Noble Corp plc

Previous wording

The following discussion is intended to assist you in understanding our financial position at June 30, 2026, and our results of operations for the six months ended June 30, 2026 and 2025. The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and related notes contained in this Quarterly Report on Form 10-Q, the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”), filed by Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble”) and our other filings with the US Securities and Exchange Commission (“SEC”). References in this Quarterly Report on Form 10-Q to “Noble,” the “Company,” “we,” “us,” “our,” and words of similar meaning refer collectively to Noble and its consolidated subsidiaries.

Current wording

The following discussion is intended to assist you in understanding our financial position at September 30, 2026, and our results of operations for the three and nine months ended September 30, 2026 and 2025. The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and related notes contained in this Quarterly Report on Form 10-Q, the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”), filed by Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble”) and our other filings with the US Securities and Exchange Commission (“SEC”). References in this Quarterly Report on Form 10-Q to “Noble,” the “Company,” “we,” “us,” “our,” and words of similar meaning refer collectively to Noble and its consolidated subsidiaries.

Previous wording

This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“the Exchange Act”). All statements other than statements of historical facts included in this report or in the documents incorporated by reference are forward looking statements, including those regarding expected financial performance, revenues, expected utilization, fleet status, effects of new rigs on the market revenues, operating expenses, cash flows, contract status, tenders, terms and duration, dayrates, operational suspensions, contract negotiations, terminations and extensions, backlog, rigs’ availability, delivery, mobilization, stacking or reactivation, contract commencement, relocation or other movement of rigs and the timing thereof, contract claims, capital expenditures, insurance maintenance and renewals, access to financing, rig demand, peak oil, the offshore drilling market, oil prices, production levels among members of the Organization of Petroleum Exporting Countries (“OPEC”) and other oil and gas producing nations (together with OPEC, “OPEC+”), and any expectations we may have with respect thereto, our future financial position, business strategy, impairments, repayment of debt, credit ratings, liquidity, borrowings under any credit facilities or other instruments, sources of funds, cost inflation, planned acquisitions or divestitures of assets, governmental regulations and permitting, taxes and tax rates, indebtedness covenant compliance, dividends and distributable reserves, share repurchases, the impacts of sustainability matters, the outcome of tax disputes, assessments and settlements, expense management, the outcome of any dispute, litigation, audit or investigation, plans, foreign currency requirements, results of joint ventures, general economic, market, including inflation and recessions, trends and outlook, general political conditions, including political tensions, conflicts and war, timing, benefits, impacts or results of acquisitions or dispositions, and timing for compliance with any new regulations. When used in this report or in the documents incorporated by reference, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” “shall,” “target,” “will,” and similar expressions are intended to be among the terms that identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law. Actua…

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Current wording

This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts included in this report or in the documents incorporated by reference are forward-looking statements, including, but not limited to, those regarding expected financial performance, revenues, expected utilization, fleet status, project status and project schedules, effects of new rigs on the market revenues, operating expenses, cash flows, costs, amount, effect or timing of cost savings, future cash benefit expectations, contract status, contract negotiations, terminations, options and extensions, contract awards and expected future contracts, anticipated contract start dates, tenders, terms and duration, dayrates, operational suspensions, backlog, including projections for the achievement of revenue associated with performance, rigs’ availability, delivery, mobilization, stacking or reactivation, fleet condition, utilization and strategy, relocation or other movement of rigs and the timing thereof, contract claims, capital expenditures, insurance maintenance and renewals, access to financing, rig demand, peak oil, the offshore drilling market, oil prices, production levels among members of the Organization of Petroleum Exporting Countries (“OPEC”) and other oil and gas producing nations (together with OPEC, “OPEC+”), and any expectations we may have with respect thereto, our future financial position, business strategy, impairments, repayment of debt, credit ratings, liquidity, borrowings under any credit facilities or other instruments, sources of funds, cost inflation, planned acquisitions or divestitures of assets, governmental regulations and permitting, taxes, tax rates, and deferred taxes, indebtedness covenant compliance, dividends and distributable reserves, share repurchases, the impacts of sustainability matters, the outcome of tax disputes, assessments and settlements, expense management, the outcome of any dispute, litigation, audit or investigation, plans, foreign currency requirements, results of joint ventures, general economic and market trends and outlook, including outlook on inflation and recessions, current or future economic trends or events and their impact on the Company, general political conditions, including political tensions, conflicts and war, timing, benefits, impacts or results of acquisitions or dispositions, and timing for compliance with any new regulations. When used in this report or in the documents incorporated by reference, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” “shall,” “target,” “will,” and similar expressions are intended to be among the terms …

Excerpt shortened here; the source contains the full paragraph.

