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Noble (NE) investor relations material
Noble Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Key financial highlights
Market capitalization stands at $7.2B with net debt of $1.5B and a $7.5B contract backlog as of early 2026.
Adjusted EBITDA for year-end 2025 reached $1.1B with a 34% margin; dividend yield is 4.4%.
2026 revenue guidance is $2.8–$3.0B, with adjusted EBITDA projected at $940–1,020M and capex at $590–640M.
Free cash flow for 2025 was $454M, with net leverage at 1.4x and liquidity of $1.0B.
Market and demand trends
Ultra-deepwater (UDW) demand remains resilient, with current demand at 105 rigs, matching recent peak levels despite lower oil prices.
Offshore project sanctioning is forecasted to rise significantly in 2027–28, with 95% of anticipated FIDs having breakevens below $40/bbl.
Open floater demand increased 50% year-over-year to 115 rig years, with average program durations nearing two years.
Fleet and operational performance
Marketed floater fleet is 93% contracted, with 141 contracted floaters between the 2024 peak and 2025 trough.
Fleet includes 24 floaters and 5 jackups, with high-spec drillships and harsh environment capabilities across key global regions.
15 high-spec drillships and 5 ultra-harsh jackups feature advanced automation, dual BOPs, and leading-edge technical assets.
- $1.3B in new contracts, $1.11B adjusted EBITDA, and $7.5B backlog highlight strong 2025 results.NE
Q4 202512 Feb 2026 - Q2 net income hit $195M, EBITDA surged, and the Diamond Offshore deal is set for Q1 2025.NE
Q2 20242 Feb 2026 - Deal creates a top-tier offshore driller with $6.5B backlog, $100M synergies, and dividend growth.NE
M&A Announcement1 Feb 2026 - Q3 revenue and EBITDA rose, $6.2B backlog, and $400M new buyback authorized.NE
Q3 202416 Jan 2026 - Q1 net income hit $108M, backlog rose 30% to $7.5B, and $100M was returned to shareholders.NE
Q1 202524 Dec 2025 - Q4 results show $927M revenue, $319M EBITDA, and strong 2025 outlook with synergy capture.NE
Q4 202417 Dec 2025 - Q2 2025 saw $849M revenue, $43M net income, $282M EBITDA, and a $6.9B backlog.NE
Q2 202523 Nov 2025 - Q3 delivered $798M revenue, $7B backlog, and $340M returned to shareholders.NE
Q3 202529 Oct 2025 - $6.5B market cap, $6.2B backlog, and industry-leading returns drive growth and innovation.NE
Investor Presentation26 Jun 2025
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