Noble's 2014-built jack-up rig scoops up new P&A job with ConocoPhillips. August 7, 2026 Noble Corporation, a U.S.-based offshore drilling giant, has lined up a new assignment for a 12-year-old jack-up rig off the coast of Norway with ConocoPhillips Skandinavia, a subsidiary of the U.S.-headquartered energy company ConocoPhillips. Noble has been awarded a contract by ConocoPhillips Skandinavia for the Noble Interceptor ultra-harsh environment jack-up rig offshore Norway. This deal, which is expected to start in the third quarter of 2027, has an estimated duration of 670 days. The 2014-built Noble Interceptor jack-up rig is of Gusto MSC CJ70 X150 MD design. With a maximum drilling depth of 40,000 feet, the jack-up is capable of operating in water depths of 492 feet. Blake Denton, SVP of Marketing & Contracts at Noble, commented: "We appreciate the opportunity to support ConocoPhillips' operations offshore Norway with the Noble Interceptor. This award reflects an exciting new relationship for us on the shelf, and we look forward to demonstrating the full capabilities of this asset and crew." The rig's scope of work comprises plug and abandonment (P&A) of wells in the Greater Ekofisk Area (GEA), located around 300 kilometers southwest of Stavanger. This area, which contains the Ekofisk field discovered in 1969, also includes other producing fields, such as Eldfisk, Embla, Tor, and Tommeliten A. The extensive network of interconnected platforms is centered around the Ekofisk Complex, with oil exported via pipeline to Teesside, UK, and gas piped to Emden, Germany. ConocoPhillips most recently sanctioned the Previously Produced Fields (PPF) project, a redevelopment initiative, focusing on the late-life Albuskjell, Vest Ekofisk, and Tommeliten Gamma fields. The subsea tie-back project is expected to bring new production online by late 2028, boosting European gas security with an estimated 90 to 120 million barrels of oil equivalent in recoverable resources. The project will be brought to life as a subsea development solution tied back to the Ekofisk Complex using existing infrastructure with 11 new wells from four subsea templates, tied back via a shared pipeline

Noble Q2 earnings call highlights. July 28, 2026 Key points. * Brazilian rig suspensions weighed on results: Noble reported $212 million in Q2 adjusted EBITDA on $679 million of revenue, while the disruptions reduced results by $43 million. The company lowered 2026 revenue guidance to $2.8 billion-$2.9 billion and adjusted EBITDA guidance to $850 million-$925 million. * New contracts added approximately $200 million to backlog: The Noble Viking secured a six-well Asia-Pacific contract, while the Noble Claus Bachmann won a BP contract in the U.K. North Sea. Total backlog reached $6.8 billion, including about $1 billion expected to convert to revenue in the rest of 2026. * Management remains optimistic about the offshore drilling market: Noble cited strong international ultra-deepwater demand, with recent fixtures reaching the mid-$400,000-per-day range, and expects a meaningful earnings inflection in the second half of 2027. A debt refinancing is also expected to generate about $35 million in annual cash benefits. * Five stocks to consider instead of Noble. Noble NYSE: NE reported second-quarter 2026 adjusted EBITDA of $212 million on contract drilling services revenue of $679 million, as operational suspensions involving two rigs in Brazil weighed on results and prompted the offshore driller to lower its full-year outlook. Adjusted EBITDA margin was 30% in the quarter. Cash flow from operations totaled $144 million, while capital expenditures were $205 million, resulting in negative free cash flow of $59 million, according to Chief Financial Officer Richard Barker. President and CEO Robert Eifler said the company returned an additional $80 million to shareholders during the quarter through its $0.50-per-share quarterly dividend. Noble's board also declared another $0.50-per-share dividend payable in September. Brazil disruption drives revised guidance. Noble said second-quarter performance was adversely affected by $43 million from an operational suspension involving the Noble Courage and Noble Faye Kozack in Brazil. Both rigs are now operating, but the company's updated guidance includes at least an additional $15 million revenue reduction through January 2027 as it works toward administrative solutions following the suspension. Eifler said the shutdowns during May and June followed an audit by Brazil's ANP regulator. He said Noble could not provide extensive detail because the matter remains ongoing, but noted that the company's revised outlook reflects a range of possible outcomes. The company reduced its 2026 total revenue guidance to $2.8 billion to $2.9 billion, compared with its prior range of $2.8 billion to $3.0 billion. Full-year adjusted EBITDA guidance was cut to $850 million to $925 million from $940 million to $1.02 billion previously. Barker said the reduction primarily reflects the Brazil impact, along with the transfer of work from the Noble Innovator to the Noble Intrepid and Noble Viking options that are now more likely to begin in 2027. Capital expenditure guidance was unchanged at $615 million to $665 million, including an estimated $25 million of customer-reimbursable capital spending. New contracts add $200 million in backlog. Noble secured two new contracts during the past three months, adding approximately $200 million of backlog. The Noble Viking received a six-well contract in the Asia-Pacific region expected to cover most of 2028, with options extending into 2029. Discover more Market Cap Calculator Premium Stock Reports Separately, the company's recently