Noble Finance Company Stock Earnings Reports

Noble reported solid Q3 2025 operational and financial results with adjusted EBITDA of $254 million, free cash flow of $139 million, and $87 million of disposal proceeds. The Board declared a $0.50 quarterly dividend (bringing 2025 capital return to $340 million). Backlog increased to $7 billion, and Noble secured multiple contract awards and extensions (notably 2-year BP extensions for the Noble BlackLion and BlackHornet valued at ~$310 million per rig, plus other jackup and drillship work). The company is 57% contract covered for 2026 across the fleet and 70% booked for available days on 15 high-spec drillships (targeting 90–100% coverage by H2 2026). Management expects a mid-cycle trough in earnings with EBITDA and cash flow somewhat lower in H1 2026 versus H2 2025, followed by a material inflection in late 2026/early 2027 as deepwater demand tightens. CapEx guidance for 2025 is $425–$450 million (net of customer reimbursables); 2026 CapEx is currently expected to be ~ $450 million but may rise if accretive contract opportunities appear. The company is building liquidity to cover near-term needs including up to ~$135 million of potential cash outlays related to termination of BOP service and lease contracts on legacy Diamond drillships (with about $35 million expected in Q4 2025), offset by roughly $45 million of annual savings thereafter. Management emphasized operational outperformance (record well times, strong uptime, HSE), continued cost and capacity management, and commitment to a competitive dividend and prudent balance sheet while they pursue additional contract coverage for key idle rigs (Viking, Gerry de Souza, BlackRhino).