Noble Corporation Q2 Earnings

Strong Print from the Best Fleet Manager

Earnings Summary

Revenue: $849M

Net Income: $43M

Free Cash Flow: $107M

Day Rate: $333.96K

Back Log: $6.9B

Commentary

All in all I am very pleased with Nobles execution in Q2. While there was a note of slight step down in revenues, EBITDA projections stepped up and there is increasingly strong evidence of a better market for offshore project capex toward the back half of 2025 into 2026 - 2027. I have said for some time that it seems as though Noble is the best fleet operator in the business. Their ability to lock in good contract rate and rationalize their fleet through the cycle is impressive. In the midst of a period of uncertainty for offshore services broadly, Noble spit out a 12.2% free cash flow yield to its generated revenue for the period and declared a $0.50 dividend.