NOBLE CORPORATION PLC ANNOUNCES SECOND QUARTER 2026 RESULTS (Form 8-K)

NOBLE CORPORATION PLC ANNOUNCES SECOND QUARTER 2026 RESULTS

•Approximately $200 million in new contract value since the April fleet status report, including a 6-well contract for the Noble Viking and a 3-well contract for the Noble Claus Bachmann; backlog stands at $6.8 billion.

•Successful refinancing of the legacy Diamond notes, simplifying the capital structure and unlocking $35 million in annual cash benefits (primarily interest and tax related).

•$0.50 per share cash dividend declared for Q3, maintaining consistent return of capital program.

•Q2 Net Loss of $37 million, Diluted Loss per Share of ($0.23), Adjusted Diluted Earnings per Share of $0.01, Adjusted EBITDA of $212 million, net cash provided by operating activities of $144 million, and Free Cash Flow of $(59) million.

•Full Year 2026 Guidance for Revenue and Adjusted EBITDA reduced; capital expenditures guidance maintained.

HOUSTON, TEXAS, July 27, 2026 - Noble Corporation plc (NYSE: NE, "Noble" or the "Company") today reported second quarter 2026 results.

						Three Months Ended
(in millions, except per share amounts)						June 30, 2026						June 30, 2025						March 31, 2026
Total Revenue						$	720					$	849					$	786
Contract Drilling Services Revenue						679						812						743
Net Income (Loss)						(37)						43						121
Adjusted EBITDA*						212						282						277
Adjusted Net Income (Loss)*						2						20						41
Basic Earnings (Loss) Per Share						(0.23)						0.27						0.76
Diluted Earnings (Loss) Per Share						(0.23)						0.27						0.75
Adjusted Diluted Earnings (Loss) Per Share*						0.01						0.13						0.26
* A Non-GAAP supporting schedule is included with the statements and schedules in this press release.

Robert W. Eifler, President and Chief Executive Officer of Noble, stated, "Our second quarter was adversely impacted by $43 million due to the operational suspension of both of our rigs in Brazil, while operational and financial performance was otherwise strong across the board. Additionally, we completed a highly successful debt refinancing, which is expected to drive meaningful cash benefits going forward. The continued importance of offshore investment is supportive of strong rig demand, with increasing market tightness for high spec drillships driving leading edge dayrates into the mid $400,000s per day."

Second Quarter Results

Contract drilling services revenue for the second quarter of 2026 totaled $679 million compared to $743 million in the prior quarter, with the sequential decrease driven primarily by the operational suspensions impacting the Noble Faye Kozack and Noble Courage in Brazil (comprising approximately $43 million), as well as the conclusion of

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the Noble Globetrotter I's contract in the Black Sea. Utilization of the 29 marketed rigs was 64% in the second quarter of 2026 compared to 68% in the prior quarter. Contract drilling services costs for the second quarter were $446 million, down from $450 million in the prior quarter. Net income decreased to a $37 million loss in the second quarter of 2026 compared to net income of $121 million in the prior quarter, and Adjusted EBITDA decreased to $212 million in the second quarter of 2026, down from $277 million in the prior quarter. Net cash provided by operating activities in the second quarter of 2026 was $144 million, capital expenditures were $205 million, and free cash flow (non-GAAP) was $(59) million.

Balance Sheet & Capital Allocation

The Company's balance sheet as of June 30, 2026, reflected total debt principal value of $1.9 billion and cash (and cash equivalents) of $456 million. In June, the Company refinanced $800 million of existing bonds with a new offering of 6.250% senior unsecured notes due 2034. Second quarter results include an $18 million loss on debt extinguishment. The Company completed the lease buy-out regarding the third (of four total) Blackships BOP systems for $18 million during the second quarter. The buy-out of the last remaining BOP system is expected to occur in the fourth quarter of 2026 for $18 million. Additionally, the idle semisubmersible Ocean Apex was sold for scrapping in July, with net sale proceeds of approximately $5 million corresponding with a $42 million impairment taken during the second quarter.

On July 27, 2026, Noble's Board of Directors approved an interim quarterly cash dividend on our ordinary shares of $0.50 per share for the third quarter of 2026. The $0.50 per share dividend is expected to be paid on September 24, 2026, to shareholders of record at close of business on September 3, 2026. Future quarterly dividends and other shareholder returns will be subject to, amongst other things, approval by the Board of Directors.

Operating Highlights and Backlog

Noble's fleet of 24 marketed floaters was 61% contracted during the second quarter compared with 68% in the prior quarter. Recent contract awards since last quarter have added approximately 16 months of new floater backlog, with leading edge dayrates for Tier-1 drillships increasing to the mid $400,000s. Utilization of Noble's 5 marketed ultra harsh jackups was 80% in the second quarter versus 66% during the prior quarter.

Subsequent to last quarter's earnings press release, new contracts with a total contract value of approximately $200 million include the following:

•Noble Viking was awarded a six-well contract in Asia Pacific scheduled to commence in early 2028 with estimated duration of approximately 300 days.

•Noble Claus Bachmann was awarded a 3-well contract with bp in the UK North Sea. The contract is expected to commence in March 2027 with estimated duration of 150-210 days at a dayrate of $320,000 per day, plus a $5 million mobilization fee. The rig's 3-year campaign with Aker BP is now scheduled to commence in direct continuation of the new bp contract.

Backlog as of July 27, 2026, stands at $6.8 billion. Backlog excludes mobilization and demobilization revenue.

Outlook

For the full year 2026, Revenue guidance is reduced to $2,800-$2,900 million (versus $2,800-$3,000 million previously) and Adjusted EBITDA guidance is reduced to $850-$925 million (versus $940-$1,020 million previously). Guidance for capital expenditures is unchanged at $615-$665 million.

Commenting on Noble's outlook, Mr. Eifler stated, "Revised guidance primarily reflects reduced revenues for our two rigs operating in Brazil, as well as re-sequenced backlog in the second half of the year for the Noble Viking and Noble Innovator/Noble Intrepid. Despite these near-term revenue headwinds, the market outlook continues to look promising in 2027 and beyond for both deepwater and harsh environment rigs, as demonstrated by recent contract fixtures at increasing dayrates."

Due to the forward-looking nature of Adjusted EBITDA and Capital Expenditures (net of reimbursements), management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure, net income and capital expenditures, respectively. Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. The unavailable information could have a significant effect on Noble's full year 2026 GAAP financial results.

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Conference Call

Noble will host a conference call related to its second quarter 2026 results on Tuesday, July 28, 2026, at 8:00 a.m. U.S. Central Time. Interested parties may dial +1 833-461-5787 and refer to conference ID 351391458 approximately 15 minutes prior to the scheduled start time. Additionally, a live webcast link will be available on the Investor Relations section of the Company's website. A webcast replay will be accessible for a limited time following the call.

Contact Noble Corporation plc

Ian Macpherson

Vice President - Investor Relations

+1 713-239-6019

[email protected]

About Noble Corporation plc

Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Additional information on Noble is available at www.noblecorp.com.