# EDGAR Filing Document

**Accession Number:** 0001895262
**File Stem:** 0001895262-26-000076
**Filing Date:** 2026-2
**Character Count:** 545426
**Document Hash:** 31f08985763de40e701806f3f388fa11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001895262-26-000076.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001895262-26-000076

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 130

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Noble Corp plc
- **CENTRAL INDEX KEY:** 0001895262
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRILLING OIL & GAS WELLS [1381]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41520
- **FILM NUMBER:** 26625198

**BUSINESS ADDRESS:**
- **STREET 1:** 2101 CITY WEST BOULEVARD
- **STREET 2:** SUITE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77042
- **BUSINESS PHONE:** (281) 276-6100

**MAIL ADDRESS:**
- **STREET 1:** 2101 CITY WEST BOULEVARD
- **STREET 2:** SUITE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77042

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Noble Finco Ltd
- **DATE OF NAME CHANGE:** 20211123

?xml version='1.0' encoding='ASCII'? ne-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**_________________________________________________________________________________________________**

**FORM 10-K**

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| | |
|:---|:---|
| ☑ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the fiscal year ended: December 31, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**_____________________________________________________________________________________________________**

**Commission file number: 001-41520**

**Noble Corporation plc**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| England and Wales | **98-1644664** |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. employer identification number)** |

---

**2101 City West Boulevard, Suite 600, Houston, Texas, 77042**

**(Address of principal executive offices) (Zip Code)**

**Registrant's Telephone Number, Including Area Code: (281) 276-6100**

**_____________________________________________________________________________________________________**

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **A Ordinary Shares, par value $0.00001 per share** | **NE** | **New York Stock Exchange** |
| **Tranche 1 Warrants of Noble Corporation plc** | **NE WS** | **New York Stock Exchange** |
| **Tranche 2 Warrants of Noble Corporation plc** | **NE WSA** | **New York Stock Exchange** |

---

Securities registered pursuant to Section 12(g) of the Act: None

**_____________________________________________________________________________________________________**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☑ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 240.D-1(b). ☐

Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of June 30, 2025, the aggregate market value of the registered shares of Noble Corporation plc held by non-affiliates was $3.4 billion based on the closing price of such shares on such date as reported on the New York Stock Exchange.

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☑ No ☐

Number of shares outstanding at February 6, 2026: Noble Corporation plc — 159,197,398

**DOCUMENTS INCORPORATED BY REFERENCE**

**Items 10, 11, 12, 13, and 14 of Part III of this Annual Report on Form 10-K will be incorporated by reference from the proxy statement for the 2026 Annual Meeting of Stockholders of Noble Corporation plc to be filed with the Securities and Exchange Commission.**

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | **Page** |
| **PART I** | | |
| Item 1. | <u>[Business](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_16)</u> | <u>[6](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_16)</u> |
| Item 1A. | <u>[Risk Factors](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_19)</u> | <u>[14](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_19)</u> |
| Item 1B. | <u>[Unresolved Staff Comments](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_22)</u> | <u>[35](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_22)</u> |
| Item 1C. | <u>[Cyber Security](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_25)</u> | <u>[35](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_25)</u> |
| Item 2. | <u>[Properties](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_28)</u> | <u>[36](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_28)</u> |
| Item 3. | <u>[Legal Proceedings](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_31)</u> | <u>[36](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_31)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_34)</u> | <u>[36](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_34)</u> |
| **PART II** |  |  |
| Item 5. | <u>[Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_40)</u> | <u>[37](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_40)</u> |
| Item 6. | <u>[\[Reserved\]](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_46)</u> | <u>[39](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_46)</u> |
| Item 7. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_49)</u> | <u>[39](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_49)</u> |
| Item 7A. | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_73)</u> | <u>[51](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_73)</u> |
| Item 8. | <u>[Financial Statements and Supplementary Data](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_76)</u> | <u>[53](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_76)</u> |
| Item 9. | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_178)</u> | <u>[96](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_178)</u> |
| Item 9A. | <u>[Controls and Procedures](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_181)</u> | <u>[96](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_181)</u> |
| Item 9B. | <u>[Other Information](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_184)</u> | <u>[97](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_184)</u> |
| Item 9C. | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_187)</u> | <u>[97](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_187)</u> |
| **PART III** |  |  |
| Item 10. | <u>[Directors, Executive Officers, and Corporate Governance](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_190)</u> | <u>[98](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_190)</u> |
| Item 11. | <u>[Executive Compensation](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_190)</u> | <u>[98](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_190)</u> |
| Item 12. | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_190)</u> | <u>[98](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_190)</u> |
| Item 13. | <u>[Certain Relationships, Related Transactions, and Directors' Independence](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_190)</u> | <u>[98](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_190)</u> |
| Item 14. | <u>[Principal Accountant Fees and Services](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_190)</u> | <u>[98](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_190)</u> |
| **PART IV** |  |  |
| Item 15. | <u>[Exhibits and Financial Statement Schedules](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_196)</u> | <u>[99](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_199)</u> |
| Item 16. | <u>[Form 10-K Summary](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_199)</u> | <u>[99](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_199)</u> |
|  | **<u>[SIGNATURES](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_205)</u>** | <u>[104](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_205)</u> |

---

------

**Forward-Looking Statements**

This Annual Report on Form 10-K ("Annual Report") includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("the Exchange Act"). All statements other than statements of historical facts included in this report or in the documents incorporated by reference are forward looking statements, including those regarding expected financial performance, revenues, expected utilization, fleet status, stacking of rigs, effects of new rigs on the market revenues, the impact of acquisitions or divestments, operating expenses, cash flows, contract status, tenders, terms and duration, dayrates, termination and extensions, contract backlog, the availability, delivery, mobilization, stacking or reactivation, contract commencement, relocation or other movement of rigs and the timing thereof, contract claims, capital expenditures, insurance maintenance and renewals, access to financing, rig demand, peak oil, the offshore drilling market, oil prices, production levels among members of the Organization of Petroleum Exporting Countries ("OPEC") and other oil and gas producing nations (together with OPEC, "OPEC+"), and any expectations we may have with respect thereto, our future financial position, business strategy, impairments, repayment of debt, credit ratings, liquidity, borrowings under any credit facilities or other instruments, sources of funds, cost inflation, planned acquisitions or divestitures of assets, governmental regulations and permitting, taxes and tax rates, indebtedness covenant compliance, dividends and distributable reserves, share repurchases, the impacts of sustainability matters; the outcome of tax disputes, assessments and settlements, and expense management, the outcome of any dispute, litigation, audit or investigation, plans, foreign currency requirements, results of joint ventures, general economic, market, including inflation and recessions, trends and outlook, general political conditions, including political tensions, conflicts and war, timing, benefits or results of acquisitions or dispositions, and timing for compliance with any new regulations. When used in this report or in the documents incorporated by reference, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "on track," "plan," "possible," "potential," "predict," "project," "should," "would," "shall," "target," "will," and similar expressions are intended to be among the terms that identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. These forward-looking statements speak only as of the date of this Annual Report on Form 10-K and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law. Actual results may differ materially from any future results expressed or implied by such forward-looking statements and the expectations expressed in forward-looking statements are subject to a number of risks, uncertainties and assumptions, which include, but are not limited to: a decline in the price of oil or gas, reduced demand for oil and gas products and increased regulation of drilling and production, price competition and cyclicality in the offshore drilling industry, offshore rig supply, dayrates and demand for rigs, contract duration, renewal, terminations and repricing, national oil companies and governmental clients, contract backlog, customer and geographic concentration, operational hazards and risks, labor force unionization, labor interruptions and labor regulations, major natural disasters, catastrophic events, acts of war, terrorism or social unrest, pandemic, or other similar events, joint ventures as well as investments in associates, international operations and related mobilization and demobilization of rigs, operational interruptions, delays, upgrades, refurbishment and repair of rigs and any related delays and cost overruns or reduced payment of dayrates, impacts of inflation and changes in global trade policy, including tariffs and other trade restrictions, renewal of insurance, protection of sensitive information, operational technology systems and critical data, the ability to attract and retain skilled personnel or the increased cost in doing so, supplier capacity constraints or shortages in parts or equipment, supplier production disruptions, supplier quality and sourcing issues or price increases, future mergers, acquisitions or dispositions of businesses or assets or other strategic transactions, hurricanes and windstorm damage, responding to long-term changes in the energy mix, nonperformance of suppliers or third-party subcontractors, compliance with governmental laws and regulations, heightened attention to sustainability matters, including climate change and accountability for public statements about sustainability efforts, compliance with anti-bribery or anti-corruption, international trade laws and regulations, litigation, our ability to maintain effective disclosure controls and procedures and internal control over financial reporting, impairments on property and equipment, including rigs and related capital spares, operating and financial restrictions, and maintenance of covenants in our debt documents, tax disputes, or tax challenges as well as the "Risk Factors" referenced or described in Part I, Item 1A. "Risk Factors" of this Annual Report and in our other filings with the Securities and Exchange Commission ("SEC"). We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us. Future quarterly dividends and other shareholder returns will be subject to, amongst other things, approval by the Board of Directors and may be modified as market conditions dictate.

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**Risk Factors Summary**

The following is a summary of the principal risks that could adversely affect our business, operating results, and financial condition.

**Risks Related to Our Business and Operations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ our business depends on the level of activity in the oil and gas industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the offshore contract drilling industry is a highly competitive and cyclical business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ an oversupply of offshore rigs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ our ability to renew or replace existing contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ contracting with national oil companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ our current backlog of contract drilling revenue may not be ultimately realized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ our substantial dependence on several customers and geographic locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ operating hazards inherent to the offshore drilling business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ risks associated with unionization efforts, labor interruptions, and labor regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ a major natural disaster, catastrophic event, acts of war, terrorism or social unrest, pandemic, or other similar event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ risks associated with participation in joint ventures and investments in associates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ risks relating to operations in international locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ upgrades, refurbishment, operating, and maintenance costs of our rigs (including any associated tariffs) as well as related operational interruptions and delays in operations or access to funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ inflation may adversely affect our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ obtaining and maintaining insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ our and our service providers or other third parties' failure to adequately protect sensitive information and operational technology systems and critical data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ our failure to attract and retain skilled personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ supplier capacity constraints or shortages in parts or equipment or price increases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ risks associated with future mergers, acquisitions, or dispositions of businesses or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ seasonal weather events and related windstorm damage or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ our failure to effectively and timely respond to the impact of long-term changes in the energy mix;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the potential for substandard performance or nonperformance by third-party suppliers and subcontractors upon which we rely;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ risks associated with creating and executing new business models;

**Regulatory and Legal Risks**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the impact of governmental laws and regulations on our costs and drilling activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ heightened attention to sustainability matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ changes in, compliance with, or our failure to comply with certain laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ violations of anti-bribery or anti-corruption laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ compliance with complex laws and regulations governing international trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ we are, or in the future could be, subject to litigation;

**Financial, Tax, and Governance Risks**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may record impairment charges on property and equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the 2023 Revolving Credit Agreement, the indentures for the 2030 Notes and the Diamond Second Lien Notes (each as defined herein), and future facilities may contain various restrictive covenants limiting the discretion of our management in accessing liquidity or operating our business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of a loss of a major tax dispute or a successful tax challenge to our operating structure, intercompany pricing policies, or the taxable presence of our subsidiaries in certain countries on our tax rate on our worldwide earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variance in our effective income tax rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest of certain majority shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainty of future dividends or future share repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our structure as a holding company that is dependent upon cash flows from subsidiaries, joint ventures, and associates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dilutive effects on shareholders, or impairment to our ability to raise capital for operations, from future equity sales and warrant exercises.

For a more complete discussion of the material risks facing our business, see Part I, Item 1A, "Risk Factors" below.

------

**PART I**

**Item 1. Business.**

**Overview**

Noble Corporation plc, a public limited company incorporated under the laws of England and Wales ("Noble"), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. We deliver our services through a high-specification fleet of floating and jackup rigs and the deployment of our drilling rigs in oil and gas basins around the world. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. As of December 31, 2025, our fleet of 36 drilling rigs consisted of 25 floaters and 11 jackups.

On June 9, 2024, Noble entered into an agreement and plan of merger (the "Diamond Merger Agreement") with Diamond Offshore Drilling, Inc. ("Diamond"), Dolphin Merger Sub 1, Inc., and Dolphin Merger Sub 2, Inc., under which Noble would acquire Diamond in a stock plus cash transaction (the "Diamond Transaction"). On September 4, 2024 (the "Diamond Closing Date"), Noble completed its acquisition of Diamond.

