Highlights

  • Third quarter 2026 net loss was $117.0 million, or $(0.73) per diluted share, on operating revenues of $728.8 million.
  • Contract drilling backlog totaled approximately $6.8 billion at September 30, 2026, with 66% of available days committed for the remainder of 2026.
  • Management guided full year 2026 adjusted EBITDA to $850 million to $900 million and capital expenditures to $680.0 million to $705.0 million.
  • The board declared a quarterly cash dividend of $0.50 per share on October 26, 2026, payable December 17, 2026.

Noble Corporation plc (NYSE: NE) shares were trading at USD 45.40 on October 27, 2026, down 5.04%, with a relative volume at time of 2.94. The offshore drilling contractor issued $800.0 million of 6.250% Senior Notes due 2034 in June 2026, declared a quarterly dividend on October 26, 2026, and filed its 10-Q for the quarter ended September 30, 2026 on October 27, 2026.

Noble is incorporated in England and Wales and lists its principal executive offices in Houston, Texas. Through subsidiaries, it provides contract drilling services to the oil and gas industry. As of the filing date, its fleet consisted of 29 drilling rigs, 24 floaters and five jackups, excluding certain rigs under a bareboat charter agreement. It reports a single segment, Contract Drilling Services, and its customers consist primarily of large integrated, independent and government-owned or controlled oil and gas companies. Its fiscal year ends December 31.

Third Quarter 2026 Results

Net loss for the quarter was $117.0 million, compared with a net loss of $21.1 million for the third quarter of 2025, on operating revenues of $728.8 million versus $798.0 million. Floaters generated revenue of $563.4 million, compared with $630.1 million, and jackups generated $120.3 million, compared with $127.3 million. The company attributed the floater decrease mainly to a net change in average dayrates and to net changes in operating days, including approximately $6.3 million tied to temporary operational suspensions of the Noble Faye Kozack and Noble Courage in Brazil, both of which have resumed operations.

Depreciation and amortization was $143.4 million and interest expense was $35.0 million. For the nine months, the net loss was $33.0 million, or $(0.21) per diluted share, compared with net income of $130.1 million, or $0.80. The nine-month results include a $42.3 million loss on impairment of the Ocean Apex and a pre-tax gain of $92.4 million on rig sales.

Backlog, Cash and Capital

Contract drilling services backlog was approximately $6.8 billion at September 30, 2026, with 66% of available days committed for the remainder of 2026. ExxonMobil represented approximately 20.5% of backlog and Shell approximately 18.8%. On the call, management cited a total backlog of $6.7 billion as of October 26, 2026.

Cash and cash equivalents were $337,186 thousand at September 30, 2026. Net cash provided by operating activities for the nine months was $561.9 million, compared with $764.6 million, which the company attributed to the sale of five jackup rigs to Borr and the Brazil suspensions. Capital expenditures were $500.4 million. Financing activities included the $800.0 million of new notes, $850.0 million of debt repayments and $243.1 million of dividends. In May 2026, the company increased its revolving credit facility commitments to $650.0 million and extended maturity to May 2031. No borrowings were outstanding under it at September 30, 2026. The company repurchased no shares during the nine months.

2026 Guidance and Management Commentary

On the earnings call, management narrowed 2026 adjusted EBITDA guidance to $850 million to $900 million from $850 million to $925 million, and revenue guidance to $2.85 billion to $2.9 billion. It said the EBITDA range was narrowed around the lower end, citing slightly later starts for the Voyager and the Valiant. The 10-Q gives 2026 capital expenditures of $680.0 million to $705.0 million.

Management reported third quarter adjusted EBITDA of $201 million and an adjusted diluted loss per share of $0.57, both non-GAAP measures. It said the U.S. Gulf has been a soft spot this year. The 10-Q states that continued customer prioritization of the highest specification floaters could result in lower utilization for lower specification drillships and semi-submersibles. It also cites the conflict involving Iran as a source of uncertainty. Management said it expects contracted capacity in the second half of 2027 to be 20% higher than in the first half.