Noble Corp plc (NE) FY2025 10-K Annual Report
Noble Corp plc (NE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Noble Corp plc FY2025 10-K Analysis
Business Overview
- • Core business offshore drilling services with 36 rigs (25 floaters, 11 jackups) worldwide
- • Completed acquisition of Diamond Offshore Drilling in September 2024 via stock and cash deal
- • Strategic expansion of fleet and market presence through Diamond merger
- • Fleet size increased post-acquisition, strengthening drilling capabilities
- • Diamond Transaction marks largest M&A event in 2026 filing year for Noble Corp
Management Discussion & Analysis
- • Revenue $3.3B for 2025, net income $216.7M or $1.35 per diluted share
- • Operating margin not explicitly stated; net income margin approx. 6.57% (216.7M / 3.3B)
- • Single segment: Contract Drilling Services; backlog $7.0B with floaters $6.4B and jackups $0.6B
- • Operating cash flow $951.7M, year-end cash $471.4M, no borrowings on $2023 Revolving Credit Facility
- • Management outlook cautious due to inflation, supply chain, geopolitical risks; encouraged by long-term ultra-deepwater demand
Risk Factors
- • Regulatory risk from potential non-enforcement of pollution liability indemnities under contracts exposed to unpredictable judicial review risks
- • Geopolitical exposure to Russia-Ukraine conflict and Middle East instability impacting operations and causing regional/global market volatility
- • Supply chain disruptions and increased rig downtime risk due to public health emergencies restricting labor, parts, and equipment mobility
- • Competitive risk from newbuild rigs entering market and competitors relocating rigs, pressuring dayrates and utilization rates
- • Customer concentration risk with ExxonMobil, Shell, BP, and TotalEnergies accounting for ~72% of backlog; geographic concentration in US Gulf, Guyana, North Sea
Noble Corp plc FY2025 Key Financial MetricsXBRL
Revenue
$3.3B
▲ +7.4% YoY
Net Income
$217M
▼ -51.7% YoY
Operating Margin
12.6%
▼ -710bp YoY
Net Margin
6.6%
▼ -807bp YoY
ROE
4.8%
▼ -487bp YoY
Total Assets
$7.5B
▼ -5.5% YoY
EPS (Diluted)
$1.35
▼ -54.4% YoY
Operating Cash Flow
$952M
▲ +45.2% YoY
Source: XBRL data from Noble Corp plc FY2025 10-K filing on SEC EDGAR. All figures in USD.
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