Noble Q2 operating income fell 77% on Brazil suspensions, rig impairment, and fleet cuts

Filed July 28, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 6, 2025 · ~2 min read

Key Changes

• high

  Operating income dropped 77% YoY to $30.5M as Q2 included ~$43M revenue loss from Brazil operational suspensions (Noble Faye Kozack, Noble Courage), a $42M Ocean Apex impairment, partially offset by a $90M gain on rig sales.

  MD&A: Operating Results verify on EDGAR →
• high

  Fleet contracted from 38 to 30 rigs (25→24 floaters, 13→6 jackups) via sales to Borr Drilling and others; floater utilization fell to 59% from 70% as operating days dropped 22% YoY.

  MD&A: Fleet & Utilization verify on EDGAR →
• high

  Backlog fell to $7.1B from $7.4B; ExxonMobil share dropped to 19.8% from 26.5% as BP and Aker BP entered top-five customers; Brazil rig revenue outcomes remain uncertain post-suspension.

  MD&A: Backlog verify on EDGAR →