Noble Corporation stock: Q3 loss widens as guidance tightens
Published on 10/30/2026 at 00:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSQuarterly results and outlook
- Noble reported a wider quarterly loss while contract awards lifted its backlog.
- Management narrowed revenue and adjusted EBITDA guidance for the full year.
- Higher customer-reimbursable capital expenditure drove the increase in spending guidance.
Noble Corporation reported its third-quarter 2026 results on October 26, 2026, according to the PR Newswire release reproduced by Morningstar. The offshore drilling contractor posted a net loss of USD 117 million for the quarter ended September 30, compared with a USD 37 million loss in the second quarter and a USD 21 million loss in the year-earlier period.
Revenue held up, profitability weakened
Total revenue was USD 729 million, versus USD 720 million in the preceding quarter and USD 798 million a year earlier. Contract drilling services revenue reached USD 684 million, up from USD 679 million sequentially but below the prior-year figure.
Adjusted EBITDA fell to USD 201 million from USD 212 million in the second quarter. Noble attributed the sequential pressure to several rigs transitioning between contracts, while the company also reported the successful resumption of operations for two rigs in Brazil. Operating cash flow was USD 144 million, capital expenditure was USD 192 million and free cash flow was negative USD 48 million.
New awards strengthen the backlog
Noble said it had secured approximately USD 560 million in new contract awards since its July fleet status report. Backlog stood at USD 6.7 billion as of October 26, 2026. The awards cover drilling programs in regions including Nigeria, Ghana, Norway, Uruguay, Peru and Angola, with expected start dates extending from the fourth quarter of 2026 into 2027.
Fleet utilization also improved in selected areas. Utilization of the 28 marketed rigs was 70 percent in the third quarter, compared with 67 percent in the prior quarter. Noble said the 23 marketed floaters were 66 percent contracted, while the five marketed ultra-harsh jackups recorded 86 percent utilization.
Guidance points to a cautious finish
For full-year 2026, Noble narrowed revenue guidance to USD 2.85 billion to USD 2.90 billion from USD 2.80 billion to USD 2.90 billion previously. Adjusted EBITDA guidance was narrowed to USD 850 million to USD 900 million from USD 850 million to USD 925 million. Capital expenditure guidance increased to USD 680 million to USD 705 million, primarily because of higher customer-reimbursable spending.
For investors, the figures show a mixed picture: new awards and backlog provide forward contract visibility, but rig transitions and higher spending are weighing on near-term cash generation. The company also declared an interim quarterly cash dividend of USD 0.50 per ordinary share, subject to the stated record and payment dates.
Noble Corporation plc at a glance
- ISIN: GB00BFG3KF26
- Ticker: NYSE: NE
- Reporting period: Quarter ended September 30, 2026
- Total revenue: USD 729 million
- Net loss: USD 117 million
- Adjusted EBITDA: USD 201 million
- Backlog: USD 6.7 billion as of October 26, 2026
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