Noble Corp Q3 2026 net loss widens to $117M
Noble reported approximately $560 million in new awards and $6.7 billion of backlog, alongside higher 2026 capital expenditure 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.
Form Type
8-K
Rhea-AI Filing Summary
Noble Corporation plc (NE) reported third-quarter 2026 revenue of $729 million, versus $798 million a year earlier, and a net loss of $117 million, compared with a $21 million loss. Adjusted EBITDA was $201 million, down from $254 million, and diluted loss per share was $(0.73), versus $(0.13).
New contract awards totaled approximately $560 million, and backlog stood at $6.7 billion as of October 26, 2026. Full-year 2026 guidance is $2,850-$2,900 million for revenue and $850-$900 million for Adjusted EBITDA; capital expenditures guidance is $680-$705 million, primarily reflecting higher customer-reimbursable capital expenditures.
The board approved a fourth-quarter cash dividend of $0.50 per share, expected to be paid December 17, 2026, to shareholders of record November 25, 2026.
0 points · 0 major0 major · 2 points
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.
Positive
- None.
Negative
- Moderate pointQ3 revenue was $729 million, down from $798 million year over year.
- Moderate pointAdjusted EBITDA declined to $201 million from $254 million year over year.
Filing Explained
At September 30, 2026, Noble reported $980 million of liquidity, including $643 million of revolver availability, alongside $1.9 billion of debt principal.
This Form 8-K furnishes Noble’s third-quarter results and updates 2026 capital-expenditure guidance to
The company says customer-reimbursable capital expenditures rise from
At
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $729 million
Net income (loss): $117 million loss
Adjusted EBITDA: $201 million
+5 more
8 metrics
Revenue
$729 million
Third quarter 2026; $798 million in third quarter 2025
Net income (loss)
$117 million loss
Third quarter 2026; $21 million loss in third quarter 2025
Adjusted EBITDA
$201 million
Third quarter 2026; $254 million in third quarter 2025
Diluted earnings (loss) per share
$(0.73)
Third quarter 2026; $(0.13) in third quarter 2025
Free cash flow
$(48) million
Third quarter 2026; $139 million in third quarter 2025
Revenue guidance
$2,850-$2,900 million
Full-year 2026
Adjusted EBITDA guidance
$850-$900 million
Full-year 2026
Capital expenditures guidance
$680-$705 million
Full-year 2026
Key Terms
Adjusted EBITDA, Free Cash Flow, contract backlog, dayrates, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA of $201 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"Free Cash Flow of $(48) million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
contract backlog financial
"The contract backlog represents the maximum contract drilling revenues"
A contract backlog is the total value of work or orders that a company has committed to complete but has not yet finished. It acts like a pending to-do list of projects or jobs, indicating future revenue potential. For investors, a large or growing backlog suggests steady future income, while a shrinking backlog might signal slowing business activity.
dayrates technical
"leading edge dayrates for Tier-1 drillships"
Dayrates are the agreed-upon amount paid or charged for one day of work, service, or equipment use—think of it as a daily rental or wage. For investors, dayrates matter because they directly affect revenue and operating costs on a per‑day basis (for example, chartering a ship, hiring a contractor, or leasing specialized equipment), so changes in dayrates can quickly influence profitability and cash flow.
Capacity Reservation Agreement (CRA) technical
"under a 3-year Capacity Reservation Agreement (CRA)"
Earnings Snapshot
Revenue: $729 million · Guidance included
Third quarter 2026
Revenue
$729 million
Compared with $798 million in Q3 2025
Net income (loss)
$117 million loss
Compared with a $21 million loss in Q3 2025
Adjusted EBITDA
$201 million
Compared with $254 million in Q3 2025
Free cash flow
$(48) million
Compared with $139 million in Q3 2025
Guidance
For full-year 2026, revenue guidance is $2,850-$2,900 million, Adjusted EBITDA guidance is $850-$900 million, and capital expenditures guidance is $680-$705 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were NE's Q3 2026 revenue and Adjusted EBITDA?
