capital Allocation

The Company's balance sheet as of December 31, 2025, reflected total debt principal value of $2 billion and cash (and cash equivalents) of $471 million. Share repurchases for 2025 totaled $20 million, and $318 million in dividends were paid during the year.

Today, Noble’s Board of Directors approved a quarterly interim dividend of $0.50 per share for the first quarter of 2026. This dividend is expected to be paid on March 19, 2026 to shareholders of record at close of business on March 4, 2026. Future quarterly dividends and other shareholder returns will be subject to, amongst other things, approval by the Board of Directors, and may be modified as market conditions dictate.

Operating Highlights and Backlog

Noble's marketed fleet of 24 floaters was 62% contracted through the fourth quarter, compared with 67% in the prior quarter, primarily due to contract rollovers on the Noble BlackRhino and Ocean Apex. Recent backlog additions since last quarter have added 9.3 rig years of total floater backlog and support renewed utilization for four currently idle rigs. Recent dayrate fixtures for Tier-1 drillships have been in the +/- $400,000 range, with 6th generation floater fixtures between the low $300,000s to low $400,000s per day.

Utilization of Noble's 11 marketed jackups was 68% in the fourth quarter versus 60% utilization during the prior quarter. Excluding the six jackups whose divestiture is completed or pending, contracted utilization of Noble’s five ultra-harsh jackups is anticipated to improve from 60% in the first quarter to 100% by early in the third quarter this year.

Subsequent to last quarter’s earnings press release, new contracts with total contract value of over $1.3 billion (including additional services and mobilization payments, but excluding extension options) include the following:

•ExxonMobil has awarded two additional rig years of backlog under the Commercial Enabling Agreement (“CEA”) in Guyana, which has been assigned evenly across the four drillships, extending each rig to February of 2029.

•Noble GreatWhite was awarded a three-year contract with Aker BP in Norway valued at $473 million, including mobilization but excluding additional fees for integrated services and bonus potential.

•Noble Gerry de Souza was awarded a two-year contract with ExxonMobil in Nigeria, valued at $292 million and estimated to commence in mid-2026. Plus three years of optional extensions.

•Noble BlackRhino was awarded a contract for one well with Beacon Offshore Energy in the US Gulf scheduled to commence in March 2026 with an estimated duration of 50 days. The contract includes an option for an additional well with an estimated duration of 100 days.

•Noble Developer was awarded a three-well contract with estimated duration of 240 days with bp in Trinidad scheduled to commence in Q1 2027 at a dayrate of $375,000. Plus options for up to three additional wells with an estimated combined duration of 240 days.

•Noble Endeavor was awarded an 11-well contract with an undisclosed operator in South America, estimated to commence in late 2026 at a dayrate of $300,000 per day plus mobilization and demobilization fees with the potential for additional revenue from a performance incentive provision.

Noble's backlog as of February 11, 2026, stands at $7.5 billion.

Outlook

For the full year 2026, Noble announces a guidance range for Total Revenue of $2,800 to $3,000 million, Adjusted EBITDA in the range of $940 to $1,020 million, and Capital Expenditures between $590 to $640 million. This range of Capital Expenditures includes 50% of the estimated $160 million project capital for the Noble GreatWhite, as well as approximately $25 million of reimbursable capital.

Commenting on Noble’s outlook, Mr. Eifler stated, “Recent improvement in our contract coverage, coupled with ongoing customer dialogue, indicate a likelihood of a tightening market as we progress through this year. While 2026 is anticipated to be a transitional year from an earnings perspective, the foundation for a meaningful inflection is becoming increasingly tangible, supported by the unique circumstance of our 2027 backlog now already eclipsing current year backlog. In the meantime, we remain highly focused on safe and efficient service delivery for our customers, and a compelling return of capital proposition for shareholders.”

Due to the forward-looking nature of Adjusted EBITDA, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure, net income. Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP

2

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 fourth quarter 2025 results on Thursday, February 12, 2026, at 8:00 a.m. U.S. Central Time. Interested parties may dial +1 888-500-3691 and refer to conference ID 31391 approximately 15 minutes prior to the scheduled start time. Additionally, a live webcast link will be available on the Investor Relations section of the Company’s website. A webcast replay will be accessible for a limited time following the scheduled call.

