Noble Corporation: What’s Cooking in Mozambique, West Africa, & Beyond?

Noble Corporation’s third-quarter 2025 earnings report presents a mixed picture for investors, with some positive developments and notable challenges on the horizon. The company generated an adjusted EBITDA of $254 million and a free cash flow of $139 million, which was bolstered by net disposal proceeds of $87 million. This financial performance underscores Noble’s operational efficiency, as highlighted by the company’s successful execution in technically demanding deepwater drilling operations. Notably, strong performance from drillships in Guyana and the U.S. Gulf set new industry benchmarks, demonstrating Noble’s capability in providing value to customers through reliable execution. On the strategic front, Noble’s backlog increased to $7 billion, thanks to several key contract extensions and new awards. The extension of contracts for the Noble BlackHornet and Noble BlackLion with BP is a significant boost, bringing substantial long-term engagements and underscoring the synergies gained from the Diamond acquisition.