Core Viewpoint - Noble Mineral Exploration Inc. is highlighting the recent exploration and corporate updates from Homeland Nickel, which is significantly impacted by the U.S. government's announcement to boost domestic production of critical minerals like lithium, nickel, copper, and rare earths to reduce reliance on foreign sources [1]. Group 1: Homeland Nickel Exploration Update - Homeland Nickel has received a Surface Use Determination (SUD) from the Forest Service for its drilling plan at the Red Flat Nickel Laterite Project, allowing for 44 sonic holes to be drilled [2][3]. - The SUD approval includes conditions such as relocating one drill hole by 30 feet and conducting independent sampling to validate the drill program results [3]. - The next steps involve meeting with the Forest Service Ranger and completing a National Environmental Policy Act (NEPA) review to proceed with drilling [4][5]. Group 2: New Mining Claims - Homeland Nickel has staked 196 mining claims covering 4,050 acres at Woodcock Mountain, an area identified by the USGS as having significant nickel laterite concentrations [6]. - The Woodcock Mountain property has historical assays showing nickel grades over 1.0%, including a notable 15-foot interval grading 1.5% nickel [7]. - The company aims to expedite exploration across its four properties, including Woodcock Mountain and Eight Dollar, which are outside the withdrawal area in Southern Oregon, facilitating easier permitting [7]. Group 3: Company Overview - Homeland Nickel is focused on critical metal resources, with nickel projects in Oregon and copper and gold projects in Newfoundland, Canada [10]. - The company holds a significant portfolio of mining securities, including shares in Canada Nickel Company Inc., Noble Mineral Exploration Inc., Benton Resources Inc., Vinland Lithium Inc., and Magna Terra Minerals Inc. [10].

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Noble Corporation plc's unaudited condensed consolidated financial statements and detailed notes are presented for the periods ended June 30, 2025, and December 31, 2024 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202025%2C%20and%20December%2031%2C%202024) Total assets and liabilities decreased from December 2024 to June 2025, while cash and cash equivalents increased | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :----------------------------- | :----------------------------- | :----------------------------- | | Cash and cash equivalents | $338,185 | $247,303 | | Total current assets | $1,289,062 | $1,388,864 | | Property and equipment, net | $5,856,242 | $6,035,817 | | Total assets | $7,666,971 | $7,964,768 | | Total current liabilities | $715,973 | $940,362 | | Long-term debt | $1,978,027 | $1,980,186 | | Total liabilities | $3,038,644 | $3,313,382 | | Total shareholders' equity | $4,628,327 | $4,651,386 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202025%20and%202024) Operating revenues increased for both periods ended June 30, 2025, but net income and diluted EPS significantly decreased due to higher costs and expenses Statements of Operations (Three Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :----------------------------- | :------------------ | :------------------ | :--------- | :--------- | | Operating revenues | $848,652 | $692,844 | $155,808 | 22% | | Operating income (loss) | $135,253 | $209,959 | $(74,706) | (36)% | | Net income (loss) | $42,872 | $195,008 | $(152,136) | (78)% | | Diluted EPS | $0.27 | $1.34 | $(1.07) | (80)% | Statements of Operations (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :----------------------------- | :------------------ | :------------------ | :--------- | :--------- | | Operating revenues | $1,723,139 | $1,329,928 | $393,211 | 30% | | Operating income (loss) | $322,592 | $317,506 | $5,086 | 2% | | Net income (loss) | $151,175 | $290,489 | $(139,314) | (48)% | | Diluted EPS | $0.93 | $1.99 | $(1.06) | (53)% | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202025%20and%202024) Comprehensive income for the three and six months ended June 30, 2025, was $43.2 million and $151.7 million, respectively, reflecting net income adjusted for minor other comprehensive income Comprehensive Income (Loss) (Three Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :----------------------------- | :------------------ | :------------------ | | Net income (loss) | $42,872 | $195,008 | | Other comprehensive income (loss), net | $345 | $50 | | Comprehensive income (loss) | $43,217 | $195,058 | Comprehensive Income (Loss) (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :----------------------------- | :------------------ | :------------------ | | Net income (loss) | $151,175 | $290,489 | | Other comprehensive income (loss), net | $546 | $21 | | Comprehensive income (loss) | $151,721 | $290,510 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20and%202024) Net cash provided by operating activities significantly increased to $487.4 million for the six months ended June 30, 2025, while investing activities used less cash and financing activities used more cash Cash Flows (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :------------------------------------------ | :------------------ | :------------------ | | Net cash provided by (used in) operating activities | $487,417 | $235,480 | | Net cash provided by (used in) investing activities | $(191,726) | $(299,813) | | Net cash provided by (used in) financing activities | $(202,517) | $(134,926) | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $93,174 | $(199,259) | | Cash, cash equivalents, and restricted cash, end of period | $345,453 | $168,486 | [Condensed Consolidated Statements of Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202025%20and%202024) Total shareholders' equity slightly decreased from December 31, 2024, to June 30, 2025, primarily due to dividend payments and share repurchases Changes in Total Equity (Six Months Ended June 30, 2025) | Metric | Amount (in thousands) | | :-------------------------------- | :-------------------- | | Balance at December 31, 2024 | $4,651,386 | | Amortization of share-based compensation | $15,574 | | Shares withheld for taxes on equity transactions | $(9,447) | | Warrants exercised | $38 | | Share repurchases | $(20,000) | | Dividends | $(160,945) | | Net income (loss) | $151,175 | | Other comprehensive income (loss), net | $546 | | Balance at June 30, 2025 | $4,628,327 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes provide essential context and detail for the unaudited condensed consolidated financial statements, covering the company's business, acquisition, accounting, debt, revenue, taxes, benefits, commitments, and subsequent events [Note 1 — Organization and Basis of Presentation](index=9&type=section&id=Note%201%20%E2%80%94%20Organization%20and%20Basis%20of%20Presentation) Noble Corporation plc is a leading offshore drilling contractor operating a global fleet of 38 drilling rigs, reporting as a single segment - Noble Corporation plc is a leading offshore drilling contractor for the oil and gas industry, providing contract drilling services with a global fleet of **38 drilling rigs** (25 floaters and 13 jackups)[27](index=27&type=chunk) - The company reports its contract drilling operations as a single reportable segment, Contract Drilling Services[28](index=28&type=chunk) [Note 2 — Acquisitions](index=9&type=section&id=Note%202%20%E2%80%94%20Acquisitions) Noble completed the acquisition of Diamond Offshore Drilling, Inc. on September 4, 2024, for a total consideration of $1.5 billion - Noble completed the acquisition of Diamond Offshore Drilling, Inc. on **September 4, 2024**[30](index=30&type=chunk) - Total consideration for the acquisition was **$1.5 billion**, comprising **$610.3 million in cash** and **$879.9 million in non-cash consideration** (primarily Ordinary Shares)[30](index=30&type=chunk) [Note 3 — Accounting Pronouncements](index=9&type=section&id=Note%203%20%E2%80%94%20Accounting%20Pronouncements) No new accounting standards were adopted in the current quarter, and the company is evaluating the impact of recently issued ASUs - No new accounting standards were adopted during the current quarter[31](index=31&type=chunk) - ASU No 2025-03, Business Combinations, is not expected to have any impact on consolidated financial statements[32](index=32&type=chunk) - The Company is evaluating the potential impact of ASU No 2024-03 (Expense Disaggregation Disclosures) and ASU No 2023-09 (Income Tax Disclosures)[33](index=33&type=chunk)[34](index=34&type=chunk) [Note 4 — Income (Loss) Per