Noble Corporation reported third quarter 2026 revenue of $729 million, exceeding the $713.8 million analyst estimate, while adjusted diluted EPS of $(0.57) fell significantly short of the $0.24 expectation. Performance during the period was primarily impacted by several rigs across the fleet transitioning between contracts, partially offset by the resumption of operations for two rigs in Brazil and higher sequential utilization.
Key Highlights
- The company secured approximately $560 million in new contract awards since July, maintaining a total backlog of $6.7 billion.
- Marketed floater utilization increased to 66% from 64% in the prior quarter, with Tier-1 drillship dayrates reaching as high as $500,000.
- Management narrowed its full-year 2026 revenue guidance to $2.85–$2.90 billion and increased capital expenditure guidance to $680–$705 million due to higher customer-reimbursable projects.
- A quarterly cash dividend of $0.50 per share was declared for the fourth quarter, continuing the company’s capital return program.