Previous wording

Noble is a leading offshore drilling contractor for the oil and gas industry. As of the filing date of this Quarterly Report on Form 10-Q, Noble performs, through its subsidiaries, contract drilling services with a fleet of 30 drilling rigs, consisting of 24 floaters and 6 jackups (excluding certain rigs currently operating under a bareboat charter agreement), focused largely on ultra-deepwater and high-specification jackup drilling opportunities in both established and emerging regions worldwide. We typically employ each drilling unit under an individual contract, and many contracts are awarded based upon a competitive bidding process.

Current wording

Noble is a leading offshore drilling contractor for the oil and gas industry. As of the filing date of this Quarterly Report on Form 10-Q, Noble performs, through its subsidiaries, contract drilling services with a fleet of 29 drilling rigs, consisting of 24 floaters and 5 jackups (excluding certain rigs currently operating under a bareboat charter agreement), focused largely on ultra-deepwater and high-specification jackup drilling opportunities in both established and emerging regions worldwide. We typically employ each drilling unit under an individual contract, and many contracts are awarded based upon a competitive bidding process.

Previous wording

In recent years, oil prices have generally remained at levels that are supportive of offshore exploration and development activity and global rig demand recovered to eclipse pre-pandemic levels, albeit with some moderation since early 2024. During the second quarter of 2026, the conflict involving Iran caused significant disruption in the normal flow of oil, refined petroleum products, and related commodities, contributing to elevated and volatile commodity prices and broader uncertainty across global energy markets and regional and global shipping flows. Current demand and utilization levels are supported by the combination of the outlook for longer-term commodity prices, heightened focus on energy security, the capital intensity of depletion replacement, and relative attractiveness of offshore plays with respect to both cost and carbon emissions. The increase in global rig demand since 2021 has had a positive impact on dayrates for most rig classes, although dayrates have decreased moderately since recent highs in 2023 and 2024.

Current wording

In recent years, oil prices have generally remained at levels that are supportive of offshore exploration and development activity and global rig demand recovered to eclipse pre-pandemic levels, albeit with some moderation since early 2024. During 2026, the conflict involving Iran caused significant disruption in the normal flow of oil, refined petroleum products, and related commodities, contributing to elevated and volatile commodity prices and broader uncertainty across global energy markets and regional and global shipping flows. Current demand and utilization levels are supported by the combination of the outlook for longer-term commodity prices, heightened focus on energy security, the capital intensity of depletion replacement, and relative attractiveness of offshore plays with respect to both cost and carbon emissions. The increase in global rig demand since 2021 has had a positive impact on dayrates for most rig classes, although dayrates have decreased moderately since recent highs in 2023 and 2024.

Previous wording

Although the market outlook in our business varies by geographical region and water depth and, despite recent volatility regarding the price of oil, we remain encouraged by the long-term outlook in the ultra-deepwater floater market. Our customers continue to focus on our highest specification floaters, which represents the majority of our floater fleet. Assuming current market fundamentals, continued customer prioritization towards these highest specification floaters could result in lower utilization for our lower specification drillships and our semi-submersibles. Demand for midwater semisubmersibles is primarily driven by brownfield activity in mature basins, especially in Northwest Europe, South America, and the Asia Pacific regions, where a generally stable level of baseload demand is supported by infield drilling and plug and abandonment requirements. Despite some recent contract suspensions in select jackup markets, we have also observed an overall demand increase in the global jackup market since 2020. While we remain encouraged about overall long-term rig demand, the near-term outlook for both floaters and jackups over the next several quarters continues to present lingering utilization headwinds compared to 2023-2024 levels. Furthermore, economic uncertainty and increased volatility regarding commodity prices, arising from, among other things, the conflict involving Iran, related shipping disruption, and elevated geopolitical tensions, collectively present potential for oil demand destruction and supply chain pressure.

Current wording

Although the market outlook in our business varies by geographical region and water depth and, despite recent volatility regarding the price of oil, we remain encouraged by the long-term outlook in the ultra-deepwater floater market. Our customers continue to focus on our highest specification floaters, which represents the majority of our floater fleet. Assuming current market fundamentals, continued customer prioritization towards these highest specification floaters could result in lower utilization for our lower specification drillships and our semi-submersibles. Demand for midwater semisubmersibles is primarily driven by brownfield activity in mature basins, especially in Northwest Europe, South America, and the Asia Pacific regions, where a generally stable level of baseload demand is supported by infield drilling and plug and abandonment requirements. Furthermore, economic uncertainty and increased commodity price volatility, arising from, among other things, the conflict involving Iran, related shipping disruption, and elevated geopolitical tensions, collectively present potential for oil demand destruction and supply chain pressure. In addition, rising interest rates could weigh on broader economic activity, which may affect the timing or scope of industry decisions, particularly for capital-intensive, long-cycle offshore projects.

