Noble Corporation Plc
- Open
- 36.82
- Day high
- 37.79
- Day low
- 36.82
- Prev close
- 37.30
- Volume
- 562K
- Mkt cap
- $5.9B
- P/E (TTM)
- 25.6
- EPS (TTM)
- $1.45
- P/B
- 1.3
- P/S
- 1.9
- Yield
- 6.72%
- Per share
- $2.50
- ▼Insiders net selling -$7.0M over the last 3 months (0 open-market buys, 9 sales)
- 🏛Institutions accumulating (13F)
Noble Corporation Plc (NE) is a Energy company listed on NYSE. The stock is up 36% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 9 sales (SEC Form 4).
Noble Corporation Plc (NE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 27, 2026 | $0.21 | $0.26 | +23.8% | $786M | +7.6% |
| Feb 11, 2026 | $0.15 | $0.09 | -40.0% | $764M | +4.3% |
| Feb 17, 2025 | $0.69 | $0.56 | -18.8% | $927M | +5.9% |
| Jul 31, 2024 | $0.61 | $0.72 | +18.0% | $693M | +9.5% |
| Feb 22, 2024 | $0.56 | $0.39 | -30.4% | $643M | +6.5% |
| Oct 31, 2023 | $0.80 | $0.87 | +8.7% | $697M | +8.4% |
| Aug 2, 2023 | $0.45 | $0.38 | -15.6% | $639M | +6.4% |
| May 3, 2023 | $0.17 | $0.19 | +11.8% | $610M | +13.4% |
| Feb 27, 2023 | $0.54 | $0.41 | -24.1% | $623M | +17.5% |
| Nov 2, 2022 | $0.39 | $0.50 | +28.2% | $306M | +3.7% |
| May 2, 2022 | $0.06 | $-0.12 | -300.0% | $210M | -8.1% |
| Feb 16, 2022 | $-0.00 | $-0.35 | -7101.6% | $192M | -18.8% |
NE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Eifler Robert W.director, officer: President & CEO | Sell | 32,929 | $45.40 |
| Jun 17, 2026 | Eifler Robert W.director, officer: President & CEO | Sell | 17,071 | $45.71 |
| May 18, 2026 | Hirshberg Al J.director | Sell | 3,500 | $52.63 |
| May 18, 2026 | Hirshberg Al J.director | Sell | 1,500 | $52.60 |
| May 13, 2026 | SLEDGE CHARLES Mdirector | Sell | 724 | $51.61 |
| May 7, 2026 | Denton Blakeofficer: SVP, Marketing & Contracts | Sell | 30,000 | $49.31 |
| May 7, 2026 | Kawaja Joey Mofficer: SVP, Operations | Sell | 40,000 | $49.85 |
| May 1, 2026 | HOLTH KRISTINdirector | Option | 3,649 | — |
| May 1, 2026 | HOLTH KRISTINdirector | Option | 2,433 | — |
| Apr 30, 2026 | ALTING CAROLINEofficer: SVP, Ops. Excellence & Sust | Sell | 15,340 | $52.75 |
| Apr 30, 2026 | Howard Jennieofficer: SVP, Gen. Counsel & Corp. Sec. | Sell | 2,486 | $51.08 |
| Mar 19, 2026 | Eifler Robert W.director, officer: President & CEO | Sell | 72,753 | $46.43 |
| Mar 19, 2026 | Barker Richard B.officer: EVP and CFO | Sell | 47,161 | $47.07 |
| Mar 19, 2026 | Barker Richard B.officer: EVP and CFO | Sell | 102,839 | $46.43 |
| Mar 19, 2026 | Eifler Robert W.director, officer: President & CEO | Sell | 27,247 | $47.11 |
Source: NE SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full NE insider & 13F page →Noble Corporation Plc company profile
Overview
Noble Corporation Plc (NYSE:NE) is a leading offshore drilling contractor that provides drilling services to the global oil and gas industry. Founded in 1921 and headquartered in Sugar Land, Texas, the company has evolved from its early origins into one of the world's largest offshore drilling companies. Noble went public in its current form in June 2021 following a series of strategic mergers and acquisitions, most notably completing the acquisition of Maersk Drilling in 2022 and Diamond Offshore in 2024. Today, the company operates a modern fleet of mobile offshore drilling units serving major oil companies worldwide.