Share](index=10&type=section&id=Note%204%20%E2%80%94%20Income%20(Loss)%20Per%20Share) Basic and diluted net income per share decreased significantly for both the three and six months ended June 30, 2025, compared to 2024 Income (Loss) Per Share (Three Months Ended June 30) | Metric | 2025 | 2024 | | :----------------------------- | :--- | :--- | | Net income (loss) | $42,872 | $195,008 | | Weighted average shares outstanding – basic | 158,798 | 142,854 | | Weighted average shares outstanding – diluted | 161,528 | 146,060 | | Basic Net income (loss) per share | $0.27 | $1.37 | | Diluted Net income (loss) per share | $0.27 | $1.34 | Income (Loss) Per Share (Six Months Ended June 30) | Metric | 2025 | 2024 | | :----------------------------- | :--- | :--- | | Net income (loss) | $151,175 | $290,489 | | Weighted average shares outstanding – basic | 158,901 | 142,404 | | Weighted average shares outstanding – diluted | 161,772 | 145,614 | | Basic Net income (loss) per share | $0.95 | $2.04 | | Diluted Net income (loss) per share | $0.93 | $1.99 | - As of June 30, 2025, Noble had approximately **158.8 million Ordinary Shares outstanding**, slightly down from 158.9 million at December 31, 2024[36](index=36&type=chunk) [Note 5 — Property and Equipment](index=11&type=section&id=Note%205%20%E2%80%94%20Property%20and%20Equipment) Property and equipment, at cost, increased to $6.999 billion as of June 30, 2025, with capital additions totaling $204.3 million for the six months, and two rigs held for sale Property and Equipment, at Cost | Category | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :----------------------------- | :----------------------------- | :----------------------------- | | Drilling equipment and facilities | $6,787,350 | $6,650,034 | | Construction in progress | $136,933 | $197,789 | | Other | $75,004 | $56,908 | | Total Property and equipment, at cost | $6,999,287 | $6,904,731 | - Capital additions for the six months ended June 30, 2025, totaled **$204.3 million**[41](index=41&type=chunk) - During Q2 2025, the company sold the Pacific Scirocco for **$15.6 million**, resulting in a gain of **$4.8 million**[42](index=42&type=chunk) - The Noble Highlander and Pacific Meltem were classified as held for sale[43](index=43&type=chunk) [Note 6 — Debt](index=12&type=section&id=Note%206%20%E2%80%94%20Debt) Noble's debt structure includes a $550.0 million revolving credit facility with no outstanding borrowings, $1.4 billion in 8.000% Senior Notes, and $550.0 million in 8.500% Senior Secured Second Lien Notes assumed from the Diamond Transaction - The 2023 Revolving Credit Facility provides **$550.0 million** in commitments, with no outstanding borrowings as of June 30, 2025[44](index=44&type=chunk) - Noble Finance II has **$1.4 billion** in 8.000% Senior Notes due 2030 outstanding[45](index=45&type=chunk) - The company assumed **$550.0 million** aggregate principal amount of 8.500% Senior Secured Second Lien Notes due October 2030 from the Diamond Transaction[48](index=48&type=chunk) - The Diamond's **$300.0 million** senior secured revolving credit facility was terminated upon the closing of the Diamond Transaction[50](index=50&type=chunk) [Note 7 — Revenue and Customers](index=13&type=section&id=Note%207%20%E2%80%94%20Revenue%20and%20Customers) Contract drilling services revenue increased significantly for floaters but decreased for jackups for the three months ended June 30, 2025, compared to 2024, with floater growth driven by the Diamond Transaction Contract Drilling Services Revenue by Rig Type (Three Months Ended June 30) | Rig Type | 2025 (in thousands) | 2024 (in thousands) | | :--------- | :------------------ | :------------------ | | Floaters | $684,320 | $517,755 | | Jackups | $127,757 | $142,955 | | Total | $812,077 | $660,710 | Contract Drilling Services Revenue by Rig Type (Six Months Ended June 30) | Rig Type | 2025 (in thousands) | 2024 (in thousands) | | :--------- | :------------------ | :------------------ | | Floaters | $1,377,771 | $1,012,222 | | Jackups | $266,734 | $260,913 | | Total | $1,644,505 | $1,273,135 | Contract Assets and Liabilities (June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :----------------------------- | :----------------------------- | :----------------------------- | | Total customer contract assets | $32,710 | $37,091 | | Total deferred revenue | $(93,633) | $(101,945) | [Note 8 — Income Taxes](index=15&type=section&id=Note%208%20%E2%80%94%20Income%20Taxes) As of June 30, 2025, the company had net deferred tax assets of $297.5 million and is evaluating the impact of the recently signed "One Big Beautiful Bill Act" - At June 30, 2025, the Company had deferred tax assets of **$297.5 million**, net of valuation allowance, and deferred tax liabilities of **$5.5 million**[64](index=64&type=chunk) - During Q2 2025, the tax provision included **$22.3 million in tax benefits** from valuation allowance releases (primarily Luxembourg), offset by **$10.3 million** from uncertain tax position movements and **$69.1 million** in recurring quarterly accruals[70](index=70&type=chunk)[71](index=71&type=chunk) - The company is evaluating the impact of the 'One Big Beautiful Bill Act' (OBBBA), signed into law on July 4, 2025, which includes significant changes to the US tax code[73](index=73&type=chunk) [Note 9 — Employee Benefit Plans](index=16&type=section&id=Note%209%20%E2%80%94%20Employee%20Benefit%20Plans) Net pension benefit costs for the three and six months ended June 30, 2025, were $237 thousand and $464 thousand, respectively, with no contributions made during these periods Net Pension Benefit Cost (Three Months Ended June 30) | Metric | 2025 (Non-US) | 2025 (US) | 2024 (Non-US) | 2024 (US) | | :----------------------------- | :------------ | :-------- | :------------ | :-------- | | Net pension benefit cost (gain) | $135 | $102 | $(24) | $(123) | Net Pension Benefit Cost (Six Months Ended June 30) | Metric | 2025 (Non-US) | 2025 (US) | 2024 (Non-US) | 2024 (US) | | :----------------------------- | :------------ | :-------- | :------------ | :-------- | | Net pension benefit cost (gain) | $260 | $204 | $(48) | $(246) | - No contributions were made to pension plans during the three and six months ended June 30, 2025 and 2024[74](index=74&type=chunk) [Note 10 — Commitments and Contingencies](index=16&type=section&id=Note%2010%20%E2%80%94%20Commitments%20and%20Contingencies) Noble faces outstanding tax audit claims of approximately $357.3 million, primarily in Brazil, and has settled all personal injury claims related to Hurricane Ida - Audit claims of approximately **$357.3 million**, mostly attributable to Brazil, remain outstanding and are under continued objection by Noble[75](index=75&type=chunk) - All parties involved in the Hurricane Ida personal injury claims have entered into settlement and release agreements[78](index=78&type=chunk) - Future commitments under a services agreement are estimated at **$55.3 million** in aggregate[79](index=79&type=chunk) - As of June 30, 2025, the company had **$18.2 million** in letters of credit under its revolving credit facility and an additional **$140.4 million** under bilateral arrangements[80](index=80&type=chunk) [Note 11 — Supplemental Financial Information](index=17&type=section&id=Note%2011%20%E2%80%94%20Supplemental%20Financial%20Information) Restricted cash balances increased to $7.3 million at June 30, 2025, and the net effect of changes in operating assets and liabilities on cash flows was a $6.6 million provision - Noble's restricted cash balance was **$7.3 million** as of June 30, 2025, up from **$5.0 million** at December 31, 2024[82](index=82&type=chunk) Net Change in Operating Assets and Liabilities (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :------------------------------------------ | :------------------ | :------------------ | | Total net change in operating assets and liabilities | $6,561 | $(133,792) | [Note 12 — Information about Noble Finance II](index=18&type=section&id=Note%2012%20%E2%80%94%20Information%20about%20Noble%20Finance%20II) Noble Finance II, the issuer of the 2030 Notes, reported cash and cash equivalents of $176.4 million and total debt of $1.4 billion as of June 30, 2025 - Noble Finance II is the issuer of the 2030 Notes[85](index=85&type=chunk) Noble Finance II Summarized Balance Sheet (June 30, 2025) | Metric | Amount (in thousands) | | :---------------------- | :-------------------- | | Cash and cash equivalents | $176,431 | | Total current assets | $1,853,882 | | Total current liabilities | $671,334 | | Total debt | $1,401,098 | | Total shareholders' equity | $4,658,572 | Noble Finance II Summarized Statement of