For additional information, see "Note 2 — Acquisitions and Divestitures" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

References in this Annual Report on Form 10-K to "Noble," the "Company," "we," "us," and "our" refer collectively to Noble and its consolidated subsidiaries on and after the Diamond Closing Date, as applicable.

**Contract Drilling Services**

We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent, and government-owned or controlled oil and gas companies throughout the world.

We typically provide contract drilling services under an individual contract on a dayrate basis. Each contract's final terms and conditions are the result of negotiations with our customers or other counterparties, and many contracts are awarded through a competitive bidding process. The following terms generally describe the key aspects of our contracts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contract duration extending over a specific period of time or a period necessary to drill a defined number of wells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of compensation to us (generally in US dollars, although some customers or other counterparties, typically national oil companies, require a part of the compensation to be paid in local currency) on a "daywork" basis, so that we receive a fixed amount (unless the contract contains a performance-based component) for each day ("dayrate") that the drilling unit is operating under contract (a lower rate or no compensation is payable during periods of equipment breakdown and repair, adverse weather, or in the event operations are interrupted by other conditions, some of which may be beyond our control);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions permitting early termination of the contract by the customer or other counterparties (i) if the unit is lost or destroyed, (ii) if operations are suspended for a specified period of time due to breakdown of equipment or breach of contract, or (iii) for convenience with the payment of contractually specified termination amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions allowing the impacted party to terminate the contract if specified "force majeure" events beyond the contracting parties' control occur for a defined period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment by us of the operating expenses of the drilling unit, including labor costs and the cost of incidental supplies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions that allow us to recover our mobilization and demobilization costs associated with moving a drilling unit from one regional location to another which, under certain market conditions, may not allow us to receive full reimbursement of such costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions that allow us to recover certain cost increases from our customers in certain long-term contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions that require us to lower dayrates for documented cost decreases in certain long-term contracts; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions that allocate responsibility and liability through indemnification provisions for risks related to personal injury, property damage or loss, environmental damages, damage to the reservoir, and other matters.

Under our drilling contracts, liability with respect to personnel and property is typically assigned on a "knock-for-knock" basis, which means that we and our customers or other counterparties assume liability for our respective personnel and property, generally irrespective of the fault or negligence of the party indemnified. In addition, our customers or other counterparties may indemnify us in certain instances for damage to our down-hole equipment and, in some cases, our subsea equipment. Also, we generally obtain a mutual waiver of consequential losses in our drilling contracts.

Our customers typically assume responsibility for and indemnify us from loss or liability resulting from pollution or contamination, including third-party damages and clean-up and removal, arising from operations under the contract and originating below the surface of the water. We are generally responsible for pollution originating above the surface of the water and emanating from our drilling units. Additionally, our customers typically indemnify us for liabilities incurred as a result of a blow-out or cratering of the well and underground reservoir loss or damage. In the current market, we are under increasing pressure to accept exceptions to the above-described allocations of risk and, as a result, take on more risk. In such cases where we agree, we generally limit the exposure with a monetary cap and other restrictions.

During periods of depressed market conditions, our customers or other counterparties may attempt to renegotiate or repudiate their contracts with us, although we seek to enforce our rights under our contracts. The renegotiation may include changes to key contract terms, such as pricing, termination, and risk allocation.

For a discussion of our backlog of commitments for contract drilling services, please read Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations— Contract Drilling Services Backlog."

**Drilling Fleet**

Noble is a leading offshore drilling contractor for the oil and gas industry. Noble owns and operates one of the most modern, versatile, and technically advanced fleets of mobile offshore drilling units in the offshore drilling industry. Noble provides, through its subsidiaries, contract drilling services with a fleet of 31 offshore drilling units, consisting of 25 floaters and 6 jackups at the date of this report, focused largely on ultra-deepwater and ultra-harsh environment drilling opportunities in both established and emerging regions worldwide. Each type of drilling rig is described further below. Several factors determine the type of unit most suitable for a particular job, the most significant of which include the water depth and the environment of the intended drilling location, whether the drilling is being done over a platform or other structure, and the intended well depth. At December 31, 2025, our fleet was operating in Africa, Far East Asia, the North Sea, Oceania, South America, and the United States Gulf of America (the "US Gulf"). Our fleet consists of the following types of mobile offshore drilling units:

**Floaters.** A drillship is a type of floating drilling unit that is based on the ship-based hull of the vessel and equipped with modern drilling equipment that gives it the capability of easily transitioning from various worldwide locations and carrying high capacities of equipment while being able to drill ultra-deepwater oil and gas wells in up to 12,000 feet of water. Drillships can stay directly over the drilling location without anchors in open seas using a dynamic positioning system ("DPS"), which coordinates position references from satellite signals and acoustic seabed transponders with the drillship's six to eight thrusters to keep the ship directly over the well that is being drilled. Drillships are selected to drill oil and gas wells for programs that require a high level of simultaneous operations, where drilling loads are expected to be high, or where there are occurrences of high ocean currents, where the drillship's hull shape is the most efficient. Noble's fleet consists of 17 drillships capable of water depths from 10,000 feet to 12,000 feet.

Semisubmersible drilling units are designed as a floating drilling platform incorporating one or several pontoon hulls, which are submerged in the water to lower the center of gravity and make this type of drilling unit exceptionally stable in the open sea. Semisubmersible drilling units are generally categorized in terms of the water depth in which they are capable of operating, from the mid-water range of 300 feet to 4,000 feet, the deepwater range of 4,000 feet to 7,500 feet, to the ultra-deepwater range of 7,500 feet to 12,000 feet as well as by their generation, or date of construction. This type of drilling unit typically exhibits excellent stability characteristics, providing a stable platform for drilling even in rough seas. Semisubmersible drilling units hold their position over the drilling location using either an anchored mooring system or a DPS and may be self-propelled. Noble's fleet consists of 8 moored ultra-deepwater semisubmersible drilling units.

**Jackups.** Jackup drilling units are designed to provide drilling solutions in depths ranging from less than 100 feet to as deep as 500 feet of water with drilling hook loads up to 2,500,000 pounds. Jackup rigs can be used in open water exploration locations, as well as over fixed, bottom-supported platforms. A jackup drilling unit is a towed mobile vessel consisting of a floating hull equipped with three or four legs, which are lowered to the seabed at the drilling location. The hull is then

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elevated out of the water by the jacking system using the legs to support the weight of the hull and drilling equipment against the seabed. Once the hull is elevated to the desired level, or "jacked up", the drilling package can be extended out over an existing production platform or the open water location and drilling can commence. Noble's fleet of 6 jackups consists of high-specification units capable of drilling in up to 500 feet of water.

The following table presents certain information concerning our offshore fleet at February 12, 2026. We own and operate all of the units included in the table. The table excludes certain rigs currently operating under a bareboat charter agreement.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Make** | **Year**<br>**Built** | **Water Depth Rating**<br>**(feet)** <sup>(1)</sup> | **Drilling Depth Capacity (feet)** | **Location** | **Status** <sup>(2)</sup> |
| **Floaters—25** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Drillships—17** | | | | | | |
| Noble Bob Douglas | GustoMSC P10000 | 2013 | 12000 | 40000 | Guyana | Active |
| Noble Don Taylor | GustoMSC P10000 | 2013 | 12000 | 40000 | Guyana | Active |
| Noble Faye Kozack | Samsung 96000 | 2013 | 12000 | 40000 | Brazil | Active |
| Noble Gerry de Souza | Samsung 120000 Double Hull | 2011 | 12000 | 40000 | Nigeria | Active |
| Noble Globetrotter I | Globetrotter Class | 2011 | 10000 | 30000 | Bulgaria | Active |
| Noble Globetrotter II | Globetrotter Class | 2013 | 10000 | 30000 | US Gulf | Held for sale |
| Noble Sam Croft | GustoMSC P10000 | 2014 | 12000 | 40000 | Guyana | Active |
| Noble Stanley Lafosse | Samsung 96000 | 2014 | 12000 | 40000 | US Gulf | Active |
| Noble Tom Madden | GustoMSC P10000 | 2014 | 12000 | 40000 | Guyana | Active |
| Noble Valiant | Samsung 96000 | 2014 | 12000 | 40000 | Suriname | Active |
| Noble Venturer | Samsung 96000 | 2014 | 12000 | 40000 | Ghana | Active |
| Noble Viking | Samsung 96000 | 2014 | 12000 | 40000 | Philippines | Active |
| Noble Voyager | Samsung 96000 | 2015 | 12000 | 40000 | US Gulf | Active |
| Noble BlackRhino | Gusto P10000 | 2014 | 12000 | 40000 | US Gulf | Active |
| Noble BlackHawk | Gusto P10000 | 2014 | 12000 | 40000 | US Gulf | Active |
| Noble BlackHornet | Gusto P10000 | 2014 | 12000 | 40000 | US Gulf | Active |
| Noble BlackLion | Gusto P10000 | 2015 | 12000 | 40000 | US Gulf | Active |
| &nbsp;&nbsp;&nbsp;&nbsp;**Semisubmersibles—8** | &nbsp;&nbsp;&nbsp;&nbsp;**Semisubmersibles—8** |  |  |  |  |  |
| Noble Deliverer | DSS21-DPS2 | 2010 | 10000 | 40000 | Malaysia | Available |
| Noble Developer | DSS21-DPS2 | 2009 | 10000 | 40000 | Suriname | Active |
| Noble Discoverer | DSS21-DPS2 | 2009 | 10000 | 40000 | Colombia | Active |
| Noble Patriot | Bingo 3000 | 1983 | 1500 | 20000 | UK | Active |
| Ocean Apex | Enhanced Victory | 1976/2014 | 6000 | 30000 | Australia | Available |
| Noble Courage | F&G ExD Millennium | 2009 | 10000 | 40000 | Brazil | Active |
| Noble Endeavor | Enhanced Victory | 1975/2006 | 10000 | 35000 | South America | Active |
| Ocean GreatWhite | Moss CS-60E | 2016 | 10000 | 35000 | Norway | Active |
| **Independent Leg Cantilevered Jackups—6** | **Independent Leg Cantilevered Jackups—6** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Harsh environment—1** | &nbsp;&nbsp;&nbsp;&nbsp;**Harsh environment—1** |  |  |  |  |  |
| Noble Resolve | MCS CJ50-X100 MC | 2009 | 350 | 30000 | Spain | Held for sale |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ultra-harsh environment—5** | &nbsp;&nbsp;&nbsp;&nbsp;**Ultra-harsh environment—5** |  |  |  |  |  |
| Noble Innovator | MCS CJ70-150MC | 2003 | 492 | 30000 | UK | Active |
| Noble Integrator | MCS CJ70-X150 MD | 2015 | 492 | 40000 | Norway | Active |
| Noble Interceptor | MCS CJ70-X150 MD | 2014 | 492 | 40000 | Norway | Active |
| Noble Intrepid | MCS CJ70-X150 MD | 2014 | 492 | 40000 | UK | Active |
| Noble Invincible | MCS CJ70-X150 MD | 2016 | 492 | 40000 | Norway | Active |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Rated water depth for drillships and semisubmersibles reflects the maximum water depth for which a floating rig has been designed for drilling operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Rigs listed as "active" are operating, preparing to operate, or under contract; rigs listed as "available" are actively seeking contracts and may include those that are idle or warm stacked.

**Market**

The offshore contract drilling industry is a highly competitive and cyclical business. Demand for offshore drilling services is driven by the offshore exploration and development programs of oil and gas operators, which in turn are influenced by many factors. Those factors include, but are not limited to, the price and price stability of oil and gas, the relative cost and carbon footprint of offshore resources within each operator's broader energy portfolio, global macroeconomic conditions, world energy demand, the operator's strategy toward renewable energy sources, environmental considerations, and governmental policies.

In the provision of offshore contract drilling services, success in securing contracts is primarily governed by price, a rig's availability, drilling capabilities and technical specifications, and the drilling contractor's safety performance record. Other factors include experience of the workforce, process efficiency, condition of equipment, operating integrity, reputation, industry standing, and client relations.

We maintain a global operational presence and compete in many of the major offshore oil and gas basins worldwide with a primary focus on the deepwater and ultra-deepwater floater market and ultra-harsh environment jackup market. All our drilling rigs are mobile, and we may reposition our drilling rigs among regions for a variety of reasons, including in response to customer requirements. We compete in both the floating and ultra-harsh jackup rig markets, each of which may have different supply and demand dynamics at a given period in time or in different regions.

