Noble is an offshore drilling contractor that rents out floating rigs and jackups to oil companies to drill wells at sea, like a heavy-equipment rental service for deepwater energy.
Revenue comes from contract drilling fees, with 2025 annual revenue of USD 3.29B and gross margin of 19.73%, down from 27.36% in 2024; net income swung to a loss in Q2 2026, showing cyclicality.
High capital costs and technical expertise create barriers, but competition from Transocean, Seadrill, and Valaris keeps day rates pressured; the moat is eroding as oversupply and customer bargaining power weaken pricing.
Sell (sector percentile 27) — value C-, growth F, profitability C-, momentum C+, revisions A. Updated daily, sector-relative, identical for every user.
Key events, in time order
Q2 EPS $0.01, revenue below consensus; FY revenue guidance cut to $2.8-2.9B, Adj. EBITDA to $850-925M
Earnings call and market reports confirm results, Brazil rig suspensions weigh
Noble Viking drillship secures six-well Brunei contract valued at ~$136.2M, excluding additional and MPD services.
None yet
None yet
No comments yet.
Facts and opinions separated · All items sourced · Not investment advice