Operations & Cash Flows (Six Months Ended June 30, 2025) | Metric | Amount (in thousands) | | :------------------------------------------ | :-------------------- | | Operating revenues | $1,211,076 | | Operating costs and expenses | $1,021,240 | | Depreciation and amortization | $213,663 | | Net cash provided by (used in) operating activities | $393,034 | | Capital expenditures | $(177,161) | | Proceeds from disposal of assets, net | $16,190 | [Note 13 — Subsequent Events](index=18&type=section&id=Note%2013%20%E2%80%94%20Subsequent%20Events) In August 2025, Noble announced its intent to dispose of two rigs, expecting a non-cash charge of $60.0 million to $85.0 million in Q3 2025 - In August 2025, the Company announced its intent to dispose of the Noble Globetrotter II and Noble Reacher[88](index=88&type=chunk) - This planned disposal is expected to result in an estimated non-cash charge ranging between **$60.0 million and $85.0 million** in the third quarter of 2025[88](index=88&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Noble's financial condition and results of operations for the three and six months ended June 30, 2025 and 2024, covering business overview, market outlook, contract backlog, detailed analysis of operating revenues and costs, and liquidity and capital resources [Executive Overview](index=22&type=section&id=Executive%20Overview) Noble is a leading offshore drilling contractor with a fleet of 38 drilling rigs, specializing in ultra-deepwater and high-specification jackup opportunities globally - Noble operates a fleet of **38 drilling rigs** (25 floaters and 13 jackups) focused on ultra-deepwater and high-specification jackup drilling[95](index=95&type=chunk) - Contract drilling operations are reported as a single segment, Contract Drilling Services[96](index=96&type=chunk) [Market Outlook](index=22&type=section&id=Market%20Outlook) The offshore drilling market is supported by long-term commodity prices and energy security focus, leading to increased global rig demand, though dayrates have plateaued and near-term utilization is expected to be lower - Global rig demand recovered to eclipse pre-pandemic levels, supported by long-term commodity prices and energy security focus, but dayrates have generally plateaued[97](index=97&type=chunk) - Near-term utilization outlook for both floaters and jackups is anticipated to be lower than the prior two years due to economic uncertainty, lower commodity prices, and OPEC's stated intent to increase oil production[99](index=99&type=chunk) - The company remains encouraged by the long-term outlook in the ultra-deepwater floater market, with customers focusing on highest specification floaters[99](index=99&type=chunk) [Contract Drilling Services Backlog](index=23&type=section&id=Contract%20Drilling%20Services%20Backlog) As of June 30, 2025, Noble's contract drilling services backlog totaled approximately $7.4 billion, with 59% of available days committed for the remainder of 2025 - As of June 30, 2025, contract drilling services backlog totaled approximately **$7.4 billion**[104](index=104&type=chunk) Contract Drilling Services Backlog and Percent of Available Days Committed (June 30, 2025) | Category | Total (in thousands) | 2025 (%) | 2026 (%) | 2027 (%) | 2028 (%) | Thereafter (%) | | :----------------------------- | :------------------- | :------- | :------- | :------- | :------- | :------------- | | Floaters Backlog | $6,628,953 | 63% | 53% | 40% | 30% | 23% | | Jackups Backlog | $737,164 | 51% | 26% | 21% | 0% | 0% | | Total Backlog | $7,366,117 | 59% | 44% | 34% | 20% | 15% | - ExxonMobil, Shell, and TotalEnergies represented approximately **26.5%**, **18.6%**, and **12.2%** of the backlog, respectively[108](index=108&type=chunk) [Results for the Three Months Ended June 30, 2025 and 2024](index=25&type=section&id=Results%20for%20the%20Three%20Months%20Ended%20June%2030%2C%202025%20and%202024) For Q2 2025, net income significantly decreased to $42.9 million from $195.0 million in Q2 2024, despite a 22% increase in operating revenues, driven by a 48% increase in operating costs and expenses Key Operating Metrics (Three Months Ended June 30) | Metric | 2025 | 2024 | | :----------------------------- | :--- | :--- | | Floaters Average Rig Utilization | 70% | 70% | | Jackups Average Rig Utilization | 61% | 77% | | Total Average Rig Utilization | 67% | 73% | | Floaters Operating Days | 1,705 | 1,138 | | Jackups Operating Days | 724 | 914 | | Total Operating Days | 2,429 | 2,052 | | Floaters Average Dayrates | $400,802 | $435,677 | | Jackups Average Dayrates | $176,503 | $155,585 | | Total Average Dayrates | $333,960 | $310,962 | Operating Results (Three Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :----------------------------- | :------------------ | :------------------ | :--------- | :--------- | | Operating revenues | $848,652 | $692,844 | $155,808 | 22% | | Operating costs and expenses | $713,399 | $482,885 | $230,514 | 48% | | Operating income (loss) | $135,253 | $209,959 | $(74,706) | (36)% | | Net income (loss) | $42,872 | $195,008 | $(152,136) | (78)% | - Floater revenue increased by **$166.6 million**, mainly due to additional floaters from the Diamond Transaction, while jackup revenue decreased by **$15.2 million** due to fewer operating days[114](index=114&type=chunk)[115](index=115&type=chunk) - Contract drilling services costs for floaters increased by **$148.1 million**, driven by the Diamond Transaction, mobilization, and operations support costs[116](index=116&type=chunk) - Jackup costs increased by **$18.4 million** due to mobilization and non-labor costs[117](index=117&type=chunk) - Depreciation and amortization increased by **$56.3 million**, primarily due to the Diamond Transaction[118](index=118&type=chunk) - Interest expense increased by **$28.0 million** due to the Diamond Transaction and related debt[122](index=122&type=chunk) [Results for the Six Months Ended June 30, 2025 and 2024](index=27&type=section&id=Results%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) For the six months ended June 30, 2025, net income was $151.2 million, down from $290.5 million in the prior year, despite a 30% increase in operating revenues, primarily due to a 38% rise in operating costs and expenses Key Operating Metrics (Six Months Ended June 30) | Metric | 2025 | 2024 | | :----------------------------- | :--- | :--- | | Floaters Average Rig Utilization | 72% | 67% | | Jackups Average Rig Utilization | 68% | 72% | | Total Average Rig Utilization | 71% | 69% | | Floaters Operating Days | 3,505 | 2,240 | | Jackups Operating Days | 1,595 | 1,709 | | Total Operating Days | 5,100 | 3,949 | | Floaters Average Dayrates | $390,716 | $434,660 | | Jackups Average Dayrates | $167,233 | $150,286 | | Total Average Dayrates | $320,835 | $311,567 | Operating Results (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :----------------------------- | :------------------ | :------------------ | :--------- | :--------- | | Operating revenues | $1,723,139 | $1,329,928 | $393,211 | 30% | | Operating costs and expenses | $1,400,547 | $1,012,422 | $388,125 | 38% | | Operating income (loss) | $322,592 | $317,506 | $5,086 | 2% | | Net income (loss) | $151,175 | $290,489 | $(139,314) | (48)% | - Floater revenue increased by **$365.6 million**, mainly due to additional floaters from the Diamond Transaction[129](index=129&type=chunk) - Jackup revenue increased by **$5.8 million**, driven by higher average dayrates[130](index=130&type=chunk) - Contract drilling services costs for floaters increased by **$250.3 million**, primarily due to the Diamond Transaction, mobilization, and operations support costs[132](index=132&type=chunk) - Jackup costs decreased by **$11.5 million**, mainly due to lower repairs and maintenance and insurance proceeds[133](index=133&type=chunk) - Depreciation and amortization increased by **$112.8 million**, primarily due to the Diamond Transaction[134](index=134&type=chunk) - Interest expense increased by **$51.0 million** due to the Diamond Transaction and related debt[138](index=138&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) Noble's primary capital sources were operating activities, which generated $487.4 million in cash for the six months ended June 30, 2025, with future needs expected to be funded through operations, cash on hand, asset sales, or borrowings - Net cash provided by operating activities was **$487.4 million** for the six months ended June 30, 2025, an increase from **$235.5 million** in the prior year[144](index=144&type=chunk) - Capital additions totaled **$204.3 million** for the six months ended June 30, 2025, and