NOBLE CORPORATION PLC ANNOUNCES THIRD QUARTER 2026 RESULTS
Noble Corp plc (NE) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99.1 PRESS RELEASE NOBLE CORPORATION PLC ANNOUNCES THIRD QUARTER 2026 RESULTS • Approximately $560 million in new contract value awarded since the July fleet status report; backlog stands at $6.7 billion. • $0.50 per share cash dividend declared for Q4, maintaining consis
How this was made
The 30-second read
Why it matters
The earnings miss and increased capex guidance create immediate downside pressure, but a growing backlog and higher dayrates could support longer‑term recovery.
Market read
The release is a primary earnings disclosure for a mid‑cap energy services firm, offering actionable insight for short‑term traders.
What to watch
Backlog growth and higher dayrates may offset near‑term losses, providing upside potential if utilization improves.
Noble reported a third-quarter net loss of $(117) million and Adjusted EBITDA of $201 million, while narrowing full-year Revenue and Adjusted EBITDA guidance and increasing Capital Expenditures guidance.
Third-quarter contract drilling services revenue increased sequentially and recent awards added approximately $560 million of contract value, but Adjusted EBITDA declined sequentially, the Company recorded a $(117) million net loss, and Free Cash Flow was $(48) million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenue, three months ended September 30, 2026GAAP | $728.8M | – | – |
| Contract drilling services revenue, three months ended September 30, 2026GAAP | $683.6M | – | – |
| Reimbursables and other revenue, three months ended September 30, 2026GAAP | $45.11M | – | – |
| Contract drilling services costs, three months ended September 30, 2026GAAP | $468.5M | – | – |
| Reimbursables costs, three months ended September 30, 2026GAAP | $32.03M | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | $143.4M | – | – |
| General and administrative expense, three months ended September 30, 2026GAAP | $27.29M | – | – |
| Gain on sale of operating assets, net, three months ended September 30, 2026GAAP | −$2.58M | – | – |
| Loss on impairment, three months ended September 30, 2026GAAP | $ — | – | – |
| Operating income, three months ended September 30, 2026GAAP | $60.08M | – | – |
| Interest expense, net of amounts capitalized, three months ended September 30, 2026GAAP | −$34.99M | – | – |
| Interest income and other, net, three months ended September 30, 2026GAAP | −$9.07M | – | – |
| Income tax benefit (provision), three months ended September 30, 2026GAAP | −$133.0M | – | – |
| Net income (loss), three months ended September 30, 2026GAAP | −$117.0M | – | – |
| Basic earnings (loss) per share, three months ended September 30, 2026GAAP | $ (0.73) | – | – |
| Diluted earnings (loss) per share, three months ended September 30, 2026GAAP | $ (0.73) | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $200.9M | 5% sequential decrease | – |
| Adjusted net income (loss), three months ended September 30, 2026non-GAAP | −$91.50M | – | – |
| Adjusted diluted EPS, three months ended September 30, 2026non-GAAP | $ (0.57) | – | – |
| Net cash provided by operating activities, three months ended September 30, 2026GAAP | $144.5M | – | – |
| Capital expenditures, three months ended September 30, 2026GAAP | −$192.0M | – | – |
| Free cash flow, three months ended September 30, 2026non-GAAP | −$47.51M | – | – |
| Total Revenue, nine months ended September 30, 2026GAAP | $2.23B | – | – |
| Contract drilling services revenue, nine months ended September 30, 2026GAAP | $2.11B | – | – |
| Reimbursables and other revenue, nine months ended September 30, 2026GAAP | $128.5M | – | – |
| Operating income, nine months ended September 30, 2026GAAP | $315.9M | – | – |
| Net income (loss), nine months ended September 30, 2026GAAP | −$32.98M | – | – |
| Diluted earnings (loss) per share, nine months ended September 30, 2026GAAP | $ (0.21) | – | – |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $561.9M | – | – |
| Capital expenditures, nine months ended September 30, 2026GAAP | −$500.4M | – | – |
| Proceeds from disposal of assets, net, nine months ended September 30, 2026GAAP | $216M | – | – |
| Floaters average rig utilization, three months ended September 30, 2026other | 63 % | – | – |
| Jackups average rig utilization, three months ended September 30, 2026other | 79 % | – | – |
| Total average rig utilization, three months ended September 30, 2026other | 67 % | – | – |
| Floaters operating days, three months ended September 30, 2026other | 1,398 | – | – |
| Jackups operating days, three months ended September 30, 2026other | 579 | – | – |
| Total operating days, three months ended September 30, 2026other | 1,977 | – | – |
| Floaters average dayrates, three months ended September 30, 2026other | $403.1M | – | – |
| Jackups average dayrates, three months ended September 30, 2026other | 207,651 | – | – |
| Total average dayrates, three months ended September 30, 2026other | $345.8M | – | – |
| Backlog as of October 26, 2026other | $6.7B | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
full year 2026 outlook
- Revenue$2,850-$2,900 million
- NoteAdjusted EBITDA guidance: $850-$900 million
- NoteCapital Expenditures guidance: $680-$705 million
- NoteCustomer reimbursable Capital Expenditures: $65 million
Capital returns
- On October 26, 2026, Noble’s Board of Directors approved an interim quarterly cash dividend on ordinary shares of $0.50 per share for the fourth quarter of 2026.
