📈 Price History

Ratio Health

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📊 Peer Medians

About

Noble Corporation plc operates as an offshore drilling contractor for the oil and gas industry worldwide. It provides contract drilling services through its fleet of mobile offshore drilling units. The company also operates drilling rigs, such as floaters and jackups. It serves its fleets in Africa, the Far East Asia, the North Sea, the Oceania, South America, and the United States Gulf of America. Noble Corporation plc was founded in 1921 and is headquartered in Houston, Texas.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management emphasizes strong financial results ($282M adjusted EBITDA, $107M free cash flow) and ahead-of-schedule synergy target ($100M). They provide detailed market-by-market outlook and specific contract awards, but also acknowledge near-term softness and whitespace, balancing confidence with realism.

Q3 2025

Confident Specific

Management provided detailed operational metrics and contract awards, used precise language like '70% booked' and '$7 billion backlog', and expressed optimism about late 2026 recovery while acknowledging a near-term trough. They cited specific record-setting outcomes and quantified shareholder returns.

Q4 2025

Confident Specific

Management uses specific numbers and targets (e.g., $7.5B backlog, $1.3B EBITDA run-rate by H2 2027, $600M free cash flow) and highlights strategic wins (GreatWhite contract, fleet upgrades). Acknowledges macro headwinds (Brent at 5-year lows) but frames them as manageable given company's backlog and asset quality.

Q1 2026 latest

Confident Specific

The CEO stated 'we feel better about 2027 today versus last quarter' and described market indicators as 'flashing green', while providing specific figures like $565 million in new awards and 95% UDW contracted utilization. The tone was measured but upbeat, with executives giving detailed answers supported by data.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis for Noble strengthens after this call. The company posted a solid Q1 with $277 million adjusted EBITDA and $169 million free cash flow, while securing $565 million in new contracts that push backlog to $7.5 billion. Management's explicit statement that they 'feel better about 2027 today versus last quarter' signals confidence in a tightening market and improving day rates. However, near-term headwinds include the $15 million impact from the Noble Mick O'Brien early termination, delayed start dates for two rigs, and a lower day rate on the Noble Courage blend-and-extend. The increased capex for the Deliverer reactivation is a positive growth investment. Key catalysts to watch: successful startup of reactivated rigs over the next 12-18 months, progression of open UDW tenders (now over 110 rig years), and any day rate inflection in the floater market later this year. The commitment to shareholder returns via dividend and debt reduction provides downside support. Overall, the thesis is unchanged but with a more constructive view on 2027 execution and market fundamentals.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Noble posts $277M EBITDA, $7.5B backlog, $565M in new awards, maintains $0.50 dividend.

Revenue & Profitability

Q1 2026 revenue was $742 million. Adjusted EBITDA was $277 million with a 35% margin. Cash flow from operations was $273 million, and free cash flow was $169 million. Capital expenditures were $104 million. The company declared a $0.50 per share quarterly dividend. Total backlog is $7.5 billion, with $1.8 billion scheduled for the remainder of 2026 and $2.4 billion for 2027.

Outlook

Management is optimistic about the deepwater market, citing 95% contracted utilization for UDW rigs and a growing pipeline of open demand exceeding 110 rig years. The Iran conflict has elevated energy security concerns, which supports further demand. Day rates are expected to move higher through the rest of 2026. The company believes 2027 will be stronger than previously expected.

Growth Drivers

Key growth drivers include recent contract awards totaling $565 million: a Petrobras extension for Noble Courage ($339 million), a Woodside contract for Noble Deliverer ($121 million), an ExxonMobil one-well contract in Guyana at $375,000/day, a Beacon option in the U.S. Gulf, a Planet One contract in Ghana at $430,000/day, and a one-well contract in Malaysia. The company is focused on regions like Brazil, Australia, Guyana, West Africa, and Asia.

Balance Sheet & CapEx

Full-year 2026 capital expenditure guidance was increased by $25 million due to the Noble Deliverer reactivation for the Woodside contract. Q1 CapEx was $104 million. The company also executed lease buyouts for BOP systems totaling $73 million in 2026 ($36.5 million in Q1). No AI or infrastructure investments were specifically mentioned.

Margins

Adjusted EBITDA margin was 35% in Q1. Management expects an inflection in both EBITDA and free cash flow starting in 2027, driven by contract wins and project execution. Cost control was highlighted as a contributor to Q1 performance. The lower end of full-year 2026 adjusted EBITDA guidance ($940 million-$1.02 billion) is fully contracted.

Key Risks

Risks flagged include the early contract termination of the Noble Mick O'Brien, which will result in an estimated $15 million negative impact from bareboat obligations and stacking costs. The Iran conflict caused operational disruption on one jackup. Supply chain logistics are strained, with rising fuel costs potentially impacting project timing. Customer discipline remains a factor, though management sees upside.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-28

Q2 2026 saw $212M adjusted EBITDA and $679M revenue, with Brazil rig suspensions impacting results. Backlog rose to $6.8B, aided by new contracts, and full-year guidance was revised lower. Market outlook remains strong, especially for deepwater and jackup segments.

Q1 2026 Q1 2026 2026-04-27

Q1 2026 saw strong financial performance with $277M adjusted EBITDA, $169M free cash flow, and a $7.5B backlog driven by major contract wins. Deepwater market conditions remain robust, with high utilization and expanding demand, supporting optimism for higher day rates and future growth.

Q4 2025 Q4 2025 2026-02-12

Q4 2025 adjusted EBITDA reached $232 million, with full-year EBITDA above $1.1 billion guidance midpoint and a $7.5 billion backlog. Strategic fleet investments and major contract wins support a positive outlook, with 2026 EBITDA guidance of $940 million–$1.02 billion and strong free cash flow expected in 2027.

Q3 2025 Q3 2025 2025-10-28

Q3 2025 saw $254M Adjusted EBITDA, $139M free cash flow, and a $7B backlog, with strong contract extensions and new awards. Guidance points to a trough in H1 2026, but a significant cash flow inflection is expected from late 2026 as market conditions and contract coverage improve.

Q2 2025 Q2 2025 2025-08-06

Q2 2025 saw strong adjusted EBITDA and cash flow, with $80M returned to shareholders and $100M in synergies achieved from the Diamond acquisition. Despite near-term market softness and lower revenue guidance, cost discipline and fleet optimization support a positive medium-term outlook, with deepwater demand expected to rebound by late 2026.

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