$0.50 per share cash dividend declared for Q2, maintaining consistent return of capital program.
Q1 Net Income of $121 million, Diluted Earnings per Share of $0.75, Adjusted Diluted Earnings per Share of $0.26, Adjusted EBITDA of $277 million, net cash provided by operating activities of $273 million, and Free Cash Flow of $169 million.
Full Year 2026 Guidance for Revenue and Adjusted EBITDA maintained, 2026 capital expenditures guidance increased by $25 million due to the reactivation of the Noble Deliverer.
HOUSTON, April 26, 2026 /PRNewswire/ -- Noble Corporation plc (NYSE:NE, ", Noble", or the ", Company", )) today reported first quarter 2026 results.
Three Months Ended
(in millions, except per share amounts)
March 31, 2026
March 31, 2025
December 31, 2025
Total Revenue
$ 786
$ 874
$ 764
Contract Drilling Services Revenue
743
832
705
Net Income (Loss)
121
108
87
Adjusted EBITDA*
277
338
232
Adjusted Net Income (Loss)*
41
42
14
Basic Earnings (Loss) Per Share
0.76
0.68
0.55
Diluted Earnings (Loss) Per Share
0.75
0.67
0.54
Adjusted Diluted Earnings (Loss) Per Share*
0.26
0.26
0.09
* 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, "We commenced 2026 with solid operational and financial results. Commercial momentum remains brisk, highlighted by the Noble Courage's three year extension with Petrobras and the Noble Deliverer's five-well program with Woodside. We remain intensely focused on project execution, with several important contract commencements scheduled over the course of this year, each of which is progressing well."
First Quarter ResultsContract drilling services revenue for the first quarter of 2026 totaled $743 million compared to $705 million in the prior quarter, with the sequential increase driven primarily by improved fleet utilization. Utilization of the 29 marketed rigs was 68% in the first quarter of 2026 compared to 64% for the same rigs in the prior quarter. Contract drilling services costs for the first quarter were $450 million, down from $471 million in the prior quarter. Net income (loss) increased to $121 million in the first quarter of 2026, up from $87 million in the prior quarter, and Adjusted EBITDA increased to $277 million in the first quarter of 2026, up from $232 million in the prior quarter. Net cash provided by operating activities in the first quarter of 2026 was $273 million, capital expenditures were $104 million, and free cash flow (non-GAAP) was $169 million. Additionally, net disposal proceeds during the quarter totaled $206 million, representing the cash consideration received from the previously announced sale of five jackups to Borr Drilling.
Balance Sheet & Capital AllocationThe Company's balance sheet as of March 31, 2026, reflected total debt principal value of $1.9 billion and cash (and cash equivalents) of $663 million. The Company redeemed $55 million principal amount of the 8.5% senior secured notes due 2030 during the first quarter. Additionally, the Company completed the lease buy-out on the first two (of four total) Blackships BOP systems for $36.5 million during the first quarter. The buy-out of the remaining two BOP systems is expected to occur later in 2026 for $36.5 million. In total, the lease buy-out for all four systems is expected to cost $73 million.
On April 26, 2026, Noble's Board of Directors approved an interim quarterly cash dividend on our ordinary shares of $0.50 per share for the second quarter of 2026. The $0.50 per share dividend is expected to be paid on June 25, 2026, to shareholders of record at close of business on June 4, 2026. Future quarterly dividends and other shareholder returns will be subject to, amongst other things, approval by the Board of Directors.
Operating Highlights and BacklogNoble's fleet of 24 marketed floaters was 68% contracted during the first quarter compared with 62% in the prior quarter. Recent contract awards since last quarter have added approximately 5 rig years of new floater backlog. Recent dayrate fixtures for Tier-1 drillships have increased moderately to the low-to-mid $400,000s. Utilization of Noble's five ultra harsh jackups was 66% in the first quarter versus 72% during the prior quarter.
Subsequent to last quarter's earnings press release, new contracts with a total contract value of approximately $565 million include the following:
Noble Courage was extended by Petrobras for an additional 1,115 days, extending through December 2030, for a net incremental backlog addition of $339 million. The dayrate from April 2026 through December 2027 has been reduced from $290,100 to $280,000, followed by the 1,115 days extension at $309,500 per day.
Noble Deliverer was awarded a 5-well contract with Woodside in Australia. The contract, valued at $121 million excluding additional services and potential upgrades, is anticipated to commence in Q2 or Q3 2027 and includes options for up to two additional wells.
Noble Developer received a one-well contract from ExxonMobil in Guyana at a dayrate of $375,000. This contract is scheduled to commence in early 2027 in direct continuation of the rig's current program.
Noble BlackRhino had an option well exercised by Beacon in the U.S. Gulf which commenced recently in April.
Noble Venturer received a one-well contract with Planet One in Ghana, at a dayrate of $430,000, expected to commence in late 2026; plus two unpriced option wells.
Noble Viking has secured a one-well contract in Malaysia in direct continuation of existing backlog.
Backlog as of April 27, 2026, stands at $7.5 billion. Backlog excludes mobilization and demobilization revenue.
OutlookFor the full year 2026, previous guidance is maintained for Revenue ($2,800-$3,000 million) and Adjusted EBITDA ($940-$1,020 million), while guidance for capital expenditures is increased to $615-$665 million (previously $590-$640 million) due to the Noble Deliverer's reactivation.
Commenting on Noble's outlook, Mr. Eifler stated, "With tightening floater fundamentals, the trajectory for dayrates, contract duration and earnings visibility is improving. We continue to anticipate a meaningful financial inflection next year supported by existing backlog and a robust bidding pipeline. Against this backdrop, Noble will continue to prioritize our leading shareholder return program."
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 measure, net income, and capital expenditures, respectively. 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 first quarter 2026 results on Monday, April 27, 2026, at 8:00 a.m. U.S. Central Time. Interested parties may dial +1 800-715-9871 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 call.
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, project status, 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 revenue associated with performance, 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, acts of war or geopolitical conflict (including the ongoing conflict in the Middle East), 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.
Contract BacklogThe 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).
NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended March 31,
2026
2025
Operating revenues
Contract drilling services
$ 742,553
$ 832,428
Reimbursables and other
43,137
42,059
785,690
874,487
Operating costs and expenses
Contract drilling services
450,125
462,099
Reimbursables
30,112
31,784
Depreciation and amortization
137,340
143,137
General and administrative
30,048
35,208
Merger and integration costs
2,615
14,920
(Gain) loss on sale of operating assets, net
(89,858)
—
560,382
687,148
Operating income (loss)
225,308
187,339
Other income (expense)
Interest expense, net of amounts capitalized
(40,559)
(40,467)
Gain (loss) on extinguishment of debt, net
726
—
Interest income and other, net
8,197
1,837
Income (loss) before income taxes
193,672
148,709
Income tax benefit (provision)
(72,947)
(40,406)