- The $0.50 per share dividend is expected to be paid on December 17, 2026, to shareholders of record at close of business on November 25, 2026.
- Dividend payments for the nine months ended September 30, 2026 were $ (243,090).
- Share repurchases for the nine months ended September 30, 2026 were $ —.
What drove it
- Contract drilling services revenue totaled $684 million compared to $679 million in the prior quarter.
- Utilization of the 28 marketed rigs was 70% in the third quarter of 2026 compared to 67% in the prior quarter.
- The fleet of 23 marketed floaters was 66% contracted during the third quarter compared with 64% in the prior quarter.
- Utilization of the 5 marketed ultra harsh jackups was 86% in the third quarter versus 80% during the prior quarter.
- Recent contract awards since the July fleet status report totaled approximately $560 million and added approximately 44 months of new floater backlog and approximately 26 months of new jackup backlog.
- Leading edge dayrates for Tier-1 drillships ranged between the mid-$400,000s and $500,000; leading edge jackup dayrates ranged between $230,000 and $300,000.
- The Noble BlackRhino and Noble Faye Kozack awards, along with awards for Noble Interceptor, Noble BlackHawk, Noble Globetrotter I and Noble Intrepid, were included in new contracts with total contract value of approximately $560 million.
Concerns
- Net income decreased to a $(117) million loss in the third quarter of 2026 compared to a net loss of $(37) million in the prior quarter.
- Adjusted EBITDA decreased to $201 million from $212 million in the prior quarter.
- Contract drilling services costs were $469 million, up from $446 million in the prior quarter.
- Free Cash Flow was $(48) million in the third quarter of 2026.
- Full-year 2026 Capital Expenditures guidance increased to $680-$705 million from $615-$665 million previously, primarily attributable to higher customer reimbursable Capital Expenditures.
- The Company cited several rigs transitioning between contracts during the quarter.
What to watch
- Execution of contracts awarded since the July fleet status report, including expected Q4 2026 commencement for Noble BlackRhino and mid-2027 or later commencements for several other rigs.
- The expected meaningful inflection in fleet utilization and cash flow starting H2 2027.
- Approximately 20% more contracted capacity in the fleet in H2 2027 compared to H1 2027.
- Completion of the expected fourth-quarter 2026 sale of the Noble Globetrotter II for a purchase price of $38 million.
- Full-year Revenue guidance of $2,850-$2,900 million, Adjusted EBITDA guidance of $850-$900 million, and Capital Expenditures guidance of $680-$705 million.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: $ 337,186.
- Total debt principal value as of September 30, 2026: $1.9 billion.
- Long-term debt as of September 30, 2026: $ 1,888,681.
- Total assets as of September 30, 2026: $ 7,158,133.
- Total shareholders’ equity as of September 30, 2026: $ 4,288,229.
- Net cash provided by operating activities for the nine months ended September 30, 2026: $ 561,916.
- Net cash used in investing activities for the nine months ended September 30, 2026: $ (282,778).
- Net cash used in financing activities for the nine months ended September 30, 2026: $ (421,734).
- On October 9, 2026, the sale of the Noble Resolve was finalized and the Company received the remaining $45 million of proceeds.
- The sale of the Noble Globetrotter II is expected to close in the fourth quarter of 2026 for a purchase price of $38 million.