the full-year estimate is **$400.0 million to $450.0 million**[147](index=147&type=chunk) - The company repurchased **0.7 million Ordinary Shares** for **$20.0 million** and made dividend payments of **$160.9 million** during the six months ended June 30, 2025[146](index=146&type=chunk) - Noble has a **$550.0 million 2023 Revolving Credit Facility** with no outstanding borrowings[152](index=152&type=chunk) - The company also has **$1.4 billion in 8.000% Senior Notes due 2030**, plus **$550.0 million in 8.500% Senior Secured Second Lien Notes due 2030**[153](index=153&type=chunk)[154](index=154&type=chunk) [Critical Accounting Estimates](index=33&type=section&id=Critical%20Accounting%20Estimates) There have been no material changes to the judgments, assumptions, and estimates underlying Noble's critical accounting policies and estimates as of June 30, 2025 - As of June 30, 2025, there have been no material changes to the judgments, assumptions, and estimates upon which our critical accounting policies and estimates are based[168](index=168&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) There has been no significant change in Noble's exposure to market risk compared to what was disclosed in its latest Form 10-K - There has been no significant change in Noble's exposure to market risk when compared to those disclosed in Part II, Item 7A 'Quantitative and Qualitative Disclosures about Market Risk' in our Form 10-K[171](index=171&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Noble's Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, excluding the portion subsumed by internal control over financial reporting of Diamond Offshore Drilling, Inc. due to its recent acquisition - Noble's Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of **June 30, 2025**[172](index=172&type=chunk) - The evaluation of disclosure controls and procedures excluded the portion subsumed by internal control over financial reporting of Diamond Offshore Drilling, Inc., due to its acquisition on **September 4, 2024**[173](index=173&type=chunk) - There were no changes in Noble's internal control over financial reporting that materially affected or are reasonably likely to materially affect it during the quarter ended **June 30, 2025**[174](index=174&type=chunk) [PART II. OTHER INFORMATION](index=35&type=section&id=PART%20II) [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from Note 10 — Commitments and Contingencies in the unaudited condensed consolidated financial statements - Information regarding legal proceedings is presented in 'Note 10 — Commitments and Contingencies' and incorporated by reference[177](index=177&type=chunk) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors disclosed in Noble's Form 10-K for the year ended December 31, 2024 - There have been no material changes from the risk factors disclosed in our Form 10-K for the year ended **December 31, 2024**[178](index=178&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the three months ended June 30, 2025, Noble issued 12 Ordinary Shares from Tranche 1 Warrants and 3 Ordinary Shares from Tranche 2 Warrants, with no shares issued from Tranche 3 Warrants - During the three months ended June 30, 2025, **12 Ordinary Shares** were issued from Tranche 1 Warrants and **3 Ordinary Shares** were issued from Tranche 2 Warrants[182](index=182&type=chunk) - Zero Ordinary Shares were issued from Tranche 3 Warrants during the period[182](index=182&type=chunk) [Item 5. Other Information](index=35&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1(c) trading arrangements or other similar plans were adopted, terminated, or modified by directors and executive officers during the three months ended June 30, 2025 - During the three months ended June 30, 2025, no Rule 10b5-1(c) trading arrangements or other similar plans were adopted, terminated, or modified by directors and executive officers[180](index=180&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Quarterly Report on Form 10-Q, including business combination agreements, articles of association, certifications, and XBRL documents - The exhibits include business combination agreements, amended and restated articles of association, certifications from executive officers, and Inline XBRL documents[184](index=184&type=chunk) [SIGNATURES](index=37&type=section&id=SIGNATURES) The report was duly signed on August 6, 2025, by Richard B. Barker, Executive Vice President and Chief Financial Officer, and Jennifer Yeung, Vice President, Chief Accounting Officer and Controller - The report was signed by Richard B Barker, Executive Vice President and Chief Financial Officer, and Jennifer Yeung, Vice President, Chief Accounting Officer and Controller, on **August 6, 2025**[187](index=187&type=chunk)

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $282 million and free cash flow of $107 million for Q2 2025, with a total revenue of €812 million [6][34] - The capital return program has returned over $1.1 billion to shareholders since Q4 2022 through dividends and share repurchases, with an additional $80 million returned this quarter [7][8] - The total backlog as of August 5 stands at €6.9 billion, with €1.1 billion scheduled for revenue conversion for the remainder of the year [35] Business Line Data and Key Metrics Changes - The company secured new contracts with a total contract value of $2.8 billion year-to-date, indicating strong commercial activity [15] - The Noble Stanley LaFos was extended for five additional wells, and the Noble Viking received a one-well contract valued at $34 million [10][11] - The Noble Globetrotter I secured a two-well contract in the Black Sea valued at approximately $82 million [12] Market Data and Key Metrics Changes - The global contracted rig count currently stands at 97 rigs, down from a peak of 105-106 during 2023-2024 [18] - In South America, contracted UDW demand is 43 units, with a strong outlook supported by recent tenders from Petrobras [19] - U.S. Gulf demand has softened, with 21 contracted UDW rigs, down from 22-24 last year [20] Company Strategy and Development Direction - The company is focused on optimizing its fleet following the successful integration of the Diamond acquisition, achieving a $100 million synergy target ahead of schedule [8][34] - The strategy includes managing costs and active fleet posture based on current market realities, with a focus on high-end drillships [27][28] - The company anticipates a potential rebound in the deepwater market by late 2026 or 2027, supported by a credible path back to a contracted UDW rig count of around 105 [27][40] Management's Comments on Operating Environment and Future Outlook - Management noted significant macro uncertainties affecting upstream spending, but remains optimistic about the long-term market outlook [17][38] - The company expects adjusted EBITDA to decline sequentially in Q3 due to contract rollovers and planned downtime, but anticipates a material rebound starting in 2026 [36][38] - Management emphasized the importance of cash flow maximization and returning capital to shareholders, with a target annualized free cash flow run rate of $400 million to $500 million by the second half of next year [40] Other Important Information - The company is actively pursuing opportunities in various regions, including Southeast Asia and the Americas, with significant planning and coordination required for new projects [15][16] - The harsh environment North Sea market currently represents six units of UDW demand, with expectations of muted market conditions until policy-driven impediments are removed [29][30] - Recent disposals of cold stacked drillships reflect the company's commitment to maintaining a high-spec competitive fleet [31] Q&A Session Summary Question: Guidance update clarification - Management explained the revenue guidance was lowered by about 3% due to unexercised options, while EBITDA guidance was tweaked higher due to strong cost management [43][44] Question: Strategy around key rigs - Management highlighted a strong focus on the Black Rhino, Viking, and Jerry D'Souza, with ongoing discussions for contracts that could significantly impact earnings [46][47] Question: Brazil market outlook - Management expressed a positive outlook for Brazil, anticipating flat to slightly increasing rig demand, driven by Petrobras and ongoing tenders [52][54] Question: Rig sales and retirement plans - Management confirmed that the Highlander will go to a drilling project, while the Globetrotter and Reacher are not expected to be sold for drilling purposes [55][56] Question: Near-term pricing expectations - Management indicated that