April 26th, 2026

The call emphasizes solid financial and operational results in Q1—strong adjusted EBITDA, free cash flow, a $7.5 billion backlog, and multiple contract awards—supported by industry-wide tightening (95% UDW utilization) and growing tender pipelines (+33% YoY). Management is executing reactivations, maintaining dividends, and taking actionable balance sheet steps (jackup sale proceeds, debt redemption, BOP buyouts that yield ~$25M annual EBITDA benefit). Lowlights are limited and largely discrete: a ~$15M hit from an early termination of the Mick O’Brien, a near-term dayrate reduction on a blended Courage extension, modest CapEx increase ($25M), supply-chain/timing pressures, and some concentration in Petrobras-driven contracting. Overall, positives materially outweigh the negatives, with management optimistic about 2027 and market-driven dayrate upside.

Company Guidance

Noble maintained 2026 guidance for total revenue of $2.8–$3.0 billion (including roughly $150 million of reimbursable/other revenue) and adjusted EBITDA of $940 million–$1.02 billion, noting the low end of the EBITDA range is fully contracted by current backlog; capital expenditures guidance was increased by $25 million to reflect the Noble Deliverer reactivation. Management highlighted a $7.5 billion backlog (about $1.8 billion scheduled to convert in the remainder of 2026 and $2.4 billion in 2027), Q1 contract drilling revenue of $742 million, Q1 adjusted EBITDA of $277 million (35% margin), Q1 cash flow from operations of $273 million, Q1 CapEx of $104 million and Q1 free cash flow of $169 million; discrete items noted include an estimated ~$15 million negative impact from the Mick O’Brien early termination, a $73 million total BOP lease buyout ( $36.5 million completed, ~ $18 million expected in Q2 and Q4), and the opportunistic redemption of $55 million of 8.5% senior secured notes at 103, while continuing a $0.50 quarterly dividend (Q1 paid and Q2 declared).