Previous wording

We maintain a backlog of commitments for contract drilling services. Our contract drilling services backlog reflects estimated future revenues attributable to signed drilling contracts. As of June 30, 2026, contract drilling services backlog totaled approximately $7.1 billion.

Current wording

We maintain a backlog of commitments for contract drilling services. Our contract drilling services backlog reflects estimated future revenues attributable to signed drilling contracts. As of September 30, 2026, contract drilling services backlog totaled approximately $6.8 billion.

Previous wording

(1)Represents a six-month period beginning July 1, 2026.

Current wording

(1)Represents a three-month period beginning October 1, 2026.

Previous wording

(2)Noble entered into a multi-year Commercial Enabling Agreement (the “CEA”) with ExxonMobil in February 2020. Under the CEA, dayrates for the rigs are repriced on January 1 and July 1 each year to the projected market rate at the time the new rate goes into effect, subject to a scale-based discount and a performance bonus that appropriately aligns the interests of Noble and ExxonMobil. Under the CEA, the above table includes awarded and remaining current contract term to February 18, 2029, related to each of the four following rigs: the Noble Tom Madden, Noble Bob Douglas, Noble Don Taylor, and Noble Sam Croft. Under the CEA, ExxonMobil may reassign remaining contract term among rigs, subject to maintaining certain minimum contract term on the rig from which term is removed.

Current wording

(2)Noble entered into a multi-year Commercial Enabling Agreement (the “CEA”) with ExxonMobil in February 2020. Under the CEA, dayrates for the rigs are repriced on January 1 and July 1 each year to the projected market rate at the time the new rate goes into effect, subject to a scale-based discount and a performance bonus that appropriately aligns the interests of Noble and ExxonMobil. Under the CEA, the above table includes awarded and remaining current contract term to February 18, 2029, related to each of the following four rigs: the Noble Tom Madden, Noble Bob Douglas, Noble Don Taylor, and Noble Sam Croft. Under the CEA, ExxonMobil may reassign remaining contract term among rigs, subject to maintaining certain minimum contract term on the rig from which term is removed.

Previous wording

The amount of actual revenues earned and the actual periods during which revenues are earned may be materially different than the backlog amounts and backlog periods presented in the table above due to various factors, including, but not limited to, shipyard and maintenance projects, unplanned downtime, the operation of market benchmarks for dayrate resets, achievement of bonuses, weather conditions, reduced standby or mobilization rates, and other factors that result in applicable dayrates lower than the full contractual operating dayrate. In addition, amounts included in the backlog may change because drilling contracts may be varied or modified according to their terms or by mutual consent, or customers may exercise early termination rights contained in some of our drilling contracts or decline to enter into a drilling contract after executing a letter of intent. Our backlog as of any particular date may not be indicative of our actual operating results for the periods for which the backlog is calculated. See Part I, Item 1A, “Risk Factors – Risks Related to Our Business and Operations – Our current backlog of contract drilling revenue may not be ultimately realized” in our Form 10-K. For example, as described under “Results of Operations” below, the actual revenues earned in the second quarter of 2026 from the Noble Faye Kozack and the Noble Courage differed from prior backlog amounts due to the disclosed temporary operational suspensions. Both rigs are currently operating in Brazil; however, the outcome of discussions regarding proposed administrative solutions following the operational suspension of the rigs remain uncertain and actual revenues earned by the rigs may differ from the backlog amounts and periods presented in the table above. Additionally, the above table reflects re-sequenced commitments in the second half of 2026, including the transfer of backlog from the Noble Innovator to the Noble Intrepid as well as an earlier anticipated end date for the Noble Stanley Lafosse in January 2027 rather than July 2027 previously. In addition, with the relevant option likely moving into 2027, we no longer anticipate exercise of the option period for the Noble Viking in the fourth quarter of 2026.

Current wording

The amount of actual revenues earned and the actual periods during which revenues are earned may be materially different than the backlog amounts and backlog periods presented in the table above due to various factors, including, but not limited to, shipyard and maintenance projects, unplanned downtime, the operation of market benchmarks for dayrate resets, achievement of bonuses, weather conditions, reduced standby or mobilization rates, and other factors that result in applicable dayrates lower than the full contractual operating dayrate. In addition, amounts included in the backlog may change because drilling contracts may be varied or modified according to their terms or by mutual consent, or customers may exercise early termination rights contained in some of our drilling contracts or decline to enter into a drilling contract after executing a letter of intent. Our backlog as of any particular date may not be indicative of our actual operating results for the periods for which the backlog is calculated. See Part I, Item 1A, “Risk Factors – Risks Related to Our Business and Operations – Our current backlog of contract drilling revenue may not be ultimately realized” in our Form 10-K. For example, as described under “Results of Operations” below, the actual revenues earned in the second and third quarters of 2026 from the Noble Faye Kozack and the Noble Courage differed from prior backlog amounts due to the previously disclosed temporary operational suspensions of those rigs, both of which have since resumed operations. Furthermore, the above table reflects re-sequenced commitments in the second half of 2026, including the transfer of backlog from the Noble Innovator to the Noble Intrepid as well as an earlier anticipated end date for the Noble Stanley Lafosse in December 2026 or January 2027 rather than July 2027 previously. Additionally, a customer option for the Noble Viking has been deferred from the fourth quarter of 2026 into 2027.

