Noble Corp plc — Form 8-K
Filed October 26, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 48/100
What the filing says
Noble Corporation awarded ~$560M in new contract value since July 2026, bringing total backlog to $6.7B across 28 marketed rigs. Q3 Adjusted EBITDA fell 5% sequentially to $201M; net loss widened to $(117)M vs. $(37)M in Q2. Full-year 2026 revenue guidance narrowed to $2,850–$2,900M (vs. $2,800–$2,900M prior), Adjusted EBITDA narrowed to $850–$900M (vs. $850–$925M prior), and capex increased to $680–$705M (vs. $615–$665M prior), primarily due to $40M higher customer reimbursable capex. Cash position declined to $337M; net debt $1.551B; net leverage 1.9x; Q4 dividend maintained at $0.50/share.
Why this rating
Contract wins and backlog growth are positive; sequential EBITDA decline, widened net losses, and guidance narrowing on upper end offset gains. Backlog ($6.7B) is ~20% of market cap; material but not transformational. Moderate near-term pressure.
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