For additional information, visit www.noblecorp.com or e-mail investors@noblecorp.com.

Contact Noble Corporation plc

Ian Macpherson

Vice President - Investor Relations

+1 713-239-6019

imacpherson@noblecorp.com

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, expenses, tax rates and deferred taxes, the offshore drilling market and demand fundamentals, costs, amount, effect or timing of cost savings, debt, the benefits or results of asset dispositions, cash flows and free cash flow expectations, capital expenditures and capital allocations expectations, including planned dividends and share repurchases, contract backlog, including projections for the achievement of performance incentives, 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, 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,” “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. Risks, uncertainties and assumptions that could affect our business, operating results, and financial condition 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 new or substitute customer contracts, realization of our current backlog of contract drilling revenue, operating hazards, natural disasters, seasonal weather events and related damages or liabilities, 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

3

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.

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 do not generally include revenue for performance incentives, with the exception of approximately 40% assumed performance revenue realized on a combined basis under certain long-term contracts with Shell (US) and TotalEnergies (Suriname).

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NOBLE CORPORATION plc AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

						Three Months Ended December 31,												Twelve Months Ended December 31,
						2025						2024						2025						2024
Operating revenues
Contract drilling services						$	705,297					$	882,089					$	3,107,207					$	2,918,767
Reimbursables and other						59,115						45,252						178,361						139,051
						764,412						927,341						3,285,568						3,057,818
Operating costs and expenses
Contract drilling services						471,131						527,251						1,915,551						1,687,164
Reimbursables						45,698						36,283						136,389						105,479
Depreciation and amortization						147,987						141,279						585,469						428,626
General and administrative						29,662						31,273						133,147						140,499
Merger and integration costs						4,015						20,261						26,382						109,424
(Gain) loss on sale of operating assets, net						1,397						—						(9,586)						(17,357)
Loss on impairment						21,962						—						82,664						—
						721,852						756,347						2,870,016						2,453,835
Operating income (loss)						42,560						170,994						415,552						603,983
Other income (expense)
Interest expense, net of amount capitalized						(41,449)						(39,720)						(162,403)						(94,211)
Interest income and other, net						12,678						(6,812)						19,953						(17,438)
Income (loss) before income taxes						13,789						124,462						273,102						492,334
Income tax benefit (provision)						72,848						(27,814)						(56,385)						(43,981)
Net income (loss)						$	86,637					$	96,648					$	216,717					$	448,353
Basic earnings (loss) per share						$	0.55					$	0.60					$	1.36					$	3.01
Diluted earnings (loss) per share						$	0.54					$	0.59					$	1.35					$	2.96

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NOBLE CORPORATION plc AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

						December 31, 2025						December 31, 2024
ASSETS
Current assets
Cash and cash equivalents						$	471,399					$	247,303
Accounts receivable, net						589,597						796,961
Prepaid expenses and other current assets						211,286						344,600
Total current assets						1,272,282						1,388,864
Property and equipment, at cost						6,639,045						6,904,731
Accumulated depreciation						(1,236,222)						(868,914)
Property and equipment, net						5,402,823						6,035,817
Other assets						854,662						540,087
Total assets						$	7,529,767					$	7,964,768
LIABILITIES AND EQUITY
Current liabilities
Accounts payable						$	298,751					$	397,622
Accrued payroll and related costs						81,754						116,877
Other current liabilities						379,224						425,863
Total current liabilities						759,729						940,362
Long-term debt						1,975,791						1,980,186
Other liabilities						245,397						384,254
Noncurrent contract liabilities						—						8,580
Total liabilities						2,980,917						3,313,382
Commitments and contingencies
Total shareholders’ equity						4,548,850						4,651,386
Total liabilities and equity						$	7,529,767					$	7,964,768

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NOBLE CORPORATION plc AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

