Company: NE-WTA
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001895262-25-000016
Chunk: 84

Company: Noble Corp plc
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 8
Chunk 84
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 uncertainty related to trade policy and tariffs also having the ability to negatively impact rig demand.

Contract Drilling Services Backlog

We maintain a backlog of commitments for contract drilling services. Our contract drilling services backlog reflects estimated future revenues attributable to signed drilling contracts. As of September 30, 2025, contract drilling services backlog totaled approximately $7.1 billion.

We calculate backlog for any given unit and period by multiplying the full contractual operating dayrate for such unit by the number of days remaining in the period, and include certain assumptions based on the terms of certain contractual arrangements, discussed in the notes to the table below. The reported contract drilling services backlog does not include amounts representing revenues for mobilization, demobilization, and contract preparation, which are not expected to be significant to our contract drilling services revenues, amounts constituting reimbursables from customers, or amounts attributable to uncommitted option periods under drilling contracts or letters of intent.

The table below presents the amount of our contract drilling services backlog as of September 30, 2025, and the percent of available operating days committed for the periods indicated:

Year Ending December 31, Total2025 (1)202620272028Thereafter(In thousands)Contract Drilling Services BacklogFloaters (2) (3)$6,472,176 $567,956 $2,034,125 $1,673,368 $1,273,843 $922,884 Jackups (4)634,656 110,844 302,232 221,580—— Total$7,106,832 $678,800 $2,336,357 $1,894,948 $1,273,843 $922,884 Percent of Available Days Committed (5)Floaters61 %55 %48 %34 %8 %Jackups59 %35 %22 %— %— %Total61 %49 %40 %24 %5 %

(1)Represents a three-month period beginning October 1, 2025.

(2)Noble entered into a multi-year Commercial Enabling Agreement (the “CEA”) with ExxonMobil in February 2020. Under the CEA, dayrates for the rigs are repriced on March 1 and September 1 each year to the projected market rate at the time the new rate goes into effect, subject to a scale-based discount and a performance bonus that appropriately