Company: NE-WTA
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001895262-25-000016
Chunk: 90

Company: Noble Corp plc
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 8
Chunk 90
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vision). Noble recorded an income tax provision of $31.7 million and $31.6 million during the third quarter of 2025 and 2024, respectively.

During the third quarter of 2025, our tax provision included tax benefits of $6.1 million related to adjustments to valuation allowance for deferred tax benefits primarily in Luxembourg and Switzerland. Such tax benefits were offset by recurring quarterly accruals of $37.9 million mostly in Guyana, Luxembourg, Switzerland, and the United States.

During the third quarter of 2024, our tax provision included tax benefits of $36.2 million related to releases of valuation allowance for deferred tax benefits primarily in Luxembourg. 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