NE
Noble Corporation plc28.00
-1.73-5.82%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms outlook, M&A color
Q&A largely reaffirmed the prepared remarks' bullish backlog build and 2027 EBITDA inflection to $1.3B, adding color without contradictions. Executives attributed 6th-gen semis' snap-up to project fit, not value buys, and expect sustained demand. Noble feels scaled post-consolidation wave yet picky on M&A targets. Petrobras blend-and-extends lag, risking tender delays, but Brazil rig count holds flat via non-Petrobras adds. Dayrates hover at $400k; mid-400s possible by 2027 with five more contracts. Management candid on risks. Watch 2027 utilization convergence.
Key Stats
Market Cap
4.45BP/E (TTM)
20.14Basic EPS (TTM)
1.39Dividend Yield
0.07%Recent Filings
8-K
Director Holth resigns
10-K
FY2025 results
Noble posted FY2025 revenues of $3.3B, up 7% y/y, with net income of $217M or $1.35 diluted EPS on $951M operating cash flow. Floaters drove growth to $2.6B revenue (67% utilization, $403K/day) thanks to Diamond acquisition, while jackups dipped to $540M (64% utilization, $185K/day) from fewer operating days despite dayrate gains. Q4 momentum softened with fleet utilization at 66% versus 72% full-year, margins squeezed by 14% cost inflation and $83M impairment on rigs held for sale. Cash hit $471M with no revolver draws; $320M dividends paid, $20M shares repurchased, $590-640M capex planned. $7B backlog covers 44% of 2026 days. Cyclical oversupply risks Q4 utilization.
8-K
Q4 results, $7.5B backlog
Noble reported Q4 2025 contract drilling revenue of $705 million and Adjusted EBITDA of $232 million, down from prior quarter amid 64% fleet utilization. Backlog swelled to $7.5 billion with $1.3 billion in new awards; completed $360 million jackup sales. Board declared $0.50/share Q1 2026 dividend. 2026 guides revenue $2.8-3.0 billion, EBITDA $940-1,020 million. Backlog builds fast.
10-Q
Q3 FY2025 results
Noble's Q3 revenues held steady at $798M, down 0.3% y/y yet up sharply 18% YTD to $2.52B on Diamond merger floaters, while operating income fell 56% y/y to $50.4M from merger costs normalization and $60.7M impairment on two rigs held for sale. Floaters drove 83% of drilling revenue at 65% utilization, jackups slipped to 54%. Cash swelled to $478M with $765M operating cash flow (FCF $397M derived), revolver fully available at $550M capacity against $2.0B debt (8-8.5% notes due 2030). Diamond closed Sep 2024 for $1.5B (cash/stock). Tax disputes linger in Brazil.
8-K
Q3 loss, backlog hits $7B
Noble reported Q3 net loss of $21M but Adjusted EBITDA of $254M and free cash flow of $139M, with rig utilization dropping to 65%. Backlog swelled to $7.0B after $740M in new contracts, including bp extensions worth $310M each. Guidance narrowed: revenue $3.225-3.275B, Adjusted EBITDA $1.1-1.125B. Q4 dividend declared at $0.50/share. Backlog builds visibility.
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