Previous wording

As of June 30, 2026, ExxonMobil, Shell, BP, TotalEnergies, and Aker BP represented approximately 19.8%, 18.1%, 13.7%, 12.7%, and 10.5% of our backlog, respectively.

Current wording

As of September 30, 2026, ExxonMobil, Shell, TotalEnergies, BP, and Aker BP represented approximately 20.5%, 18.8%, 13.6%, 12.8%, and 10.2% of our backlog, respectively.

Previous wording

Net loss for the three months ended June 30, 2026 (the “current quarter”), was $36.7 million, or $(0.23) per diluted share, on operating revenues of $719.7 million compared to net income for the three months ended June 30, 2025, of $42.9 million, or $0.27 per diluted share, on operating revenues of $848.7 million.

Current wording

Net loss for the three months ended September 30, 2026 (the “current quarter”), was $117.0 million, or $(0.73) per diluted share, on operating revenues of $728.8 million compared to net loss for the three months ended September 30, 2025, of $21.1 million, or $(0.13) per diluted share, on operating revenues of $798.0 million.

Previous wording

Jackups. During the second quarter of 2026, jackups generated revenue of $128.5 million, as compared to $127.8 million in the second quarter of 2025. The increase in revenue was mainly attributable to $3.3 million due to a net change in average dayrates in the current period. This increase was partly offset by $2.6 million from rigs with net changes in operating days.

Current wording

Jackups. During the third quarter of 2026, jackups generated revenue of $120.3 million, as compared to $127.3 million in the third quarter of 2025. The decrease in revenue was mainly attributable to $22.4 million due to a net change in average dayrates in the current period. The decrease was partially offset by $15.7 million from rigs with net changes in operating days.

Previous wording

Floaters. During the second quarter of 2026, total contract drilling services costs related to floaters was $357.0 million, as compared to $396.8 million in the second quarter of 2025. The primary drivers of this decrease were decreases of $14.5 million in rental equipment, $13.1 million in capitalized shipyard costs, $9.4 million in repairs and maintenance, $5.4 million in labor, $4.6 million in regulatory inspections, and $7.8 million in non-labor costs, operations support costs, and other costs across the fleet. Further, there was a decrease of $6.1 million related to certain rigs sold or no longer operated by Noble. These decreases were partially offset by $11.4 million in insurance proceeds received as well as an increase of $9.7 million in mobilization.

Current wording

Floaters. During the third quarter of 2026, total contract drilling services costs related to floaters was $375.7 million, as compared to $381.6 million in the third quarter of 2025. The primary drivers of this decrease were decreases of $21.1 million in mobilization, $12.1 million in rental equipment, $9.4 million related to rigs while in shipyards, $5.6 million in insurance costs, and $4.2 million in regulatory inspections. These decreases were partially offset by increases of $13.4 million in repairs and maintenance, $11.9 million in labor, and $21.2 million in non-labor costs, operations support costs, and other costs across the fleet.

Previous wording

Jackups. During the second quarter of 2026, total contract drilling services cost related to jackups was $89.3 million, as compared to $105.6 million in the second quarter of 2025. The primary drivers of this decrease were decreases of $5.8 million in mobilization, $3.1 million in regulatory inspections, and $1.8 million in non-labor costs, operations support costs, and other costs across the fleet. Further, there was a decrease of $5.6 million related to certain rigs sold or no longer operated by Noble.

Current wording

Jackups. During the third quarter of 2026, total contract drilling services cost related to jackups was $92.8 million, as compared to $98.3 million in the third quarter of 2025. The primary drivers of this decrease were decreases of $2.9 million in regulatory inspections, and $1.6 million in labor. Further, there was a decrease of $4.6 million related to certain rigs sold or no longer operated by Noble.

Previous wording

Depreciation and amortization. Depreciation and amortization totaled $139.6 million and $147.1 million during the second quarter of 2026 and 2025, respectively. Depreciation and amortization decreased primarily due to divestitures during the first quarter of 2026 as well as the timing of capital additions that were placed in service among the periods.

Current wording

Depreciation and amortization. Depreciation and amortization totaled $143.4 million and $147.3 million during the third quarter of 2026 and 2025, respectively. Depreciation and amortization decreased primarily due to divestitures during the third quarter of 2026 as well as the timing of capital additions that were placed in service among the periods.