Analysis
Noble delivered $ 728,764 of third-quarter total revenue and $ 683,650 of contract drilling services revenue. Contract drilling services revenue was higher than the $679 million reported for the prior quarter, while utilization of the 28 marketed rigs rose to 70% from 67%. The operating backdrop included the successful resumption of operations for both rigs in Brazil, but several other rigs were transitioning between contracts.
Profitability and cash generation weakened sequentially. Contract drilling services costs increased to $469 million from $446 million in the prior quarter, Adjusted EBITDA declined to $201 million from $212 million, and net income moved to a $(117) million loss from a $(37) million loss. Free Cash Flow was $(48) million, as $144 million of net cash provided by operating activities was more than offset by $192 million of Capital Expenditures.
Commercial activity strengthened the forward backlog profile. Noble reported approximately $560 million in new contract awards since the July fleet status report, and backlog stood at $6.7 billion as of October 26, 2026. Recent awards added approximately 44 months of floater backlog and approximately 26 months of jackup backlog. The Company reported that its 23 marketed floaters were 66% contracted, versus 64% in the prior quarter, and its 5 marketed ultra harsh jackups were 86% utilized, versus 80% in the prior quarter.
The balance sheet reflected cash and cash equivalents of $ 337,186 and long-term debt of $ 1,888,681 at September 30, 2026. Noble finalized the Noble Resolve sale on October 9 and received the remaining $45 million of proceeds. The Board approved a $0.50 per share fourth-quarter cash dividend, maintaining the stated return of capital program.
Management narrowed full-year 2026 Revenue guidance to $2,850-$2,900 million and Adjusted EBITDA guidance to $850-$900 million. Capital Expenditures guidance increased to $680-$705 million, with management attributing the increase primarily to higher customer reimbursable Capital Expenditures. Management stated that, excluding the $40 million increase in customer reimbursable Capital Expenditures, Capital Expenditures guidance would remain within the prior range, while the commercial backlog is expected to support a meaningful utilization and cash-flow inflection starting H2 2027.
Management, verbatim
The third quarter, which featured a 5% sequential decrease in Adjusted EBITDA, marked the successful resumption of operations for both of our rigs in Brazil, but was also impacted by several other rigs across the fleet transitioning between contracts. On the commercial front, we have recently secured approximately $560 million in new contract awards, including a number of key programs that support a strengthening fleet utilization profile as we move through 2027.
Robert W. Eifler, President and Chief Executive Officer of Noble
Forward contract coverage and dayrate trends for both deepwater and ultra harsh environment jackups continue to methodically improve, despite limited apparent demand tailwinds arising from higher oil prices during 2026 thus far. Noble’s recent contract fixtures encompass a diversity of customers and regions, spanning frontier exploration to late-cycle well operations. We continue to build backlog that supports an expected meaningful inflection in fleet utilization and cash flow starting H2 2027, with already approximately 20% more contracted capacity in our fleet in H2 2027 compared to H1 2027.
Robert W. Eifler, President and Chief Executive Officer of Noble
Not in the filing
stated, not guessed- Quarterly gross margin was not reported.
- Full-year 2026 gross margin, operating expenses and tax-rate guidance were not reported.
- A prior earnings release outlook was not provided, so no actual-versus-prior-guidance comparison is included.
- Third-quarter 2026 share repurchases were not separately reported.
- A quarterly cash balance comparison to the prior quarter was not reported.
- Separate reportable operating segments were not reported. Contract drilling services was reported as a revenue line item, not as a reportable segment.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Noble Corp plc filed a Form 8‑K reporting its Q3 2026 earnings and updated full‑year guidance.
Ticker impact
Q3 2026 results show a $117M loss, adjusted EBITDA down 5% sequentially, and guidance narrowed with higher capex, indicating pressure on the stock.
likely pressure as the market prices in the loss and higher spending outlook
The company posted a loss, lowered adjusted EBITDA, and raised capital expenditures, which typically weigh on share price in the near term.
Market effects
Oilfield services sector may see broader scrutiny as peers face similar utilization and capex pressures.
North American energy services stocks could experience modest downside.
Limited to energy services niche; no broad market impact.
Counterpoint
If the new contract backlog and higher dayrates translate into stronger cash flow in 2027, the stock could be undervalued after the short-term miss.
Key entities
- companyNoble Corp plc
Oilfield services provider listed on NYSE under ticker NE.
