Noble Corp plc (NYSE: NE-WT)

Noble Corporation plc is a public limited company incorporated under the laws of England and Wales. The company provides contract drilling services to the international oil and gas industry using a global fleet of mobile offshore drilling units. Its operations involve deploying floating and jackup rigs to drill wells in various offshore basins worldwide. Noble Corporation plc has been engaged in contract drilling since 1921 and currently operates a fleet of 36 drilling rigs consisting of 25 floaters and 11 jackups. The fleet includes 17 drillships capable of drilling in water depths up to 12 000 feet and 8 moored semisubmersible units designed for ultra deepwater operations. The jackup fleet consists of 6 units capable of working in water depths up to 500 feet and suited for ultra harsh environment tasks. In June 2024 Noble entered into an agreement to acquire Diamond Offshore Drilling Inc and completed the acquisition on September 4 2024 expanding its scale and geographic reach. Following the acquisition the company reports its activities under a single reportable segment. The firm's rigs are deployed across regions such as Africa Far East Asia the North Sea Oceania South America and the US Gulf of America reflecting its global operational footprint.

The company generates revenue primarily by offering contract drilling services on a dayrate basis. Under these contracts customers pay a fixed amount for each day the drilling unit is operating under contract which is referred to as the dayrate. Contract duration may be defined by a specific time period or by the number of wells to be drilled. Revenue is also derived from the reimbursement of mobilization and demobilization costs incurred when moving a rig between locations. Contracts may include provisions that allow recovery of certain cost increases or require adjustment of dayrates for documented cost decreases in long term agreements. Additionally agreements often contain terms for early termination by the customer in events such as loss of the rig prolonged equipment breakdown or for convenience with payment of specified amounts. Force majeure clauses permit suspension of obligations when extraordinary events beyond the parties control persist for a defined period. Liability for personnel and property is generally allocated on a knock for knock basis meaning each party assumes responsibility for its own assets. The company also obtains mutual waivers of consequential losses and relies on customer indemnification for subsurface pollution blow out and underground reservoir damage. Noble Corporation plc typically assumes responsibility for operating expenses such as labor supplies maintenance and incidental stores while the customer covers subsurface environmental risks. These contractual structures shape the revenue profile and cash flow generation of the business.

The company operates through the following segment: Contract Drilling Services.

• Contract Drilling Services: This segment encompasses the ownership and operation of a fleet of floaters and jackups that perform drilling operations for oil and gas explorers and producers worldwide. The floaters include 17 drillships designed for ultra deepwater drilling up to 12 000 feet of water and 8 semisubmersible units that provide stable platforms in rough seas and deepwater environments. Each drillship is equipped with a dynamic positioning system that enables it to maintain position over a wellhead without anchors using satellite signals and thrusters. The semisubmersible units utilize either anchored mooring or dynamic positioning to stay on location. The jackup fleet comprises 6 units capable of drilling in water depths up to 500 feet and are suited for ultra harsh environment operations. Jackup rigs achieve vertical positioning by lowering legs to the seabed and raising the hull clear of the water to provide a stable drilling platform. The segment generates income through dayrate based contracts mobilization fees and cost reimbursement provisions. Utilization of the rigs is driven by customer demand for high specification equipment in deepwater and ultra harsh regions and the company seeks to maintain high operational readiness through regular maintenance crew training and safety programs. Backlog of contracted revenue reflects future dayrate expectations and is influenced by the timing of contract start ups and the availability of rigs for interim assignments.

Noble Corporation plc competes in a highly competitive and cyclical offshore contract drilling industry where success is determined by rig availability technical capabilities pricing and safety performance. The company emphasizes a young high specification fleet with many units built after 2010 which enhances its ability to meet demanding customer requirements. Its operational focus on ultra deepwater floaters and ultra harsh environment jackups aligns with market trends that favor equipment capable of operating in challenging conditions. Noble Corporation plc maintains a strong safety culture illustrated by programs such as Noble Peak and the Potential Consequence Severity Index which aim to move beyond traditional incident metrics and focus on risk mitigation. The company also invests in training through its Noble Advances facility to improve crew performance in complex offshore environments. While the industry faces pressures from the energy transition and fluctuating oil prices Noble Corporation plc expects offshore hydrocarbon development to remain a component of global energy supply due to the continued need for low cost low emission barrels. Market analysis indicates that dayrates have risen with increased demand for ultra deepwater capacity although recent periods have shown moderate declines from peak levels. The firm’s strategy includes pursuing multi year contracts to secure revenue visibility while managing exposure to short term market volatility. These factors together support its position as a provider of technically advanced drilling services in the offshore sector.

The company's customer base consists of major oil and gas producers that account for a significant portion of its revenue. In the three years ended December 31 2025 the largest customers were ExxonMobil BP Petrobras TotalEnergies and Shell plc each contributing between ten and twenty five percent of consolidated operating revenues in various years. No other single customer accounted for more than ten percent of revenue in any of those years. These customers represent large integrated independent and government owned or controlled enterprises that conduct exploration development and production activities across multiple geographic regions including Africa Far East Asia the North Sea Oceania South America and the US Gulf. Noble Corporation plc also serves other national oil companies and independent operators that require drilling services for both new field developments and mature basin programs such as plug and abandonment infield drilling and well intervention. The concentration of revenue among a few key clients reflects the nature of the offshore drilling market where large scale projects tend to be awarded to a limited number of high specification contractors. The firm’s reputation for operational safety technical excellence and reliable performance helps to sustain long term relationships with these important clients.