Previous wording

General and administrative. General and administrative expenses totaled $26.9 million and $35.0 million during the second quarter of 2026 and 2025, respectively. The decrease was primarily driven by lower labor costs of $5.0 million, and $1.3 million in office rental and maintenance due to the Denmark office lease termination during the second quarter of 2025.

Current wording

General and administrative. General and administrative expenses totaled $27.3 million and $33.3 million during the third quarter of 2026 and 2025, respectively. The decrease was primarily driven by lower labor costs of $6.6 million. The decrease was partially offset by an increase of $3.5 million in information technology costs.

Previous wording

Merger and integration costs. Noble incurred $5.3 million of merger and integration costs during the second quarter of 2025. The majority of the costs incurred directly related to the agreement and plan of merger, dated June 9, 2024, with Diamond Offshore Drilling, Inc. (“Diamond”), Dolphin Merger Sub 1, Inc., and Dolphin Merger Sub 2, Inc., under which Noble would acquire Diamond in a stock plus cash transaction (the “Diamond Transaction”). Such costs related primarily to professional fees and certain integration-related activities.

Current wording

Merger and integration costs. Noble incurred $2.1 million of merger and integration costs during the third quarter of 2025. The majority of the costs incurred directly related to the agreement and plan of merger, dated June 9, 2024, with Diamond Offshore Drilling, Inc. (“Diamond”), Dolphin Merger Sub 1, Inc., and Dolphin Merger Sub 2, Inc., under which Noble would acquire Diamond in a stock plus cash transaction (the “Diamond Transaction”). Such costs related primarily to professional fees and certain integration-related activities.

Previous wording

Loss on impairment. During the second quarter of 2026, we recorded a loss on impairment of $42.3 million to reduce the carrying value of the Ocean Apexto its estimated fair value less costs to sell. There were no impairments recorded during the second quarter of 2025. For additional information, see “Note 4 — Property and Equipment” to our unaudited condensed financial statements.

Current wording

Loss on impairment. During the third quarter of 2025, we recorded a loss on impairment of $60.7 million to reduce the carrying values of the Noble Globetrotter II and Noble Reacher to their estimated fair value less costs to sell. For additional information, see “Note 4 — Property and Equipment” to our unaudited condensed financial statements.

Previous wording

Interest expense, net of amounts capitalized. Interest expense totaled $36.2 million and $40.0 million during the second quarter of 2026 and 2025, respectively. Interest expense in each period primarily related to our 2034 Notes, 2030 Notes, and the Diamond Second Lien Notes (as defined below). The decrease in the current period is due to less average principal debt outstanding which accrued interest at lower rates. For additional information, see “Note 5 — Debt” to our unaudited condensed consolidated financial statements.

Current wording

Interest expense, net of amounts capitalized. Interest expense totaled $35.0 million and $40.5 million during the third quarter of 2026 and 2025, respectively. Interest expense is primarily related to our 2034 Notes, 2030 Notes, and the Diamond Second Lien Notes (each as defined below). The decrease in the current period is due to less average principal debt outstanding which accrued interest at lower rates. For additional information, see “Note 5 — Debt” to our unaudited condensed consolidated financial statements.

Previous wording

Interest income and other, net. Noble recognized interest and other income of $3.7 million and $4.7 million during the second quarter of 2026 and 2025, respectively. The current period includes $4.0 million of interest income from the seller notes received from the sale of jackup rigs to Borr Drilling Limited. For additional information, see “Note 9 — Supplemental Financial Information—Notes receivable” to our unaudited condensed consolidated financial statements.

Current wording

Interest income and other, net. Noble recognized interest income and other expenses of $(9.1) million and interest and other income of $0.7 million during the third quarter of 2026 and 2025, respectively. The current period includes $2.9 million of interest income from the seller notes received from the sale of jackup rigs to Borr Drilling Limited (“Borr”). The current period interest income was offset by the fair value adjustment of the notes receivable acquired pertaining to the transaction with Borr. For additional information, see “Note 9 — Supplemental Financial Information—Notes receivable” to our unaudited condensed consolidated financial statements.

Previous wording

Income tax benefit (provision). Noble recorded an income tax provision of $16.3 million and $57.1 million during the second quarter of 2026 and 2025, respectively.

Current wording

Income tax benefit (provision). Noble recorded an income tax provision of $133.0 million and $31.7 million during the third quarter of 2026 and 2025, respectively.

Previous wording

During the second quarter of 2026, our tax provision included tax benefits of $23.0 million related to adjustments to valuation allowance for deferred tax benefits primarily in Switzerland and Nigeria. Such tax benefits were offset by recurring quarterly accruals of $39.3 million mostly in Luxembourg, Switzerland, and the United States.

Current wording

During the third quarter of 2025, our tax provision included tax benefits of $6.1 million related to adjustments to valuation allowance for deferred tax benefits primarily in Luxembourg. Such tax benefits were offset by recurring quarterly accruals of $37.9 million mostly in Guyana, Luxembourg, Switzerland, and the United States.

