Noble Corp (NE) Company Report

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.

Nov 14, 2025, 10:13 PM

Press Release

Noble Corporation Reports Q3 2025 Results and Updates 2025 Guidance

Earnings

Guidance Update

New Projects/Investments

Noble Corporation reported Q3 2025 Adjusted EBITDA of $254 million and free cash flow of $139 million, with contract drilling services revenue totaling $798 million.
The board declared a $0.50 per share dividend for Q4 2025, contributing to a total 2025 capital return of $340 million.
Total backlog increased to $7 billion, with $2.4 billion scheduled for revenue conversion in 2026 and $1.9 billion in 2027.
Full-year 2025 Adjusted EBITDA guidance was narrowed to $1.1 billion-$1.125 billion. The company anticipates an EBITDA trough in the first half of 2026, followed by a material inflection from late 2026 onward.
Significant contract awards include two-year extensions for the Noble Black Lion and Noble Black Hornet by BP, valued at $310 million per rig, and a one-year contract for the Noble Resolute at a $125,000 day rate.

Oct 28, 2025, 1:00 PM

Transcript

Noble Corporation Announces Q3 2025 Results and Narrows Full Year Guidance

Earnings

Guidance Update

Dividends

Noble Corporation reported Q3 2025 Adjusted EBITDA of $254 million and Free Cash Flow of $139 million, contributing to $419 million of Free Cash Flow through the first nine months of 2025.
The company narrowed its Full Year 2025 guidance, with Revenue now projected between $3,225 million and $3,275 million, and Adjusted EBITDA between $1,100 million and $1,125 million.
Noble secured approximately $740 million in new contracts during Q3 2025, bringing the total backlog to $7.0 billion.
The company has returned $340 million to shareholders in 2025, including an announced Q4 dividend of $0.50 per share.

Oct 28, 2025, 1:00 PM

Presentation

Noble Corporation Reports Q3 2025 Results and Updates Full-Year Guidance

Earnings

Guidance Update

Dividends

Noble Corporation reported Q3 2025 adjusted EBITDA of $254 million and free cash flow of $139 million, with contract drilling services revenue totaling $798 million.
The company updated its full-year 2025 guidance, narrowing adjusted EBITDA to $1.1 to $1.125 billion and CapEx net of customer reimbursables to $425 to $450 million.
Total backlog increased to $7 billion as of October 27, bolstered by significant contract extensions for the Noble Black Lion and Noble Black Hornet by BP, valued at $310 million per rig for an additional two years.
Noble expects an EBITDA trough in the first half of 2026 but anticipates a material inflection from late 2026 onward, aiming for 90-100% utilization for its high-spec floater fleet by the second half of 2026.
The company plans to incur up to $135 million in outlays for BOP service and lease contract terminations in Q4 2025 and 2026, which will be offset by $45 million in annual savings.

Oct 28, 2025, 1:00 PM

Transcript

Noble Corporation Reports Q3 2025 Results, Updates Guidance, and Anticipates Late 2026 Market Inflection

Earnings

Guidance Update

Dividends

Noble Corporation reported Q3 2025 Adjusted EBITDA of $254 million and free cash flow of $139 million, alongside $87 million in net disposal proceeds.
The company declared a $0.50 per share dividend for Q4 2025, contributing to a total 2025 capital return of $340 million.
Backlog increased to $7 billion, significantly boosted by two-year contract extensions for the Noble Black Lion and Noble Black Hornet with BP, valued at $310 million per rig.
Noble narrowed its full-year 2025 guidance for Adjusted EBITDA to $1.1 to $1.125 billion and CapEx net of customer reimbursables to $425 to $450 million.
Management anticipates an EBITDA trough in the first half of 2026, with a material inflection expected from late 2026 onward and a deepwater utilization recovery by late 2026, early 2027.

Oct 28, 2025, 1:00 PM

Transcript

Noble Corporation plc Announces Third Quarter 2025 Results and Narrows Full-Year Guidance

Earnings

Guidance Update

Dividends

Noble Corporation plc reported a Net Loss of $21 million and a Loss per Share of $0.13 for the third quarter of 2025, alongside Adjusted Diluted Earnings per Share of $0.19 and Adjusted EBITDA of $254 million.
The company added approximately $740 million in new contract value since August, increasing its total backlog to $7.0 billion as of October 27, 2025.
Noble narrowed its full-year 2025 guidance, with Total Revenue now expected between $3,225 to $3,275 million, Adjusted EBITDA between $1,100 to $1,125 million, and Capital Expenditures (net of reimbursements) between $425 to $450 million.
A $0.50 per share cash dividend was declared for Q4, bringing the total shareholder capital returns for 2025 to $340 million.

Oct 27, 2025, 8:05 PM

Press Release

Noble Corporation plc Presents at Barclays CEO Energy-Power Conference

Guidance Update

Dividends

Share Buyback

Noble Corporation plc presented an investor update at the Barclays CEO Energy-Power Conference on September 2, 2025.
The company reported a total backlog of $6.9 billion as of August 5, 2025, and a market capitalization of $4.6 billion as of August 28, 2025.
Noble has returned over $1.1 billion to shareholders through dividends and buybacks by September 2025, with an annualized dividend yield of 7% as of August 28, 2025.
The company is actively rationalizing its fleet, including the permanent retirement of Pacific Scirocco & Meltem for $41 million and the planned sale of Noble Highlander for $65 million.
For the twelve months ended June 30, 2025, Noble generated $1.23 billion in Adjusted EBITDA and $446.6 million in Free Cash Flow.