Company: NE-WTA
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001895262-25-000016
Chunk: 42

Company: Noble Corp plc
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 1
Chunk 42
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. Such tax benefits were offset by tax expenses related to recurring quarterly accruals of $67.8 million mostly in Guyana, Luxembourg, Switzerland, and Nigeria.

Results for the Nine Months Ended September 30, 2025 and 2024

Net income for the nine months ended September 30, 2025, was $130.1 million, or $0.80 per diluted share, on operating revenues of $2.5 billion compared to net income for the nine months ended September 30, 2024, of $351.7 million, or $2.37 per diluted share, on operating revenues of $2.1 billion.

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Key Operating Metrics

Operating results for our contract drilling services segment are dependent on three primary metrics: operating days, dayrates, and operating costs. We also track rig utilization, which is a function of operating days and the number of rigs in our fleet. For more information on operating costs, see “Contract Drilling Services” below.

The following table presents the average rig utilization, operating days, and average dayrates for our rig fleet for the periods indicated:

Average Rig Utilization (1)Operating Days (2)Average Dayrates (2)Nine Months EndedSeptember 30,Nine Months EndedSeptember 30,Nine Months EndedSeptember 30,202520242025202420252024Floaters70 %69 %4,993 3,658 $400,483 $430,615 Jackups63 %76 %2,222 2,700 177,321 153,648 Total67 %71 %7,215 6,358 $331,767 $313,007 

(1)We define utilization for a specific period as the total number of days our rigs are operating under contract divided by the product of the total number of our rigs, including cold stacked rigs, and the number of calendar days in such period. Information reflects our policy of reporting on the basis of the number of available rigs in our fleet.

(2)An operating day is defined as a calendar day during which a rig operated under a drilling contract. We define average dayrates as revenue from contract drilling services earned per operating day. Average dayrates exclude the effect of non-cash amortization related to favorable and unfavorable off-market customer contract assets and liabilities.

Contract Drilling Services

The following table presents the operating results for our contract drilling services segment for the periods indicated (dollars in thousands