Overview
- Noble reported net income of $121 million on revenue of $786 million, with adjusted EBITDA of $277 million for the first quarter.
- The company kept its 2026 revenue and profit targets, raising capital spending by $25 million to restart the Noble Deliverer for work in Australia.
- New bookings of about $565 million lifted the order backlog to $7.5 billion, helped by a three-year Noble Courage extension in Brazil and a five-well job for Noble Deliverer.
- Noble is buying out $73 million of blowout preventer leases, a move it says will add about $25 million to yearly earnings by removing future rental costs on the subsea safety gear.
- Operational hits remain limited, with one Middle East jackup evacuated and a roughly $15 million charge from the early end of the Mick O’Brien contract in Qatar, as management points to stronger deepwater demand next year.