Revenue was $729 million, compared with $798 million in Q3 2025. Adjusted EBITDA was $201 million, compared with $254 million in Q3 2025.
How much new contract value did NE report, and what was its backlog?
Noble reported approximately $560 million in new contract awards since its July fleet status report, and backlog stood at $6.7 billion as of October 26, 2026. Backlog excludes mobilization and demobilization revenue.
How much is Noble's Q4 2026 dividend, and when is it payable?
The board approved a cash dividend of $0.50 per ordinary share for Q4 2026. It is expected to be paid December 17, 2026, to shareholders of record at close of business November 25, 2026.
What is NE's 2026 financial guidance?
Full-year revenue guidance is $2,850-$2,900 million, compared with $2,800-$2,900 million previously; Adjusted EBITDA guidance is $850-$900 million, compared with $850-$925 million previously. Capital expenditures guidance is $680-$705 million, compared with $615-$665 million previously. Noble attributed the increase primarily to higher customer-reimbursable capital expenditures.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): October 26, 2026
__________________________________________
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. employer identification no.) | ||||||||||||
| (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 | ||||||
| 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 October 26, 2026, Noble Corporation plc (the “Company”) issued a press release announcing its condensed consolidated financial results for the quarter ended September 30, 2026. 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 October 27, 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 September 30, 2026, 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 October 27, 2026 | |||||||
| Exhibit 99.2 | Noble Corporation plc Slide Presentation dated October 26, 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: | By: | /s/ Robert W. Eifler | ||||||||||||||||||||||||
| Robert W. Eifler | ||||||||||||||||||||||||||
| President and Chief Executive Officer | ||||||||||||||||||||||||||
EXHIBIT 99.1
PRESS RELEASE |  | |||||||
NOBLE CORPORATION PLC ANNOUNCES THIRD QUARTER 2026 RESULTS
•Approximately $560 million in new contract value awarded since the July fleet status report; backlog stands at $6.7 billion.
•$0.50 per share cash dividend declared for Q4, maintaining consistent return of capital program.
•Q3 Net Loss of $(117) million, Diluted Loss per Share of $(0.73), Adjusted Diluted Earnings (Loss) per Share of $(0.57), Adjusted EBITDA of $201 million, net cash provided by operating activities of $144 million, and Free Cash Flow of $(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.
HOUSTON, TEXAS, October 26, 2026 - Noble Corporation plc (NYSE: NE, “Noble” or the “Company”) today reported third quarter 2026 results.
Three Months Ended | ||||||||||||||||||||
(in millions, except per share amounts) | September 30, 2026 | September 30, 2025 | 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. | ||||||||||||||||||||
Robert W. Eifler, President and Chief Executive Officer of Noble, stated, “The third quarter, which featured a 5% sequential decrease in Adjusted EBITDA, marked the successful resumption of operations for both of our rigs in Brazil, but was also impacted by several other rigs across the fleet transitioning between contracts. On the commercial front, we have recently secured approximately $560 million in new contract awards, including a number of key programs that support a strengthening fleet utilization profile as we move through 2027.”
Third Quarter Results
Contract drilling services revenue for the third quarter of 2026 totaled $684 million compared to $679 million in the prior quarter. Utilization of the 28 marketed rigs was 70% in the third quarter of 2026 compared to 67% in the prior quarter. Contract drilling services costs for the third quarter were $469 million, up from $446 million in the prior quarter. Net income decreased to a $(117) million loss in the third quarter of 2026 compared to a net loss of $(37) million in the prior quarter, and Adjusted EBITDA decreased to $201 million in the third quarter of
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2026, down from $212 million in the prior quarter. Net cash provided by operating activities in the third quarter of 2026 was $144 million, Capital Expenditures were $192 million, and Free Cash Flow was $(48) million.
