Noble Q3 net loss widens on rigs transitioning between contracts; co lowers FY revenue guidance

Noble

26/10/2026 20:58

Overview
Offshore drilling contractor's Q3 revenue decreased compared to last year
Adjusted EPS for Q3 missed analyst expectations
Noble Q3 Net Loss widened compared to last year 
Company declared $0.50 per share Q4 dividend, maintaining capital return program

Outlook
Noble narrows 2026 revenue guidance to $2.85-$2.9 bln, from $2.8-$2.9 bln previously
Company narrows 2026 adjusted EBITDA guidance to $850-$900 mln, from $850-$925 mln previously
Noble raises 2026 capital expenditures guidance to $680-$705 mln, citing higher customer reimbursable capex

Result Drivers
RIG CONTRACT TRANSITIONS - Co said results were impacted by several rigs transitioning between contracts during the qtr
BRAZIL OPERATIONS RESUMED - Co said both rigs in Brazil resumed operations in Q3
CONTRACT AWARDS - Co secured about $560 mln in new contract value since last fleet status report, supporting backlog and utilization

Company press release: ID:nPn5PCyZLa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$729 mln
$709.38 mln (9 Analysts)
Q3 Adjusted EPS
Miss
-$0.57
$0.20 (8 Analysts)
Q3 Loss Per Share
 
$0.73
 
Q3 Adjusted Net Income
Miss
-$92 mln
$34.37 mln (3 Analysts)
Q3 Net Loss
 
$117 mln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas drilling peer group is "buy."
Wall Street's median 12-month price target for Noble Corporation PLC is $50.00, about 4.6% above its October 26 closing price of $47.81
The stock recently traded at 28 times the next 12-month earnings vs. a P/E of 21 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)