Noble plc(US:NE) Prnewswire·2025-10-27 20:05Core Viewpoint - Noble Corporation reported a net loss of $21 million for Q3 2025, a significant decline from a net income of $43 million in the previous quarter, attributed to decreased rig utilization and contract drilling services revenue [2][6][10]. Financial Performance - Total revenue for Q3 2025 was $798 million, down from $849 million in Q2 2025 [2][6]. - Contract drilling services revenue was $757 million, a decrease from $812 million in the prior quarter [2][6]. - Adjusted EBITDA for Q3 2025 was $254 million, down from $282 million in Q2 2025 [2][6]. - Basic and diluted earnings per share were both $(0.13) for Q3 2025, compared to $0.27 in Q2 2025 [2][6]. Operational Highlights - Rig utilization for marketed rigs was 65% in Q3 2025, down from 73% in Q2 2025 [2][5]. - The fleet of marketed floaters was 67% contracted, compared to 78% in the previous quarter [5][6]. - Average dayrates for floaters remained stable in the low to mid $400,000s [5][6]. Backlog and Contracts - The total backlog as of October 27, 2025, stands at $7.0 billion, reflecting new contracts valued at approximately $740 million [6][10]. - Recent contract extensions include two-year contracts with bp valued at $310 million per rig [7][10]. Cash Flow and Capital Allocation - Net cash provided by operating activities was $277 million, with capital expenditures of $138 million, resulting in free cash flow of $139 million [2][6]. - The company declared a quarterly cash dividend of $0.50 per share, expected to be paid on December 18, 2025 [4][10]. Balance Sheet - As of September 30, 2025, total debt was $2 billion, with cash and cash equivalents amounting to $478 million [3][6]. Guidance - The company narrowed its 2025 guidance for total revenue to a range of $3,225 to $3,275 million and adjusted EBITDA to $1,100 to $1,125 million [9][10].