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Noble Corporation Reports Q3 2025 Results

Noble Corporation plc has successfully unveiled its financial results for the third quarter of 2025, marking a period of substantial operational performance and an increase in contract backlog. This report highlights a series of new contract agreements which have added approximately $740 million to the company’s portfolio since the publication of the previous fleet status report in August. As a testament to this financial strength, Noble has announced a cash dividend of $0.50 per share for the fourth quarter of 2025, promising a total capital return of $340 million for shareholders throughout the year.

Financial Overview

For the third quarter that concluded on September 30, 2025, Noble generated total revenues of $798 million, slightly dipping from $801 million in the same quarter of the prior year. This revenue comprises $757 million from contract drilling services, reflecting a decrease compared to $812 million in the preceding quarter, largely driven by a reduction in rig utilization. Notably, the fleet's utilization stood at 65% as of Q3 2025 compared to 73% in the prior quarter.

The net income (loss) for the quarter registered a loss of $21 million, translating to a loss per share of $0.13. In contrast, the adjusted diluted earnings per share reached $0.19, down from $0.58 in the prior year’s third quarter. Adjusted EBITDA for the quarter was recorded at $254 million, marking a decline from $291 million in the previous year.

Capital Expenditures and Cash Flow

During the third quarter, Noble reported net cash provided by operating activities at $277 million and free cash flow amounting to $139 million. The company undertook capital expenditures totaling $138 million and has remained committed to maintaining a healthy balance sheet with cash equivalents of $478 million and total debt of $2 billion as of September 30, 2025.

The company also emphasized its sound financial management with a continued focus on returning value to shareholders. This includes the declared quarterly dividend that is set to be paid on December 18, 2025, to shareholders on record as of December 4, 2025.

Contracts and Backlog Developments

Noble’s operational highlights include significant contract wins which have bolstered the company’s backlog to a peak of $7.0 billion. This backlog reflects 22 rig years added throughout 2025, showcasing the company’s robust position in securing long-term contracts. Notable recent contracts include:

• - Noble BlackLion and Noble BlackHornet: Awarded two-year contract extensions with bp in the U.S. Gulf, extending their operational periods.
• - Noble Venturer: Secured a contract with Amni International at a daily rate of $450,000 for a well exploration in Ghana.
• - Noble Resolute: Received a one-year contract from Eni in the North Sea, commencing in December 2025.

Moreover, the company has experienced steady dayrate fixtures in the low to mid $400,000s for its high-specification drillships, a signal of continued demand in the market.

Market Outlook

As Noble looks ahead, the company has revised its full-year 2025 revenue guidance to between $3,225 million and $3,275 million. The anticipated Adjusted EBITDA is now projected in the range of $1,100 million to $1,125 million. Though Noble cautioned that the first half of 2026 may see moderately reduced earnings and cash flows compared to the latter half of 2025, overall prospects remain optimistic.

CEO Robert W. Eifler voiced confidence in the company’s strategic initiatives, emphasizing that the recent contract expansions and positive dialogues with customers are laying the groundwork for recovery in deepwater utilization, expected by late 2026 or early 2027. Noble is steadfast in its commitment to delivering dependable returns to shareholders, reinforcing a sustainable dividend program through the fluctuations of the market.

Conclusion

Noble Corporation’s third quarter results reflect a period of prudent financial management and strategic expansion amidst a historically volatile market. The company’s confidence in its future, underscored by a robust backlog and solid operational execution, suggests a positive trajectory as it navigates through 2026 and beyond.