Offshore driller Noble posted a $37m net loss for the second quarter of 2026, swinging from net income of $121m in the prior quarter, according to the company's earnings release. Contract drilling services revenue fell to $679m from $743m quarter-on-quarter, largely due to operational suspensions affecting two rigs in Brazil and the conclusion of a contract in the Black Sea.
Operational Suspensions in Brazil
Noble attributed the revenue decline primarily to the suspension of the Noble Faye Kozack and Noble Courage in Brazil, both working for Petrobras. The Noble Faye Kozack, a 2013-built drillship, had a contract with Petrobras scheduled until January 2027, while the Noble Courage, a 2009-built semisubmersible, was under contract until December 2030. According to Noble, the suspensions resulted in a $43m adverse impact on the quarter. Utilisation across Noble's 29 marketed rigs slipped to 64% in Q2 from 68% in Q1.
Black Sea Exit
The Noble Globetrotter I contract in the Black Sea also ended during the quarter, further reducing revenue. No further details on the contract or region were provided by the company.
Market Outlook and Dayrates
Despite the weaker quarterly result, Noble stated that the offshore drilling market remained strong, particularly for high-specification drillships. Tightening rig availability has pushed leading-edge dayrates into the mid-$400,000-per-day range, the company reported. CEO Robert Eifler commented:
"Our second quarter was adversely impacted by $43m due to the operational suspension of both of our rigs in Brazil, while operational and financial performance was otherwise strong across the board."
Contract Backlog and New Awards
| Metric | Q2 2026 | Q1 2026 | Change |
|---|---|---|---|
| Net income (loss) | ($37m) | $121m | -$158m |
| Contract drilling revenue | $679m | $743m | -$64m |
| Rig utilisation | 64% | 68% | -4 pp |
| Contract backlog | $6.8bn | n/a | n/a |
Noble added approximately $200m in new contract value during the quarter, including a six-well contract for the Noble Viking and a three-well programme for the Noble Claus Bachmann. The company's total contract backlog stood at $6.8bn at quarter-end. These awards signal continued demand for deepwater drilling services despite the short-term operational setbacks in Brazil.
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