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Visual22 Oct 2025
Epiroc's cash spent on M&A
Noble (NE) investor relations material
Noble Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Q2 2025 delivered adjusted EBITDA of $282M, net income of $43M ($0.27/share), and $849M in revenue, with over $1.1B returned to shareholders since Q4 2022, including a $0.50/share Q3 dividend.
Achieved $100M synergy target from the Diamond acquisition ahead of schedule, with integration milestones met and focus shifting to optimization.
Secured $2.8B in new contracts year-to-date, with backlog at $6.9B as of August 5, and $380M in new awards since April.
Fleet rationalization ongoing, with retirements and disposals completed or planned for several rigs, including Pacific Scirocco, Meltem, Globetrotter II, Highlander, and Reacher.
The company operates a global fleet of 38 rigs, focusing on ultra-deepwater and high-specification jackups.
Financial highlights
Q2 2025 contract drilling services revenue was $812M, with total revenue at $849M and adjusted EBITDA margin at 33%.
Net cash from operating activities was $216M; free cash flow was $107M, including asset sale proceeds.
Net income for Q2 2025 was $43M, with diluted EPS of $0.27; net debt at quarter end was $1.64B, and liquidity at $870M.
Average rig utilization for Q2 2025: 70% for floaters, 61% for jackups; average dayrates: $400,802 for floaters, $176,503 for jackups.
Backlog at quarter end stood at $6.9B, with $1.1B for 2025, $2.3B for 2026, and $1.6B for 2027 revenue conversion.
Outlook and guidance
2025 revenue guidance lowered to $3.2B–$3.3B, with adjusted EBITDA guidance raised to $1.075B–$1.15B; capital expenditures guidance increased to $400M–$450M.
Sequential EBITDA decline expected in Q3 due to contract rollovers and downtime, with a rebound anticipated in 2026 as new contracts start and deepwater demand rises.
Near-term utilization for both floaters and jackups is anticipated to be lower than prior years due to market conditions.
Confident in derisking annualized free cash flow run rate of $400M–$500M by H2 2026, even if current demand trough persists.
Management expects deepwater demand to increase by late 2026 and into 2027, especially in South America and Africa.
Explain rationale for lowered revenue guidance.
Assess impact of Shell/TotalEnergies incentives.
Detail integration synergies from Diamond deal.
Why was 2025 total revenue guidance reduced?
Assess deepwater market demand by late 2026.
Explain the increase in capital expenditures.
How will BP's CCS project impact Noble?
Explain the strategy for BlackRhino, Viking, Souza.
What's driving out-year contracting behavior?
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Q3 202528 Oct, 2025
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Frequently asked questions
Offshore Drilling Experts
Noble Corporation is an American offshore drilling contractor with a focus on providing contract drilling services to the global oil and gas industry. The company's fleet includes a variety of mobile offshore drilling units, such as drillships, semi-submersible platforms, and jack-up rigs. The company then leases these to its various partners in the industry. The company is headquartered in Sugar Land, Texas, and its shares are listed on the NYSE.
A Brief Historical Overview
The company was founded by Lloyd Noble as the Noble Drilling Corporation in Texas in 1921. The company started with a focus on onshore drilling operations, particularly in the oil-rich regions of Oklahoma. Over the years, Noble Corporation expanded its operations and ventured into offshore drilling, which significantly transformed its business scope and scale.
In the 1950s, Noble Corporation took a pivotal step by extending its drilling operations to the offshore markets, starting with the Gulf of Mexico. Throughout the latter half of the 20th century, Noble Corporation continued to grow its fleet and operational capabilities. It acquired various rigs and invested in the latest drilling technologies to enhance its service offerings. In the 2000s, Noble Corporation underwent a series of strategic rebrandings and reorganizations to better align with its global operations and market focus.
Operating in Partnership With Oil and Gas
As an offshore drilling contractor that provides services for the oil and gas industry, the company specializes in contract drilling services, utilizing its fleet of mobile offshore drilling units to support oil and gas exploration and production activities. Noble Corporation operates a variety of drilling rigs, including jack-ups, drillships, and semi-submersibles, which are designed to work in various offshore environments, from shallow to deepwater and ultra-deepwater locations. Some companies offering similar services include Transocean, Diamond Offshore Drilling, and Seadrill.
Drilling Wells
The core of Noble Corporation's operations involves drilling wells for its clients, which include major, independent, and national oil companies around the world. These services are critical in the exploration, development, and production phases of oil and gas projects. Noble's drilling rigs are equipped with advanced technology and systems that enable them to drill to significant depths, navigate challenging geological formations, and operate in harsh environmental conditions with high efficiency and safety standards.
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