Noble Corp plc
Noble Corp plc is an offshore drilling contractor that provides contract drilling services to the international oil and gas industry through a fleet of mobile offshore drilling units. The company operates high-specification floating rigs and jackups that are deployed across offshore basins worldwide.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDeepwater and ultra-deepwater drilling services performed with floating mobile offshore units.
Shallow-water and harsh-environment offshore drilling services using jackup units.
Products
Reported · share of revenue- Floaters78.2 %
- Jackups16.4 %
- Services and other5.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Noble sells drilling capacity to large oil and gas operators that need offshore wells drilled under contract. Its customer base includes integrated majors, independent producers, and government-owned or controlled energy companies that award work through competitive bidding or direct contracting. The business is tied to offshore exploration and development programs, especially in technically demanding basins.
Large global oil companies that buy offshore drilling capacity for complex development and exploration wells.
Independent operators that contract rigs for offshore projects where technical capability and uptime matter.
National oil companies that hire Noble for offshore drilling programs in their domestic basins.
Strategy
Noble’s strategy centers on operating a technically capable offshore fleet with strong safety, reliability, and utilization. The company emphasizes ultra-deepwater and high-specification jackup markets, where specialized equipment and operating discipline can differentiate it from lower-spec competitors.
Rig uptime and deployment efficiency drive contract coverage and customer retention.
Ultra-deepwater and harsh-environment work typically requires specialized assets and supports differentiation.
Alternative structures can deepen customer relationships and broaden earnings opportunities.
Geography
Noble operates a global offshore fleet and has historically worked across Africa, Far East Asia, the North Sea, Oceania, South America, and the US Gulf. Its rigs are mobile and can be redeployed between regions, so revenue exposure depends on where offshore drilling programs are active and where contracts are awarded.
Risks
Noble is exposed to offshore drilling cycle risk, customer concentration, and the technical complexity of operating specialized rigs in remote basins. The business also faces supply-chain, labor, cyber, regulatory, and transaction-related risks that can disrupt operations or increase costs.
- Customer concentrationImpact: HighLikelihood: Medium
A small number of large oil and gas companies account for a significant share of revenue, so contract timing or loss of a major customer can move results materially.
Exposure - Offshore drilling cycle and demand volatilityImpact: HighLikelihood: Medium
The company’s rigs are contracted into a cyclical capital-intensive industry, so utilization and dayrates depend on offshore project activity.
Exposure: Global offshore basins
- Supply-chain and equipment availabilityImpact: HighLikelihood: Medium
Specialized parts and services may come from limited suppliers, creating downtime or reactivation delays if shortages occur.
Exposure - CybersecurityImpact: MediumLikelihood: Medium
Rig operations and corporate systems depend on network access and third-party support, making cyber incidents operationally sensitive.
Exposure: Fleet operations and IT systems
- Labor relations and offshore workforce disruptionImpact: MediumLikelihood: Low
A large share of employees work offshore and some international workforces are unionized, so labor interruptions can affect operations.
Exposure
Accounting
Judgemental itemsOffshore drilling contracts are recognized as services are performed, so utilization and downtime affect reported revenue timing.
Impact: Affects quarterly comparability and backlog conversion
The fleet is capital intensive and long-lived, so useful lives and residual values materially affect earnings.
Impact: Affects operating income and asset carrying values
Offshore market weakness or underutilized assets can trigger impairment reviews.
Impact: Can create large non-cash charges
The merger requires purchase accounting for acquired assets, liabilities, and any goodwill or fair value adjustments.
Impact: Affects balance sheet and future depreciation/amortization
The company operates across multiple jurisdictions with differing tax regimes and uncertain positions.
Impact: Can cause volatility in tax expense and effective tax rate
Similar listed companies
Publicly listed companies with a comparable business focus.
Valaris Ltd
VAL · Drilling Oil & Gas Wells
Valaris Ltd is a global offshore contract drilling company that provides rigs and crews to the international oil and gas industry.
Transocean Ltd.
RIG · Drilling Oil & Gas Wells
SEADRILL Ltd
SDRL · Drilling Oil & Gas Wells
Seadrill Ltd is an offshore drilling contractor that owns and operates drillships and semi-submersible rigs for oil and gas customers worldwide.
Precision Drilling Corporation
PDS · Drilling Oil & Gas Wells
Precision Drilling Corp is a land drilling and oilfield services company that provides drilling rigs, crews, and related technical services to oil and natural gas producers.
Borr Drilling Ltd
BORR · Drilling Oil & Gas Wells
Borr Drilling Ltd is an offshore drilling contractor incorporated in Bermuda and listed in the United States and Norway.
NOV Inc.
NOV · Oil & Gas Field Machinery & Equipment
Last updated: 24/09/2026