Q1 Net Income of $121 million, Diluted Earnings per Share of $0.75, Adjusted Diluted Earnings per Share of 

Full Year 2026 Guidance for Revenue and Adjusted EBITDA maintained, 2026 capital expenditures guidance increased by $25 million due to the reactivation of the Noble Deliverer.

It was stated by Robert W. Eifler, President and Chief Executive Officer of Noble, that 2026 was commenced with solid operational and financial results. Commercial momentum remains strong, as demonstrated by the three-year extension of the Noble Courage contract with Petrobras and the five-well programme of the Noble Deliverer with Woodside. We are intensely focused on project execution and have several important contract starts scheduled this year, all of which are progressing well."

First Quarter Results

Revenue from contract drilling services for the first quarter of 2026 totalled $743 million, compared to $705 million in the previous quarter. This sequential increase was primarily driven by improved fleet utilisation. The 29 marketed rigs were 68% utilised in the first quarter of 2026, up from 64% in the previous quarter. Contract drilling services costs for the first quarter were $450 million, down from $471 million in the previous quarter. Net income (loss) increased to $121 million in the first quarter of 2026, up from $87 million in the previous quarter.

 Adjusted EBITDA also increased, rising from $232 million to $277 million. Net cash provided by operating activities in the first quarter of 2026 was $273 million. Capital expenditures were $104 million, and free cash flow (non-GAAP) was $169 million. Additionally, net disposal proceeds during the quarter totalled $206 million, representing the cash consideration received from the previously announced sale of five jackups to Borr Drilling.

Balance Sheet & Capital Allocation

The Company's balance sheet as of March 31, 2026, reflected total debt principal value of $1.9 billion and cash (and cash equivalents) of $663 million. The Company redeemed $55 million principal amount of the 8.5% senior secured notes due 2030 during the first quarter. Additionally, the Company completed the lease buy-out on the first two (of four total) Blackships BOP systems for $36.5 million during the first quarter. The buy-out of the remaining two BOP systems is expected to occur later in 2026 for $36.5 million. In total, the lease buy-out for all four systems is expected to cost $73 million.

On April 26, 2026, Noble's Board of Directors approved an interim quarterly cash dividend on our ordinary shares of $0.50 per share for the second quarter of 2026. The $0.50 per share dividend is expected to be paid on June 25, 2026, to shareholders of record at the close of business on June 4, 2026. Future quarterly dividends and other shareholder returns will be subject, among other things, to approval by the Board of Directors.

Operating Highlights and Backlog

Noble's fleet of 24 marketed floaters was 68% contracted during the first quarter compared with 62% in the prior quarter. Recent contract awards since last quarter have added approximately 5 rig years of new floater backlog. Recent dayrate fixtures for Tier-1 drillships have increased moderately to the low-to-mid $400,000s. Utilisation of Noble's five ultra-harsh jackups was 66% in the first quarter versus 72% during the prior quarter.

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After last quarter's earnings press release, new contracts with a total contract value of approximately $565 million include the following:

• Noble Courage was extended by Petrobras for an additional 1,115 days, extending through December 2030, for a net incremental backlog addition of $339 million. The day rate from April 2026 through December 2027 has been reduced from $290,100 to $280,000, followed by the 1,115-day extension at $309,500 per day.
• Noble Deliverer was awarded a 5-well contract with Woodside in Australia. The contract, valued at $121 million excluding additional services and potential upgrades, is anticipated to commence in Q2 or Q3 2027 and includes options for up to two additional wells.
• Noble Developer received a one-well contract from ExxonMobil in Guyana at a day rate of $375,000. This contract is scheduled to commence in early 2027 in direct continuation of the rig's current program.
• Noble BlackRhino had an option well exercised by Beacon in the U.S. Gulf, which commenced recently in April.
• Noble Venturer received a one-well contract with Planet One in Ghana, at a day rate of $430,000, expected to commence in late 2026; plus two unpriced option wells.
• Noble Viking has secured a one-well contract in Malaysia in direct continuation of the existing backlog.

Backlog as of April 27, 2026, stands at $7.5 billion. Backlog excludes mobilisation and demobilisation revenue.

Outlook

For the full year 2026, previous guidance is maintained for Revenue ($2,800-$3,000 million) and Adjusted EBITDA ($940-$1,020 million), while guidance for capital expenditures is increased to $615-$665 million (previously $590-$640 million) due to the Noble Deliverer's reactivation.

Commenting on Noble's outlook, Mr Eifler stated, "With tightening floater fundamentals, the trajectory for dayrates, contract duration and earnings visibility is improving. We continue to anticipate a meaningful financial inflexion next year, supported by existing backlog and a robust bidding pipeline. Against this backdrop, Noble will continue to prioritise our leading shareholder return program."

Conference Call

Noble will host a conference call related to its first quarter 2026 results on Monday, April 27, 2026, at 8:00 a.m. U.S. Central Time. Interested parties may dial +1 800-715-9871 and refer to conference ID 31391 approximately 15 minutes before the scheduled start time. Additionally, a live webcast link will be available on the Investor Relations section of the Company's website. A webcast replay will be accessible for a limited time following the call.

About Noble Corporation plc

Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. 

Source : Press - Release received by Maritime Tickers

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