Noble Corporation Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw strong financial performance with $277M adjusted EBITDA, $169M free cash flow, and a $7.5B backlog driven by major contract wins. Deepwater market conditions remain robust, with high utilization and expanding demand, supporting optimism for higher day rates and future growth.
Fiscal Year 2025
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Q4 2025 adjusted EBITDA reached $232 million, with full-year EBITDA above $1.1 billion guidance midpoint and a $7.5 billion backlog. Strategic fleet investments and major contract wins support a positive outlook, with 2026 EBITDA guidance of $940 million–$1.02 billion and strong free cash flow expected in 2027.
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Q3 2025 saw $254M Adjusted EBITDA, $139M free cash flow, and a $7B backlog, with strong contract extensions and new awards. Guidance points to a trough in H1 2026, but a significant cash flow inflection is expected from late 2026 as market conditions and contract coverage improve.
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Q2 2025 saw strong adjusted EBITDA and cash flow, with $80M returned to shareholders and $100M in synergies achieved from the Diamond acquisition. Despite near-term market softness and lower revenue guidance, cost discipline and fleet optimization support a positive medium-term outlook, with deepwater demand expected to rebound by late 2026.
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Strong Q1 results featured $338M adjusted EBITDA, a 30% backlog increase to $7.5B, and major long-term contracts with Shell and TotalEnergies. Capital returns surpassed $1B since Q4 2022, and 2025 guidance was reaffirmed despite market volatility.
Fiscal Year 2024
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Q4 2024 marked the first full quarter post-Diamond Offshore acquisition, with $882M in revenue and $319M adjusted EBITDA. Despite a mid-cycle lull in deepwater demand, strong contract wins and disciplined fleet management support a positive 2025 outlook.
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Q3 saw strong revenue and EBITDA growth, boosted by the Diamond Offshore acquisition and robust backlog. Capital returns to shareholders surpassed $800 million, with further buybacks and dividends planned. Market fundamentals remain solid, with a positive outlook for late 2025 and beyond.
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Q2 2024 saw a 50% sequential EBITDA increase, higher revenue, and improved margins, with strong contract activity and a $4.2B backlog. Guidance for 2024 was tightened, and a 25% dividend hike was announced. The Diamond acquisition is on track, and market conditions remain robust despite some utilization headwinds.
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The merger creates a leading deepwater driller with a $6.5B backlog, $100M in targeted synergies, and immediate accretion for shareholders. The deal is structured as a mix of cash and stock, with a 25% dividend increase and a focus on smooth integration and regulatory approval.