Core Insights - Twin Disc, Inc. will present at the Noble Emerging Growth Virtual Equity Conference on October 8, 2025, at 3:30 pm Central [1] - The company's executives will be available for one-on-one meetings with registered investors during the conference [1] Company Overview - Twin Disc, Inc. designs, manufactures, and sells marine and heavy-duty off-highway power transmission equipment [3] - Product offerings include marine transmissions, azimuth drives, surface drives, propellers, boat management systems, power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches, and control systems [3] - The company serves customers in pleasure craft, commercial and military marine markets, as well as energy, natural resources, government, and industrial markets [3] - Sales are conducted through a direct sales force and a distributor network, targeting both domestic and foreign customers [3]

Company Overview - Noble Plains Uranium Corp. is focused on uranium exploration and development in the U.S., targeting high-potential projects suitable for In Situ Recovery (ISR), which is noted for being capital-efficient and environmentally responsible [4]. Private Placement Details - The company has increased its non-brokered private placement by 107,611 units, bringing the total to 11,663,611 units at a price of $0.09 per unit, aiming for gross proceeds of up to $1,049,725 [1]. - Each unit consists of one common share and one half of a common share purchase warrant, with each whole warrant allowing the purchase of an additional share at $0.15 for two years [1]. Regulatory Approval - The offering is subject to necessary regulatory approvals, including that of the TSX Venture Exchange [2].

Group 1 - Noble Corporation Plc (NYSE:NE) is recognized for its significant upside potential and is included in the list of the 11 Best Retirement Stocks to Buy According to Analysts [1] - Denton Blake, Senior Vice President of Marketing and Contracts at Noble Corporation, sold 29,729 Class A Ordinary Shares at a weighted average price of $29.78, totaling approximately $885,000 [2] - The share transaction occurred within a price range of $29.76 to $29.85, leaving Blake with direct ownership of 83,182 shares [3] Group 2 - Noble Corporation operates as an offshore drilling contractor for the global oil and gas industry [4] - The company reported Q2 earnings per share of $0.13, which fell short of forecasts of $0.51, while its revenue of $848.65 million slightly exceeded expectations of $842.74 million [3]

Group 1 - The current view on Noble's stock (NYSE: NE) is neutral with a "Hold" recommendation, indicating limited growth potential despite a strong backlog of orders [1] - The investment thesis highlights that the stock's growth is constrained, suggesting that the company may face challenges in capitalizing on its order backlog [1] Group 2 - The article emphasizes the importance of thorough analysis in investment decisions, reflecting a commitment to uncovering hidden value in the market [1] - The author has a diverse background in finance, having worked across various sectors and holding advanced degrees in finance, which adds credibility to the analysis presented [1]

Group 1 - Noble Plains Uranium Corp. has increased the size of its non-brokered private placement to up to 11,556,000 units at a price of $0.09 per unit, aiming for gross proceeds of up to $1,040,040 due to strong investor demand [1] - Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of an additional share at $0.15 for two years [1] - The offering is still subject to final acceptance by the TSX Venture Exchange [2] Group 2 - Noble Plains Uranium Corp. focuses on uranium exploration and development in the U.S., utilizing In Situ Recovery (ISR) for efficient and environmentally responsible uranium extraction [4] - The company's strategy involves targeting historically drilled and underexplored assets in proven jurisdictions to delineate NI 43-101-compliant resources [4]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Group 1 - Horace Mann Educators Corporation is the largest company in the US dedicated to serving educators, founded in 1945 by two teachers [1] - The company operates within a free-market system, where financial markets are considered efficient, reflecting the real current value of most stocks [1] - Investment opportunities may arise from stocks that are less widely followed or those that do not accurately reflect existing market opportunities [1]

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]