Noble Corporation reported net income of $121m for the first quarter of 2026 (Q1 2026), an increase of 12% from $108m in the same period of 2025.
Total revenue for the UK-based offshore drilling contractor fell by 10% to $786m from $874m a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the reported quarter ended 31 March 2026 decreased by 18% year-on-year to $277m, compared to $338m in Q1 2025.
The company’s contract drilling services revenue declined to $743m, down 11% from $832m in the prior-year period.
Adjusted net income was $41m, broadly in line with the $42m reported for Q1 2025.
Diluted earnings per share increased to $0.75 from $0.67 a year earlier, while adjusted diluted earnings per share remained unchanged at $0.26.
During Q1 2026, net cash from operating activities amounted to $273m, while capital expenditures (capex) stood at $104m.
Free cash flow, calculated on a non-Generally Accepted Accounting Practice basis, was $169m for the period.
The company also received $206m in net proceeds from the previously disclosed sale of five jack-ups to Borr Drilling.
As of 31 March 2026, Noble reported total debt principal of $1.9bn, and cash and cash equivalents of $663m.
The company completed the lease buyout on the first two Blackships blowout preventer systems for $36.5m, with the buyout of the remaining two systems expected later in 2026 for another $36.5m.
As of 27 April 2026, the company reported a backlog of $7.5bn, excluding any revenue from mobilisation and demobilisation.
Since the previous quarterly update, Noble has secured approximately $565m in new contract value, including a three-year extension for the Noble Courage vessel and a five-well contract for the Noble Deliverer.
In Q1, the utilisation rate for Noble’s five ultra-harsh jack-ups was 66%. This compared to 72% in the previous quarter.
For the full year 2026, Noble maintained its previous revenue guidance of $2.8bn–$3bn and adjusted EBITDA guidance of $940m–$1.02bn.
Capex guidance was increased by $25m to $615m–$665m, reflecting the planned reactivation of the Noble Deliverer.
Noble president and CEO Robert W. Eifler said: “We commenced 2026 with solid operational and financial results. Commercial momentum remains brisk, highlighted by the Noble Courage's three-year extension with Petrobras and the Noble Deliverer's five-well programme with Woodside.
“We remain intensely focused on project execution, with several important contract commencements scheduled over the course of this year, each of which is progressing well.”
