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NOBLE CORPORATION PLC ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS

NE
  • Noble Corporation reported fourth quarter 2025 results with total revenue of $764 million, net income of $87 million, and adjusted EBITDA of $232 million.
  • Approximately $1.3 billion in new contract awards since October increased the backlog to $7.5 billion as of February 11, 2026.
  • The company completed the divestiture of five jackups for $360 million, with the sale of the Noble Resolve expected to close in Q3 2026.
  • A $0.50 per share dividend was declared for Q1 2026, bringing cumulative capital returned since Q4 2022 to approximately $1.3 billion.
  • Full year 2026 guidance includes total revenue of $2,800 to $3,000 million, adjusted EBITDA of $940 to $1,020 million, and capital expenditures of $590 to $640 million.
  • Marketed floater utilization was 62% in Q4 2025, while marketed jackup utilization rose to 68% from 60% in the prior quarter.
  • Total debt principal stood at $2 billion with $471 million in cash as of December 31, 2025.
  • Share repurchases for 2025 totaled $20 million, and $318 million in dividends were paid during the year.
  • Recent contract awards include a $473 million three-year contract with Aker BP for the Noble GreatWhite in Norway.
  • A two-year, $292 million contract with ExxonMobil was awarded to the Noble Gerry de Souza in Nigeria, with commencement expected in mid-2026.
  • The Noble Developer secured a three-well contract with bp in Trinidad scheduled to start in Q1 2027 at a dayrate of $375,000.
  • The Noble Endeavor received an 11-well contract in South America estimated to commence in late 2026 at $300,000 per day.
  • Contract drilling services revenue decreased to $705 million in Q4 2025 from $757 million in the prior quarter due to lower average utilization and dayrates.
  • Free cash flow for the fourth quarter was $35 million, calculated from $187 million in operating cash flow less $152 million in capital expenditures.