Noble Corporation announces Q1 2026 results

• Approximately $565 million in new contract value since the January fleet status report, including 3-year extension for the Noble Courage and 5-well contract for the Noble Deliverer; backlog stands at $7.5 billion.
• $0.50 per share cash dividend declared for Q2, maintaining consistent return of capital program.
• Q1 Net Income of $121 million, Diluted Earnings per Share of $0.75, Adjusted Diluted Earnings per Share of $0.26, Adjusted EBITDA of $277 million, net cash provided by operating activities of $273 million, and Free Cash Flow of $169 million.
• Full Year 2026 Guidance for Revenue and Adjusted EBITDA maintained, 2026 capital expenditures guidance increased by $25 million due to the reactivation of the Noble Deliverer.

Noble Corporation has reported first quarter 2026 results.

Robert W. Eifler, President and Chief Executive Officer of Noble, stated,'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 program 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.'

First Quarter Results

Contract drilling services revenue for the first quarter of 2026 totaled $743 million compared to $705 million in the prior quarter, with the sequential increase driven primarily by improved fleet utilization. Utilization of the 29 marketed rigs was 68% in the first quarter of 2026 compared to 64% for the same rigs in the prior quarter. Contract drilling services costs for the first quarter were $450 million, down from $471 million in the prior quarter. Net income (loss) increased to $121 million in the first quarter of 2026, up from $87 million in the prior quarter, and Adjusted EBITDA increased to $277 million in the first quarter of 2026, up from $232 million in the prior quarter. Net cash provided by operating activities in the first quarter of 2026 was $273 million, capital expenditures were $104 million, and free cash flow (non-GAAP) was $169 million. Additionally, net disposal proceeds during the quarter totaled $206 million, representing the cash consideration received from the previously announced sale of five jackups to Borr Drilling.

Balance Sheet & Capital Allocation

The Company's balance sheet as of March 31, 2026, reflected total debt principal value of $1.9 billion and cash (and cash equivalents) of $663 million. The Company redeemed $55 million principal amount of the 8.5% senior secured notes due 2030 during the first quarter. Additionally, the Company completed the lease buy-out on the first two (of four total) Blackships BOP systems for $36.5 million during the first quarter. The buy-out of the remaining two BOP systems is expected to occur later in 2026 for $36.5 million. In total, the lease buy-out for all four systems is expected to cost $73 million.

On April 26, 2026, Noble's Board of Directors approved an interim quarterly cash dividend on our ordinary shares of $0.50 per share for the second quarter of 2026. The $0.50 per share dividend is expected to be paid on June 25, 2026, to shareholders of record at close of business on June 4, 2026. Future quarterly dividends and other shareholder returns will be subject to, amongst other things, approval by the Board of Directors.

Operating Highlights and Backlog

Noble's fleet of 24 marketed floaters was 68% contracted during the first quarter compared with 62% in the prior quarter. Recent contract awards since last quarter have added approximately 5 rig years of new floater backlog. Recent dayrate fixtures for Tier-1 drillships have increased moderately to the low-to-mid $400,000s. Utilization of Noble's five ultra harsh jackups was 66% in the first quarter versus 72% during the prior quarter.

Subsequent to last quarter's earnings press release, new contracts with a total contract value of approximately $565 million include the following:

• Noble Courage was extended by Petrobras for an additional 1,115 days, extending through December 2030, for a net incremental backlog addition of $339 million. The dayrate from April 2026 through December 2027 has been reduced from $290,100 to $280,000, followed by the 1,115 days extension at $309,500 per day.
• Noble Deliverer was awarded a 5-well contract with Woodside in Australia. The contract, valued at $121 million excluding additional services and potential upgrades, is anticipated to commence in Q2 or Q3 2027 and includes options for up to two additional wells.
• Noble Developer received a one-well contract from ExxonMobil in Guyana at a dayrate of $375,000. This contract is scheduled to commence in early 2027 in direct continuation of the rig's current program.
• Noble BlackRhino had an option well exercised by Beacon in the U.S. Gulf which commenced recently in April.
• Noble Venturer received a one-well contract with Planet One in Ghana, at a dayrate of $430,000, expected to commence in late 2026; plus two unpriced option wells.
• Noble Viking has secured a one-well contract in Malaysia in direct continuation of existing backlog.

Backlog as of April 27, 2026, stands at $7.5 billion. Backlog excludes mobilization and demobilization revenue.

Outlook

For the full year 2026, previous guidance is maintained for Revenue ($2,800-$3,000 million) and Adjusted EBITDA ($940-$1,020 million), while guidance for capital expenditures is increased to $615-$665 million (previously $590-$640 million) due to the Noble Deliverer'sreactivation.

Commenting on Noble's outlook, Mr. Eifler stated, 'With tightening floater fundamentals, the trajectory for dayrates, contract duration and earnings visibility is improving. We continue to anticipate a meaningful financial inflection next year supported by existing backlog and a robust bidding pipeline. Against this backdrop, Noble will continue to prioritize our leading shareholder return program.'

Due to the forward-looking nature of Adjusted EBITDA and Capital Expenditures (net of reimbursements), management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure, net income, and capital expenditures, respectively. Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. The unavailable information could have a significant effect on Noble's full year 2026 GAAP financial results.

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Source: Noble Corporation