day rates are currently in the low to mid-400s, with expectations for stability or slight decreases due to near-term softness [63][64] Question: Timing of Exxon rig resets - Management confirmed that new rates for Exxon rigs go into effect on March 1 and September 1, with the mechanism tracking the market effectively [73][74] Question: Impact of recent jackup market consolidation - Management stated that recent M&A activity in the jackup market does not significantly change their demand outlook or strategy [78][80] Question: Economics of current contracts - Management noted that while there may be some economic leakage in contract terms, the broader pricing strategies remain unaffected [84][86] Question: Contracting behavior and lead times - Management acknowledged unusual contracting behavior with long lead times despite softer near-term demand, driven by optimism for future projects [92][94]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $282 million and free cash flow of $107 million for Q2 2025, with a total revenue of €812 million [5][33] - The adjusted EBITDA margin was 33%, and cash flow from operations was €216 million, with net capital expenditures of €110 million [33] - The company returned an additional $80 million to shareholders through a $0.50 per share quarterly dividend, totaling over $1.1 billion in capital returns since Q4 2022 [6][34] Business Line Data and Key Metrics Changes - The company secured new contracts with a total contract value of $2.8 billion, with a total backlog of $6.9 billion as of August 5 [14][34] - Significant contracts included a six-well contract with BP for carbon capture and storage in the UK North Sea and a two-well contract with OMV in the Black Sea [12][14] - The integration of the Diamond acquisition achieved a synergy target of $100 million ahead of schedule [6][34] Market Data and Key Metrics Changes - The global contracted rig count for ultra-deepwater (UDW) currently stands at 97 rigs, down from a peak of 105-106 in 2023-2024 [16][26] - UDW demand in South America remains strong, with 43 total units contracted, while West Africa shows softness with only 12 rigs currently contracted [18][21] - The U.S. Gulf has seen a decrease in contracted UDW rigs, currently at 21, down from 22-24 last year [20] Company Strategy and Development Direction - The company is focused on optimizing its fleet and managing costs effectively in a flat market while preparing for potential growth in 2026 and 2027 [26][30] - The strategy includes disposing of underperforming rigs to maintain a high-spec competitive fleet and maximize cash flow [30] - The company is actively pursuing contracts for its key rigs, including the Black Rhino, Viking, and Jerry D'Souza, which are seen as critical for future earnings [27][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the deepwater market firming up by late 2026 or 2027, despite current macro uncertainties [38][39] - The company anticipates a material rebound in EBITDA starting in 2026, supported by new long-term contracts and rising deepwater demand levels [36][37] - Management highlighted the importance of disciplined cost management and cash flow maximization in the current market environment [30][39] Other Important Information - The company updated its full-year 2025 guidance, lowering total revenue expectations to $3.2 billion to $3.3 billion while narrowing the adjusted EBITDA range to €1.075 billion to €1.15 billion [35] - Capital expenditures for 2025 are expected to increase to $400 million to $450 million, reflecting investments tied to recent long-term awards [36] Q&A Session Summary Question: Guidance update clarification - The company lowered top-line guidance by about 3% but increased EBITDA guidance by about 1%, attributing the revenue decrease to unexercised options and strong customer management [42][44] Question: Strategy for key rigs - The focus is on securing contracts for the Black Rhino, Viking, and Jerry D'Souza, with strong conversations ongoing for these rigs [46][48] Question: Brazil market outlook - The company views Brazil's rig demand as stable to slightly increasing, with positive narratives from Petrobras regarding upcoming tenders [53][54] Question: Rig sales and retirement plans - The Highlander will go to a drilling project, while the Reacher and Globetrotter II are not expected to be sold for drilling purposes [56][58] Question: Day rates expectations - Current day rates for UDW rigs are in the low to mid-400s, with expectations that rates may hold firm despite near-term softness [64][66] Question: Rig reset timing and impact - Rig resets occur on March 1 and September 1, with rates set a few months prior, and the mechanism has tracked the market effectively [74][75] Question: Impact of recent M&A in the jackup market - The recent M&A activity in the jackup market does not significantly change the company's demand outlook or strategy [80][81]

Financial Performance - Second quarter Adjusted EBITDA was $282 million[6, 10], compared to $338 million in the prior quarter[10] - Free cash flow for the second quarter was $107 million[6, 10], down from $173 million in the first quarter[10] - Capital expenditures, net of insurance proceeds, were $110 million in the second quarter[10], compared to $98 million in the previous quarter[10] - The company returned over $1.1 billion to shareholders since Q4 2022, including a Q3 dividend of $0.50 per share[6] Contract Backlog and Fleet - Current contract backlog stands at $6.9 billion[10, 12], a decrease from $7.5 billion in the previous quarter[10] - Approximately $380 million in new contracts were secured[6] - 62% of floater rig days are committed for 2025, 49% for 2026, and 36% for 2027[13] - 20% of floater rig days are committed for 2028, and 5% for 2029-2031[13] Guidance and Fleet Rationalization - Full year 2025 Adjusted EBITDA guidance is $1.075 billion to $1.15 billion[32] - Full year 2025 capital additions, net of reimbursements, are guided at $400 million to $450 million[32] - Revenue guidance for 2025 is $3.2 billion to $3.3 billion[32] - The company completed the retirement of Meltem and Scirocco rigs and plans to retire Globetrotter II, Highlander, and Reacher rigs[8]

Core Viewpoint - Noble Plc reported mixed results for Q2 2025, with revenue exceeding expectations but profitability falling short due to market softness and higher costs [1][5][12] Financial Performance - GAAP revenue for Q2 2025 was $849 million, a 22.5% increase year-over-year from $693 million in Q2 2024 [2][5] - Non-GAAP EPS was $0.13, significantly below the consensus estimate of $0.47 and down from $0.72 in Q2 2024 [2][6] - Net income (GAAP) declined to $43 million, a 77.9% decrease from $195 million year-over-year [2][9] - Adjusted EBITDA reached $282 million, up 4.1% from $271 million in Q2 2024 [2][5] - Free cash flow rebounded to $107 million, compared to a negative $26 million in the prior year quarter [2][9] Business Model and Strategy - Noble operates a fleet of 40 drilling units, focusing on challenging offshore environments for oil and gas exploration [3][4] - The company has expanded its fleet through acquisitions, including Maersk Drilling and Diamond Offshore Drilling, to enhance competitiveness and secure long-term contracts [4] - Maintaining a competitive fleet and managing contract wins are crucial for revenue stability [4] Contract and Market Dynamics - Noble secured approximately $380 million in new contract awards, with a backlog of $6.9 billion as of August 5, 2025 [7] - Recent contract rates for top-end drillships ranged from the low to mid-$400,000s per day [7] - Rig utilization rates declined, particularly in the jackup segment, which fell to 61% from 74% in Q1 2025 [6][10] Operational Developments - The company sold two older cold-stacked drillships, generating $41 million and reducing stacking costs [8] - Segment results were mixed, with the floater fleet achieving an average dayrate of $400,802, while jackup rigs saw increased dayrates but lower utilization [10] Outlook and Guidance - Total revenue guidance for fiscal 2025 was lowered to $3,200–$3,300 million due to ongoing market softness [12] - The low end of adjusted EBITDA guidance was raised to $1,075 million for 2025 [12] - Capital expenditures are expected to be $400–$450 million in 2025 to support upgrades on recently awarded contracts [12] Customer and Market Considerations - Customer concentration remains a concern, with major contracts from companies like Shell and TotalEnergies [11] - The company highlighted the importance of contract renewals and new signings with top-tier energy customers for market health [13]