Balance Sheet & Capital Allocation
The Company's balance sheet as of September 30, 2026, reflected total debt principal value of $1.9 billion and cash (and cash equivalents) of $337 million. On October 9, 2026, the sale of the Noble Resolve was finalized with the Company receiving the remaining $45 million of proceeds. Further, the sale of the Noble Globetrotter II is expected to close in the fourth quarter of 2026 for a purchase price of $38 million.
On October 26, 2026, Noble’s Board of Directors approved an interim quarterly cash dividend on our ordinary shares of $0.50 per share for the fourth quarter of 2026. The $0.50 per share dividend is expected to be paid on December 17, 2026, to shareholders of record at close of business on November 25, 2026. Future quarterly dividends and other shareholder returns will be subject to, amongst other things, approval by the Board of Directors.
Operating Highlights and Backlog
Noble's fleet of 23 marketed floaters was 66% contracted during the third quarter compared with 64% in the prior quarter. Recent contract awards since last quarter have added approximately 44 months of new floater backlog, with leading edge dayrates for Tier-1 drillships ranging between the mid-$400,000s and $500,000. Utilization of Noble's 5 marketed ultra harsh jackups was 86% in the third quarter versus 80% during the prior quarter. Recent contract awards since last quarter have added approximately 26 months of new jackup backlog, with leading edge dayrates ranging between $230,000 and $300,000.
Subsequent to last quarter’s earnings press release, new contracts with a total contract value of approximately $560 million include the following:
•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 in Norway 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 excludes additional fees for mobilization and demobilization.
•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, plus a mobilization fee. Thereafter, the rig is expected to commence a contract with TotalEnergies in 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 in Angola 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 $6.7 billion. Backlog excludes mobilization and demobilization revenue.
Outlook
For the full year 2026, Revenue guidance is narrowed to $2,850-$2,900 million (versus $2,800-$2,900 million previously); Adjusted EBITDA guidance is narrowed to $850-$900 million (versus $850-$925 million previously); and Capital Expenditures guidance is increased to $680-$705 million (versus $615-$665 million previously), with the increase primarily attributable to higher customer reimbursable Capital Expenditures. Excluding this $40 million increase in customer reimbursable Capital Expenditures (from $25 million to $65 million), our Capital Expenditures guidance would remain within the prior range.
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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 20% more contracted capacity in our fleet in H2 2027 compared to H1 2027.”
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. U.S. Central Time. Interested parties may dial +1 800-715-9871 and refer to conference ID 4018911 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 call.
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 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,”
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“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 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 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 | ||||||||||||||||||
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NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30, 2026 | December 31, 2025 | |||||||||||||
ASSETS | ||||||||||||||
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 | ||||||||||
6
NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
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 operating activities: | ||||||||||||||
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 | ||||||||||
7
NOBLE CORPORATION plc AND SUBSIDIARIES
OPERATIONAL INFORMATION
(Unaudited)
Average Rig Utilization (1) | ||||||||||||||||||||
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.
8
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 | ||||||||||||||||||
9
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.
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 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) | ||||||||||||||
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 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 Expenditures, net of Proceeds from Insurance Claims | ||||||||||||||||||||
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) | ||||||||||||||
12
Noble Corporation plc Third Quarter 2026 Earnings Conference Call October 27, 2026
Disclaimer 2 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) about Noble Corporation plc (“Noble” or the “Company”), 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 that 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. 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 (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; 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, if applicable; “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 and capital expenditures (net of reimbursements), management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures. 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 measures 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 may include revenue associated with performance, including, for example, approximately 40% assumed performance revenue realized on a combined basis under certain long-term contracts with Shell (US) and TotalEnergies (Suriname).
