Noble Corporation PLC

noblecorp.com

What Do They Do?

Drills offshore oil and gas wells for oil and gas operators worldwide using mobile rigs.

How Do They Make Money?

Operators hire rigs under individual contracts and are billed at daily rates based on activity; invoices are typically payable within 30 to 60 days.

FY2025 revenue by product or service revenue

Segment	Share	Revenue	How money arrives
Contract drilling services Recurring	95% FY2022: 94%		Recurring
Reimbursables and other	5.4% FY2022: 5.7%

Who Are Their Customers?

Large integrated, independent, and government-owned or controlled oil and gas companies worldwide hire Noble under individual rig contracts, often awarded through competitive bidding.

Customers above 10% of revenue, FY2025

of revenue from three customers (20%, 13%, 13%)

FY2023: 49% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

13% of revenue

▼ −31% vs FY2024 ($604M, 20%)

Net income, FY2025

7% of revenue

▼ −52% vs FY2024 ($448.4M, 15%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▼ −9%; vs $798M in Q3 FY2025
Net income: ▲ +455% (Loss); vs −$21.1M in Q3 FY2025

Oil and Gas Service share of revenue vs 94.9% in Q3 FY2025

Jul 27, 2026 Noble cuts 2026 revenue and adjusted EBITDA guidance It lowered both full-year ranges while leaving capital expenditures guidance unchanged.

Revenue over time

Contract drilling services Reimbursables and other

$5B$2.5B$0

FY2022 FY2023 FY2024 FY2025

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