Business
Noble Corporation operates in the offshore drilling industry, which is a specialized segment of the broader oil and gas services sector. The company provides contract drilling services to oil and gas exploration and production companies that need to drill wells beneath the ocean floor to extract hydrocarbons. The offshore drilling industry exists because many of the world's largest oil and gas reserves lie beneath the seafloor, often in water depths ranging from shallow coastal areas to ultra-deep waters exceeding 10,000 feet. Unlike onshore drilling, offshore operations require specialized floating or fixed drilling platforms that can operate in harsh marine environments while maintaining precise drilling operations. Noble's core offering centers around two main types of drilling rigs. Drillships are self-propelled vessels equipped with drilling equipment that can operate in ultra-deep waters, typically used for the most technically challenging projects in water depths exceeding 5,000 feet. These sophisticated vessels, which Noble calls "floaters," represent the high-end segment of the market and command day rates in the $400,000-$500,000 range. Jack-up rigs are mobile platforms with retractable legs that can be lowered to the seafloor in shallower waters, typically used in water depths up to 400 feet, and earn day rates around $145,000-$156,000 per day. As of early 2025, Noble operates a fleet of 41 drilling units following its acquisition of Diamond Offshore, consisting of approximately 28 floaters (drillships and semi-submersible rigs) and 13 jack-up rigs. The floater segment generates approximately 85-90% of the company's EBITDA, while jack-ups contribute 10-15%. The company focuses primarily on what it calls the "Golden Triangle" - Brazil, West Africa, and the U.S. Gulf of Mexico - which represent the most active deepwater drilling markets globally.
Revenue model
Noble generates revenue through day rate contracts where oil and gas companies pay a fixed daily rate for the use of Noble's drilling rigs and crew services. Contract lengths typically range from several months to multiple years, with some recent contracts extending 4+ years. The company's revenue model is straightforward: day rate multiplied by utilization (percentage of days the rig is working) multiplied by the number of rigs in the fleet. The company's customers are primarily major international oil companies (IOCs) like Shell, ExxonMobil, TotalEnergies, and Petrobras, as well as national oil companies and independent exploration companies. These customers pay Noble to drill exploration wells to discover new reserves or development wells to extract oil and gas from proven fields. Recent major contract awards include Shell contracts worth $2.0-2.5 billion potential revenue and TotalEnergies contracts worth $753 million in firm revenue. Noble's profitability is influenced by several key factors. Market supply and demand dynamics heavily impact day rates - when rig supply is tight relative to drilling demand, day rates increase significantly. The current market has approximately 100 contracted ultra-deepwater rigs globally with 95% effective utilization, creating upward pressure on rates. Oil price levels drive customer drilling activity, as higher oil prices make more projects economically viable and encourage increased exploration spending. Rig specification and capability also affects pricing power, with Noble's high-specification 7th generation drillships commanding premium rates compared to older rigs. Cost pressures include crew wages and benefits, which can increase during tight labor markets, maintenance and upgrade costs for sophisticated drilling equipment, and regulatory compliance expenses. The company has demonstrated strong margin expansion capability, with recent synergy achievements from acquisitions contributing $100+ million in annual cost savings. Noble's EBITDA margins have improved from 25% in 2022 to 39% in Q1 2025, reflecting both improved market conditions and operational efficiencies.