			Twelve Months Ended December 31,
			2025						2024
Cash flows from operating activities
Net income (loss)			$	216,717					$	448,353
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization			585,469						428,626
Amortization of intangible assets and contract liabilities, net			(8,365)						(60,032)
(Gain) loss on sale of operating assets, net			(9,586)						(17,357)
Loss on impairment			82,664						—
Other operating activities			84,779						(144,115)
Net cash provided by (used in) operating activities			951,678						655,475
Cash flows from investing activities
Capital expenditures			(519,523)						(575,315)
Proceeds from insurance claims			22,254						23,297
Cash acquired (used in) business combinations, net			—						(417,041)
Proceeds from disposal of assets, net			147,201						10,040
Net cash provided by (used in) investing activities			(350,068)						(959,019)
Cash flows from financing activities
Issuance of debt			—						824,000
Borrowing on credit facilities			—						35,000
Repayments of credit facilities			—						(35,000)
Debt issuance costs			—						(10,002)
Warrants exercised			44						1,443
Share repurchases			(20,000)						(299,989)
Dividend payments			(320,368)						(277,831)
Withholding tax related to employee stock transactions			(9,669)						(66,057)
Finance lease payments			(23,936)						(6,064)
Other			—						22,578
Net cash provided by (used in) financing activities			(373,929)						188,078
Net increase (decrease) in cash, cash equivalents and restricted cash			227,681						(115,466)
Cash, cash equivalents and restricted cash, beginning of period			252,279						367,745
Cash, cash equivalents and restricted cash, end of period			$	479,960					$	252,279

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NOBLE CORPORATION plc AND SUBSIDIARIES

OPERATIONAL INFORMATION

(Unaudited)

			Average Rig Utilization
			Three Months Ended
			December 31, 2025						September 30, 2025						December 31, 2024
Floaters			59		%				65		%				68		%
Jackups			68		%				54		%				82		%
Total			62		%				61		%				73		%
			Operating Days
			Three Months Ended
			December 31, 2025						September 30, 2025						December 31, 2024
Floaters			1,363						1,488						1,713
Jackups			689						627						978
Total			2,052						2,115						2,691
			Average Dayrates
			Three Months Ended
			December 31, 2025						September 30, 2025						December 31, 2024
Floaters			$	410,840					$	423,489					$	419,909
Jackups			211,179						202,982						152,419
Total			$	343,777					$	358,126					$	322,746

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NOBLE CORPORATION plc AND SUBSIDIARIES

CALCULATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER SHARE

(In thousands, except per share amounts)

(Unaudited)

The following tables presents the computation of basic and diluted earnings (loss) per share:

						Three Months Ended December 31,												Twelve Months Ended December 31,
						2025						2024						2025						2024
Numerator:
Net income (loss)						$	86,637					$	96,648					$	216,717					$	448,353
Denominator:
Weighted average shares outstanding - basic						158,851						160,257						158,872						148,733
Dilutive effect of share-based awards						535						1,512						535						1,512
Dilutive effect of warrants						886						1,048						795						1,394
Weighted average shares outstanding - diluted						160,272						162,817						160,202						151,639
Earnings (loss) per share data:
Basic						$	0.55					$	0.60					$	1.36					$	3.01
Diluted						$	0.54					$	0.59					$	1.35					$	2.96

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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.

10

NOBLE CORPORATION plc AND SUBSIDIARIES

NON-GAAP MEASURES AND RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)

Reconciliation of Adjusted EBITDA
						Three Months Ended																		Twelve Months Ended
						December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Net income (loss)						$	86,637					$	(21,095)					$	96,648					$	216,717					$	448,353
Income tax (benefit) provision						(72,848)						31,731						27,814						56,385						43,981
Interest expense, net of amounts capitalized						41,449						40,490						39,720						162,403						94,211
Interest income and other, net						(12,678)						(726)						6,812						(19,953)						17,438
Depreciation and amortization						147,987						147,260						141,279						585,469						428,626
Amortization of intangible assets and contract liabilities, net						—						—						(13,452)						(8,365)						(60,032)
Costs incurred in connection with contract termination						14,500						—						—						14,500						—
Merger and integration costs						4,015						2,145						20,261						26,382						109,424
(Gain) loss on sale of operating assets, net						1,397						(6,232)						—						(9,586)						(17,357)
Loss on impairment						21,962						60,702						—						82,664						—
Adjusted EBITDA						$	232,421					$	254,275					$	319,082					$	1,106,616		$	—		$	1,064,644
Reconciliation of Adjusted Income Tax Benefit (Provision)
						Three Months Ended																		Twelve Months Ended
						December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Income tax benefit (provision)						$	72,848					$	(31,731)					$	(27,814)					$	(56,385)					$	(43,981)
Adjustments
Amortization of intangible assets and contract liabilities, net						—						—						859						—						1,108
Costs incurred in connection with contract termination						(2,231)						—						—						(2,231)						—
Discrete tax items						(111,897)						(5,280)						(17,415)						(212,601)						(136,698)
Total adjustments						(114,128)						(5,280)						(16,556)						(214,832)						(135,590)
Adjusted income tax benefit (provision)						$	(41,280)					$	(37,011)					$	(44,370)					$	(271,217)					$	(179,571)

