Noble Corp (NE) Company Report

Noble reported Q4 2025 adjusted EBITDA of $232 million and $35 million in free cash flow, contributing to a full-year 2025 adjusted EBITDA slightly above $1.1 billion.
The company's backlog grew to $7.5 billion as of February 11, with $2.3 billion scheduled for 2026 and a larger amount for 2027, signaling an anticipated earnings ramp.
Significant new contracts include the Noble GreatWhite's $473 million 3-year deal with Aker BP (requiring $160 million CapEx for reactivation) and the Noble Jayes de Souza's $292 million 2-year contract with Exxon.
For 2026, Noble forecasts total revenue of $2.8 billion-$3 billion and adjusted EBITDA of $940 million-$1.02 billion, with capital expenditures projected at $590 million-$640 million.
Noble anticipates an annualized run rate of approximately $1.3 billion in EBITDA and $600 million in free cash flow by the second half of 2027, supported by strategic investments and increased backlog.

Feb 12, 2026, 2:00 PM

Transcript

Noble Corporation Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance and Strong 2027 Outlook

Earnings

Guidance Update

New Projects/Investments

Noble Corporation reported Q4 2025 adjusted EBITDA of $232 million and free cash flow of $35 million, contributing to a full-year 2025 adjusted EBITDA slightly above $1.1 billion and $454 million in free cash flow.
The company's backlog grew to $7.5 billion as of February 11, 2026, with $2.3 billion scheduled for revenue conversion in 2026 and a greater amount for 2027, highlighting anticipated utilization and earnings ramp.
Significant new contract awards include the Noble GreatWhite's 3-year contract in Norway for $473 million (requiring $160 million CapEx for reactivation) and the Noble Jayes de Souza's 2-year contract in Nigeria for $292 million.
For 2026, Noble provided guidance for total revenue between $2.8 billion-$3 billion, adjusted EBITDA between $940 million-$1.02 billion, and total capital expenditures between $590 million-$640 million.
The company projects an annualized run rate of approximately $1.3 billion in EBITDA and $600 million in free cash flow by the second half of 2027, with CapEx expected to meaningfully taper to the $300s to $400 million range.

Feb 12, 2026, 2:00 PM

Transcript

Noble Corporation Reports Strong Q4 2025 Results and Increased Backlog

Earnings

Guidance Update

New Projects/Investments

Noble Corporation reported adjusted EBITDA of $232 million and free cash flow of $35 million for Q4 2025, bringing full-year 2025 adjusted EBITDA slightly above the $1.1 billion midpoint of original guidance.
The company's backlog increased to $7.5 billion, driven by significant contract awards including a 3-year, $473 million contract for the Noble GreatWhite in Norway and a 2-year, $292 million contract for the Noble Gerry de Souza in Nigeria.
Noble maintains its return of capital program, returning an additional $80 million to shareholders through a $0.50 per share quarterly dividend in Q4 2025, with another $0.50 per share dividend declared for the current quarter.
The company anticipates an annualized run rate of approximately $1.3 billion in EBITDA and $600 million in free cash flow by the second half of 2027, an increase from previous guidance.
The UDW rig market shows a contracted utilization rate of 95%, with Tier 1 drillship day rates around $400,000 per day. Additionally, Noble expects to close the $64 million cash sale of the Noble Resolve in Q3 2026, following earlier jackup sales.

Feb 12, 2026, 2:00 PM

Transcript

Noble Corporation plc Announces Q4 and Full Year 2025 Results and 2026 Guidance

Earnings

Guidance Update

Dividends

Noble Corporation plc reported Q4 2025 Adjusted EBITDA of $232 million and Free Cash Flow of $35 million, contributing to full-year 2025 Adjusted EBITDA of $1,106 million and Free Cash Flow of $454 million.
For full-year 2026, the company projects Adjusted EBITDA between $940 million and $1,020 million and Total Revenues between $2,800 million and $3,000 million.
The company secured $1.3 billion in new contracts, including a strategic entry into the NCS Floater Market, bringing the current backlog to $7.5 billion.
Noble completed a $360 million Borr Drilling transaction in January, has a $64 million Ocean Oilfield transaction pending close in Q3, and returned $340 million to shareholders in 2025 while maintaining its Q1 2026 dividend at $0.50 per share.

