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, Feb. 11, 2026 /PRNewswire/ -- 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 ResultsContract 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 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 AllocationThe 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 BacklogNoble'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.
OutlookFor 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 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 CallNoble 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 [email protected].
About Noble Corporation plcNoble 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 StatementsThis 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 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).
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
