Noble Corp reports Q2 loss, cuts 2026 guidance on Brazil rig suspensions

Noble Corp announced second-quarter 2026 financial results through a press release attached as Exhibit 99.1. The 8-K body does not disclose specific revenue, earnings, or operational metrics; those figures appear only in the exhibit. This is a routine quarterly earnings disclosure under Item 2.02.

Noble Corp is holding a public earnings teleconference on July 28, 2026 to announce second quarter 2026 results. The call will be led by CEO Robert W. Eifler and other executives and will be webcast live. A slide presentation for the call has been furnished with this 8-K.

Noble reported a second quarter 2026 net loss of $37 million, or ($0.23) per diluted share, compared to net income of $121 million in the prior quarter. Adjusted EBITDA decreased to $212 million from $277 million sequentially. The company generated $144 million in operating cash flow but negative $59 million in free cash flow after $205 million in capital expenditures. Contract drilling services revenue fell to $679 million from $743 million in Q1 2026.

The company disclosed that operational suspensions of the Noble Faye Kozack and Noble Courage rigs in Brazil reduced second quarter revenue by approximately $43 million. This was the primary driver of the sequential revenue decline and contributed to the quarterly loss. The outcome of discussions regarding proposed administrative solutions following these suspensions remains uncertain.

Noble reduced its full-year 2026 revenue guidance to $2,800-$2,900 million from $2,800-$3,000 million previously, and lowered Adjusted EBITDA guidance to $850-$925 million from $940-$1,020 million. The reductions primarily reflect lower revenues from the two Brazil rigs and re-sequenced backlog for certain vessels in the second half of 2026. Capital expenditure guidance remained unchanged at $615-$665 million.

Noble's Board declared a $0.50 per share quarterly cash dividend for Q3 2026, payable September 24, 2026 to shareholders of record as of September 3, 2026. This maintains the company's consistent capital return program despite the quarterly loss and reduced guidance.

Noble reported Q2 2026 adjusted EBITDA of $212 million, down from $277 million in Q1 2026. Free cash flow was negative $59 million versus positive $169 million in the prior quarter. Capital expenditures increased to $205 million from $104 million. Net debt rose to $1,432 million from $1,255 million, and net leverage increased to 1.7x from 1.1x. Contract backlog declined to $6.8 billion from $7.5 billion.

Noble announced it is maintaining its Q3 2026 quarterly dividend at $0.50 per share, continuing its capital return program despite the operational challenges and reduced guidance.

Noble disclosed approximately $200 million in new contracts since its April 26, 2026 fleet status report, with total backlog standing at $6.8 billion. Notable new contracts include a 6-well contract for the Viking drillship scheduled to commence in early 2028, and a 3-well contract for the Claus Bachmann semisubmersible with bp in the UK North Sea.

Noble disclosed that two rigs, the Noble Courage and Noble Faye Kozack, are under operational suspension in Brazil, with ongoing discussions regarding administrative solutions. The outcome remains uncertain and may impact actual revenues versus disclosed backlog. This suspension is identified as the primary driver of the 2026 guidance reduction.