11

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																		Twelve Months Ended
						December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Net income (loss)						$	86,637					$	(21,095)					$	96,648					$	216,717					$	448,353
Adjustments
Amortization of intangible assets and contract liabilities, net						—						—						(12,593)						(8,365)						(58,924)
Joint taxation scheme compensation						—						—						4,018						—						4,018
Merger and integration costs						4,015						2,145						20,261						26,382						109,424
(Gain) loss on sale of operating assets, net						1,397						(6,232)						—						(9,586)						(17,357)
Loss on impairment						21,962						60,702						—						82,664						—
Costs incurred in connection with contract termination						12,269						—						—						12,269						—
Discrete tax items						(111,897)						(5,280)						(17,415)						(212,601)						(136,698)
Total adjustments						(72,254)						51,335						(5,729)						(109,237)						(99,537)
Adjusted net income (loss)						$	14,383					$	30,240					$	90,919					$	107,480					$	348,816
Reconciliation of Adjusted Diluted EPS
						Three Months Ended																		Twelve Months Ended
						December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Unadjusted diluted EPS						$	0.54					$	(0.13)					$	0.59					$	1.35					$	2.96
Adjustments
Amortization of intangible assets and contract liabilities, net						—						—						(0.08)						(0.05)						(0.39)
Joint taxation scheme compensation						—						—						0.02						—						0.03
Merger and integration costs						0.02						0.01						0.12						0.16						0.72
(Gain) loss on sale of operating assets, net						0.01						(0.04)						—						(0.06)						(0.11)
Loss on impairment						0.14						0.38						—						0.52						—
Costs incurred in connection with contract termination						0.08						—						—						0.08						—
Discrete tax items						(0.70)						(0.03)						(0.09)						(1.33)						(0.91)
Total adjustments						(0.45)						0.32						(0.03)						(0.68)						(0.66)
Adjusted diluted EPS						$	0.09					$	0.19					$	0.56					$	0.67					$	2.30
Reconciliation of Free Cash Flow and Capital Expenditures, net of Proceeds from Insurance Claims
						Three Months Ended																		Twelve Months Ended
						December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Net cash provided by (used in) operating activities						$	187,125					$	277,136					$	136,214					$	951,678					$	655,475
Capital expenditures						(151,747)						(137,659)						(140,662)						(519,523)						(575,315)
Proceeds from insurance claims						53						—						6,871						22,254						23,297
Free cash flow						$	35,431					$	139,477					$	2,423					$	454,409					$	103,457

12

Noble Corporation plc Fourth Quarter 2025 Earnings Conference Call February 12, 2026

