Noble Corporation plc filed its third quarter 2026 earnings press release on October 26, 2026, reporting a net loss of $117 million alongside $560 million in new contract awards and a $6.7 billion backlog.

Key Highlights

  • Net loss of $117 million in Q3 2026, with Diluted Loss per Share of $(0.73) and Adjusted Diluted Loss per Share of $(0.57).
  • Total revenue of $729 million for the three months ended September 30, 2026, compared to $720 million in the prior quarter.
  • Adjusted EBITDA of $201 million in Q3 2026, down from $212 million in Q2 2026, reflecting a 5% sequential decrease.
  • Backlog stands at $6.7 billion as of October 26, 2026, following approximately $560 million in new contract value awarded since the July fleet status report.
  • Quarterly cash dividend of $0.50 per share declared for Q4 2026, payable December 17, 2026, to shareholders of record as of November 25, 2026.
  • Full year 2026 revenue guidance narrowed to $2,850-$2,900 million and Adjusted EBITDA guidance narrowed to $850-$900 million; Capital Expenditures guidance increased to $680-$705 million.
  • Total debt principal of $1.9 billion and cash of $337 million on the balance sheet as of September 30, 2026.

Noble Corporation Q3 2026 Results: Fleet Transitions and New Contract Awards

Noble Corporation plc (NYSE:NE) reported third quarter 2026 contract drilling services revenue of $684 million, up from $679 million in the prior quarter, according to the filing. Contract drilling services costs rose to $469 million from $446 million in Q2 2026. Utilization of the 28 marketed rigs was 70% in Q3 2026, compared to 67% in the prior quarter. Net cash provided by operating activities was $144 million, Capital Expenditures were $192 million, and Free Cash Flow was $(48) million.

The filing attributed the net loss widening to $(117) million from a $(37) million net loss in the prior quarter partly to rig transitions between contracts. President and CEO Robert W. Eifler noted the quarter "featured a 5% sequential decrease in Adjusted EBITDA" and "was also impacted by several other rigs across the fleet transitioning between contracts." Noble's fleet of 23 marketed floaters was 66% contracted in Q3 2026 versus 64% in the prior quarter. The 5 marketed ultra harsh jackups were 86% utilized, up from 80% in Q2 2026.

Among the contracts announced, the Noble BlackRhino was awarded a four-well contract with TotalEnergies in Nigeria expected to commence in Q4 2026. The 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, followed by a 3-year Capacity Reservation Agreement with TotalEnergies in West Africa. On the balance sheet, the sale of the Noble Resolve was finalized on October 9, 2026, with Noble receiving the remaining $45 million of proceeds, and the sale of the Noble Globetrotter II is expected to close in Q4 2026 for a purchase price of $38 million.

What Was Disclosed

Noble Corporation reported Q3 2026 financial results including a $117 million net loss, $201 million in Adjusted EBITDA, and $6.7 billion in backlog. The company also narrowed full year 2026 guidance ranges and declared a $0.50 per share quarterly dividend.