Noble Corporation reported a net loss of US$21 million for the third quarter of 2025, as rig utilization and revenue declined, but the company strengthened its backlog and maintained strong cash generation.
This week, President and Chief Executive Officer Robert W. Eifler shared that Noble delivered solid operational performance and cash flow in the third quarter. He added that several key contract awards have enabled the company to expand backlog compared to prior quarter and year-ago levels.
Contract drilling services revenue stood at US$757 million, down from US$812 million in the prior quarter. The decline was attributed to lower rig utilization, which averaged 65% compared to 73% in the previous quarter. Contract drilling services costs fell to US$480 million from US$502 million. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) decreased to US$254 million, while net cash provided by operating activities reached US$277 million. Free cash flow was US$139 million, and capital expenditures totaled US$138 million.
Noble Sam Croft undertaking development drilling at Exxon’s Whiptail well site | OilNOW
As of September 30, 2025, Noble’s total debt principal value was US$2 billion, with cash and cash equivalents of US$478 million.
Noble’s fleet of 24 marketed floaters recorded a 67% utilization rate, compared to 78% the prior quarter. Eleven marketed jackups saw 60% utilization, down from 63% previously.
The company added over four rig years of new backlog during the quarter, bringing the 2025 total to 22 rig years. Day rates for Tier-1 drillships remained in the low to mid-US$400,000 range, while harsh environment jackup rates in the North Sea stayed stable.
New contracts totaling US$740 million included:
- Two-year extensions for the Noble BlackLion and Noble BlackHornet with bp in the U.S. Gulf, valued at US$310 million per rig.
- A contract for the Noble Venturer with Amni International in Ghana for one exploration well at a day rate of US$450,000.
- A one-year deal for the Noble Resolute with Eni in the North Sea at US$125,000 per day.
- A 150-day accommodation contract for the Noble Interceptor in Norway valued at US$38.7 million.
- An option exercised by Petronas for the Noble Developer in Suriname for one additional well in early 2026.
Noble Sam Croft drilling Hatchetfish-1 well at Stabroek Block | OilNOW
As of October 27, 2025, Noble’s backlog stood at US$7 billion. The company also completed the sales of the Noble Highlander and Pacific Meltem, generating US$87 million, and sold the Noble Reacher for US$27.5 million in October. The Noble Globetrotter II remains held for sale.
For full-year 2025, Noble expects total revenue between US$3.225 billion and US$3.275 billion, Adjusted EBITDA of US$1.1 billion to US$1.125 billion, and capital expenditures between US$425 million and US$450 million.
Eifler said the company’s growing backlog supports the formation of a deepwater utilization recovery by late 2026 or early 2027. He added, “While we anticipate a moderately lower earnings and cash flow profile in H1(first half) 2026 compared to H2 2025, the foundation for an improving market and corresponding earnings inflection is well underway.”