Core Insights - Noble Corporation PLC reported quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.57 per share, and down from $0.72 per share a year ago, representing an earnings surprise of -77.19% [1] - The company posted revenues of $848.65 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 0.61%, but up from $692.84 million year-over-year [2] - Noble Corporation PLC shares have declined approximately 17.5% since the beginning of the year, contrasting with the S&P 500's gain of 7.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.45 on revenues of $822.15 million, and for the current fiscal year, it is $1.22 on revenues of $3.36 billion [7] - The estimate revisions trend for Noble Corporation PLC was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Oil and Gas - Drilling industry, to which Noble Corporation PLC belongs, is currently in the bottom 10% of over 250 Zacks industries, suggesting a challenging environment for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, highlighting the importance of monitoring these revisions for investment decisions [5]

[Press Release Announcement](index=1&type=section&id=PRESS%20RELEASE) Noble Corporation plc announced its second quarter 2025 financial results on August 5, 2025 [Company Announcement](index=1&type=section&id=Company%20Announcement) Noble Corporation plc reported its second quarter 2025 financial results on August 5, 2025 - Noble Corporation plc (NYSE: NE) reported second quarter 2025 results on August 5, 2025[2](index=2&type=chunk) [Q2 2025 Financial Summary](index=1&type=section&id=Q2%202025%20Financial%20Summary) Noble Corporation reported total revenue of **$849 million** and net income of **$43 million** for Q2 2025, with Adjusted EBITDA at **$282 million** and diluted EPS at **$0.27** Q2 2025 Key Financial Highlights | Metric | Q2 2025 (Millions $) | Q2 2024 (Millions $) | Q1 2025 (Millions $) | | :----------------------------- | :------------------- | :------------------- | :------------------- | | Total Revenue | 849 | 693 | 874 | | Contract Drilling Services Revenue | 812 | 661 | 832 | | Net Income (Loss) | 43 | 195 | 108 | | Adjusted EBITDA* | 282 | 271 | 338 | | Adjusted Net Income (Loss)* | 20 | 105 | 42 | | Basic Earnings (Loss) Per Share | 0.27 | 1.37 | 0.68 | | Diluted Earnings (Loss) Per Share | 0.27 | 1.34 | 0.67 | | Adjusted Diluted Earnings (Loss) Per Share* | 0.13 | 0.72 | 0.26 | [CEO Commentary and Key Highlights](index=1&type=section&id=CEO%20Commentary%20and%20Key%20Highlights) CEO Robert W. Eifler highlighted resilient earnings, free cash flow, successful integration, and significant backlog expansion, with a Q3 cash dividend of **$0.50 per share** contributing to over **$1.1 billion** in capital returned to shareholders - CEO Robert W. Eifler noted resilient earnings and free cash flow, successful integration, and expanded backlog in H1 2025[4](index=4&type=chunk) - Approximately **$380 million** in new contract awards since April fleet status report, bringing backlog to **$6.9 billion**[4](index=4&type=chunk) - A **$0.50 per share** cash dividend was declared for Q3, contributing to over **$1.1 billion** in total capital returned to shareholders since Q4 2022[4](index=4&type=chunk) [Detailed Second Quarter Results](index=2&type=section&id=Second%20Quarter%20Results) Noble Corporation's second quarter results detail financial performance, balance sheet position, operating highlights, and asset disposal activities [Financial Performance](index=2&type=section&id=Financial%20Performance) Contract drilling services revenue for Q2 2025 totaled **$812 million**, a sequential decrease primarily driven by lower rig utilization, with net income and Adjusted EBITDA also declining from the prior quarter Q2 2025 vs. Q1 2025 Performance | Metric | Q2 2025 (Millions $) | Q1 2025 (Millions $) | Change (Sequential) | | :-------------------------------- | :------------------- | :------------------- | :------------------ | | Contract drilling services revenue | 812 | 832 | ↓ $20 million | | Marketed fleet utilization | 70% | 78% | ↓ 8 percentage points | | Contract drilling services costs | 502 | 462 | ↑ $40 million | | Net income | 43 | 108 | ↓ $65 million | | Adjusted EBITDA | 282 | 338 | ↓ $56 million | | Net cash from operating activities | 216 | N/A | N/A | | Capital expenditures | 117 | N/A | N/A | | Free cash flow | 107 | N/A | N/A | [Balance Sheet & Capital Allocation](index=2&type=section&id=Balance%20Sheet%20%26%20Capital%20Allocation) As of June 30, 2025, Noble's balance sheet reflected total debt principal of **$2 billion** and cash of **$338 million**, with the Board approving an interim quarterly cash dividend of **$0.50 per share** for Q3 2025 Balance Sheet Snapshot (June 30, 2025) | Metric | Amount (Millions $) | | :-------------------------- | :------------------ | | Total debt principal value | 2,000 | | Cash (and cash equivalents) | 338 | - Noble's Board of Directors approved an interim quarterly cash dividend of **$0.50 per share** for Q3 2025, payable on September 25, 2025[7](index=7&type=chunk) [Operating Highlights and Backlog](index=2&type=section&id=Operating%20Highlights%20and%20Backlog) Noble's marketed floater utilization was **75%** and jackup utilization was **61%** in Q2 2025, both decreasing sequentially, while new contract awards totaling approximately **$380 million** increased the total backlog to **$6.9 billion** Q2 2025 Fleet Utilization | Fleet Type | Q2 2025 Utilization | Q1 2025 Utilization | | :--------- | :------------------ | :------------------ | | Floaters | 75% | 80% | | Jackups | 61% | 74% | - New contract awards totaling approximately **$380 million** were secured, excluding unexercised extension options[10](index=10&type=chunk) - Total backlog as of August 5, 2025, stands at **$6.9 billion**, excluding mobilization and demobilization revenue[10](index=10&type=chunk) - Recent dayrate fixtures for Tier-1 drillships were in the **low to mid $400,000s**, with 6th generation floater fixtures between the **low $300,000s to mid $400,000s**[8](index=8&type=chunk) - Key new contracts include extensions for Noble Stanley Lafosse, and new contracts for Noble Viking, Noble Globetrotter I, Noble Innovator, Noble Resilient, and Noble Intrepid, with various durations and values[11](index=11&type=chunk) [Asset Disposals](index=3&type=section&id=Asset%20Disposals) Noble completed the sale of two cold stacked drillships for combined gross proceeds of **$41 million**, with an agreement to sell the Noble Highlander for **$65 million** expected to close in Q3, and two other rigs held for sale - Sale of cold stacked drillships Pacific Scirocco and Pacific Meltem completed in June and July, respectively, for combined gross proceeds of **$41 million**[12](index=12&type=chunk) - Definitive agreement to sell cold stacked jackup Noble Highlander for **$65 million**, expected to close in Q3[12](index=12&type=chunk) - Noble Globetrotter II and Noble Reacher are currently held for sale[12](index=12&type=chunk) [Outlook](index=3&type=section&id=Outlook) Noble Corporation updated its full-year 2025 guidance, reflecting revised revenue expectations and an increased Adjusted EBITDA midpoint, while management anticipates increasing deepwater demand by late 2026 [Full Year 2025 Guidance Update](index=3&type=section&id=Full%20Year%202025%20Guidance%20Update) Noble updated its full-year 2025 guidance, reducing total revenue expectations while increasing Adjusted EBITDA and capital expenditures due to recent long-term contract awards Full Year 2025 Guidance Update | Metric | New Guidance (Millions $) | Previous Guidance (Millions $) | Change | | :-------------------------------- | :-------------------------- | :----------------------------- | :----- | | Total Revenue | $3,200 to $3,300 | $3,250 to $3,450 | Reduced | | Adjusted EBITDA | $1,075 to $1,150 | $1,050 to $1,150 | Increased midpoint | | Capital Expenditures (net of reimbursements) | $400 to $450 | $375 to $425 | Increased | [Management Commentary on Market Outlook](index=3&type=section&id=Management%20Commentary%20on%20Market%20Outlook) CEO Robert W. Eifler noted strong first-half financial results supported the Adjusted EBITDA guidance increase, despite near-term spot market softness, and anticipates increasing deepwater demand by late 2026 and into 2027 - Strong first-half financial results support raising the midpoint of full-year Adjusted EBITDA guidance[14](index=14&type=chunk) - Near-term spot market contracting activity shows softness, with increased instances of contract extension options lapsing due to upstream capital restraint[14](index=14&type=chunk) - Deepwater