We have one of the youngest and highest specification fleets of global scale in the industry, with diversification across geographic regions and customers. The Company has a track record of industry-leading utilization, coupled with a commitment to best-in-class safety performance and customer satisfaction. We strive to be a leader in industry innovation and first-mover in sustainability.

The offshore drilling industry has historically experienced significant volatility and change. In recent years, however, oil prices have generally remained at levels that are supportive of offshore exploration and development activity and global rig demand recovered to eclipse pre-pandemic levels, albeit with a steady downtrend since 2022 post-pandemic highs. Spot prices for Brent crude have recently settled in the mid to high $60s per barrel during early 2026 compared to an average price of $68 per barrel during 2025. Current demand and utilization levels are supported by the combination of the outlook for longer-term commodity prices, heightened focus on energy security, the capital intensity of depletion replacement, and relative attractiveness of offshore plays with respect to both cost and carbon emissions. The increase in global rig demand since 2021 has had a positive impact on dayrates for most rig classes, although dayrates have decreased moderately since recent highs during 2023 and 2024.

The global rig supply has come down from historic highs as Noble and other offshore drilling contractors have retired less capable and idle assets. Concurrently, the incoming supply of newbuild offshore drilling rigs has diminished materially, with very few newbuild rigs now remaining stranded in shipyards.

Although the market outlook in our business varies by geographical region and water depth and, despite recent downward pressure on the price of oil, we remain encouraged by the long-term outlook in the ultra-deepwater floater market. Our customers continue to focus on our highest specification floaters, which represents the majority of our floater fleet. Assuming current market fundamentals, continued customer prioritization towards these highest specification floaters could result in lower utilization for our lower specification drillships and our semi-submersibles. Demand for midwater semisubmersibles is primarily driven by brownfield activity in mature basins, especially in Northwest Europe, South America, and the Asia Pacific regions, where a generally stable level of baseload demand is supported by infield drilling and plug and abandonment requirements. Our ultra-harsh environment jackups operating in Norway and the UK experienced less cyclical improvement than the floater fleet during 2022-2024, but have recently begun to realize improving utilization.

While we remain encouraged about overall long-term rig demand, as evidenced by recent multi-year, multi-rig contracts that we have booked into backlog, the near-term outlook for both floaters and jackups over the next several quarters continues to present lingering utilization headwinds compared to 2023-2024 levels. Furthermore, economic uncertainty and lower commodity prices arising from recent trade policy and tariffs, compounded with OPEC's stated intent to increase oil production, collectively present a potential for additional demand risk for offshore rigs in the near term.

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Across the broader offshore drilling market, recent contract awards and open tenders show an increasing proportion of multi-year contracts, although a significant number of shorter-term commitments continue to be fixed as well. Longer-term contracts can generally provide economic efficiencies by reducing the number of rig contract start-ups, both with different customers and among different regions, which is expected to reduce incremental resources and costs. On the other hand, certain multi-year contracts that are scheduled to commence a year or more into the future can present near-term utilization inefficiency due to challenges with filling interim availability on the assets.

The energy transition from hydrocarbons to renewables poses a challenge to the oil and gas sector and our market. Energy rebalancing trends sharply accelerated over the past decade as evidenced by promulgated or proposed government policies and commitments by many of our customers to further invest in sustainable energy sources, although this trend has moderated or even reversed in certain jurisdictions in more recent years with shifting political priorities. Our industry could be further challenged as resource holders and policy makers continue to evaluate and calibrate strategies and capital flows to address global energy needs. Ultimately, however, there continues to be a global dependence on products made from hydrocarbons and on the combustion of hydrocarbons to provide reliable and affordable energy. Low-cost and low-emission barrels are expected to be the most attractive conventional source to meet energy needs both currently and in the future. Global energy demand is predicted to increase over the coming decades, and we expect that offshore oil and gas will continue to play an important and lasting role in meeting this demand.

**Significant Customers**

During the three years ended December 31, 2025, we principally conducted our contract drilling operations in Africa, Far East Asia, the North Sea, Oceania, South America, and the US Gulf. The following table sets forth revenues from our customers as a percentage of our consolidated operating revenues:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| Exxon Mobil Corporation ("ExxonMobil") | 19.7% | 22.1% | 24.5% |
| BP | 13.2% | (1) | (1) |
| Petrobras | 12.5% | (1) | (1) |
| TotalEnergies | (1) | (1) | 10.5% |
| Shell plc | (1) | 12.3% | 13.6% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount was less than 10% for the year presented.

No other customer accounted for more than 10% of our consolidated operating revenues in 2025, 2024, or 2023.

**Human Capital**

At December 31, 2025, we had approximately 4,500 employees, excluding approximately 1,400 persons we engaged through labor contractors or agencies. Approximately 77% percent of our workforce is located offshore. Certain of our employees and contractors in international markets, such as Norway and Denmark, are represented by labor unions and work under collective bargaining or similar agreements, which are subject to periodic renegotiation, and we consider our employee relations to be satisfactory.

For additional information, please read Part I, Item 1A, "Risk Factors—Risks Related to Our Business and Operations—Unionization efforts, labor interruptions, and labor regulations could have a material adverse effect on our operations."

**Safety and Environmental Stewardship.** Noble is committed to operating with excellent health, safety, and environmental ("HSE") performance as an integral part of our business strategy, adding value for employees, customers, and shareholders. All personnel, regardless of job or position onboard our vessels or at any Noble facility, has the authorization and obligation to immediately stop any unsafe act, practice, or job that poses an unaddressed or unreasonable risk to people or the environment.

Our pursuit of exceptional HSE performance begins with our strong corporate culture that prioritizes proactive risk management, compliance with standards, and continuous improvement. This commitment is reinforced through Noble Peak, our safety philosophy focused on building capacity for safe work, learning from everyday operations, and fostering resilience. Noble Peak emphasizes mindset, skillset, and toolset—empowering teams to adapt, communicate, and learn continually—because safety is not just the absence of incidents, but the presence of defenses and capabilities.

To strengthen how we think about risk, Noble is moving beyond traditional lagging indicators such as IADC TRIR and LTIR. These legacy metrics often focus on frequency rather than severity, which can obscure the true risk profile of our

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operations. Our Potential Consequence Severity Index ("PCSI") addresses this gap by weighting events based on both actual and potential consequences. This approach helps ensure that serious hazards and high-risk exposures receive the attention they deserve—even when no injury occurs. PCSI is intended to drive proactive learning and prioritization, helping us focus on eliminating life-altering risks and building resilience rather than simply counting incidents.

**Training and Continuing Education.** We place considerable value on the training and development of our employees. Accordingly, we conduct formal and informal meetings with employees, regular executive-led podcasts, issue periodic publications of Company activities and other matters of interest to the Company's OneNoble app, and offer a variety of training, including in-house through NobleAdvances, our state-of-the-art training facility in Texas. Noble has learned that technical skills are not enough to keep pace in our fast-changing offshore environments. NobleAdvances allows us to deliver scenario-based drilling and marine training with a strong focus on communication, biases, and emergency decision making. This approach is designed to enable Noble employees to execute our procedures effectively and solve complex technical problems in challenging offshore conditions.

**Government Regulation**

Our operations are subject to federal, state, and local laws and regulations in the U.S. and other jurisdictions where we operate, including those relating to drilling services, exploration, development, and production, and other activities in the oil and gas industry, international maritime standards, worker health and safety, taxation, import and export, corruption, sanctions, trade, labor and employment, data privacy and security, and environmental protection. Compliance with these laws has in the past and may continue to require significant expenditures and operating costs.

In particular, environmental laws and regulations regarding emissions (including greenhouse gases and methane), water discharges, wastewater and stormwater management, chemical handling and storage, hazardous and non-hazardous waste generation and disposal, endangered species and habitat protection, noise and dust, site remediation, and spill prevention and response require ongoing attention and resources to support compliance. Changes in standards or enforcement priorities can increase our cost of doing business and affect utilization and margins. Similarly, environmental non-compliance incidents could expose us to investigations, administrative orders, civil or criminal penalties, natural resource damages, remediation and restoration obligations, and third-party claims for property damage, personal injury, or business interruption, as well as strict, joint, and several liability, which can result in liability without regard to fault.

In addition, obtaining and maintaining environmental permits can be time-consuming and costly, and permitting or regulatory challenges can delay, restrict, or halt our operations or those of our customers. More stringent regulations or heightened enforcement may require us to curtail activities in certain locations, suspend or relocate equipment, or incur incremental operating and capital costs, and may also adversely affect the demand for our services if our customers reduce or defer drilling activity to address their own compliance burdens.

There is also ongoing attention concerning the global climate. Various regulators have proposed or adopted rules requiring the monitoring and reporting of GHG emissions from specified sources in the United States and abroad, including, among other things, certain offshore activities relating to oil and gas production. Emerging climate-related policies and market expectations, including greenhouse gas reporting and reduction programs, carbon pricing mechanisms, restrictions on flaring and venting, electrification requirements, and supply chain emissions goals set by our customers, could increase our costs, require additional disclosures and internal controls, or necessitate investments in lower-emissions technologies and alternative power solutions for our rigs and facilities. Collectively, these factors could adversely affect our revenues, profitability, and returns on invested capital. More information on these and related risks can be found in our discussion in Part I, Item 1A, "Risk Factors" below.

**Available Information**

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge at our website as soon as reasonably practicable after such material is electronically filed with or furnished with the SEC. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.

Our website address is http://www.noblecorp.com. Investors should also note that we announce material financial information in SEC filings, press releases, and public conference calls. Based on guidance from the SEC, we may use the investor relations section of our website to communicate with our investors. It is possible that the financial and other information (including fleet status reports) posted there could be deemed to be material information. Noble may also use social media channels including, but not limited to, Noble's accounts on LinkedIn, Facebook, Instagram, and X, to communicate with investors and the public about its business, services, and other matters, and those communications

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could be deemed to be material information. Documents and information on our website or our social media channels are not incorporated by reference herein.

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**Item 1A. Risk Factors.**

You should carefully consider the following risk factors in addition to the other information included in this Annual Report on Form 10-K. Each of these risk factors could affect our business, operating results, and financial condition as well as affect an investment in our shares. The disclosures in this section reflect our beliefs and opinions as to factors that could materially and adversely affect us in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past.

**<u>Risks Related to Our Business and Operations</u>**

***Our business depends on the level of activity in the oil and gas industry. Adverse developments affecting the industry, including a decline in the price of oil or gas, reduced demand for oil and gas products, and increased regulation of drilling and production, have in the past had, and may in the future have, a material adverse effect on our business, financial condition, and results of operations.***

Demand for drilling services depends on a variety of economic and political factors and the level of activity in offshore oil and gas exploration, development, and production markets around the world. The price of oil and gas and market anticipation of potential changes in the price significantly affect this level of activity as well as dayrates that we can charge customers for our services. Crude oil prices remain volatile; for example, Brent crude reached a low of $9.12 in 2020 and a 5-year high of $133.18 in 2022.

Higher prices do not necessarily translate into increased drilling activity because our customers typically take into account a number of considerations when they decide to invest in offshore oil and gas resources, including expectations regarding future commodity prices and demand for hydrocarbons. While the price of oil and gas remains volatile, the level of activity in offshore oil and gas exploration and development can be extremely volatile and can be affected by numerous factors beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ worldwide production, current demand, and our customer's views of future demand for oil and gas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ changes in the rate of economic growth in the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the cost of exploring for, developing, producing, and delivering oil and gas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the ability of OPEC and OPEC+ to set and maintain production levels and pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ expectations regarding future energy prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ increased supply of oil and gas resulting from onshore hydraulic fracturing activity and shale development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the relative cost of offshore oil and gas exploration versus onshore oil and gas production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ potential acceleration in the investment, development, price, and availability of alternative fuels or energy sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ allocation of capital to exploration and production operations within customers' broader portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the level of production in non-OPEC+ countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ inventory levels and the cost and availability of storage and transportation of oil, gas, and their related products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ worldwide financial instability or recessions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ regulatory restrictions or any moratorium on offshore drilling or the availability of offshore lease or concession areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the discovery rate of new oil and gas reserves either onshore or offshore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the rate of decline of existing and new oil and gas reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ available pipeline and other oil and gas transportation capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ oil refining capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the ability of oil and gas companies to raise capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ limitations on liquidity and available credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ advances in exploration, development, and production technology either onshore or offshore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ technical advances affecting energy consumption, including the displacement of hydrocarbons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ merger, acquisition, and divestiture activity among oil and gas industry participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the availability of, and access to, suitable locations from which hydrocarbons can be produced;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ adverse weather and sea conditions, including hurricanes, typhoons, cyclones, winter storms, and rough seas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the occurrence or threat of a major natural disaster, catastrophic event, epidemic, or pandemic diseases, as well as any governmental response to such occurrence or threat;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ changes in and compliance with tax laws, regulations, and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ changes in and compliance with environmental laws, regulations, and other initiatives, including those involving alternative energy sources, the phase-out of fossil fuel consuming vehicles, and the risks of global climate change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the political environment of oil-producing countries or regions, including uncertainty or instability resulting from civil disorder, geopolitical instability, border disputes, or an outbreak or escalation of armed hostilities or acts of war or terrorism, such as the conflict between Russia and Ukraine, Middle East conflicts, and Venezuela related conflicts, and their respective regional and global ramifications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the laws, regulations, and policies of governments regarding exploration and development of their oil and gas reserves or speculation regarding future laws or regulations.