Competitive moat
Noble's competitive position stems from several factors, though the offshore drilling industry is inherently cyclical and capital-intensive, limiting the strength of traditional economic moats. The company's primary advantages include fleet quality and technical capability, as Noble operates some of the most advanced 7th generation drillships capable of drilling in ultra-deep waters and complex geological formations. These high-specification rigs have limited global competition, with only about 100 ultra-deepwater rigs worldwide, creating some scarcity value. Scale and operational expertise provide additional competitive advantages. Noble's large fleet size and global presence allow it to offer customers multiple rig solutions and maintain relationships with major oil companies across different geographic regions. The company's operational track record, including recent drilling efficiency records set by rigs like the Faye Kozack in Brazil, helps secure contract renewals and premium pricing through performance bonuses. However, Noble's moat is relatively narrow. The offshore drilling industry faces several structural challenges: high capital intensity creates boom-bust cycles as operators add capacity during good times, leading to oversupply. Customer concentration among major oil companies gives buyers significant negotiating power. Technological disruption from renewable energy and potential changes in oil demand could reduce long-term drilling activity. The industry also faces regulatory and environmental pressures that could limit offshore drilling in certain regions. Competition comes from other large drilling contractors like Transocean, Valaris, and regional players, though the technical barriers to entry for ultra-deepwater drilling provide some protection. Noble's recent acquisitions of Maersk Drilling and Diamond Offshore have strengthened its competitive position through scale and synergies, but the fundamental cyclical nature of the business limits the durability of any competitive advantages.
Risks & safety
Noble demonstrates a moderate margin of safety with improving financial metrics but inherent industry cyclicality risks. • Liquidity and Solvency: Strong cash position with $304 million in cash and short-term investments as of Q1 2025. Current ratio of 1.57x indicates adequate short-term liquidity. Debt-to-equity ratio of 0.42x represents manageable leverage levels. • Cash Generation: Positive free cash flow of $158 million in Q1 2025, though this was negative $4 million in Q4 2024, showing quarterly volatility. Operating cash flow of $271 million in Q1 2025 demonstrates strong operational cash generation. • Valuation Metrics: Trading at 8.7x P/E ratio and 4.1x EV/EBITDA based on Q1 2025 results, suggesting reasonable valuation relative to earnings. Price-to-book ratio of 0.81x indicates trading below book value. • Backlog Visibility: $7.5 billion total backlog provides revenue visibility, with $1.9 billion scheduled for 2025 and $2.1 billion for 2026, offering some downside protection. • Cyclical Risk: Industry remains highly cyclical and dependent on oil prices and customer capital allocation decisions. Company operates in capital-intensive business with high fixed costs.
Recent development
Noble has undergone significant strategic transformation over the past few years through major acquisitions and operational improvements. The company completed its merger with Maersk Drilling in 2022, which doubled its fleet size and expanded its geographic presence, particularly in harsh environment drilling. This transaction generated $150 million in annual synergies, exceeding the original $125 million target. In 2024, Noble completed the acquisition of Diamond Offshore, adding 13 jack-up rigs and additional drillships to create a combined fleet of 41 units. This acquisition is expected to generate $100 million in annual synergies, with approximately $70 million already achieved by Q1 2025. The integration has expanded Noble's presence in the jack-up market, which now contributes 10-15% of EBITDA compared to minimal contribution previously. The company has implemented a disciplined capital allocation strategy, returning over $1 billion to shareholders through dividends and share repurchases since Q4 2022. Noble increased its quarterly dividend from $0.40 to $0.50 per share and maintains an active share repurchase program with $400 million authorizations. Fleet optimization initiatives have included retiring older, less competitive units like the Meltem and Scirocco drillships while focusing investment on high-specification 7th generation rigs. The company has secured major long-term contracts, including 4-year agreements with Shell for two drillships with upgrade programs to enhance their technical capabilities, and multi-year contracts with TotalEnergies in Suriname. Noble has also expanded its service offerings beyond traditional drilling to include intervention work with specialized rigs like the Globetrotter units, providing shorter-cycle revenue opportunities between major drilling campaigns.
NE company profile · for informational purposes only — not investment advice.
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