Summary Approximately $560M in New Contracts1, Backlog at $6.7B BlackRhino, BlackHawk, Faye Kozack, Interceptor, Globetrotter I 2026 Outlook: Revenue and Adjusted EBITDA Guidance Narrowed Capital Expenditures range increased primarily due to reimbursable Capital Expenditures Q3 Adjusted EBITDA2 of $201M, Free Cash Flow2 of $(48)M 3 Consistent Return of Capital Program Q4 2026 dividend maintained at $0.50 per share 1) New contracts since 7/27/2026 fleet status report. 2) A reconciliation to GAAP results for the current and prior periods is included on slide 10. The definition of each Non-GAAP measure is included on slide 2.
Third Quarter Financial Highlights Adjusted EBITDA1 $201M $212M Capital expenditures $192M $205M Free cash flow1 $(48)M $(59)M Net debt1 $1,551M $1,432M Backlog $6.7B $6.8B Adjusted EBITDA margin1 28% 30% Net leverage1 1.9x 1.7x 4 Prior quarter figures for Q2 2026 shown below. 1) A reconciliation to GAAP results for the current and prior periods is included on slide 10. The definition of each Non-GAAP measure is included on slide 2. Liquidity $980M $1,100M
Current Backlog Stands at $6.7 Billion 2026 2027 2028 Floaters Jackups 78% 55%72% Percentage of available days committed1 Backlog ($B) and Contract Coverage 5 0.4 2.6 2.2 1) Committed days on total marketed fleet of 28 rigs as of 10/26/2026. 2029-2031 1.6 13%
6 Drillships Overview Recent Highlights • BlackHawk: 1-well contract scheduled to commence in late 2027 • BlackRhino: 4-well contract scheduled to commence in late 2026 • Faye Kozack: 5-well contract scheduled to commence in mid-2027 • Globetrotter I: 2-well contract scheduled to commence in Q2 2027; additionally, well intervention contract scheduled to commence in late 2027 Firm contract period Options Fleet status report as of 10/26/2026. 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 Gerry de Souza Noble Voyager Noble Globetrotter I Noble Tom Madden Noble Sam Croft Noble Don Taylor Noble Venturer Noble Bob Douglas Noble BlackHawk Noble Valiant Noble Stanley Lafosse Noble BlackLion Noble BlackRhino Noble Viking Noble Faye Kozack Noble BlackHornet
7 Semisubmersibles and Jackups Overview Firm contract period Options Fleet status report as of 10/26/2026. 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 Semisubmersibles Noble Deliverer Noble Discoverer Noble Claus Bachmann Noble Courage Noble Endeavor Noble Patriot Noble Innovator Noble Integrator Noble Interceptor Noble Intrepid Noble Invincible Noble Developer Jackups Recent Highlights • Interceptor: 1-well contract scheduled to commence in Q3 2027; additionally, 26-well contract scheduled to commence in late 2027 • Intrepid: 1-well contract scheduled to commence in late 2027
Financial Overview ($ millions) Quarter End 9/30/2026 Quarter End 6/30/2026 Revenue 729 720 Adjusted EBITDA1 201 212 Adjusted EBITDA Margin1 28% 30% Net Income (Loss) (117) (37) Diluted EPS (0.73) (0.23) Cash flow from operations 144 144 Capital expenditures 192 205 Free cash flow1 (48) (59) Net debt1 1,551 1,432 Net leverage1 1.9x 1.7x Liquidity2 980 1,100 1) A reconciliation to GAAP results for the current and prior periods is included on slide 10. The definition of each Non-GAAP measure is included on slide 2. 2) 9/30/2026 liquidity includes $337 million cash and cash equivalents plus $643 million RCF availability, net of Letters of Credit outstanding. 8
Revenue 2,850 – 2,900 2,800 – 2,900 Adjusted EBITDA 1 850 – 900 850 – 925 Capital Expenditures 2 680 – 705 615 – 665 2026 Guidance Update ($ millions) 9 1) The definition of each Non-GAAP measure is included on slide 2. 2) New Capital Expenditures guidance includes customer reimbursable Capital Expenditures of $65 million versus $25 million previously indicated. Denotes prior guidance
Appendix: Reconciliation to GAAP Measures $ millions 10
