Noble Corporation plc reported its third‑quarter 2025 financial results, showing total revenue of $798 million, a decline of approximately 0.4% year‑over‑year, and contract drilling services revenue of $757 million, down about 0.9% year‑over‑year. The company posted a net loss of $21 million, or a diluted earnings loss of $0.13 per share, and adjusted EBITDA of $254 million, a 12.7% drop from the same period last year.
Utilization of the 35 marketed floaters fell to 65% from 73% in the prior quarter, while jackup utilization was 54% versus 63% previously. Backlog increased to $7.0 billion, adding over four rig‑years of new contracts, including a $740 million total contract value added during the quarter.
Net disposal proceeds of $87 million were recorded from the sale of the jackup Noble Highlander and drillship Pacific Meltem, and the sale of the accommodation unit Noble Reacher generated $27.5 million, closing in October 2025 after the quarter ended.
The company declared an interim quarterly cash dividend of $0.50 per share for the third quarter, payable December 18 2025, with a record date of December 4 2025.
Noble revised its full‑year 2025 guidance, tightening revenue to a $3,225 million–$3,275 million range (previously $3,200 million–$3,300 million), adjusted EBITDA to $1,100 million–$1,125 million (previously $1,075 million–$1,150 million), and capital expenditures to $425 million–$450 million (previously $400 million–$450 million).
Sequential comparisons show revenue of $798 million in Q3 2025 versus $849 million in Q2 2025, and contract drilling services revenue of $757 million versus $812 million in Q2 2025.
The company also reported an adjusted diluted earnings per share of $0.19 and a free cash flow of $139 million, with net cash provided by operating activities of $277 million.
Key contract awards included two‑year extensions for the drillships Noble BlackLion and Noble BlackHornet with BP in the U.S. Gulf of Mexico, each valued at $310 million, and a one‑well contract for the Noble Venturer in Ghana at a dayrate of $450,000.
The guidance tightening reflects mid‑cycle market softness, with lower demand for drilling services; Noble is focusing on high‑specification assets and performance‑based contracts to drive future earnings.
Shareholder returns for 2025 total $340 million, including the $0.50 dividend and other capital returns.
A conference call to discuss the results was held on October 28 2025 at 8:00 a.m. U.S. Central Time.
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