Adverse developments affecting the industry as a result of factors such as those listed above, including a decline in the price of oil and gas from their current levels or the failure of the price of oil and gas to consistently remain at or above a level that encourages our customers to expand their capital spending, the inability of our customers to access capital on economically advantageous terms, including as a result of the heightened focus on climate change by investors and regulators, a global recession, reduced demand for oil and gas products, or a perception that the demand for hydrocarbons will significantly decrease, increased supply due to the development of new onshore drilling and production technologies, and increased regulation of drilling and production, particularly if several developments were to occur in a short period of time, would have a material adverse effect on our business, financial condition, and results of operations. However, increases in near-term commodity prices do not necessarily translate into increased offshore drilling activity because customers' expectations of longer-term future commodity prices and expectations regarding future demand for hydrocarbons typically have a greater impact on demand for our rigs. The level of oil and gas prices has had, and may in the future have, a material effect on demand for our services, and future declines in prices would likely have a material adverse effect on our business, results of operations, and financial condition.

***The offshore contract drilling industry is a highly competitive and cyclical business with intense price competition. If we are unable to compete successfully, our profitability may be materially reduced.***

The offshore contract drilling industry is a highly competitive and cyclical business characterized by high capital and operating costs and evolving capability of newer rigs. Drilling contracts are traditionally awarded on a competitive bid basis. Price competition, rig availability, location, suitability, and technical specifications are the primary factors in determining which rig is qualified for a job, and additional factors such as experience of the workforce, operating efficiency, safety performance record, condition of equipment, operating integrity, reputation, industry standing, and customer relations are also often considered. Our future success and profitability will partly depend upon our ability to keep pace with our customers' demands with respect to these factors.

Further, if current competitors implement new or differentiated technical capabilities, services or specifications, which may be more attractive to our customers or price their product offerings more competitively, it could have a material adverse effect on our business, financial condition, and results of operations. We may face competitive pressure to develop, implement, or acquire certain new technologies at a substantial cost. We cannot be certain that we will be able to continue to develop and implement new technologies or services offered.

Our industry is cyclical. Periods of low demand or excess rig supply intensify the competition in the industry and have resulted in, and may continue to result in, many of our rigs earning substantially lower dayrates or being idle for long periods of time. Although, since the 2014 peak, the industry has experienced a rationalization and correction of the global offshore rig supply, we continue to experience competition from newbuild rigs, including rigs that have been stranded in shipyards, that have either already entered the market or are available to enter the market. The entry of these rigs into the market has resulted in, and may in the future result in, lower dayrates for both newbuilds and existing rigs rolling off their current contracts. In addition, our competitors may relocate rigs to geographic markets in which we operate, which could exacerbate any excess rig supply, or depress the current rationalization and correction of offshore rig supply, and result in lower dayrates and utilization in those regions.

In addition, our customers continue to seek more favorable terms with respect to allocation of risk under offshore drilling contracts. Our drilling contracts provide for varying levels of risk allocation and indemnification from our customers. Our

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customers have historically assumed most of the responsibility for and indemnified us from loss, damage, or other liability resulting from pollution or environmental damage, including clean-up and removal and third-party damages arising from operations under the contract when the source of the pollution originates from the well or reservoir, including those resulting from blow-outs or loss of well control. However, we regularly are required to assume certain amounts of liability for pollution and environmental damage caused by our negligence, which liability generally has higher caps, or may even have unlimited liability, where the damage is caused by our gross negligence or willful misconduct. We still face resistance with some customers when attempting to allocate less risk to us and lower caps for damage caused by our gross negligence or willful misconduct or reduce our exposure with respect pollution or environmental damage. Our contracts may also be subject to judicial review and application of public policy principles whereby relevant authorities could decide that certain contractual indemnities in current or future contracts are not enforceable. Going forward, we could decide or be required to retain more risk in the future, resulting in higher risk of losses, which could be material. Moreover, we may not be able to maintain adequate insurance in the future at rates that we consider reasonable or be able to obtain insurance against current or future risks.

***We have not been, and may continue not to be, able to renew or replace certain expiring contracts, and our customers have sought, and may seek in the future, to terminate, renegotiate, or repudiate our drilling contracts and have had, and may have in the future, financial difficulties that prevent them from meeting their obligations under our drilling contracts.***

Our ability to renew contracts that expire or obtain new contracts and the terms of any such contracts will depend on market conditions and our customers' expectations and assumptions of future oil prices and other factors.

Depending on market conditions, we have also experienced customers seeking price reductions for our services, payment deferrals, and termination of our contracts; customers seeking to not perform under our contracts pursuant to a force majeure claim; and customers that are unable or unwilling to timely pay outstanding receivables owed to us, all of which present liquidity challenges for us. Our customers may generally terminate our drilling contracts if a drilling rig is destroyed or lost or if we have to suspend drilling operations for a specified period of time as a result of a breakdown of equipment or, in some cases, due to other events beyond the control of either party. In the case of nonperformance and under certain other conditions, our drilling contracts generally allow our customers to terminate without any payment to us. The terms of some of our drilling contracts permit the customer to terminate the contract after a specified notice period by tendering contractually specified termination amounts or, in some cases, without any payment. These termination payments, if any, may not fully compensate us for the loss of a contract. The early termination of a contract may result in a rig being idle for an extended period of time and a reduction in our contract backlog and associated revenue, which could have a material adverse effect on our business, financial condition, and results of operations. Moreover, if any of our long-term contracts were to be terminated early, such termination could affect our future earnings flow and could have a material adverse effect on our future financial condition and results of operations even if we were to receive the contractually specified termination amount.

During periods of depressed market conditions, we are subject to an increased risk of our customers seeking to renegotiate or repudiate their contracts. The ability of our customers to perform their obligations under drilling contracts with us may also be adversely affected by the financial condition of the customer, restricted credit markets, economic downturns, and industry downturns. We may elect to renegotiate the rates we receive under our drilling contracts downward if we determine that to be a reasonable business solution. If our customers cancel or are unable to perform their obligations under their drilling contracts, including their payment obligations, and we are unable to secure new contracts on a timely basis on substantially similar terms or if we elect to renegotiate our drilling contracts and accept terms that are less favorable to us, it could have a material adverse effect on our business, financial condition, and results of operations.

***Drilling contracts with national oil companies may expose us to greater risks than we normally assume in drilling contracts with non-governmental customers.***

Contracts with national oil companies are often non-negotiable and may expose us to greater commercial, political, and operational risks than we assume in other contracts, such as exposure to materially greater environmental liability and other claims for damages (including consequential damages) and personal injury related to our operations, or the risk that the contract may be terminated by our customer without cause on short-term notice, contractually or by governmental action, under certain conditions that may not provide us an early termination payment, or may otherwise provide collection risks, and political risks. In addition, our ability to resolve disputes or enforce contractual provisions may be negatively impacted under these contracts. We can provide no assurance that the increased risk exposure will not have an adverse

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impact on our future operations or that we will not increase the number of rigs contracted to national oil companies with additional contractual risks.

***Our current backlog of contract drilling revenue may not be ultimately realized.***

Generally, contract backlog only includes future revenues under signed drilling contracts. We may not be able to perform under these contracts as a result of operational or other breaches or due to events beyond our control, and we may not ultimately execute a definitive agreement in cases where one does not currently exist. Moreover, we can provide no assurance that our customers will be able or willing to fulfill their contractual commitments to us or that they will not seek to renegotiate or repudiate their contracts or, for certain customers, reallocate term among contracted rigs, especially during an industry downturn. The terms of some of our drilling contracts permit the customer to terminate the contract after specified notice periods by tendering contractually specified termination amounts or, in certain cases, without any payment. In estimating backlog, we make certain assumptions about applicable dayrates under our longer-term contracts which have dayrate adjustment mechanisms (like certain of our contracts with ExxonMobil, AkerBP, and Petrobras) or performance-based components (like certain of our contracts with Shell plc and TotalEnergies). In addition, from time to time, we may report anticipated commitments under letters of intent or awards for which definitive agreements have not yet been, but are expected to be, signed. We cannot assure you that actual results will mirror these assumptions. Our inability to perform under our contractual obligations or execute definitive agreements, our customers' inability or unwillingness to fulfill their contractual commitments to us, including as a result of contract repudiations or our decision to accept less favorable terms on our drilling contracts, or the failure of actual results to reflect the assumptions we use to estimate backlog for certain contracts, could have a material adverse effect on our business, financial condition, and results of operations.

***A substantial portion of our business is dependent on several of our customers as well as dependent on several geographic areas and the disruption of business with any of these customers or disruption of business within these geographic areas could have a material adverse effect on our financial condition and results of operations.***

Any concentration of customers increases the risks associated with any possible termination or nonperformance of drilling contracts, failure to renew contracts or award new contracts, or reduction of their drilling programs. In addition, the concentration of operations within a geographic area increases the impact of terrorism, piracy, or political or social unrest, changes in local laws and regulations, as well as severe weather events, should they occur within an area of concentration. As of December 31, 2025, ExxonMobil, Shell plc, BP, and TotalEnergies represented approximately 23.7%, 19.5%, 16.2%, and 12.6% of our contract backlog, respectively, and operations within the US Gulf, Guyana, Suriname, and the North Sea accounted for approximately 35.3%, 23.7%, 12.9%, and 11.4% of our contract backlog, respectively. ExxonMobil, BP, and Petrobras accounted for approximately 19.7%, 13.2%, and 12.5% respectively, of our consolidated operating revenues for the year ended December 31, 2025, and operations in the US Gulf, Guyana, and the North Sea accounted for approximately 27.1%, 19.7%, and 16.9%, respectively, of our consolidated operating revenues for the year ended December 31, 2025. This concentration of customers increases the risks associated with any possible termination or nonperformance of contracts in addition to our exposure to credit risk. If any of these customers were to terminate or fail to perform their obligations under their contracts and we were not able to find other customers for the affected drilling units promptly, our financial condition and results of operations could be materially adversely affected. If we were forced to cease drilling operations in any of these regions for any reason and we were not able to redeploy to other regions promptly, our financial condition and results of operations could be materially adversely affected.

***Our business may be impacted by numerous operating hazards.***

Our operations are subject to many hazards inherent in the drilling business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of well control or blowout;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• navigation hazards, such as collisions or groundings of offshore equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• helicopter accidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seabed punch-throughs of a jackup rig;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mechanical or technological equipment failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with environmental, health, and safety requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of well integrity (such as pipe or cement failures and casing collapses);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse weather or sea conditions (caused by events including hurricanes, typhoons, tsunamis, cyclones, and winter storms, which may increase in frequency and severity as a result of climate change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loop currents or eddies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• toxic gas emanating from the well; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• improper handling, release, or disposal of hazardous materials.

These hazards could cause personal injury, including claims of post-traumatic stress or loss of life, suspend drilling operations, result in regulatory investigation or penalties, seriously damage or destroy property and equipment, result in claims by employees, customers, or third parties, cause environmental damage, and cause substantial damage to oil and gas producing formations or facilities. Operations also may be suspended because of machinery breakdowns, abnormal drilling conditions, and failure of subcontractors to perform or supply goods or services or personnel shortages. The occurrence of any of the hazards we face could have a material adverse effect on our business, financial condition, and results of operations.