Previous wording

Net income for the six months ended June 30, 2026, was $84.0 million, or $0.52 per diluted share, on operating revenues of $1.5 billion compared to net income for the six months ended June 30, 2025, of $151.2 million, or $0.93 per diluted share, on operating revenues of $1.7 billion.

Current wording

Net loss for the nine months ended September 30, 2026, was $33.0 million, or $(0.21) per diluted share, on operating revenues of $2.2 billion compared to net income for the nine months ended September 30, 2025, of $130.1 million, or $0.80 per diluted share, on operating revenues of $2.5 billion.

Previous wording

(3)For 2026, the figures include rigs sold to Borr Drilling Limited, which are/were operating under a bareboat charter agreement.

Current wording

(3)For 2026, the figures include rigs sold to Borr, which are/were operating under a bareboat charter agreement.

Previous wording

Floaters. During the six months ended June 30, 2026, floaters generated revenue of $1.2 billion, as compared to $1.4 billion in the six months ended June 30, 2025. The decrease in revenue was mainly attributable to $209.8 million from rigs with net changes in operating days, which included approximately $43.0 million related to the Noble Faye Kozack and Noble Courage operational suspensions in Brazil. This decrease was partly offset by $12.0 million due to a net change in average dayrates in the current period. Additionally, floater revenue from net non-cash amortization related to off-market customer contract assets and liabilities decreased $8.3 million in the current period.

Current wording

Floaters. During the nine months ended September 30, 2026, floaters generated revenue of $1.7 billion, as compared to $2.0 billion in the nine months ended September 30, 2025. The decrease in revenue was mainly attributable to $239.8 million from rigs with net changes in operating days, which included approximately $47.7 million related to the previously disclosed operational suspensions of the Noble Faye Kozack and Noble Courage in Brazil, both of which have since resumed operations. There was also a decrease of $24.7 million due to a net change in average dayrates in the current period. Additionally, floater revenue from net non-cash amortization related to off-market customer contract assets and liabilities decreased $8.3 million in the current period.

Previous wording

Jackups. During the six months ended June 30, 2026, jackups generated revenue of $250.5 million, as compared to $266.7 million in the six months ended June 30, 2025. The decrease in revenue was mainly attributable to a decrease of $21.0 million from rigs with net changes in operating days during the current period. This decrease was partly offset by $5.0 million due to a net change in average dayrates in the current period.

Current wording

Jackups. During the nine months ended September 30, 2026, jackups generated revenue of $370.8 million, as compared to $394.0 million in the nine months ended September 30, 2025. The decrease in revenue was mainly attributable to a decrease of $17.3 million from rigs with net changes in operating days during the current period. There was also a decrease of $5.7 million due to a net change in average dayrates in the current period.

Previous wording

Floaters. During the six months ended June 30, 2026, total contract drilling services costs related to floaters was $719.6 million, as compared to $788.6 million in the six months ended June 30, 2025. The primary drivers of this decrease were decreases of $28.0 million in rental equipment, $19.9 million in repairs and maintenance, $9.3 million in regulatory inspections, and $33.2 million in non-labor costs, operations support costs, and other costs across the fleet. Further, there was a decrease of $11.9 million related to certain rigs sold or no longer operated by Noble. These decreases were partially offset by $11.4 million in insurance proceeds received as well as an increase of $16.2 million in mobilization and $5.7 million in fuel.

Current wording

Floaters. During the nine months ended September 30, 2026, total contract drilling services costs related to floaters was $1.1 billion, as compared to $1.2 billion in the nine months ended September 30, 2025. The primary drivers of this decrease were decreases of $40.1 million in rental equipment, $26.7 million related to rigs while in shipyards, $13.5 million in regulatory inspections, $6.5 million in repairs and maintenance, and $6.3 million in insurance costs. Further, there was a decrease of $9.4 million related to certain rigs sold or no longer operated by Noble. These decreases were partially offset by increases of $7.0 million in fuel, $6.0 million in labor, and $8.4 million in non-labor costs, operations support costs, and other costs across the fleet, and a net decrease of $11.4 million in insurance proceeds received compared to prior year.

Previous wording

Jackups. During the six months ended June 30, 2026, total contract drilling services cost related to jackups was $176.8 million, as compared to $175.9 million in the six months ended June 30, 2025. The primary drivers of this increase were increases of $2.5 million in labor and $5.1 million in non-labor costs, operations support costs, and other costs across the fleet. Also included in this amount was $20.0 million in insurance proceeds received during the prior year. These increases were partially offset by decreases of $10.7 million in mobilization and $5.0 million in regulatory inspections. Further, there was a decrease of $11.0 million related to certain rigs sold or no longer operated by Noble.

