Noble Corporation PLC Class A ( (NE) ) has released its Q4 earnings. Here is a breakdown of the information Noble Corporation PLC Class A presented to its investors.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Noble Corporation plc is a leading offshore drilling contractor for the oil and gas industry, operating a modern fleet focused on ultra-deepwater and high-specification jackup drilling globally.
In its latest earnings report, Noble Corporation announced robust financial results for the fourth quarter and full year 2024, highlighting over $575 million returned to shareholders through dividends and buybacks, and significant progress in its integration of Diamond Offshore. New contract awards since November amounted to approximately $525 million, contributing to a total backlog of $5.8 billion.
Key financial metrics for the fourth quarter include a total revenue of $927 million, up from $801 million in the previous quarter, with contract drilling services revenue contributing the majority at $882 million. Net income rose to $97 million from $61 million in Q3, while Adjusted EBITDA increased to $319 million. The company also noted a strategic focus on cost discipline, retiring two cold-stacked drillships.
Noble’s operating highlights indicate a slightly lower utilization rate for its marketed fleet, attributed to temporary idle periods, with future contracts expected to bolster utilization and revenue coverage for 2025-2026. Recent contract wins include significant deals in Ghana, Suriname, and the U.S. Gulf, enhancing its backlog and reducing open exposure.
Looking ahead, Noble Corporation’s 2025 guidance anticipates total revenue between $3,250 and $3,450 million, with adjusted EBITDA projected at $1,050 to $1,150 million. Management remains optimistic about ongoing customer engagements and the potential to contract all tier-1 drillships, supporting higher free cash flow and continued shareholder returns.