***Unionization efforts, labor interruptions, and labor regulations could have a material adverse effect on our operations.***

Certain of our employees and contractors in international markets, such as Australia, certain African countries, Brazil, Norway, Denmark, and the United Kingdom, are represented by labor unions and work under collective bargaining or similar agreements, which are subject to periodic renegotiation, and efforts may be made from time to time to unionize other portions of our workforce. Although we have not experienced any labor disruptions, strikes, or other forms of labor unrest in connection with our personnel, there can be no assurance that labor disruptions by employees and contractors will not occur in the future. Further, unionized employees of third parties on whom we rely may be involved in labor disruptions, strikes, or other forms of labor unrest, causing operational disruptions. Such actions could result in the occurrence of additional costs, as well as limitations on our ability to operate or provide services to our customers, which may materially adversely affect our business, financial condition, and results of operations. In addition strikes may occur in connection with annual salary negotiations with respect to unionized employees or contractors. If future labor strikes force us to shut down any of our operations, such interruption in operations could materially adversely affect our business, financial condition, and results of operations. Additionally, from time to time, legislation remains pending in the US Congress that could encourage additional unionization efforts in the United States, as well as increase the chances that such efforts succeed. Changes in the majority control of Congress may make passage on such legislation more likely. Additional unionization efforts, if successful, could materially increase our labor costs and operating restrictions.

***A major natural disaster, catastrophic event, acts of war, terrorism, social unrest, pandemic, or other similar event could have a materially adverse effect on our business, financial condition, and results of operations, or have other adverse consequences.***

Our business, financial condition, results of operations, access to capital markets, and borrowing costs may be adversely affected by a major natural disaster or catastrophic event, including civil unrest, geopolitical instability, war, terrorist attacks, pandemics, significantly altered weather conditions, or other (actual or threatened) public health emergencies such as the COVID-19 outbreak, or other events beyond our control, and measures taken in response thereto.

Acts of terrorism and social unrest, brought about by world political events or otherwise, such as the conflict between Russia and Ukraine, Middle East conflicts, and the Venezuela conflicts, and their respective regional and global ramifications, have caused instability in the world's financial and insurance markets in the past and may occur in the future. Such acts could be directed against companies such as ours. In addition, acts of terrorism, piracy, and social unrest could lead to increased volatility in prices for crude oil and natural gas and could affect the markets for drilling services. Insurance premiums could increase and coverage may be unavailable in the future.

Our drilling contracts do not generally provide indemnification against loss of capital assets or loss of revenues resulting from acts of terrorism, piracy, or political or social unrest. We have limited insurance for our assets providing coverage for physical damage losses resulting from risks, such as terrorist acts, piracy, vandalism, sabotage, civil unrest, expropriation, and acts of war, and we do not carry insurance for loss of revenues resulting from such risks.

Public health emergencies have created and may in the future create, significant volatility and uncertainty and economic and financial market disruption. Governmental authorities implemented, and may implement in the future, numerous measures attempting to contain and mitigate the effects of pandemics and outbreaks, including travel bans and restrictions, quarantines, shelter in place orders, and shutdowns. Due to travel restrictions and mandatory quarantine

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measures, we experienced, and may in the future experience again, increased difficulties, delays, and expenses in moving our personnel to and from our operating locations. We may be unable to pass these increased expenses to our customers. Further, we have previously, and may in the future have to, temporarily shut down operations of one or more of our rigs if there is a pandemic, outbreak, or other public health emergency or vacancies of essential positions due to related infections, which could have a material negative impact on our business, financial condition, and results of operations. Additionally, disruptions to the ability of our suppliers, manufacturers, and service providers to supply labor, parts, equipment, or services in the jurisdictions in which we operate, whether as a result of government actions, labor shortages, travel restrictions, the inability to source labor, parts, or equipment from affected locations, or other effects related to pandemics, outbreaks, or other public health emergencies, have increased our operating costs and the risk of rig downtime, and negatively impacted our ability to meet commitments to customers and may do so in the future.

Additionally, many scientists have concluded that increasing concentrations of GHGs in the Earth's atmosphere and climate change may produce significant physical effects on weather conditions, such as increased frequency and severity of droughts, storms, floods, and other climatic events. If any such effects were to occur, they could adversely affect or delay demand for the oil or natural gas produced or cause us to incur significant costs in preparing for or responding to the effects of climatic events themselves. Potential adverse effects could include disruption of our and our customers' operations, including, for example, damages to our facilities from winds or floods, increases in our costs of operation, or reductions in the efficiency of our operations, impacts on our personnel, supply chain, or distribution chain, as well as potentially increased costs for insurance coverages in the aftermath of such effects. Any of these events could have an adverse effect on our assets and operations.

***We face risks associated with our participation in certain joint ventures as well as investments in associates.***

We have made investments in certain joint ventures as well as investments in associates. Such investments are often entered into to satisfy local requirements, including local content requirements, in certain jurisdictions and the terms of the investment agreements vary depending on the counterparty and jurisdiction involved. For example, we currently have joint ventures with local owners or partners that were entered into in the ordinary course of business to satisfy local content requirements in certain African countries, countries in the Middle East, Mexico, and other applicable jurisdictions in which we operate. Investments in joint ventures or associates over which we have partial or joint control are subject to the risk that the other owners or partners in such joint venture or associate, who may have different business or investment strategies compared to ours or with whom we may have a disagreement or dispute, may have the ability to block business, financial, or management decisions (such as the decision to distribute dividends or appoint members of management) which may be crucial to the success of our investment in the joint venture or associate, or could otherwise implement initiatives which may be contrary to our interests. In addition, such joint venture owners or partners may be unable, or unwilling, to fulfill their obligations under the relevant agreements (for example, by not contributing working capital or other resources), or may experience financial, operational, or other difficulties that may adversely impact our investment in a particular joint venture or associate. In addition, such joint venture owners or associates may lack sufficient controls and procedures which could expose us to risk. If any of the foregoing were to occur, such occurrence could materially adversely affect our business, financial condition, and results of operations.

***We are exposed to risks relating to operations in international locations, including the mobilization and demobilization of our rigs to and from such locations.***

We operate in various regions throughout the world that may expose us to political or governmental risks and other uncertainties, including risks of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seizure, nationalization, or expropriation of property or equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ monetary policies, capital controls, government credit rating downgrades and potential defaults, and any potential shutdown of the United States government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ foreign currency fluctuations and devaluations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ limitations on the ability to repatriate income or capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ complications associated with repairing and replacing equipment in remote locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ repudiation, nullification, modification, or renegotiation of contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ limitations on insurance coverage, such as war risk coverage, in certain areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ import-export quotas, wage and price controls, and imposition of sanctions, tariffs, or other trade restrictions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ operating delays as a result of excess governmental scrutiny or oversight;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ compliance with and changes in taxation rules or policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ compliance with and changes in regulatory or financial requirements, including local ownership, presence, local immigration, and visa requirements for personnel or labor requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ complexity involving conflicts of law between jurisdictions in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ other forms of government regulation and economic conditions that may effectively preclude us from engaging in business activities in certain countries (including newly amended regulations covering countries where we currently operate or where we may wish to operate in the future) are beyond our control and create operational uncertainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ corruption, payment of bribes to government officials, money laundering, or kleptocracy (i.e., political corruption in which the government seeks personal gain and status at the expense of the governed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ terrorism, piracy, civil, or international disturbances or conflict, such as the conflict between Russia and Ukraine, Middle East conflicts, and the Venezuela conflicts, and their respective regional and global ramifications.

Further, we operate or have operated in certain less-developed countries with legal and regulatory systems that are not as mature as those in more developed countries, which can lead to greater uncertainty in legal matters and proceedings. Examples of challenges of operating in these countries include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ongoing changes in Brazilian laws related to the importation of rigs and equipment that may impose bonding, insurance, or duty-payment requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ongoing audits, including customs audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• procedural requirements for temporary import permits, which may be difficult to obtain; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of certain temporary import permit regimes, where the duration of the permit does not coincide with the general term of the drilling contract.

Our ability to do business in a number of jurisdictions is subject to maintaining required licenses and permits and complying with applicable laws and regulations. For example, all of our drilling units are subject to regulatory requirements of the flag state, the country where a drilling unit is registered. The applicable flag state requirements are consistent with international maritime standards. In addition, each of our drilling units must be assessed by a classification society, which conducts surveys and reviews for physical and operational compliance with the rules of the classification society and the requirements of the flag state, signifying that such drilling rig has been constructed, maintained, crewed, and operated in accordance with the rules of the classification society and complies with applicable rules and regulations of the flag state (also referred to as being "in-class"). If any drilling unit is deemed or otherwise found to be "out of class", it will no longer be permitted to operate, certain contractual obligations will be voided, canceled, or withdrawn (e.g., drilling contracts, insurance contracts, etc.), and the unit will be prohibited from entering the waters of most countries.

Jurisdictions where we operate may attempt to increase or impose requirements for our drilling units to operate in such jurisdiction, such as certain local ownership or content requirements or registration under the flag of that jurisdiction, or similar measures, resulting in our inability or loss of capacity to operate in a country imposing such requirements or measures.

Any such inability to carry on operations in jurisdictions where we operate or desire to operate, or our failure to comply with any other laws and regulations of the countries where we operate, could have a material adverse effect on our results of operations. Some governments favor or effectively require the awarding of drilling contracts to local contractors, require use of a local agent, require partial local ownership, or require foreign contractors to employ citizens of, or purchase supplies from, a particular jurisdiction. In addition, some governments frequently intervene in their economy and occasionally make significant changes in policy and regulations. An example is the Brazilian government's actions to control inflation and other policies and regulations which have often involved, among other measures, changes in interest rates, changes in tax policies, changes in legislation, wage controls, price controls, currency devaluations, capital controls, and limits on imports of goods and services. These practices have, and may adversely affect, our ability to compete and our results of operations.

In addition, the offshore drilling industry is a global market requiring flexibility for rigs, depending on their technical capability, to relocate and operate in various environments and jurisdictions, moving from one area to another. The mobilization of rigs is expensive and time-consuming, and can be impacted by several factors including, but not limited to, governmental regulation and customs practices, availability of tugs and tow vessels, weather, currents, political instability,

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civil unrest, and military actions, such as the conflict between Russia and Ukraine, Middle East conflicts, and the Venezuela conflicts, and their respective regional and global ramifications, and rigs may as a result become stranded. Some jurisdictions enforce strict technical requirements on the rigs requiring substantial physical modification to the rigs before they can be utilized. Such modifications may require significant capital expenditures and, as a result, may limit the use of the rigs in those jurisdictions in the future. In addition, mobilization carries the risk of damage to the rig. Failure to mobilize a rig in accordance with the deadlines set by a specific customer contract could result in a loss of compensation, liquidated damages, or the cancellation or termination of the contract. In some cases, we may not be paid for the time that a rig is out of service during mobilization. In addition, in the hope of securing future contracts, we may choose to mobilize a rig to another geographic market without a customer contract in place. If no customer contracts are obtained, we would be required to absorb these costs. Mobilization and relocating activities could, therefore, have a material adverse effect on our business, financial condition, and results of operations.

***Operating and maintenance costs of our rigs may be significant and may not correspond to revenue earned.***

Our operating expenses and maintenance costs depend on a variety of factors, including crew costs, costs of provisions, equipment, insurance, maintenance and repairs, shipyard costs, supply chain disruptions, tariffs, and inflation, many of which are beyond our control. Our total operating costs are generally related to the number of drilling rigs in operation and the cost level in each country or region where such drilling rigs are located. Equipment maintenance costs fluctuate depending upon the type of activity that the drilling rig is performing, the age and condition of the equipment, and the timing of the drilling rig special periodic surveys. While operating revenues may fluctuate as a function of changes in dayrate, costs for operating a rig may not be proportional to the dayrate received and may vary based on a variety of factors, including the scope and length of required or customer-requested rig preparations and the duration of the contractual period over which such expenditures are amortized. Any investments in our rigs may not result in an increased dayrate for, or income from, such rigs. A disproportionate change in the amount of operating and maintenance costs in comparison to dayrates could have a material adverse effect on our business, financial condition, and results of operations.

***Inflation may adversely affect our operating results.***

Inflationary factors such as increases in labor costs, material costs, changes in tariff and sanctions regimes, and overhead costs may adversely affect our operating results and cash flows. We have continued to experience increases in the cost of labor and materials, and inflationary pressures may continue into 2026. These factors may have an adverse effect on our ability to maintain current levels of gross margin and general and administrative expenses as a percentage of total revenue if our dayrates do not sufficiently increase to cover these increased costs, as well as result in increases in our capital expenditures. For instance, tariffs have been recently proposed and/or instituted on imports to the United States, together with other regulations affecting trade between the United States and countries in which we conduct business and source components. A number of other nations have, in response, imposed, or threatened to impose, reciprocal tariffs on imports from the United States as well as certain other trade restrictions. In the event that the above measures and any related retaliatory tariffs were to be imposed for prolonged periods of time, this could increase the cost of components and raw materials in our supply chain and, consequently, our costs. Most of our contracts have dayrates that are fixed over the contract term. While some of our long-term contracts contain rate adjustment provisions, they can be based on market fluctuations rather than cost increases. To the extent a drilling contract provides for escalations attributable to inflation in our costs, those adjustments will lag the impact of inflationary pressures and may not reflect the full impact to us of any cost inflation. As drilling contracts with such provisions expire or are terminated, there can be no assurance that future drilling contracts will contain similar provisions, which may reduce our margins in inflationary environments. In addition, inflation is often, and has recently been, accompanied by higher interest rates. Such higher interest rates may affect our ability to enter into future traditional debt financing, as high inflation may result in an increase in the cost to borrow. Future increases in interest rates may negatively impact our cost of capital and ability to access capital markets.

