Noble Corp on Monday reported $798 million in revenue for the third quarter, down from $849 million for the prior three-month period as lower rig utilization offset lower contract drilling services costs.
“Utilization of the 35 marketed rigs was 65 percent in the third quarter of 2025 compared to 73 percent in the prior quarter”, the offshore driller said in its quarterly report.
“Contract drilling services costs for the third quarter were $480 million, down from $502 million in the prior quarter”.
Noble logged a net loss of $21 million for Q3, compared to a net profit of $43 million for Q2. It recorded a net loss of $6.23 million from the sale of operating assets and an impairment loss of $60.7 million.
During the quarter it sold the Noble Highlander jackup, the Pacific Meltem drillship and Noble Reacher, previously deployed as an accommodation and intervention unit. The divestments generated combined net proceeds of $114.5 million. “The Noble Globetrotter II remains held for sale”, Noble added.
Q3 net result adjusted for nonrecurring items was $30 million, up from $20 million for Q2. Adjusted diluted earnings per share stood at $0.19, missing the Zacks Consensus Estimate of $0.29 per share. Noble maintained its dividend at $0.5 per share.
Adjusted EBITDA for Q3 totaled $254 million, down from $282 million for Q2.
Net cash from operating activities for the first nine months was $764.55 million, up from $519.26 million for January-September 2024.
Noble recorded $7 billion in backlog, excluding mobilization and demobilization revenue, as of October 27. “Noble’s fleet of 24 marketed floaters was 67 percent contracted during the third quarter compared with 78 percent in the prior quarter”, it said. “Recent backlog additions since last quarter have added over four rig years of total backlog, bringing total rig years of backlog added during 2025 to 22 rig years.
“Recent dayrate fixtures for Tier-1 drillships have remained in the low to mid $400,000s. Utilization of Noble’s eleven marketed jackups was 60 percent in the third quarter versus 63 percent utilization during the prior quarter. Leading edge dayrates for harsh environment jackups in the North Sea have remained stable across a limited number of contract fixtures”.
Noble narrowed its full-year guidance for revenue from $3.2-3.3 billion to $3.23-3.28 billion and adjusted EBITDA from $1.08-1.15 billion to $1.1-1.13 billion.
“Our recent backlog expansion and constructive customer dialogue continue to support the formation of a deepwater utilization recovery by late 2026 or early 2027”, said president and chief executive Robert W. Eifler.
“While we anticipate a moderately lower earnings and cash flow profile in H1 2026 compared to H2 2025, the foundation for an improving market and corresponding earnings inflection is well underway”.
Noble ended Q3 with $1.36 billion in current assets including $477.95 million in cash and cash equivalents and $678.29 million in net accounts receivable.
Current liabilities stood at $779.27 million including $304.98 million in accounts payable.
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