Disclaimer 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 about Noble Corporation plc (“Noble” or the “Company”), including revenue, earnings and earnings per share, EBITDA and adjusted EBITDA, margins, leverage, operating results, expenses, tax rates and deferred taxes, the offshore drilling market and demand fundamentals, costs, amount, effect or timing of cost savings, debt, the benefits or results of asset dispositions, cash flows and free cash flow expectations, capital expenditures and capital allocations expectations, including planned dividends and share repurchases, contract backlog, including projections for the achievement of performance incentives, 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, 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,” “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. Risks, uncertainties and assumptions that could affect our business, operating results, and financial condition 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 new or substitute customer contracts, realization of our current backlog of contract drilling revenue, operating hazards, natural disasters, seasonal weather events and related damages or liabilities, 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. Non-GAAP Measures This presentation includes certain financial measures that we use to describe the Company's performance that are not in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The non-GAAP information presented herein provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. The Company defines "Adjusted EBITDA" as net income 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; 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. The Company defines net debt as indebtedness minus cash and cash equivalents; free cash flow as net cash provided by (used in) operating activities less capital expenditures net of proceeds from insurance claims; adjusted EBITDA margin as adjusted EBITDA divided by total revenues; and net leverage as net debt divided by annualized adjusted EBITDA from the most recently reported quarter. Noble believes these metrics and performance measures are widely used by the investment community and are useful in comparing investments among upstream oil and gas companies in making investment decisions or recommendations. These measures may have differing calculations among companies and investment professionals and a non-GAAP measure should not be considered in isolation or as a substitute for the related GAAP measure or any other measure of a company’s financial or operating performance presented in accordance with GAAP. Please see the Appendix to this communication for more information regarding the non-GAAP measures in this communication. Additionally, due to the forward-looking nature of Adjusted EBITDA, annualized and/or run-rate EBITDA, annualized and/or run-rate free cash flow, cash taxes and capital expenditures (net of reimbursements), management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure. 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. 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 do not generally include revenue for performance incentives, with the exception of approximately 40% assumed performance revenue realized on a combined basis under certain long-term contracts with Shell (US) and TotalEnergies (Suriname). 2

Summary Jackup Sales – Unlocking Capital and Sharpening Focus $360M Borr Drilling transaction closed in January | $64M Ocean Oilfield transaction pending close in Q3 (2) $1.3B in New Contracts and Strategic Entry into NCS Floater Market (1) GreatWhite, Gerry de Souza, CEA extension, Endeavor, Developer, BlackRhino 2026 Outlook: Adjusted EBITDA $940M - $1,020M Total Revenues $2,800M - $3,000M | Capital Expenditures $590M to $640M (3) Q4 Adjusted EBITDA of $232M, Free Cash Flow of $35M FY 2025: $1,106M Adjusted EBITDA, $454M Free Cash Flow 3 Consistent Return of Capital Program $340M returned to shareholders in 2025, Q1 2026 dividend maintained at $0.50 per share 1) New contracts since 10/27/2025 fleet status report. 2) 30% deposit from Ocean Oilfield transaction was received in Q4 2025. 3) Includes 50% of the estimated $160 million project capital for the Noble GreatWhite, as well as approximately $25 million of reimbursable CapEx.

Fourth Quarter Financial Highlights Adjusted EBITDA $232M $254M Capital expenditures $152M $138M Free cash flow $35M $139M Net debt $1,504M $1,499M Backlog $7.5B $7.0B Adjusted EBITDA margin 30% 32% Net Leverage 1.4x 1.3x 4 Prior quarter figures for Q3 2025 shown below. Liquidity $1,015M $1,010M

Current Backlog Stands at $7.5 Billion 2026 2027 2028 Floaters Jackups 66% 41%61% Percentage of available days committed (1) Backlog ($B) and Contract Coverage 5 2.3 2.3 1.7 1) Committed days on total marketed fleet of 29 rigs, as of 2/11/2026. 2029-2031 1.2 9%

6 Drillships Overview Recent Highlights • Gerry de Souza: 2-year contract with ExxonMobil in Nigeria • BlackHawk: 1-well plus option with Beacon in the U.S. Gulf • CEA: four Guyana rigs extended by 6 months each to Feb-29 Firm contract period Options As of 1/26/2026 fleet status report. 2026 2027 2028 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Noble Sam Croft Noble Don Taylor Noble Bob Douglas Noble Voyager Noble BlackHawk Noble BlackHornet Noble BlackLion Noble BlackRhino Noble Globetrotter I Noble Venturer Noble Gerry de Souza Noble Tom Madden Noble Valiant Noble Viking Noble Stanley Lafosse Noble Faye Kozack