***Operational interruptions, maintenance, or repair work may delay commencement of operations or cause our customers to suspend or reduce payment of dayrates until operation of the respective drilling rig is resumed, which may lead to loss of revenue, payment of liquidated damages, termination, or renegotiation of the drilling contract.***

If our drilling rigs are idle for reasons that are not related to the ability of the rig to operate, our customers may be entitled to pay a waiting, or standby, rate that is lower than the full operational rate. In addition, if our drilling rigs are taken out of service for maintenance and repair for a period of time that exceeds the scheduled maintenance periods set forth in our drilling contracts, we may not be entitled to payment of full dayrates until the rig is able to work. Several factors could cause operational interruptions, including:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• breakdowns of equipment and other unforeseen engineering problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• work stoppages, including labor strikes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shortages of material and skilled labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shipyard availability, failures, and difficulties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays in repairs by suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• surveys by government and maritime authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodic classification surveys;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays imposed by or resulting from compliance with permits, laws, regulations, or litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• severe weather, strong ocean currents, or harsh operating conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• force majeure events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence or threat of epidemic or pandemic diseases, or any government response to such occurrence or threat.

Several of these factors have been exacerbated by global supply chain disruptions, the conflict between Russia and Ukraine, Middle East conflicts, and the Venezuela conflicts, labor strikes at critical points in a supply chain, and their respective regional and global ramifications. If a delay of commencement of operations, or interruption of operations, exceeds a determined period, our customers may have the right to pay a rate that is significantly lower than the waiting rate for a period of time, may be entitled to liquidated damages, and may have a right to terminate the drilling contracts related to the subject rig. Suspension of drilling contract payments, payment of liquidated damages, prolonged payment of reduced rates, or termination of any drilling contract as a result of an interruption of operations could materially adversely affect our business, financial condition, and results of operations.

***We may have difficulty obtaining or maintaining insurance in the future and our insurance coverage and contractual indemnity rights may not protect us against all the risks and hazards we face.***

We do not procure insurance coverage for all of the potential risks and hazards we may face. Furthermore, no assurance can be given that we will be able to obtain insurance against all of the risks and hazards we face or that we will be able to obtain or maintain adequate insurance at rates and with deductibles or retention amounts that we consider commercially reasonable. Some insurance carriers may decide not to offer insurance to companies operating in the oil and gas industry, potentially resulting in less available insurance capacity and/or higher rates. In addition, our insurance carriers may interpret our insurance policies such that they do not cover losses for which we make claims.

Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage, and environmental risks generally are not fully insurable. Our insurance policies may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage for all risk exposures. For example, we carry no loss of hire insurance for any rigs in our fleet. In addition, our insurance may not cover losses associated with pandemics. Furthermore, the damage sustained to offshore oil and gas assets in the United States as a result of hurricanes has negatively impacted certain aspects of the energy insurance market, resulting in more restrictive and expensive coverage for US named windstorm perils due to the price or lack of availability of coverage. Accordingly, we have primarily self-insured the rigs in the US Gulf for property damage resulting from named windstorm perils, and only have windstorm third-party liability coverage for all rigs, subject to certain limits. We may, in the future, be unable to purchase named windstorm coverage for some or all of the rigs operating in the US Gulf.

Under our drilling contracts, liability with respect to personnel and property is customarily assigned on a "knock-for-knock" basis, which means that we and our customers assume liability for our respective personnel and property, irrespective of the fault or negligence of the party indemnified. Although our drilling contracts generally provide for indemnification from our customers for certain liabilities, including liabilities resulting from pollution or environmental damage originating below the surface of the water, enforcement of these contractual rights to indemnity may be limited by public policy and other considerations and, in any event, may not adequately cover our losses from such incidents. There can also be no assurance that those parties with contractual obligations to indemnify us will necessarily be in a financial position to do so. During depressed market periods, such as the one in which we recently operated, the contractual indemnity provisions we are able to negotiate in our drilling contracts may require us to assume more risk than we would during normal market periods.

If a significant accident or other loss occurs and is not fully covered by insurance or contractual indemnity, it could adversely affect our business, financial condition, and results of operations.

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***Our failure, or the failure of our service providers or other third parties, to adequately protect our sensitive information, operational technology systems, and critical data could have a material adverse effect on our business, results of operations, and financial condition.***

Our day-to-day operations increasingly depend on information and operational technology systems that we manage, and other systems that third parties, such as our service providers, vendors, and equipment providers, manage, including critical systems on our drilling units. Many of these systems are interconnected, and certain third parties may have direct or indirect access to our systems or data in connection with providing services to us. These systems are subject to risks associated with growing and evolving cyber incidents or attacks or other disruptions. These risks include, but may not be limited to, human error, power outages, computer and telecommunication failures, natural disasters, fraud or malice, social engineering or phishing attacks, viruses or malware, and other cyber incidents or attacks, such as denial-of-service or ransomware attacks, including attacks that leverage artificial intelligence. Entities or groups, including cybercriminals, competitors, and nation state actors, have mounted cyber-attacks on businesses and other organizations to disable or disrupt computer systems, impair operational capabilities, cause downtime, and, in some cases, steal data. In addition, the United States government has issued public warnings that indicate energy assets and companies engaging in significant transactions, such as acquisitions, might be specific targets of cyber security threats. Geopolitical tensions or conflicts and broader societal or technological developments may increase the frequency, sophistication, or severity of cyber security threats, and the evolving use of advanced technologies by threat actors, including the increased adoption of artificial intelligence technologies, may further heighten these threats. As threat actors adopt and deploy AI tools, the speed and sophistication of cyber threats and privacy risks may increase across our environment and those of our vendors and suppliers. As we and/or our service providers plan or work to integrate AI-enabled tools, those tools may be targeted or misused in ways that compromise data or enable harmful outputs.

Also, many of our employees may have a hybrid work schedule. This opens additional avenues of cyber threats such as social engineering, remote access abuse, and home network exposure. We mitigate these risks with enterprise access controls, device hardening standards, and ongoing employee security awareness training. Due to the nature of cyber incidents and attacks, such events affecting our systems or the services or equipment used by our service or equipment providers could go undetected for a prolonged period of time, and the full nature and scope of any potential harm may not be immediately apparent. A cyber incident or attack may result in legal claims or proceedings against us by our shareholders, employees, customers, vendors, or other persons, regulatory inquiries by governmental authorities in the United States and internationally, and could have a material adverse effect on our business, results of operations, or financial condition.

A significant cyber incident or attack, whether affecting our systems or the critical systems or equipment of third parties on whom we rely, could disrupt our operations and result in downtime, loss of revenue, harm to the Company's reputation, or the loss, theft, corruption, or unauthorized disclosure of our sensitive information and critical data, or information and data of those with whom we do business, as well as result in higher costs to correct and remedy the effects of such incidents, including potential extortion, unforeseen payments associated with ransomware, or ransom demands. Such incidents could also result in regulatory investigations or enforcement actions, litigation (including class action litigation), contractual liabilities, fines, or penalties. If our, or our service or equipment providers', safeguards maintained for protecting against cyber incidents and attacks prove to be insufficient, and an incident were to occur, it could have a material adverse effect on our business, financial condition, reputation, and results of operations. Additionally, it may be difficult to determine the best way to investigate, mitigate, contain, and remediate the harm caused by a cyber incident or attack. Such efforts may not be successful, and we may make errors or fail to take necessary actions. It may take considerable time for us to investigate and evaluate the full impact of incidents, particularly for complex or sophisticated incidents. These factors may inhibit our ability to provide prompt, full, and reliable information about the incident to our customers, partners, regulators, and the public. Even though we carry cyber insurance that may provide insurance coverage under certain circumstances, we might suffer losses as a result of a cyber incident or attack that exceeds the coverage available under our policy or is not covered, and we cannot be certain that cyber insurance will continue to be available to us on commercially reasonable terms, or at all.

In addition, Noble is subject to a variety of continuously evolving and developing laws and regulations in the United States and abroad governing, or proposed to govern, cyber security, data privacy and protection, the development and use of AI, and the unauthorized disclosure of confidential or protected information, including the UK Data Protection Act, the EU General Data Protection Regulation, the Data Protection Law, as revised, of the Cayman Islands, the California Consumer Privacy Act, as amended by the California Privacy Rights Act, the Cyber Incident Reporting for Critical Infrastructure Act, and other similar legislation in domestic and international jurisdictions, which pose increasingly complex compliance challenges

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and potentially elevate costs. Any failure to comply with these laws and regulations could result in significant penalties and legal liability. These laws and regulations are continuously evolving and developing, creating significant uncertainty, as data privacy and security requirements may be interpreted and applied differently across jurisdictions and may impose inconsistent or conflicting requirements. Any failure, or perceived failure, by Noble or third-party service or equipment providers to comply with Noble's privacy or security policies or privacy-related legal obligations, or any compromise of security that results in the unauthorized release or transfer of personal data, or other sensitive information or critical data, may result in loss of revenue, reputational harm, and could be subject to legal or regulatory claims or proceedings, including enforcement actions under data privacy or disclosure regulations, which may result in significant expenditures, fines or liabilities, and could have an adverse effect on our operating results and financial condition. Additionally, AI outputs may be inaccurate, biased, or unreliable, which could result in legal, regulatory, or reputational harm, and their misuse could create compliance or reputational risks and lead to legal exposure.

***Upgrades, refurbishment, and repair of rigs are subject to risks, including delays and cost overruns, that could have an adverse impact on our available cash resources and results of operations.***

We will continue to make upgrades, refurbishment, and repair expenditures to our fleet from time to time, some of which may be unplanned. In addition, we may reactivate rigs that have been cold or warm stacked and make selective acquisitions of rigs. Our customers may also require certain upgrade projects for our rigs. For example, in 2025, we signed long-term contracts that will necessitate substantial capital expenditures to upgrade specific rigs according to requirements by some of our customers. These projects typically become more time consuming and expensive the older the fleet becomes and are subject to risks of cost overruns or delays inherent in any large construction project as a result of numerous factors, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ shortages of equipment, materials, or skilled labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ work stoppages and labor disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ unscheduled delays in the delivery of ordered materials and equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ local customs strikes or related work slowdowns that could delay importation of equipment or materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ weather interferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ difficulties in obtaining necessary permits or approvals or in meeting permit or approval conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ design, engineering, and obsolescence problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ inadequate regulatory support infrastructure in the local jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ latent damages or deterioration to hull, equipment, and machinery in excess of engineering estimates and assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ unforeseen increases in the cost of equipment, labor, and raw materials, particularly steel, due to inflation or other factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ unanticipated actual or purported change orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ customer acceptance delays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ disputes with shipyards and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ delays in, or inability to obtain, access to funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ shipyard availability, failures, and difficulties, including as a result of financial problems of shipyards or their subcontractors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ failure or delay of third-party equipment vendors or service providers.

The failure to complete a rig upgrade, refurbishment, or repair on time, or at all, may result in related loss of revenues, liquidated damages, penalties, or delay, renegotiation, or cancellation of a drilling contract, or the recognition of an asset impairment. Additionally, capital expenditures could materially exceed our planned capital expenditures. Moreover, when our rigs are undergoing upgrade, refurbishment, and repair, they may not earn a dayrate during the period they are out of service. If we experience substantial delays and cost overruns in our shipyard projects, it could have a material adverse effect on our business, financial condition, and results of operations.

