Noble Corporation Reports Increased Net Income and Revenue Growth in Q1 2025

Noble Corporation plc reported a significant increase in financial performance for the first quarter of 2025, with net income rising to $108.3 million, or $0.67 per diluted share, compared to $95.5 million, or $0.66 per diluted share, in the same period last year. Operating revenues reached $874.5 million, marking a 37% increase from $637.1 million in the first quarter of 2024. This growth was primarily driven by a 36% increase in contract drilling services revenue, which totaled $832.4 million, up from $612.4 million a year earlier.

The company experienced notable changes in its operational metrics, with average rig utilization improving to 74% from 65% year-over-year. Operating days increased to 2,671, up from 1,895 in the prior year. Average dayrates for floaters decreased to $381,161 from $433,608, while jackup dayrates rose to $159,527 from $144,187. The increase in revenues was also attributed to the acquisition of additional floaters through the Diamond Transaction, which contributed $215.3 million to revenue.

In terms of strategic developments, Noble completed the acquisition of Diamond Offshore Drilling on September 4, 2024, for a total consideration of $1.5 billion. This acquisition has expanded Noble's fleet to 40 drilling rigs, consisting of 27 floaters and 13 jackups. The integration of Diamond's operations is expected to enhance Noble's market position and operational capabilities. The company also reported a backlog of approximately $5.4 billion in contract drilling services as of March 31, 2025, reflecting a commitment of 54% of available days for the remainder of the year.

Operationally, Noble's total assets decreased slightly to $7.91 billion from $7.96 billion at the end of 2024, while total liabilities also fell to $3.25 billion from $3.31 billion. The company reported cash and cash equivalents of $303.8 million, up from $247.3 million at the end of the previous fiscal year. Noble's employee headcount remained stable, and the company continues to focus on maintaining operational efficiency amid fluctuating market conditions.

Looking ahead, Noble Corporation anticipates continued demand for its high-specification floaters, although it acknowledges potential challenges due to economic uncertainties and lower commodity prices. The company remains optimistic about the long-term outlook for the offshore drilling market, particularly in ultra-deepwater regions, and plans to leverage its expanded fleet and backlog to navigate the evolving landscape.