Noble reports 12% increase in Q1 2026 net income

Noble Corporation reported nett income of $121m for the archetypal 4th of 2026 (Q1 2026), an summation of 12% from $108m successful the aforesaid play of 2025.

Total gross for the UK-based offshore drilling contractor fell by 10% to $786m from $874m a twelvemonth earlier.

Adjusted net earlier interest, taxes, depreciation and amortisation (EBITDA) for the reported 4th ended 31 March 2026 decreased by 18% year-on-year to $277m, compared to $338m successful Q1 2025.

The company’s declaration drilling services gross declined to $743m, down 11% from $832m successful the prior-year period.

Adjusted nett income was $41m, broadly successful enactment with the $42m reported for Q1 2025.

Diluted net per stock accrued to $0.75 from $0.67 a twelvemonth earlier, portion adjusted diluted net per stock remained unchanged astatine $0.26.

During Q1 2026, nett currency from operating activities amounted to $273m, portion superior expenditures (capex) stood astatine $104m.

Free currency flow, calculated connected a non-Generally Accepted Accounting Practice basis, was $169m for the period.

The institution besides received $206m successful nett proceeds from the antecedently disclosed merchantability of 5 jack-ups to Borr Drilling.

As of 31 March 2026, Noble reported full indebtedness main of $1.9bn, and currency and currency equivalents of $663m.

The institution completed the lease buyout connected the archetypal 2 Blackships blowout preventer systems for $36.5m, with the buyout of the remaining 2 systems expected aboriginal successful 2026 for different $36.5m.

As of 27 April 2026, the institution reported a backlog of $7.5bn, excluding immoderate gross from mobilisation and demobilisation.

Since the erstwhile quarterly update, Noble has secured astir $565m successful caller declaration value, including a three-year hold for the Noble Courage vas and a five-well declaration for the Noble Deliverer.

In Q1, the utilisation complaint for Noble’s 5 ultra-harsh jack-ups was 66%. This compared to 72% successful the erstwhile quarter.

For the afloat twelvemonth 2026, Noble maintained its erstwhile gross guidance of $2.8bn–$3bn and adjusted EBITDA guidance of $940m–$1.02bn.

Capex guidance was accrued by $25m to $615m–$665m, reflecting the planned reactivation of the Noble Deliverer.

Noble president and CEO Robert W. Eifler said: “We commenced 2026 with coagulated operational and fiscal results. Commercial momentum remains brisk, highlighted by the Noble Courage's three-year hold with Petrobras and the Noble Deliverer's five-well programme with Woodside.

“We stay intensely focused connected task execution, with respective important declaration commencements scheduled implicit the people of this year, each of which is progressing well.”