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Noble Corporation Takes A $43 Million Brazil Hit — Is The Damage Temporary?

Noble Corporation reported second quarter 2026 adjusted EBITDA of $212 million, reflecting solid operational performance across most of its fleet despite a $43 million revenue impact from an operational suspension affecting two rigs in Brazil. Contract drilling services revenue totaled $679 million, and adjusted EBITDA margin stood at 30%. Cash flow from operations was $144 million, while free cash flow was negative $59 million, influenced partly by capital expenditures of $205 million. The company maintained its capital return program, distributing $80 million via dividends. A new quarterly dividend of $0.50 per share was declared. Operationally, the suspension and associated regulatory challenges in Brazil have contributed to revenue headwinds and a revised 2026 guidance with expected full-year revenue between $2.8 billion and $2.9 billion, lowered from prior guidance of up to $3 billion.