Noble Corporation has reported a net loss of $37 million for the second quarter of 2026, as the operational suspension of two of its drillships in Brazil by Petrobras cost the company $43 million during the period.
Total revenue fell to $719.7 million, down 15.2 percent year on year, though the figure still managed to beat analyst estimates by 3.6 percent. Adjusted EBITDA came in below expectations as the Brazil suspensions weighed on margins across what was otherwise described by management as a strong operational period.
The two rigs affected were Noble Faye Kozack and Noble Courage. Both were placed on operational suspension by Petrobras, resulting in zero revenue from those assets for the duration of the suspension period. Noble Courage had been extended by Petrobras earlier in 2026 for an additional 1,115 days through December 2030 at a dayrate of $309,500 per day, making the suspension a more significant financial setback given the long-term value of the contract.
President and CEO Robert W. Eifler said: “Our second quarter was adversely impacted by $43 million due to the operational suspension of both of our rigs in Brazil, while operational and financial performance was otherwise strong across the board. Additionally, we completed a highly successful debt refinancing, which is expected to drive meaningful cash benefits going forward. The continued importance of offshore investment is supportive of strong rig demand, with increasing market tightness for high spec drillships driving leading edge dayrates into the mid $400,000s per day.”
Noble completed a refinancing of $800 million of debt during the quarter and secured approximately $200 million in new contract awards, including a five-well contract for Noble Deliverer with Woodside in Australia valued at $121 million and a one-well contract for Noble Developer with ExxonMobil in Guyana at a dayrate of $375,000 per day.
The company cut full-year revenue and EBITDA guidance to reflect the impact of the Brazil suspensions, though it maintained its dividend. The broader market backdrop remains positive for the company, with high-specification drillship dayrates tightening and leading edge rates now in the mid $400,000s per day range across the global offshore drilling market.
Noble Corporation, founded in 1921, operates one of the world’s largest fleets of offshore drilling rigs serving oil and gas operators across deepwater and ultra-deepwater basins globally.
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