DivestmentApr 27, 2026, 12:22 PM
NE Sells 5 Jackup Rigs; Q1 Net Income $120.7M, EPS $0.76
AI Summary
Noble Corp plc reported Q1 2026 net income of $120.7 million and diluted EPS of $0.75, an increase from the prior year, despite a decrease in operating revenues to $785.7 million. The company completed the sale of five jackup rigs for $346.7 million, generating an $89.5 million pre-tax gain, and provided a $150.0 million loan to Borr Drilling Limited as part of the transaction. Additionally, Noble redeemed $55.0 million of its 8.500% Senior Secured Second Lien Notes due 2030, contributing to an improved cash position.
Key Highlights
- Sold five jackup rigs for $346.7 million, recognizing an $89.5 million pre-tax gain.
- Provided a $150.0 million loan to Borr Drilling Limited for the rig acquisition.
- Q1 2026 net income was $120.7 million, up from $108.3 million in Q1 2025.
- Q1 2026 diluted EPS was $0.75, an increase from $0.67 in Q1 2025.
- Q1 2026 operating revenues were $785.7 million, down from $874.5 million in Q1 2025.
- Redeemed $55.0 million of 8.500% Senior Secured Second Lien Notes due 2030.
- Cash and cash equivalents increased to $662.7 million as of March 31, 2026.
- Declared and paid a $0.50 per share dividend for Q1 2026.