Description
Noble Corporation: Southeast Asia to Namibia—Is Global Exploration Fueling a New Supercycle?
Noble Corporation’s fourth-quarter earnings report for 2025 reveals a mixed landscape of operational success and market challenges. The company reported an adjusted EBITDA of $232 million, sustaining a positive momentum that brought the full-year adjusted EBITDA slightly above the $1.1 billion midpoint of initial guidance. Noble’s free cash flow for the quarter stood at $35 million, with a robust backlog increase to $7.5 billion, underscoring strong operational performance and strategic contract wins. Key commercial successes include a significant 3-year contract for the Noble GreatWhite with Aker BP in Norway, valued at $473 million, and a 2-year contract for the Noble Gerry de Souza with Exxon in Nigeria, valued at $292 million, including options for extensions. Noble also secured a contract for the Noble Developer with BP in Trinidad and continued engagement in the U.S. Gulf with Beacon.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures
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