Noble Corp Reports Q3 2026 Net Loss of $117 Million, Secures $560M in New Contracts

Noble Corporation plc reported financial results for the third quarter of 2026, revealing a net loss of $117 million for the period. The company reported total revenue of $729 million, a decrease from the $798 million generated in the prior year's third quarter. Contract drilling services revenue for the quarter was $684 million, with contract drilling services costs totaling $469 million.

On the operations front, the company noted that its fleet of 28 marketed rigs achieved a utilization rate of 70% during the quarter, up from 67% in the previous quarter. The fleet of 23 marketed floaters was contracted at 66%, while the 5 marketed ultra harsh jackups were utilized at 86%. The company’s backlog as of October 26, 2026, stands at $6.7 billion.

Noble announced the award of approximately $560 million in new contract value since its last fleet status report. Specific new awards include a four-well contract for Noble BlackRhino with TotalEnergies in Nigeria, a five-well contract for Noble Faye Kozack with Tullow in Ghana, and a one-well contract for Noble Interceptor with DNO in Norway. Additionally, Noble Globetrotter I was awarded a two-well contract with Occidental in Peru.

Regarding capital allocation, the company’s balance sheet as of September 30, 2026, reflected total debt principal value of $1.9 billion and cash and cash equivalents of $337 million. The sale of the Noble Resolve was finalized on October 9, 2026, with the company receiving $45 million in 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.

The company declared a cash dividend of $0.50 per share for the fourth quarter of 2026, which is expected to be paid on December 17, 2026, to shareholders of record on November 25, 2026.

For the full year 2026, Noble narrowed its Revenue guidance to $2,850-$2,900 million and Adjusted EBITDA guidance to $850-$900 million. However, the company increased its Capital Expenditures guidance to $680-$705 million, citing higher customer reimbursable expenditures.