Current wording

Jackups. During the nine months ended September 30, 2026, total contract drilling services cost related to jackups was $269.6 million, as compared to $279.4 million in the nine months ended September 30, 2025. The primary drivers of this decrease were decreases of $10.1 million in mobilization, $7.9 million in regulatory inspections, $3.5 million related to rigs while in shipyards, and $3.0 million in transportation and storage. Further, there was a decrease of $18.6 million related to certain rigs sold or no longer operated by Noble. These decreases were partially offset by an increase of $13.3 million in non-labor costs, operations support costs, and other costs across the fleet, and $20.0 million in insurance proceeds received during the prior year.

Previous wording

Depreciation and amortization. Depreciation and amortization totaled $276.9 million and $290.2 million during the six months ended June 30, 2026 and 2025, respectively. Depreciation and amortization decreased primarily due to divestitures during the current period as well as the timing of capital additions that were placed in service among the periods.

Current wording

Depreciation and amortization. Depreciation and amortization totaled $420.4 million and $437.5 million during the nine months ended September 30, 2026 and 2025, respectively. Depreciation and amortization decreased primarily due to divestitures during the current period as well as the timing of capital additions that were placed in service among the periods.

Previous wording

General and administrative. General and administrative expenses totaled $57.0 million and $70.2 million during the six months ended June 30, 2026 and 2025, respectively. The decrease was primarily driven by lower labor costs of $3.4 million, $1.6 million in professional fees, and a combined $2.4 million in office rental and maintenance and facility and office costs due to the Denmark office lease termination during the second quarter of 2025.

Current wording

General and administrative. General and administrative expenses totaled $84.3 million and $103.5 million during the nine months ended September 30, 2026 and 2025, respectively. The decrease was primarily driven by lower labor costs of $10.0 million, $2.1 million in training costs, $1.2 million in professional fees. The decrease was partially offset by an increase of $2.2 million in information technology costs.

Previous wording

Merger and integration costs. Noble incurred $2.6 million and $20.2 million of merger and integration costs during the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026 and 2025, all and the majority of costs incurred, respectively, directly related to the Diamond Transaction. In both periods, such costs related primarily to professional fees and certain integration-related activities.

Current wording

Merger and integration costs. Noble incurred $2.6 million and $22.4 million of merger and integration costs during the nine months ended September 30, 2026 and 2025, respectively. During the nine months ended September 30, 2026 and 2025, all and the majority of costs incurred, respectively, directly related to the Diamond Transaction. In both periods, such costs related primarily to professional fees and certain integration-related activities.

Previous wording

(Gain) loss on sale of operating assets, net. During the six months ended June 30, 2026, we sold the Noble Tom Prosser, Noble Mick O'Brien, Noble Regina Allen, Noble Resilient, and Noble Resolute, resulting in a pre-tax gain of $89.5 million. During the six months ended June 30, 2025, we sold the Pacific Scirocco, resulting in a pre-tax gain of $4.8 million.

Current wording

(Gain) loss on sale of operating assets, net. During the nine months ended September 30, 2026, we sold the Noble Tom Prosser, Noble Mick O'Brien, Noble Regina Allen, Noble Resilient, Noble Resolute, and Ocean Apex resulting in a pre-tax gain of $92.4 million. During the nine months ended September 30, 2025, we sold the Noble Highlander, Pacific Meltem, and Pacific Scirocco, resulting in a pre-tax gain of $11.0 million.

Previous wording

Loss on impairment. During the six months ended June 30, 2026, we recorded a loss on impairment of $42.3 million to reduce the carrying value of the Ocean Apexto its estimated fair value less costs to sell. There were no impairments recorded during the six months ended June 30, 2025. For additional information, see “Note 4 — Property and Equipment” to our unaudited condensed financial statements.

Current wording

Loss on impairment. During the nine months ended September 30, 2026, we recorded a loss on impairment of $42.3 million to reduce the carrying value of the Ocean Apexto its estimated fair value less costs to sell. During the nine months ended September 30, 2025, we recorded a loss on impairment of $60.7 million to reduce the carrying values of the Noble Globetrotter II and Noble Reacher to their estimated fair value less costs to sell. For additional information, see “Note 4 — Property and Equipment” to our unaudited condensed financial statements.

Previous wording

Interest expense, net of amounts capitalized. Interest expense totaled $76.8 million and $80.5 million during the six months ended June 30, 2026 and 2025, respectively. Interest expense in each period primarily related to our 2034 Notes, 2030 Notes, and the Diamond Second Lien Notes (as defined below). The decrease in the current period is due to less average principal debt outstanding which also accrued interest at lower rates. For additional information, see “Note 5 — Debt” to our unaudited condensed consolidated financial statements.

