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# Noble Swings To $117 Million Quarterly Loss On Tax Bill, Even As Backlog Holds At $6.7 Billion
- URL: https://www.bullished.co/noble-swings-to-117-million-quarterly-loss-on-tax-bill-even-as-backlog-holds-at-6-7-8c402cc4/
- Published: 2026-10-26T21:21:32.000Z
- Updated: 2026-10-26T21:21:32.000Z
- Description: The offshore driller narrowed its 2026 revenue and EBITDA ranges, raised its capital spending outlook and kept its $0.50 dividend.
- Author: Matteo Parrino
- Tags: SEC Filings, NE, Industry: Energy

Noble, the offshore drilling contractor, posted a third-quarter net loss of [$117 million](https://www.prnewswire.com/news-releases/noble-corporation-plc-announces-third-quarter-2026-results-302919891.html?ref=bullished.co), or $0.73 a share, after a $133 million income tax provision swamped $60 million of operating income. The company reported Monday that about $560 million of new contracts have lifted backlog to $6.7 billion.

## A tax bill drives the loss

Revenue was [$729 million](https://www.prnewswire.com/news-releases/noble-corporation-plc-announces-third-quarter-2026-results-302919891.html?ref=bullished.co), down from $798 million a year earlier and up from $720 million in the second quarter. The net loss compares with $21 million a year ago and $37 million in the second quarter.

Adjusted EBITDA, the company's earnings measure before interest, taxes, depreciation and certain items, fell to $201 million from $212 million in the second quarter. Adjusted loss per share was $0.57, against adjusted earnings of $0.19 a year earlier.

Free cash flow was negative $48 million: operating cash flow of $144 million less $192 million of capital spending. Cash stood at $337 million and total debt principal at $1.9 billion on September 30.

CEO Robert W. Eifler said the quarter saw both Brazil rigs resume operations but was also hit by several other rigs moving between contracts.

## Who Noble drills for

Noble owns and operates mobile offshore rigs and earns a fixed dayrate from oil and gas companies for each day a rig works. As of December 31, 2025, its fleet had 36 rigs, 25 floaters and 11 jackups.

Utilization of the 28 marketed rigs rose to 70% in the third quarter from 67% in the second. Floaters were 66% contracted, and the five ultra-harsh-environment jackups were 86% utilized.

New awards since the July fleet status report include a four-well TotalEnergies job in Nigeria for the Noble BlackRhino, a five-well Tullow job in Ghana for the Noble Faye Kozack, and a two-well Occidental job in Peru at $400,000 a day for the Noble Globetrotter I. The Noble Interceptor is slated for a one-well DNO job in Norway followed by a 670-day ConocoPhillips plugging-and-abandonment scope on the Ekofisk field.

## Guidance narrows, spending rises

For 2026 Noble now sees revenue of $2,850-$2,900 million, versus $2,800-$2,900 million before, and adjusted EBITDA of $850-$900 million, versus $850-$925 million. Capital spending guidance rose to $680-$705 million from $615-$665 million, mostly because customer-reimbursable spending went to $65 million from $25 million.

Eifler said contract coverage and dayrates keep improving despite limited demand lift from higher oil prices this year, and that the company expects a "meaningful inflection in fleet utilization and cash flow starting H2 2027."

The board declared a $0.50 per share dividend for the fourth quarter, payable December 17 to holders of record on November 25\. The Noble Resolve sale closed October 9 with $45 million of final proceeds, and the $38 million sale of the Noble Globetrotter II is expected to close in the fourth quarter.

Noble hosts its earnings call Tuesday at 8:00 a.m. Central.

### Sources

- [8-K Filing — Noble Corp plc (NE)](https://www.sec.gov/Archives/edgar/data/0001895262/000189526226000147/ne-20261026.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit exhibit991-q32026pressrele.htm — Noble Corp plc 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001895262/000189526226000147/exhibit991-q32026pressrele.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit noblecorporationplcslide.htm — Noble Corp plc 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001895262/000189526226000147/noblecorporationplcslide.htm?ref=bullished.co) — SEC EDGAR
- [NOBLE CORPORATION PLC ANNOUNCES THIRD QUARTER 2026 RESULTS](https://www.prnewswire.com/news-releases/noble-corporation-plc-announces-third-quarter-2026-results-302919891.html?ref=bullished.co) — prnewswire.com