7 Semisubmersibles and Jackups Overview Firm contract period Options As of 1/26/2026 fleet status report. 2026 2027 2028 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Noble Integrator Noble Interceptor Noble Discoverer Noble Invincible Ocean GreatWhite Semisubmersibles Noble Developer Noble Courage Ocean Apex Noble Endeavor Noble Deliverer Noble Patriot Jackups Noble Innovator Noble Intrepid Recent Highlights • GreatWhite: 3-years with Aker BP in Norway • Endeavor: 11-wells in South America • Developer: 3-wells plus options with bp in Trinidad • Discoverer: 16-wells contract with TotalEnergies in Suriname reassigned from Developer to Discoverer

Financial Overview Year End 12/31/2024 Year End 12/31/2025 Quarter End 9/30/2025 Quarter End 12/31/2025 ($ millions) 3,0583,286798764Revenue 1,0651,107254232Adjusted EBITDA 35%34%32%30%Margin % 448217(21)87Net Income (Loss) 2.961.35(0.13)0.54Diluted EPS 655952277187Cash flow from operations 575520138152Cash paid for capital expenditures 10345413935Free cash flow 1,7331,5041,4991,504Net debt (1) 1.6x1.4x1.3x1.4xNet Leverage (2) 7731,0151,0101,015Liquidity (3) 1) Net debt defined as total indebtedness minus cash and cash equivalents. 2) Net Leverage ratio defined as net debt divided by TTM Adjusted EBITDA for the period. 3) 2/31/2025 liquidity includes $471 million cash and cash equivalents plus $543 million RCF availability net of Letters of Credit outstanding. Non-GAAP to GAAP reconciliations provided on page 10. 8

Revenue 2,800 – 3,000 Adjusted EBITDA 940 – 1,020 Capital Expenditures (1) 590 – 640 Full Year 2026 Guidance $ millions 9 1) Includes 50% of the estimated $160 million project capital for the Noble GreatWhite, as well as approximately $25 million of reimbursable CapEx.

Appendix: Reconciliation to GAAP Measures $ millions 10

FAQ

How did Noble Corporation (NE) perform financially in Q4 2025?

Noble generated solid Q4 2025 profitability. Revenue was $764 million, down from $798 million in Q3, but net income improved to $87 million from a $21 million loss. Adjusted EBITDA reached $232 million, reflecting strong underlying operations despite slightly softer utilization.

What were Noble Corporation’s full-year 2025 results?

For 2025, Noble reported $3.29 billion in revenue, $216.7 million in net income, and $1.11 billion of Adjusted EBITDA. These results supported $454 million of free cash flow, after $520 million of capital expenditures, and funded dividends, buybacks, and balance sheet stability.

What 2026 guidance did Noble Corporation (NE) provide?

Noble guided 2026 total revenue to $2.8–$3.0 billion, with Adjusted EBITDA of $940–$1,020 million. Planned capital expenditures are $590–$640 million, including about half of the $160 million Noble GreatWhite project and roughly $25 million of reimbursable spending.

How large is Noble Corporation’s current contract backlog?

Noble reports a contract backlog of $7.5 billion as of February 11, 2026. This reflects approximately $1.3 billion in new awards since the October fleet status report, including multi‑year contracts with ExxonMobil, Aker BP, bp, Beacon Offshore Energy, and an undisclosed South American operator.

What asset sales has Noble Corporation completed or planned?

Noble completed the $360 million divestiture of five jackups and expects an additional jackup, Noble Resolve, to be sold in Q3 2026 for an estimated $64 million. Management says these transactions sharpen fleet focus and redeploy capital toward higher‑return opportunities and shareholder distributions.

What shareholder returns is Noble Corporation (NE) providing?

Noble’s board declared a Q1 2026 dividend of $0.50 per share, payable March 19, 2026 to shareholders of record March 4, 2026. Cumulatively, the company has returned about $1.3 billion to shareholders via dividends and buybacks since Q4 2022, continuing a consistent capital‑return program.

What does Noble Corporation’s balance sheet look like at year-end 2025?

At December 31, 2025, Noble had $2.0 billion of total debt and $471 million of cash and cash equivalents. Net debt was about $1.50 billion, and total liquidity, including revolving credit availability, was approximately $1.02 billion, supporting ongoing investment and capital returns.

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