market indicators suggest increasing demand levels by late 2026 and into 2027, especially in South America and Africa[14](index=14&type=chunk) [Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides details on Noble Corporation's conference call, company overview, forward-looking statements, and contract backlog disclosures [Conference Call](index=3&type=section&id=Conference%20Call) Noble Corporation will host a conference call on August 6, 2025, at 8:00 a.m. U.S. Central Time to discuss its second quarter 2025 results - Conference call for Q2 2025 results scheduled for Wednesday, August 6, 2025, at 8:00 a.m. U.S. Central Time[15](index=15&type=chunk) [About Noble Corporation plc](index=3&type=section&id=About%20Noble%20Corporation%20plc) Noble is a leading offshore drilling contractor for the oil and gas industry, operating one of the most modern, versatile, and technically advanced fleets focused on ultra-deepwater and high-specification jackup drilling opportunities - Noble is a leading offshore drilling contractor for the oil and gas industry[16](index=16&type=chunk) - The company operates one of the most modern, versatile, and technically advanced fleets, focusing on ultra-deepwater and high specification jackup drilling[16](index=16&type=chunk) [Forward-looking Statements](index=3&type=section&id=Forward-looking%20Statements) This section provides a disclaimer regarding forward-looking statements, highlighting inherent risks, uncertainties, and assumptions that could cause actual results to differ materially from projections, with no obligation to update these statements except as required by law - The communication includes forward-looking statements regarding 2025 guidance, market conditions, capital allocation, and other operational aspects[17](index=17&type=chunk) - Forward-looking statements involve risks, uncertainties, and assumptions, and actual results may differ materially[18](index=18&type=chunk) - The company undertakes no obligation to revise or update any forward-looking statement, except as required by law[18](index=18&type=chunk) [Contract Backlog Disclosures](index=4&type=section&id=Contract%20Backlog) The contract backlog represents estimated maximum contract drilling revenues based on contractual operating dayrates, but actual revenues may vary due to factors like rig downtime, suspensions, or reallocations, generally excluding mobilization, demobilization, and performance incentives with some exceptions - Contract backlog represents maximum contract drilling revenues based on contractual operating dayrate for the firm period[19](index=19&type=chunk) - Actual average dayrate depends on factors like rig downtime and operational suspensions, and contracts are subject to cancellation, suspension, or delays[19](index=19&type=chunk) - Dayrates generally exclude revenue for mobilizations, demobilizations, upgrades, and performance incentives, with exceptions for certain long-term contracts[19](index=19&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=NOBLE%20CORPORATION%20plc%20AND%20SUBSIDIARIES%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) This section presents Noble Corporation's condensed consolidated statements of operations, detailing revenues, costs, and net income for the second quarter and first half of 2025 and 2024 [Statements of Operations Data](index=5&type=section&id=Statements%20of%20Operations%20Data) Noble's Q2 2025 operating revenues were **$848.65 million**, with a net income of **$42.87 million**, while for the six months ended June 30, 2025, operating revenues reached **$1,723.14 million** and net income was **$151.18 million** Condensed Consolidated Statements of Operations (Selected Data) | Metric (in thousands $) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Operating revenues | $848,652 | $692,844 | $1,723,139 | $1,329,928 | | Contract drilling services | $812,077 | $660,710 | $1,644,505 | $1,273,135 | | Operating costs and expenses | $713,399 | $482,885 | $1,400,547 | $1,012,422 | | Operating income (loss) | $135,253 | $209,959 | $322,592 | $317,506 | | Net income (loss) | $42,872 | $195,008 | $151,175 | $290,489 | | Basic Net income (loss) per share | $0.27 | $1.37 | $0.95 | $2.04 | | Diluted Net income (loss) per share | $0.27 | $1.34 | $0.93 | $1.99 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=NOBLE%20CORPORATION%20plc%20AND%20SUBSIDIARIES%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section presents Noble Corporation's condensed consolidated balance sheets, detailing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 [Balance Sheet Data](index=6&type=section&id=Balance%20Sheet%20Data) As of June 30, 2025, Noble reported total assets of **$7.67 billion**, a decrease from **$7.96 billion** at December 31, 2024, with total liabilities also decreasing to **$3.04 billion** from **$3.31 billion** over the same period Condensed Consolidated Balance Sheets (Selected Data) | Metric (in thousands $) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $338,185 | $247,303 | | Total current assets | $1,289,062 | $1,388,864 | | Property and equipment, net | $5,856,242 | $6,035,817 | | Total assets | $7,666,971 | $7,964,768 | | Total current liabilities | $715,973 | $940,362 | | Long-term debt | $1,978,027 | $1,980,186 | | Total liabilities | $3,038,644 | $3,313,382 | | Total shareholders' equity | $4,628,327 | $4,651,386 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=NOBLE%20CORPORATION%20plc%20AND%20SUBSIDIARIES%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) This section presents Noble Corporation's condensed consolidated statements of cash flows, detailing cash movements from operating, investing, and financing activities for the first half of 2025 and 2024 [Cash Flow Data](index=7&type=section&id=Cash%20Flow%20Data) For the six months ended June 30, 2025, net cash provided by operating activities was **$487.42 million**, a significant increase from **$235.48 million** in the prior year period, with investing activities using **$191.73 million** and financing activities using **$202.52 million** Condensed Consolidated Statements of Cash Flows (Selected Data) | Metric (in thousands $) | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | | Net income (loss) | $151,175 | $290,489 | | Net cash provided by (used in) operating activities | $487,417 | $235,480 | | Net cash provided by (used in) investing activities | $(191,726) | $(299,813) | | Net cash provided by (used in) financing activities | $(202,517) | $(134,926) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $93,174 | $(199,259) | | Cash, cash equivalents and restricted cash, end of period | $345,453 | $168,486 | [Operational Information](index=8&type=section&id=NOBLE%20CORPORATION%20plc%20AND%20SUBSIDIARIES%20OPERATIONAL%20INFORMATION) This section provides Noble Corporation's operational information, including rig utilization, average dayrates, and operating days for floaters and jackups [Rig Utilization and Dayrates](index=8&type=section&id=Rig%20Utilization%20and%20Dayrates) In Q2 2025, average rig utilization for floaters was **70%** and for jackups was **61%**, both decreasing sequentially, while average dayrates increased for both fleet types Average Rig Utilization | Fleet Type | Q2 2025 Utilization | Q1 2025 Utilization | Q2 2024 Utilization | | :--------- | :------------------ | :------------------ | :------------------ | | Floaters | 70% | 74% | 70% | | Jackups | 61% | 74% | 77% | | Total | 67% | 74% | 73% | Average Dayrates (in thousands $) | Fleet Type | Q2 2025 (in thousands $) | Q1 2025 (in thousands $) | Q2 2024 (in thousands $) | | :--------- | :----------------------- | :----------------------- | :----------------------- | | Floaters | $400,802 | $381,161 | $435,677 | | Jackups | $176,503 | $159,527 | $155,585 | | Total | $333,960 | $308,898 | $310,962 | Operating Days | Fleet Type | Q2 2025 Days | Q1 2025 Days | Q2 2024 Days | | :--------- | :----------- | :----------- | :----------- | | Floaters | 1,705 | 1,800 | 1,138 | | Jackups | 724 | 871 | 914 | | Total | 2,429 | 2,671 | 2,052 | [Calculation of Basic and Diluted Net Income/(Loss) Per Share](index=9&type=section&id=NOBLE%20CORPORATION%20plc%20AND%20SUBSIDIARIES%20CALCULATION%20OF%20BASIC%20AND%20DILUTED%20NET%20INCOME/(LOSS)%20PER%20SHARE) This section details the calculation of Noble Corporation's basic and diluted net income per share, including weighted average shares outstanding, for Q2 2025 and prior periods [Per Share Data Calculation](index=9&type=section&id=Per%20Share%20Data%20Calculation) For Q2 2025, basic and diluted net income per share were both **$0.27**, based on