Current wording

Interest expense, net of amounts capitalized. Interest expense totaled $111.8 million and $121.0 million during the nine months ended September 30, 2026 and 2025, respectively. Interest expense is primarily related to our 2034 Notes, 2030 Notes, and the Diamond Second Lien Notes (each as defined below). The decrease in the current period is due to less average principal debt outstanding which also accrued interest at lower rates. For additional information, see “Note 5 — Debt” to our unaudited condensed consolidated financial statements.

Previous wording

Interest income and other, net. Noble recognized interest and other income of $11.9 million and $6.5 million during the six months ended June 30, 2026 and 2025, respectively. The current period includes $7.4 million of interest income from the seller notes received from the sale of jackup rigs to Borr Drilling Limited. For additional information, see “Note 9 — Supplemental Financial Information—Notes receivable” to our unaudited condensed consolidated financial statements.

Current wording

Interest income and other, net. Noble recognized interest and other income of $2.8 million and $7.3 million during the nine months ended September 30, 2026 and 2025, respectively. The current period includes $10.3 million of interest income from the seller notes received from the sale of jackup rigs to Borr. The current period interest income was offset by the fair value adjustment of the notes receivable acquired pertaining to the transaction with Borr. For additional information, see “Note 9 — Supplemental Financial Information—Notes receivable” to our unaudited condensed consolidated financial statements.

Previous wording

Income tax benefit (provision). Noble recorded an income tax provision of $89.2 million and $97.5 million during the six months ended June 30, 2026 and 2025, respectively.

Current wording

Income tax benefit (provision). Noble recorded an income tax provision of $222.3 million and $129.2 million during the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

During the six months ended June 30, 2026, our tax provision included tax benefits of $37.7 million primarily related to adjustments to valuation allowances for deferred tax benefits primarily in Luxembourg, Switzerland, and Nigeria. Such tax benefits were offset by tax effects of $23.5 million related to the gain on sale of operating assets and recurring quarterly accruals of $103.4 million mostly in Luxembourg, Switzerland, and the United States.

Current wording

During the nine months ended September 30, 2026, our tax provision included tax benefits of $23.9 million primarily related to adjustments to valuation allowances for deferred tax benefits primarily in Nigeria. Such tax benefits were offset by tax effects of $23.5 million related to the gain on sale of operating assets and recurring quarterly accruals of $222.7 million mostly in Ghana, Guyana, Luxembourg, Switzerland, and the United States.

Previous wording

During the six months ended June 30, 2025, our tax provision included tax benefits of $78.9 million related to releases of valuation allowance for deferred tax benefits primarily in Luxembourg. Such tax benefits were offset by tax expenses related to recurring quarterly accruals of $176.4 million mostly in Guyana, Luxembourg, Switzerland, and the United States.

Current wording

During the nine months ended September 30, 2025, our tax provision included tax benefits of $85.1 million related to releases of valuation allowance for deferred tax benefits primarily in Luxembourg. Such tax benefits were offset by tax expenses related to recurring quarterly accruals of $214.3 million mostly in Guyana, Luxembourg, Switzerland, and the United States.

Previous wording

We currently expect to fund our cash flow needs with cash generated by our operations, cash on hand, proceeds from sales of assets, or borrowings under the Revolving Credit Facility (as defined below), and we believe this will provide us with sufficient liquidity to fund our cash flow needs over the next 12 months. Subject to market conditions and other factors, we may also issue equity or long-term debt securities to fund our cash flow needs and for other purposes.

Current wording

We currently expect to fund our cash flow needs with cash generated by our operations, cash on hand, proceeds from sales of assets, or borrowings under the Revolving Credit Facility (as defined below), and we believe this will provide us with sufficient liquidity to fund our cash flow needs over the next 12 months. Additional liquidity is anticipated through the sale of our notes receivable (for more information, see “Note 9 - Supplemental Financial Information” to our unaudited condensed financial statements). Subject to market conditions and other factors, we may also issue equity or long-term debt securities to fund our cash flow needs and for other purposes.

Previous wording

Net cash provided by operating activities was $417.4 million and $487.4 million for the six months ended June 30, 2026 and 2025, respectively. The decrease in net cash provided by operating activities for the six months ended June 30, 2026, was primarily attributable to the sale of five jackup rigs to Borr Drilling Limited as well as the operational suspensions in Brazil during the current period. We had working capital of $561.4 million at June 30, 2026, and $512.6 million at December 31, 2025.

Current wording

Net cash provided by operating activities was $561.9 million and $764.6 million for the nine months ended September 30, 2026 and 2025, respectively. The decrease in net cash provided by operating activities for the nine months ended September 30, 2026, was primarily attributable to the sale of five jackup rigs to Borr as well as the operational suspensions in Brazil during the second and third quarters of 2026. We had working capital of $546.4 million at September 30, 2026, and $512.6 million at December 31, 2025.