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***Failure to attract and retain skilled personnel or an increase in personnel costs could adversely affect our operations.***

Our employees are vital to our success. We require skilled personnel to operate and provide technical services and support for our drilling units. In the past, during periods of high demand for drilling services and increasing worldwide industry fleet size, shortages of qualified personnel have occurred and competition for personnel has intensified. During periods of reduced demand, there have been, and in the future may be, layoffs of qualified personnel (including offshore personnel), who often find work with competitors or leave the industry. As a result, if market conditions improve following a period of reduced demand and we seek to reactivate warm or cold stacked rigs, move rigs to a new locale, upgrade our working rigs, or purchase additional rigs, we may face shortages of qualified personnel, which would impair our ability to attract qualified personnel for our new or existing drilling units, impair the timeliness and quality of our work, and create upward pressure on personnel costs, any of which could adversely affect our operations.

In addition, our ability to retain our key business leaders is critical. The market for highly skilled workers and leaders in our industry is extremely competitive and we may need to invest significant amounts of cash and equity to attract and retain new employees. We may never realize returns on these investments. In order to help attract, retain, and motivate qualified employees, we use equity-based awards and performance-based cash incentive awards. Sustained declines in our stock price, or lower stock price performance relative to competitors, can reduce the retention value of our equity-based awards, which can impact the competitiveness of our compensation. The unexpected loss of members of management, qualified personnel, or a significant number of employees due to disease, disability, or death, could have a material adverse effect on our business.

***Supplier capacity constraints or shortages in parts or equipment, supplier production disruptions, supplier quality, and sourcing issues or price increases could increase our operating costs, decrease our revenues, and adversely impact our operations.***

Our reliance on third-party suppliers, manufacturers, and service providers to secure equipment used in our drilling operations exposes us to volatility in the quality, price, and availability of such items. Certain specialized parts and equipment we use in our operations may be available only from a single or small number of suppliers. During periods of reduced demand, many of these third-party suppliers reduced their inventories of parts and equipment and, in some cases, reduced their production capacity, and may do so in the future. Moreover, the global supply chain has experienced challenges and disruptions in recent years, resulting in shortages and/or shipping delays and increased pricing pressures on, among other things, certain raw materials and labor. If the market for our services improves and we seek to reactivate warm or cold stacked rigs, upgrade our working rigs, or purchase additional rigs, these reductions and global supply chain constraints could make it more difficult for us to find equipment and parts for our rigs. A disruption or delay in the deliveries from such third-party suppliers, capacity constraints, production disruptions, price increases (including those related to inflation, the imposition of tariffs and supply chain disruptions), defects or quality-control issues, recalls, or other decreased availability or servicing of parts and equipment could adversely affect our ability to reactivate rigs, upgrade working rigs, purchase additional rigs, or meet our commitments to customers on a timely basis, adversely impact our operations and revenues by resulting in uncompensated downtime, reduced dayrates, the incurrence of liquidated damages or other penalties, or the cancellation or termination of contracts, or increase our operating costs.

***We may experience risks associated with future mergers, acquisitions, dispositions of businesses or assets, or other strategic transactions.***

As part of our business strategy we have pursued and completed, and may continue to pursue, mergers, acquisitions, dispositions of businesses or assets, or other strategic transactions that we believe will enable us to strengthen or broaden our business. Mergers, acquisitions, dispositions, and other strategic transactions involve various risks, including, among other things, (i) difficulties relating to integrating or disposing of a business, including changes to our employee workforce and unanticipated changes in customer, vendor, and other third-party relationships, (ii) failure to integrate operations and internal controls, including those related to financial reporting, disclosure, and cyber security and data protection, (iii) diversion of management's attention from day-to-day operations, (iv) failure to realize the anticipated benefits of such transactions, such as cost savings and revenue enhancements, (v) potentially substantial transaction costs, (vi) failure to identify significant issues at the target during the due diligence process, which could result in financial or legal exposure, and (vii) potential impairment resulting from the overpayment for an acquisition.

Future mergers or acquisitions may require us to obtain additional equity or debt financing, which may not be available on attractive terms. Moreover, to the extent a transaction financed by non-equity consideration results in goodwill, it will reduce our tangible net worth, which might have an adverse effect on credit availability.

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***At certain locations where we operate, there is an increased potential for seasonal weather events that could lead to limits or restrictions on our ability to operate, damage to our assets and equipment, liabilities or claims, operational delays for recovery and repair, liability claims, impacts on customer and vendor contracts, regulatory fines and penalties, and uninsured losses, which could adversely affect our business.***

Certain areas of the world where we operate, such as the US Gulf, South Atlantic, the North Sea, Southwest Pacific, South China Sea, and Southeast Indian Ocean, experience significant weather events, typically on a seasonal basis, manifesting as an unnamed wind event or of a magnitude that places it in a category of tropical cyclone, hurricane, typhoon, or extratropical cyclone. Information upon which we rely when contracting and operating our drilling rigs is merely projections and the actual course, speed, and/or severity of any one event could ultimately be unexpected and lead to an unanticipated encounter and or impact, exposing our assets and personnel to extreme wind and sea conditions that could result in limits or restrictions on our ability to operate, injuries or loss of life, damage to or a loss of our assets and equipment, liabilities or claims, operational delays for recovery and repair, impacts on customer and vendor contracts, regulatory fines and penalties, and/or uninsured losses, which could adversely affect our business and financial performance. Moreover, a potential result of climate change is more frequent or more severe weather events. To the extent such weather events become more frequent or more severe, the risks associated with severe weather events could intensify.

***Failure to effectively and timely respond to the impact of long-term changes in the energy mix could adversely affect our business, results of operations, and cash flows.***

Our long-term success depends on our ability to effectively respond to the impact of long-term changes in the energy mix, which could require adapting our fleet and business to potentially changing government requirements, customer preferences, and customer base, as well as engaging with existing and potential customers and suppliers to develop or implement solutions designed to reduce or to decarbonize oil and gas operations or to advance renewable and other alternative energy sources. If the energy mix landscape changes faster than anticipated or in a manner that we do not anticipate, demand for our services could be adversely affected. Furthermore, if we fail to, or are perceived not to, effectively implement a strategy regarding long-term changes in the energy mix, or if investors or financial institutions shift funding away from companies in fossil fuel-related industries, our access to capital or the market for our securities could be negatively impacted. Additionally, if we fail to, or are perceived not to, effectively respond to long-term changes in the energy mix, we may experience diminished reputation or sentiment, an inability to attract and retain talent and/or a loss of customers or vendors.

***We rely on third-party suppliers and subcontractors to provide or complete parts, crew, and equipment, as applicable, for our projects and our operations may be adversely affected by the substandard performance or nonperformance of those suppliers or third-party subcontractors due to production disruptions, quality and sourcing issues, price increases, or consolidation of suppliers and sub-contractors as well as equipment breakdowns.***

Our reliance on third-parties such as suppliers, manufacturers, subcontractors, and other service providers for equipment, services, and labor used in our drilling operations, including with respect to our bareboat charter agreements, exposes us to volatility in the quality, price, and availability of such resources. Certain specialized parts, crew, and equipment used in our operations may be available only from a single or a small number of suppliers. A disruption in the deliveries from such third-party suppliers, capacity constraints, production disruptions, price increases, defects or quality-control issues, recalls, or other decrease in the availability or servicing of parts and equipment could adversely affect our ability to meet our commitments towards our customers, adversely impact operations and revenues by resulting in uncompensated downtime, reduced dayrates under the relevant drilling contracts, cancellation or termination of contracts, or increased operating costs. In addition, consolidation of suppliers may limit our ability to obtain supplies and services, when needed, at an acceptable cost or at all.

Equipment deficiencies or breakdowns, whether due to faulty parts, quality control issues, or inadequate installation, may result in increased maintenance costs and could adversely affect our operations and revenues by resulting in financial downtime. If mitigation measures put in place are not effective, it could lead to significant financial downtime, adversely affect our ability to meet our commitments with our customers, potential cancellation or termination of drilling contracts, suspension or termination of operations, regulatory penalties or sanctions, or property, environmental, and other damage claims by customers or other third parties, which may in turn have a material adverse effect on our business, financial condition, results of operations, and reputation. Subcontractors are used to perform certain services and to provide certain input in areas where we do not have requisite expertise and are engaged on some parts of our projects, but may be used for a majority of the services in respect of new business models. The subcontracting of work, including with respect to our

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bareboat charter agreements, exposes us to risks associated with planning interface nonperformance, delayed performance, or substandard performance by our subcontractors. Any inability to hire qualified subcontractors could hinder successful completion of a project. Further, our employees may not have the requisite skills to be able to monitor or control the performance of these subcontractors. We may suffer losses on contracts if the amounts we are required to pay for subcontractor services exceed original estimates. Remedial or mitigating actions, such as requiring contractual obligations from subcontractors that are similar to those we have with our customers, and requesting parent guarantees from subcontractors to cover nonperformance, may not be available or sufficient to mitigate these risks. For example, we have experienced issues with the performance of some of our key suppliers in the past, in particular in relation to delays in the delivery and maintenance of subsea well-control equipment. Such issues could have a negative effect on our business, financial condition, and results of operations.

***We face risks associated with creating and executing new business models, particularly when such business models involve a risk profile, remuneration, or financial scheme that is different from a conventional drilling contract.***

We are exploring, and have in the past implemented, various degrees of innovative business models with customers and partners in order to expand our share of the value chain, while simultaneously creating better outcomes for our customers and long-term resilience of our business through increased customer collaboration, differentiation, and utilization. Although such business model innovation is intended to offer further earnings opportunities, there are risks associated with creating and executing new business models, particularly when such business models involve a risk profile, remuneration, or financial scheme that is different from our conventional drilling contracts.

Two broad categories of business models include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)offering integrated services or integrating new services into offerings to customers as an integrated service provider with the objective of improving efficiencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)exploring alternative financial models focused on risk and reward sharing through, among other things, bonus-malice schemes, performance-based schemes, deferred payments, fixed pricing, or co-investments, enabling operators to develop fields that would otherwise be economically challenged.

However, forecasting the success of any new business model is inherently uncertain and depends on a number of factors both within and outside our control. Our actual revenue and profit generated from such business models may be significantly greater or less than forecasts. In addition, the efficiencies anticipated from new business models may fail to be realized, the costs may be higher, and the counterparty risk greater than expected. In addition, as we create and execute more new business models and expand into other parts of the value chain, our risk profile may continue to shift. Entering into new business models could have an adverse impact on our business, financial condition, and results of operations.

**<u>Regulatory and Legal Risks</u>**

***Changes in, compliance with, or our failure to comply with certain laws and regulations could have a material adverse effect on our results of operations by adding to our costs, or negatively impact our operations by causing delays or limiting activity****.*

Our business is affected by public policy and laws and regulations relating to the energy industry in the geographic areas where we do or seek to operate or otherwise have a presence, including laws and regulations relating to the environment (including climate change and GHG emissions and regulations that for economic, sustainability, or other reasons curtail or encumber our ability to operate competitively or negatively impact exploration, development, and production of oil and gas). We may be required to make significant capital expenditures to comply with governmental laws and regulations. Governments in some countries are increasingly active in regulating and controlling the ownership of concessions, the exploration for oil and gas, and other aspects of the oil and gas industries.

Heightened attention to the issue of climate change and the effect of GHGs, sustainability, and long-term changes in the energy mix in the jurisdictions where we operate has led to, and may result in, additional environmental laws or regulations that may unfavorably impact our business, or that of our suppliers and our customers. In addition, it has resulted in an increased possibility of litigation or investigations brought by public and private entities against oil and gas companies in connection with their GHG emissions. However, it is not possible at this time to predict the timing and effect of climate related laws and regulations, the adoption of additional GHG legislation, regulations or other measures at the international, federal, state, or local levels.

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The modification of existing laws or regulations or the adoption of new laws or regulations that curtail or encumber our ability to operate competitively or negatively impact exploration, development, and production of oil and gas could materially and adversely affect our business by limiting drilling opportunities, increasing our cost of doing business, discouraging our customers from drilling for hydrocarbons, disrupting revenue through permitting or similar delays, or subjecting us to liability. In the United States, the issuance of federal leases or other similar initiatives have periodically been the subject of efforts to reform federal leasing practices and may result in the development of additional restrictions on offshore drilling, limitations on the availability of offshore leases, or restrictions on the ability to obtain required permits, which could have a material adverse impact on our operations by reducing drilling opportunities and the demand for our services.

There have been various recent legal developments in the UK offshore sector, including the extension of the energy profits levy on our customer base, increased environmental scrutiny of development plans and the prohibition of new exploration licenses. These developments have reduced oil and gas exploration and development activities in the UK North Sea, which, in turn, could reduce the demand for our services.