weighted average shares outstanding of **158.8 million** and **161.5 million**, respectively, representing a significant decrease from Q2 2024 Net Income Per Share Data | Metric | Q2 2025 (in thousands $) | Q2 2024 (in thousands $) | H1 2025 (in thousands $) | H1 2024 (in thousands $) | | :-------------------------------- | :----------------------- | :----------------------- | :----------------------- | :----------------------- | | Net income (loss) | $42,872 | $195,008 | $151,175 | $290,489 | | Weighted average shares outstanding - basic | 158,798 Shares | 142,854 Shares | 158,901 Shares | 142,404 Shares | | Weighted average shares outstanding - diluted | 161,528 Shares | 146,060 Shares | 161,772 Shares | 145,614 Shares | | Basic Net income (loss) per share | $0.27 Per Share | $1.37 Per Share | $0.95 Per Share | $2.04 Per Share | | Diluted Net income (loss) per share | $0.27 Per Share | $1.34 Per Share | $0.93 Per Share | $1.99 Per Share | [Non-GAAP Measures and Reconciliations](index=10&type=section&id=NOBLE%20CORPORATION%20plc%20AND%20SUBSIDIARIES%20NON-GAAP%20MEASURES%20AND%20RECONCILIATION) This section provides explanations and reconciliations for Noble Corporation's non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Diluted EPS, and Free Cash Flow [Explanation of Non-GAAP Measures](index=10&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Noble provides non-GAAP financial measures like Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Diluted EPS, and Free Cash Flow to offer greater transparency into core operating performance and liquidity, excluding non-recurring items, as supplements to GAAP measures - Non-GAAP measures (Adjusted EBITDA, Adjusted Net Income/Loss, Adjusted Diluted EPS, Free Cash Flow) are provided for meaningful comparisons and greater transparency of core operating performance[32](index=32&type=chunk)[35](index=35&type=chunk) - Adjusted EBITDA is defined as net income (loss) adjusted for interest, taxes, depreciation, amortization, and certain other infrequent operational events and merger/integration costs[33](index=33&type=chunk) - Free cash flow is calculated as Net cash provided by (used in) operating activities less cash paid for capital expenditures, measuring the ability to generate or use cash for growth or shareholder returns[34](index=34&type=chunk) [Reconciliation of Adjusted EBITDA](index=11&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Adjusted EBITDA for Q2 2025 was **$281.97 million**, a decrease from **$337.95 million** in Q1 2025, but an increase from **$271.49 million** in Q2 2024, with key adjustments including depreciation and amortization, and merger and integration costs Adjusted EBITDA Reconciliation | Metric (in thousands $) | Q2 2025 | Q2 2024 | Q1 2025 | | :-------------------------------- | :------ | :------ | :------ | | Net income (loss) | $42,872 | $195,008 | $108,303 | | Income tax (benefit) provision | $57,096 | $(5,228) | $40,406 | | Interest expense, net | $39,997 | $11,996 | $40,467 | | Depreciation and amortization | $147,085 | $90,770 | $143,137 | | Merger and integration costs | $5,302 | $10,618 | $14,920 | | Adjusted EBITDA | $281,974 | $271,493 | $337,946 | [Reconciliation of Adjusted Income Tax Benefit (Provision)](index=11&type=section&id=Reconciliation%20of%20Adjusted%20Income%20Tax%20Benefit%20(Provision)) The income tax provision for Q2 2025 was **$(57.10) million**, which, after adjustments primarily for discrete tax items, resulted in an Adjusted income tax benefit (provision) of **$(79.23) million** Adjusted Income Tax Benefit (Provision) Reconciliation | Metric (in thousands $) | Q2 2025 | Q2 2024 | Q1 2025 | | :-------------------------------- | :------ | :------ | :------ | | Income tax benefit (provision) | $(57,096) | $5,228 | $(40,406) | | Discrete tax items | $(22,129) | $(63,067) | $(73,295) | | Adjusted income tax benefit (provision) | $(79,225) | $(55,238) | $(113,701) | [Reconciliation of Adjusted Net Income (Loss)](index=12&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income%20(Loss)) Adjusted Net Income for Q2 2025 was **$20.38 million**, down from **$42.48 million** in Q1 2025 and **$105.31 million** in Q2 2024, with adjustments primarily including discrete tax items, merger and integration costs, and gain/loss on asset sales Adjusted Net Income (Loss) Reconciliation | Metric (in thousands $) | Q2 2025 | Q2 2024 | Q1 2025 | | :-------------------------------- | :------ | :------ | :------ | | Net income (loss) | $42,872 | $195,008 | $108,303 | | Total Adjustments | $(22,493) | $(89,702) | $(65,825) | | Adjusted net income (loss) | $20,379 | $105,306 | $42,478 | [Reconciliation of Adjusted Diluted EPS](index=12&type=section&id=Reconciliation%20of%20Adjusted%20Diluted%20EPS) Adjusted Diluted EPS for Q2 2025 was **$0.13**, a decrease from **$0.26** in Q1 2025 and **$0.72** in Q2 2024, accounting for non-recurring items such as discrete tax items and merger costs Adjusted Diluted EPS Reconciliation | Metric | Q2 2025 EPS | Q2 2024 EPS | Q1 2025 EPS | | :-------------------------------- | :---------- | :---------- | :---------- | | Unadjusted diluted EPS | $0.27 | $1.34 | $0.67 | | Total Adjustments | $(0.14) | $(0.62) | $(0.41) | | Adjusted diluted EPS | $0.13 | $0.72 | $0.26 | [Reconciliation of Free Cash Flow](index=12&type=section&id=Reconciliation%20of%20Free%20Cash%20Flow) Free Cash Flow for Q2 2025 was **$106.59 million**, a significant improvement from a negative free cash flow of **$(25.72) million** in Q2 2024, but lower than **$172.92 million** in Q1 2025, driven by net cash from operating activities less capital expenditures, offset by insurance proceeds Free Cash Flow Reconciliation | Metric (in thousands $) | Q2 2025 | Q2 2024 | Q1 2025 | | :-------------------------------- | :------ | :------ | :------ | | Net cash provided by (used in) operating activities | $216,357 | $106,791 | $271,060 | | Capital expenditures | $(116,581) | $(132,513) | $(113,536) | | Proceeds from insurance claims | $6,810 | $0 | $15,391 | | Free cash flow | $106,586 | $(25,722) | $172,915 |

Core Viewpoint - Noble Corporation reported its second quarter 2025 results, highlighting resilient earnings and free cash flow despite macro volatility, with a focus on integration targets and backlog expansion [3]. Financial Performance - Total revenue for Q2 2025 was $849 million, a decrease from $874 million in Q1 2025 and an increase from $693 million in Q2 2024 [2]. - Contract drilling services revenue was $812 million in Q2 2025, down from $832 million in Q1 2025 and up from $661 million in Q2 2024 [2][3]. - Net income for Q2 2025 was $43 million, down from $108 million in Q1 2025 and $195 million in Q2 2024 [2][3]. - Adjusted EBITDA for Q2 2025 was $282 million, down from $338 million in Q1 2025 but up from $271 million in Q2 2024 [2][3]. - Basic and diluted earnings per share were both $0.27 for Q2 2025, compared to $0.68 and $0.67 respectively in Q1 2025 and $1.37 and $1.34 in Q2 2024 [2][3]. Cash Flow and Capital Expenditures - Net cash provided by operating activities in Q2 2025 was $216 million, with capital expenditures of $117 million and free cash flow of $107 million [3][34]. - The company reported total debt of $2 billion and cash equivalents of $338 million as of June 30, 2025 [4]. Dividend and Shareholder Returns - An interim quarterly cash dividend of $0.50 per share was approved for Q3 2025, with total capital returned to shareholders exceeding $1.1 billion since Q4 2022 [5][7]. Operational Highlights - The marketed fleet utilization for floaters was 70% in Q2 2025, down from 78% in Q1 2025, while jackup utilization was 61%, down from 74% in the previous quarter [3][8]. - The backlog as of August 5, 2025, stands at $6.9 billion, with approximately $380 million in new contract awards since April 2025 [6][9]. Guidance and Outlook - The company updated its 2025 guidance, reducing total revenue expectations to $3,200 to $3,300 million while increasing adjusted EBITDA guidance to $1,075 to $1,150 million [11][12]. - Management noted encouraging indicators of increasing demand in the deepwater market by late 2026 and into 2027, particularly in South America and Africa [12].

TORONTO – TheNewswire - July 30, 2025 – Noble Mineral Exploration Inc. ("Noble" or the "Company") (TSXV: NOB) (OTCQB: NLPXF) today announced that the Company has filed on SEDAR+ an independent technical report (the "Report") prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") supporting the initial mineral resource estimate for its Mann Nickel Sulphide Project (the "Mann Project") which consists of the Mann West and Mann Central Properties and ...