Noble Corporation plc (NE) SEC Filings & Earnings Calls

Operational suspension in Brazil

“approximately $43.0 million related to the Noble Faye Kozack and Noble Courage operational suspensions in Brazil” · word for word

Asset impairment risk

“we recorded a loss on impairment of $42.3 million to reduce the carrying value of the Ocean Apex” · word for word

Backlog realization risk

“the actual revenues earned in the second quarter of 2026 from the Noble Faye Kozack and the Noble Courage differed from prior backlog amounts due to the disclosed temporary operational suspensions” · word for word

Operational suspension of two rigs in Brazil caused $43M revenue impact and contributed to net loss.

“Our second quarter was adversely impacted by $43 million due to the operational suspension of both of our rigs in Brazil” · word for word

Guidance reduction for FY2026 revenue and Adjusted EBITDA reflects ongoing operational headwinds and lower near-term earnings visibility.

“For the full year 2026, Revenue guidance is reduced to $2,800-$2,900 million (versus $2,800-$3,000 million previously) and Adjusted EBITDA guidance is reduced to $850-$925 million (versus $940-$1,020 million previously).” · word for word

Impairment of $42M on Ocean Apex scrapping indicates asset retirement costs.

“the idle semisubmersible Ocean Apex was sold for scrapping in July, with net sale proceeds of approximately $5 million corresponding with a $42 million impairment taken during the second quarter.” · word for word

Increased leverage from $800M debt issuance may pressure interest coverage and financial flexibility.

“Issuance of $800M 6.250% Senior Notes due 2034.”

Increased debt capacity and planned note issuance may elevate financial risk.

“Amendment increases revolver to $650M; planned $500M notes offering.”

Increased debt load from upsized offering may strain financial flexibility.

“Upsized $800M senior notes offering at 6.250%.”

Customer concentration

“As of March 31, 2026, ExxonMobil, Shell, BP, TotalEnergies, and Aker BP represented approximately 21.1%, 19.1%, 14.4%, 12.5%, and 11.1% of our backlog, respectively.” · word for word

Geopolitical risk

“geopolitical conflict (including the recent escalation of conflict in Iran)” · word for word

Capex increase due to rig reactivation may pressure near-term cash flow.

“2026 capital expenditures guidance increased by $25 million due to the reactivation of the Noble Deliverer.” · word for word

Jackup utilization declined sequentially from 72% to 66%.

“Utilization of Noble's five ultra harsh jackups was 66% in the first quarter versus 72% during the prior quarter.” · word for word

Safety Incident Risk

“The Compensation Committee reduced the payout for achievement in Safety Performance to zero for the 2025 STIP due to a significant recordable safety incident in the first quarter of the year.” · word for word

Cyclical Industry Risk

“Forward-looking statements involve risks, uncertainties and assumptions, and actual results may differ materially from any future results expressed or implied by such forward-looking statements.” · word for word

Oil price volatility

“Crude oil prices remain volatile; for example, Brent crude reached a low of $9.12 in 2020 and a 5-year high of $133.18 in 2022.” · word for word

Customer concentration

“ExxonMobil, BP, and Petrobras accounted for approximately 19.7%, 13.2%, and 12.5% respectively, of our consolidated operating revenues for the year ended December 31, 2025.” · word for word

Geographic concentration

“operations in the US Gulf, Guyana, and the North Sea accounted for approximately 27.1%, 19.7%, and 16.9%, respectively, of our consolidated operating revenues for the year ended December 31, 2025.” · word for word

Contract termination risk

“The terms of some of our drilling contracts permit the customer to terminate the contract after a specified notice period by tendering contractually specified termination amounts or, in some cases, without any payment.” · word for word

Inflation and tariff cost pressure

“Inflationary factors such as increases in labor costs, material costs, changes in tariff and sanctions regimes, and overhead costs may adversely affect our operating results and cash flows.” · word for word

Offshore drilling market cyclicality and dayrate volatility

“Sequential revenue decline due to lower utilization and dayrates.”

Jackup divestiture execution risk

“Divestiture of Noble Resolve estimated to close in Q3 2026.”

Fleet utilization decline

“Total average rig utilization decreased from 76% to 61% YoY in Q3 2025.”

Asset impairment

“Loss on impairment of $60.7 million to reduce the carrying values of the Noble Globetrotter II and Noble Reacher.” · word for word

Operating cost inflation

“The primary drivers of this increase were $71.1 million related to the additional floaters acquired in connection with the Diamond Transaction, $7.3 million in fuel, $5.0 million in insurance costs, and $3.6 million in mobilization.” · word for word

Lower rig utilization impacting revenue and EBITDA.

“Utilization of 35 marketed rigs was 65% in Q3 2025 vs 73% prior quarter.”

Net loss of $21 million in Q3 2025.

“Net Loss of $21 million.” · word for word