Feb 12, 2026, 1:00 PM

Presentation

Noble Corporation plc Announces Fourth Quarter and Full Year 2025 Results

Earnings

Guidance Update

Dividends

Noble Corporation plc reported Q4 2025 Total Revenue of $764 million, Net Income of $87 million, and Adjusted EBITDA of $232 million. For the Full Year 2025, the company achieved Adjusted EBITDA of $1,106 million and Free Cash Flow of $454 million.
The company provided Full Year 2026 guidance, projecting Total Revenue between $2,800 and $3,000 million, Adjusted EBITDA between $940 and $1,020 million, and Capital Expenditures between $590 and $640 million.
Noble declared a Q1 2026 dividend of $0.50 per share, contributing to approximately $1.3 billion in cumulative capital returned to shareholders since Q4 2022.
The company's backlog stands at $7.5 billion as of February 11, 2026, including approximately $1.3 billion in new contract awards since October. Additionally, Noble completed the divestiture of five jackups for $360 million.

Feb 11, 2026, 9:42 PM

8-K

Noble Corp Announces Fourth Quarter and Full Year 2025 Results

Earnings

Guidance Update

Dividends

Noble Corporation reported Q4 2025 Total Revenue of $764 million and Net Income of $87 million, with Adjusted EBITDA of $232 million and Diluted EPS of $0.54. Full year 2025 Adjusted EBITDA was $1.107 billion.
For Full Year 2026, Noble provided guidance of Total Revenue between $2,800 and $3,000 million, Adjusted EBITDA between $940 and $1,020 million, and Capital Expenditures between $590 and $640 million.
The company secured approximately $1.3 billion in new contract awards since October, increasing its total backlog to $7.5 billion as of February 11, 2026.
Noble declared a $0.50 per share dividend for Q1 2026 and completed the divestiture of five jackups for $360 million, with an additional jackup divestiture expected in Q3 2026.

Feb 11, 2026, 9:30 PM

Press Release

Noble Corporation Completes Sale of Five Jackup Rigs

M&A

Noble Corporation plc completed the sale of five jackup rigs to Borr Drilling Limited.
The transaction generated approximately $210 million in cash and $150 million in seller notes, totaling $360 million.
Noble will operate two of the sold rigs, Noble Mick O'Brien and Noble Resolute, under a bareboat charter agreement with Borr until December 2026.

Jan 28, 2026, 10:08 PM

Press Release

Noble Corporation Announces in New Contract Awards and Norwegian Market Entry

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Noble Corporation plc announced new contract awards totaling approximately $1.3 billion in backlog, as of January 26, 2026.
A significant award is a three-year contract for the Noble GreatWhite with Aker BP offshore Norway, valued at approximately $473 million, marking the company's strategic entry into the Norwegian harsh environment floater market. This project requires approximately $160 million in capital expenditures for reactivation and preparation.
Other notable contracts include a two-year drilling contract for the Noble Gerry de Souza with Esso in Nigeria, adding an estimated $292 million to backlog, and two additional rig years with ExxonMobil in Guyana, extending four drillships through February 2029.
These awards will lead to the redeployment of four currently idle deepwater rigs, boosting fleet utilization for its 24 marketed floaters from 75% to 92%.
Noble anticipates approximately $50 million in additional contract preparation capital expenditures for 2026, beyond the Noble GreatWhite program, expecting these programs to drive significantly increased fleet EBITDA and free cash flow in future years.

Jan 26, 2026, 6:05 AM

Press Release

Noble Corporation Announces Planned Divestment of Six Jackups

M&A

New Projects/Investments

Guidance Update

Noble Corporation plc (NE) has signed definitive agreements to sell six jackup rigs for a total of $424 million.
The divestment includes five rigs to Borr Drilling Limited for $360 million ($210 million cash, $150 million seller notes) and one rig to Ocean Oilfield Drilling for $64 million in cash.
Upon closing, expected in early 2026 for Borr's transaction and Q2 2026 for Ocean Oilfield's, Noble will become a pureplay deepwater and ultra-harsh environment jackup operator.
These transactions are anticipated to be immediately accretive to shareholders based on trailing 2025 and anticipated 2026 EBITDA and Free Cash Flow, while also bolstering the balance sheet.

Dec 8, 2025, 9:52 PM

Press Release

Prairie Operating Co. Announces Third Quarter 2025 Results

Earnings

Guidance Update

New Projects/Investments

Prairie Operating Co. reported total revenue of $77.7 million and net income of $1.3 million for the third quarter ended September 30, 2025.
The company achieved record Adjusted EBITDA of $56.3 million, an increase of over 45% quarter-over-quarter, and saw quarterly production increase by approximately 10% quarter-over-quarter to 23,029 Boe/d.
Prairie Operating Co. reaffirmed its full-year 2025 guidance, projecting average daily production between 24,000 – 26,000 Boe/d and Adjusted EBITDA between $240.0 million and $260.0 million.