renamed Noble Claus Bachmann, formerly the Ocean GreatWhite, was awarded a three-well contract with BP in the U.K. North Sea. The contract is expected to last 150 to 210 days at a day rate of $320,000, plus mobilization fees, beginning in March 2027. The work is scheduled to occur immediately before the rig starts a three-year contract with Aker BP in Norway. Total backlog stood at $6.8 billion as of July 27, including about $1 billion expected to convert to revenue during the remainder of 2026 and $2.3 billion in 2027. Backlog excludes reimbursable revenue and ancillary services. The current backlog also reflects an anticipated earlier completion of the Noble Stanley Lafosse's wells-based campaign, now expected in January 2027 rather than July 2027. Eifler said the customer continues to seek rig capacity and Noble is participating in that tender. Deepwater outlook shifts toward international markets. Eifler said global ultra-deepwater demand remains strong despite oil-price volatility tied to the Iran conflict. During the first half of 2026, 77 rig-years of ultra-deepwater backlog were contracted, the highest level in more than a decade, he said. Open floater demand remains above 95 rig-years, all outside Brazil, while 104 rigs are contracted now or in the future. That represents 95% contracted utilization of the marketed fleet. Current utilization was 79%, based on 87 ultra-deepwater units under contract, and Noble expects that figure to rise as long-term programs begin. Recent fixtures have reached the mid-$400,000-per-day range, according to Eifler, though he said longer-term work farther into the future generally commands higher rates than near-term gap-filler assignments. * South America: Regional ultra-deepwater demand stands at 41 units, including 32 in Brazil. Noble expects the broader South American market to absorb two to three additional units over the next year, supported by Guyana-Suriname and opportunities in Colombia, Peru, Uruguay and potentially Venezuela. * U.S. Gulf: Demand has declined to 19 units from 21 six months earlier. Noble said current oil prices could support a stabilized 20-rig market over time, while the potential movement of two to three rigs overseas could keep drillship capacity fully utilized. * Africa: West Africa and Mozambique have 22 rig-years of open demand across public tenders and pre-tenders. Noble expects the region could grow into the high teens in rig demand by the second half of 2027. * Asia-Pacific and India: The region has 42 rig-years of open demand, representing 45% of the global total. Noble said India's exploration campaign appears delayed by about a year due to planning and funding lead times rather than canceled. Eifler said Noble could move one or two rigs between regions as opportunities develop, with potential work seen in the U.S. Gulf, West Africa, Asia-Pacific, and Central and Northern South America. Capital structure and fleet activity. During June, Noble issued $800 million of 6.25% senior unsecured notes due 2034 to refinance legacy Diamond bonds and a portion of existing Noble bonds. Barker said the refinancing simplifies the company's capital structure and is expected to produce $35 million in annual cash benefits, primarily from interest expense and tax-related savings. The company also completed an $18 million lease buyout for the third of four Blackships blowout preventer systems. The final buyout is expected in the fourth quarter at the same cost. Noble recorded a $42 million impairment tied to the Ocean Apex sale for scrap; the sale closed in early July and generated $5 million in net proceeds. Looking ahead, Eifler said the company expects a "meaningful earnings inflection" by the second half of 2027, supported by contract startups already in backlog and additional work for its remaining available rig capacity. He said Noble expects to provide further contract news in the coming quarter. About Noble (NYSE:NE). Noble NYSE: NE is an offshore drilling company that provides drilling services to the global oil and gas industry. The firm operates a fleet of mobile offshore drilling units and delivers contract drilling solutions for exploration and production activities. Its core business centers on executing drilling programs for upstream energy companies across a range of water depths and operating environments. Products and services include the operation and management of offshore drilling rigs - such as drillships, semisubmersibles and jackups - along with associated technical, engineering and project management services. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider Noble, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Noble wasn't on the list. While Noble currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.

TotalEnergies begins drilling PNG's first deepwater well with Noble Viking. Jul 6, 2026 TotalEnergies and PETRONAS began drilling the Mailu-1 exploration well, Papua New Guinea's first deepwater well, in Block PL 576 in the Gulf of Papua on 23 June 2026. The well is being drilled by Noble Corp's Noble Viking, a seventh-generation drillship equipped with managed pressure drilling technology, capable of drilling to 40,000 ft and operating in water depths of up to 12,000 ft. Mailu-1 itself targets a water depth of around 2,100 m. TotalEnergies operates the block with a 50% interest, with PETRONAS holding the remaining 50% after farming into the block in 2024. The commencement of drilling was marked aboard the rig, with Papua New Guinea's Minister for Petroleum, Jimmy Maladina, representing the national government. Mailu-1 is a frontier wildcat targeting a large liquids prospect in the underexplored Torres Basin, southeast of Port Moresby.