Noble posts strong Q1 2026 results as fleet utilization climbs to 68%

Noble (NYSE:NE) reported strong financial and operational results for the first quarter of 2026 on Monday, highlighting a sequential increase in both revenue and profitability.

The company generated $743 million in contract drilling services revenue, up from $705 million in the fourth quarter of 2025, a growth trend primarily attributed to improved fleet utilization.

Utilization of Noble’s 29 marketed rigs rose to 68% during the quarter, compared to 64% in the previous period.

This increased activity coincided with a reduction in contract drilling costs, which fell to $450 million from $471 million.

Consequently, net income rose to $121 million, and adjusted EBITDA reached $277 million, up significantly from the $232 million reported in the prior quarter.

The company's liquidity was further bolstered by the completion of the sale of five jackup rigs to Borr Drilling, which provided $206 million in net disposal proceeds.

Noble concluded the quarter with $663 million in cash and cash equivalents against a total debt principal value of $1.9 billion.

During the period, the company also moved to optimize its balance sheet by redeeming $55 million of its 8.5% senior secured notes due 2030 and initiating a $73 million lease buy-out for its Blackships BOP systems.