Noble Corporation plc posted a net loss of $21mn in the third quarter of 2025, compared to a profit of $43mn in the previous quarter. Revenue totalled $798mn, down sequentially from $849mn in Q2, while adjusted EBITDA declined to $254mn. The loss per share stood at $0.13, though adjusted diluted earnings per share reached $0.19.
Lower utilisation and revenue decline
Contract drilling services revenue amounted to $757mn, impacted by reduced asset utilisation. The occupancy rate of the 35 marketed rigs fell to 65 %, from 73 % the prior quarter. Associated costs dropped to $480mn, while net cash from operations reached $277mn.
The group generated $139mn in free cash flow for the quarter, after $138mn in capital expenditures. The disposals of the Noble Highlander jackup and Pacific Meltem drillship yielded $87mn, followed by the sale of the Noble Reacher in October for $27.5mn.
$740mn in new contracts and extended visibility
Since the last quarterly update, Noble secured $740mn in new contracts, enhancing forward activity visibility. Two major two-year extensions were signed with bp in the US Gulf for the Noble BlackLion and Noble BlackHornet, each worth $310mn.
In Ghana, the Noble Venturer was selected by Amni International for one exploration well, while Noble Resolute was awarded a one-year contract by Eni for work in the North Sea. In Norway, the Noble Interceptor received a 150-day accommodation contract set to begin in 2026.
Adjusted guidance and stable dividend distribution
Full-year 2025 revenue is now forecasted between $3,225mn and $3,275mn, while adjusted EBITDA is expected between $1,100mn and $1,125mn. Net capital expenditures are projected in the $425mn to $450mn range.
A $0.50 per share dividend was approved for the third quarter, with payment scheduled for December 18, 2025. Shareholder returns for the year now total $340mn.
$7.0bn backlog and market expectations
The total backlog stands at $7.0bn, including 22 rig years added since January. The utilisation rate of the 24 marketed floaters was 67 % in Q3, down from 78 % in Q2. The company anticipates a gradual recovery in deepwater demand by 2026-2027.
According to management, a market inflection point may emerge over the medium term, although H1 2026 results are expected to trail those of H2 2025. Noble remains committed to maintaining a stable dividend programme despite short-term market uncertainties.
