Noble Corp plc SEC 10-Q Report
Noble Corp plc, a leading offshore drilling contractor, has released its Form 10-Q report for the third quarter of 2025. The report provides a comprehensive overview of the company's financial performance and operational activities for the three and nine months ended September 30, 2025. Despite facing challenges such as increased operating costs and economic uncertainties, Noble Corp plc continues to navigate the complex landscape of the offshore drilling industry.
Financial Highlights
Operating Revenues: Noble Corp plc reported operating revenues of $798.0 million for the three months ended September 30, 2025, a slight decrease from $800.5 million for the same period in 2024. For the nine months ended September 30, 2025, operating revenues increased to $2.5 billion from $2.1 billion in 2024, driven by the acquisition of additional floaters.
Operating Income (Loss): The company recorded an operating income of $50.4 million for the three months ended September 30, 2025, down from $115.5 million in the same period in 2024. For the nine months ended September 30, 2025, operating income was $373.0 million, compared to $433.0 million in 2024, reflecting higher operating costs.
Net Income (Loss): Noble Corp plc experienced a net loss of $(21.1) million for the three months ended September 30, 2025, compared to a net income of $61.2 million for the same period in 2024. For the nine months ended September 30, 2025, net income was $130.1 million, down from $351.7 million in 2024, primarily due to increased interest expenses and a loss on impairment.
Net Income (Loss) Per Share - Diluted: The net loss per share for the three months ended September 30, 2025, was $(0.13), compared to a net income per share of $0.40 for the same period in 2024. For the nine months ended September 30, 2025, net income per share was $0.80, down from $2.37 in 2024.
Business Highlights
Revenue Segments: The contract drilling services segment remains the primary revenue generator for Noble Corp plc. For the nine months ended September 30, 2025, floaters contributed $2.0 billion, while jackups contributed $394.0 million. The increase in floater revenue is mainly attributed to the acquisition of additional floaters from the Diamond Transaction.
Geographical Performance: The majority of the jackup fleet is positioned in the North Sea, where demand has been stable but remains below historical levels. The ultra-harsh environment jackup market in Norway is also below historical levels, despite being attractive due to low-cost and low-emission barrels.
Sales Units: The average rig utilization for floaters was 70%, and for jackups, it was 63% for the nine months ended September 30, 2025. Operating days for floaters increased to 4,993 from 3,658, while jackups saw a decrease to 2,222 from 2,700.
Market Outlook: Despite recent downward pressure on oil prices, the long-term outlook for the ultra-deepwater floater market remains positive, with a focus on high-specification floaters. However, there is potential demand risk due to economic uncertainty and OPEC's intent to increase oil production.
Operational Adjustments: During the third quarter of 2025, Noble Corp plc sold the Noble Highlander and the Pacific Meltem. The company also announced its intent to dispose of the Noble Globetrotter II and Noble Reacher, which were classified as held for sale.
Future Outlook: The company anticipates lower utilization rates for both floaters and jackups in the near term compared to the past two years. Noble Corp plc aims to secure multi-year contracts to provide economic efficiencies and reduce costs associated with rig contract start-ups.
SEC Filing: Noble Corp plc [ NE ] - 10-Q - Oct. 28, 2025