Noble Corporation Reports Q3 2025 Earnings and Outlook
Noble Corporation PLC reported a Q3 2025 net loss of $21 million despite securing $740 million in new contracts, raising its backlog to $7 billion. Total revenue decreased to $798 million, with adjusted EBITDA at $254 million. The company declared a $0.50 per share cash dividend for Q4, totaling $340 million in shareholder returns for 2025. Fleet utilization dropped, with floaters at 65% and jackups at 60%. Noble narrowed its 2025 revenue guidance to $3,225-$3,275 million and remains optimistic about deepwater recovery by late 2026 or early 2027.
Noble Corporation PLC is a prominent offshore drilling contractor in the oil and gas industry, known for its modern and versatile fleet that focuses on ultra-deepwater and high-specification jackup drilling opportunities worldwide. In its third quarter of 2025 earnings report, Noble Corporation announced a net loss of $21 million, despite securing approximately $740 million in new contract value, which increased its backlog to $7 billion. The company declared a $0.50 per share cash dividend for Q4, contributing to a total shareholder capital return of $340 million for 2025.
Key financial metrics revealed a decrease in total revenue to $798 million from the previous quarter’s $849 million, primarily due to reduced rig utilization. The company’s adjusted EBITDA stood at $254 million, while net cash provided by operating activities was $277 million. Noble’s fleet utilization dropped, with floaters at 65% and jackups at 60%, compared to the previous quarter’s 70% and 61%, respectively.
Strategic announcements included several significant contract extensions and new contracts, such as two-year extensions for the Noble BlackLion and Noble BlackHornet with BP in the U.S. Gulf, and new contracts for Noble Venturer and Noble Resolute. These contracts are expected to enhance Noble’s market position and contribute to its long-term growth.
Looking ahead, Noble Corporation has narrowed its 2025 guidance, projecting total revenue between $3,225 million and $3,275 million, and adjusted EBITDA between $1,100 million and $1,125 million. The company remains optimistic about a deepwater utilization recovery by late 2026 or early 2027, while maintaining its commitment to a robust dividend program to ensure a stable cash yield for shareholders.
