Noble Corp Posts Q2 Net Loss as Brazil Rig Suspensions Weigh on Results, Cuts Full-Year Guidance

Noble Corporation plc reported a second-quarter net loss of $37 million and said it is trimming its full-year 2026 revenue and earnings guidance, according to a press release filed as an exhibit to an 8-K with the Securities and Exchange Commission.

The offshore drilling contractor said second-quarter total revenue was $720 million, down from $786 million in the prior quarter, with diluted loss per share of $0.23 and Adjusted EBITDA of $212 million, according to the filing. Net cash provided by operating activities was $144 million, while free cash flow was negative $59 million.

Chief Executive Robert W. Eifler said in the filing that the quarter was adversely impacted by $43 million due to the operational suspension of both of Noble's rigs in Brazil, while operational and financial performance was otherwise strong across the board. The filing separately identified the affected rigs as the Noble Faye Kozack and Noble Courage.

The company said it added approximately $200 million in new contract value since its April fleet status report, including a six-well contract for the Noble Viking in Asia Pacific and a three-well contract for the Noble Claus Bachmann with bp in the UK North Sea. Backlog stood at $6.8 billion as of July 27, 2026, the filing said.

Noble also said it completed a refinancing of $800 million in existing bonds through a new offering of 6.250% senior unsecured notes due 2034, which it said will unlock $35 million in annual cash benefits. The company recorded an $18 million loss on debt extinguishment tied to the transaction, according to the filing.

The Board of Directors approved a $0.50 per share cash dividend for the third quarter, payable September 24, 2026, to shareholders of record as of September 3, 2026, the filing said.

Noble reduced its full-year 2026 revenue guidance to a range of $2,800 million to $2,900 million and lowered Adjusted EBITDA guidance to $850 million to $925 million, while keeping capital expenditure guidance unchanged at $615 million to $665 million. Eifler said in the filing that revised guidance primarily reflects reduced revenue from the two Brazil rigs and re-sequenced backlog, though he added that the market outlook remains promising for 2027 and beyond.