Noble Corporation plc reported first-quarter 2026 results on April 26, with higher revenue and earnings driven by improved fleet utilization.
The company said contract drilling services revenue totaled US$743 million in the first quarter, up from US$705 million in the prior quarter. Utilization of its 29 marketed rigs rose to 68%, compared to 64% in the previous quarter.
Contract drilling services costs fell to US$450 million from US$471 million. Net income increased to US$121 million, up from US$87 million in the prior quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to US$277 million from US$232 million.
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Net cash provided by operating activities reached US$273 million. Capital expenditure was US$104 million, while free cash flow stood at US$169 million. The company also recorded US$206 million in net disposal proceeds from the sale of five jackups to Borr Drilling.
Robert W. Eifler, President and Chief Executive Officer of Noble, said the company started the year with strong results. “Commercial momentum remains brisk, highlighted by the Noble Courage’s three-year extension with Petrobras and the Noble Deliverer’s five-well program with Woodside… We remain intensely focused on project execution, with several important contract commencements scheduled over the course of this year, each of which is progressing well,” he said.
Noble said its fleet of 24 marketed floaters was 68% contracted in the first quarter, compared to 62% in the previous quarter. Recent contract awards added about five rig years of new floater backlog.
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The company said recent dayrates for tier-1 drillships increased to the low-to-mid US$400,000 range. Utilization of its five ultra-harsh environment jackups was 66%, down from 72% in the prior quarter. Backlog stood at US$7.5 billion as of April 27, excluding mobilization and demobilization revenue.
For 2026, Noble maintained its revenue guidance of US$2.8 billion to US$3.0 billion and Adjusted EBITDA guidance of US$940 million to US$1.02 billion. Capital expenditure guidance was raised from US$615 million to US$665 million due to the reactivation of the Noble Deliverer.
Eifler also said market conditions are tightening for floaters. He said the company will continue to focus on shareholder returns.
Guyana is among the most active jurisdictions for Noble’s floater fleet, with four high-specification drillships — the Sam Croft, Bob Douglas, Tom Madden, and Don Taylor, operating exclusively under ExxonMobil’s Stabroek Block program.