In addition, efforts have been made and continue to be made in the international community toward the adoption or enhancement of international treaties or protocols related to protecting the environment, reducing climate change, reducing the use of hydrocarbon-based fuel, and encouraging the implementation of GHG emission pledges. Fuel conservation measures, alternative fuel requirements and increasing consumer demand for alternatives to oil and gas could reduce demand for oil and gas. These measures may result in a reduced global reliance on and future demand for oil and gas, which could have a material impact on our business.

New or amended legislation and regulatory programs to reduce GHG emissions, changes in their interpretation or application, or increased reporting obligations, could increase our cost of doing business, discourage our customers from drilling for hydrocarbons, or otherwise have an adverse effect on our business, financial condition, and results of operations. Our operations are subject to various laws and regulations in countries in which we operate, including laws and regulations relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the environment and the health and safety of personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the importing, exporting, equipping, and operation of drilling rigs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ finance and currency exchange controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ oil and gas exploration and development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ taxation of local and offshore earnings and earnings of expatriate personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ use and compensation of local employees, contractors, and suppliers, and involvement of foreign contractors.

Public and governmental scrutiny of the energy industry has resulted in increased regulations being proposed and often implemented. In addition, existing regulations might be revised or reinterpreted, new laws, regulations, and permitting requirements might be adopted or become applicable to us, our rigs, our customers, our vendors, or our service providers, and future changes in laws and regulations could significantly increase our costs and could have a material adverse effect on our business, financial condition, and results of operations. In addition, we may be required to post additional surety bonds to secure performance, tax, customs, and other obligations relating to our rigs in jurisdictions where bonding requirements are already in effect and in other jurisdictions where we may operate in the future. These requirements would increase the cost of operating in these countries, which could materially adversely affect our business, financial condition, and results of operations.

From time to time, new rules, regulations, and requirements regarding oil and gas development have been proposed and implemented by BOEM, BSEE, or the United States Congress, as well as other jurisdictions outside the United States, that could materially limit or prohibit, and increase the cost of, offshore drilling. For example, following a years' long rule making process, both BSEE and BOEM updated and expanded their respective offshore decommissioning financial assurance and bonding requirements. The updated requirements, which were finalized by BSEE in 2023 and BOEM in 2024, are stricter than previous requirements and may increase the costs of operating on the Outer Continental Shelf. BOEM and BSEE could issue new rules relating to well control equipment and operational requirements that fall under their authority in the future. Future actions taken by the United States to limit the availability of new oil and gas leases on the Outer Continental Shelf, or delays imposed by or resulting from compliance with permits, laws, regulations, or litigation would adversely impact the offshore oil and gas industry and impact demand for our services.

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We are also subject to increasing regulatory requirements and scrutiny in certain jurisdictions and other countries, including the North Sea. New rules, regulations, and requirements, including the adoption of new safety requirements and policies relating to the approval of drilling permits, restrictions on oil and gas development and production activities in the US Gulf and elsewhere, implementation of safety and environmental management systems, mandatory third-party compliance audits, and the promulgation of numerous Notices to Lessees or similar new regulatory requirements outside of the United States, may impact our operations by causing increased costs, delays, and operational restrictions. If new regulations, policies, operating procedures, and the possibility of increased legal liability resulting from the adoption or amendment of rules and regulations applicable to our operations in the United States or other jurisdictions are viewed by our current or future customers as a significant impairment to expected profitability on projects, then they could discontinue or curtail their offshore operations in the impacted region, thereby, adversely affecting our operations by limiting drilling opportunities or resulting in materially increased costs.

***Heightened attention to sustainability matters may negatively impact our business and financial results.***

In recent years, regulators, investors, and the general public have focused on activities in the energy industry that relate to sustainability matters. For example, in many jurisdictions where we operate, there are campaigns for governmental and private action in connection with sustainability criteria and initiatives, including through the investment and voting practices of individual and institutional investors and investment advisers, public company rating agencies, and others in or connected to the investing community (for instance, initiatives such as the new strategy adopted by the International Maritime Organization in July 2023 to advance the prevention and control of marine pollution through the reduction of GHG emissions from ships). Stakeholders and members of the investment community continue to screen and assess companies such as ours for sustainability and ESG performance information measured against the expanded list of sustainability and ESG metrics advanced by the various sustainability standards and ESG ratings sources, and in some cases, such criteria may limit or restrict financing or other investments in the energy industry. As discussed above, there continues to be a public and governmental concentration on environmental matters as compared to other sustainability matters, with a focus on environment related company practices, performance, and compliance, that could result in sustainability commitments and disclosures being subjected to increased scrutiny. Our stakeholders hold varied and sometimes conflicting views, and our initiatives in this area may be unable to satisfy all stakeholders. If we are unable to positively manage our sustainability performance, effectively administer our sustainability tracking and reporting, clearly communicate our sustainability strategy and commitments and meet publicly disclosed targets such as our aspiration to reduce carbon intensity by 20% by 2030 (as defined in our disclosures), we could experience reputational harm, additional costs and financial penalties, increased scrutiny from the investment community, special interest groups, and enforcement authorities, miss or be excluded from business opportunities, have delayed or cancelled projects, experience a reduction in our equity share price, or encounter limitations to our access to financing or capital, any of which could have a material adverse effect on our operations, earnings, cash flows, and financial condition.

Likewise, others in the investment community (and some regulators) have expressed opposition to certain sustainability initiatives. This divergence in stakeholder expectations across jurisdictions may increase legal and compliance costs, expose us to political or reputational risks, and potentially disrupt relationships with certain stakeholders.

***Any violation of anti-bribery, anti-corruption, or anti-fraud laws, including the Foreign Corrupt Practices Act, the United Kingdom Bribery Act, the United Kingdom Modern Slavery Act, or other applicable laws and regulations could result in significant expenses, divert management attention, and otherwise have a negative impact on the Company.***

In the conduct and operation of our business, particularly in countries with a reputation of illegal activities that include government corruption, bribery, money laundering, and human rights issues, we are subject to the risk that we, our affiliated entities, agents, or service providers, or their respective officers, directors, employees, and agents may take action determined to be in violation of such local laws or laws applicable to us and those acting on our behalf, including the US Foreign Corrupt Practices Act of 1977 (the "FCPA"), the United Kingdom Bribery Act 2010 (the "UK Bribery Act"), the United Kingdom Modern Slavery Act 2015 (the "UK Modern Slavery Act"), and similar laws. Any violation of the FCPA, UK Bribery Act, UK Modern Slavery Act, or local or other applicable laws could result in substantial fines, sanctions, civil, and/or criminal penalties against the Company and implicate members of our senior management or Board, and curtailment of operations in certain jurisdictions and might adversely affect our business, financial condition, and results of operations. In addition, actual or alleged violations could damage our reputation and ability or qualification to do business with specific customers or in certain other jurisdictions. Further, detecting, investigating, and resolving actual or alleged violations is expensive and would consume significant time and attention of our senior management.

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***Any failure to comply with the complex laws and regulations governing international trade could adversely affect our operations.***

The shipment of goods, services, and technology across international borders subjects our business to extensive trade laws and regulations. Import activities are governed by unique customs laws and regulations in each of the countries of operation. Moreover, many countries and governing bodies, including the United States, European Union and the United Kingdom, control the export and re-export of certain goods, services, and technology and impose related export recordkeeping and reporting obligations. Governments and governing bodies may also impose economic sanctions against certain countries, persons and other entities that may restrict or prohibit transactions involving such countries, persons, and entities. US, EU and UK sanctions, in particular, are targeted against certain countries that are heavily involved in the petroleum and petrochemical industries, which includes drilling activities.

The laws and regulations concerning import activity, export recordkeeping and reporting, export control, and economic sanctions are complex and constantly changing. These laws and regulations may be enacted, amended, enforced, or interpreted in a manner materially impacting our operations. Shipments can be delayed and denied export or entry for a variety of reasons, some of which are outside our control and some of which may result from failure to comply with existing legal and regulatory regimes. Shipping delays or denials could cause unscheduled operational downtime. Any failure to comply with applicable legal and regulatory trading obligations could also result in criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from government contracts, seizure of shipments, and loss of import and export privileges.

Additionally, operating in countries, or dealing with individuals who are specially designated nationals, subject to sanctions and embargoes imposed by certain countries or governing bodies such as the US, UK or EU exposes us to additional and varying regulatory regimes, and can give rise to business and compliance risks. These sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended or strengthened over time. There can be no assurance that we will be in compliance in the future, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in fines or other penalties and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us. In addition, certain institutional investors may have investment policies or restrictions that prevent them from holding securities of companies that have contracts with countries identified by certain governing bodies, including the US, UK and EU, as state sponsors of terrorism or with countries that are otherwise subject to sanctions and embargo laws. In addition, our reputation and the market for our securities may be adversely affected if we engage in certain other activities, such as entering into drilling contracts with individuals or entities in countries subject to significant sanctions and embargo laws.

***We are, or in the future could be, subject to investigations, litigation, and claims that could have an adverse effect on us.***

We are, from time to time, involved in various claims, investigations and litigation. These matters may include, among other things, contract disputes, personal injury claims, asbestos and other toxic tort claims, environmental claims or proceedings, employment matters, issues related to employee or representative conduct, governmental claims for taxes, duties, customs or other regulatory findings, and litigation that arises in the ordinary course of our business. Although we intend to defend or pursue such matters vigorously, we cannot predict with certainty the outcome or effect of any claim, investigation or other litigation matter, and there can be no assurance as to the ultimate outcome of any claim, investigation or litigation. Investigations, claims and litigation may have an adverse effect on us because of potential negative outcomes, legal fees, the allocation of management's time and attention, and other factors.

We could also face increased climate-related litigation with respect to our operations both in the US and around the world. Governmental and other entities in various US states, such as California and New York, have filed lawsuits against energy companies. These suits allege damages as a result of climate change, and the plaintiffs are seeking unspecified damages and abatement under various tort theories. Similar lawsuits may be filed in other jurisdictions both in the US and globally. Though we are not currently a party to any such lawsuit, these suits present uncertainty regarding the extent to which companies that are not producing oil or gas, but which are engaged in such production, such as offshore drillers, face an increased risk of liability stemming from climate change, which risk would also adversely impact the oil and gas industry and impact demand for our services.

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**<u>Financial, Tax, and Governance Risks</u>**

***We may record impairment charges on property and equipment, including rigs and related capital spares.***

We evaluate the impairment of property and equipment, which include rigs and related capital spares, whenever events or changes in circumstances, including a decision to cold stack, retire, or sell rigs, indicate that the carrying amount of an asset may not be recoverable. An impairment loss on our property and equipment may exist when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized represents the excess of the asset's carrying value over the estimated fair value. As part of this analysis, we make assumptions and estimates regarding future market conditions. To the extent actual results do not meet our estimated assumptions, for a given rig or piece of equipment, we may take an impairment loss in the future. In addition, we may also take an impairment loss on capital spares and other capital equipment when we deem the value of those items has declined due to factors like obsolescence, deterioration or damage. Based upon our impairment analyses for the year ended December 31, 2025, we recorded impairment charges of $82.7 million. We did not record any impairment charges for the year ended December 31, 2024. There can be no assurance that we will not have to take additional impairment charges in the future if depressed market conditions return, or that we will be able to return cold stacked rigs to service in the time frame and at the reactivation costs or at the dayrates that we projected. It is reasonably possible that the estimate of undiscounted cash flows may change in the near term, resulting in the need to write down the affected assets to their corresponding estimated fair values.

***The 2023 Revolving Credit Agreement, the indenture for the 2030 Notes, and the indenture for the Diamond Second Lien Notes each contain various restrictive covenants limiting the discretion of our management in operating our business.***

The 2023 Revolving Credit Agreement (as defined below) contains various restrictive covenants that may limit our management's discretion in certain respects. In particular, the 2023 Revolving Credit Agreement limits the ability of Noble Finance II LLC ("Noble Finance II") and the ability of its restricted subsidiaries to, among other things and subject to certain limitations and exceptions, (i) incur, assume or guarantee additional indebtedness, (ii) pay dividends or distributions on capital stock or redeem or repurchase capital stock, (iii) make investments, (iv) repay, redeem, or amend certain indebtedness, (v) sell stock of its subsidiaries, (vi) transfer or sell assets, (vii) create, incur, or assume liens, (viii) enter into transactions with certain affiliates, (ix) merge or consolidate with or into any other person or undergo certain other fundamental changes, and (x) enter into certain burdensome agreements. In addition, the 2023 Revolving Credit Agreement obligates Noble Finance II and its restricted subsidiaries to comply with certain financial maintenance covenants and, under certain conditions, to make mandatory prepayments and reduce the amount of credit available under the 2023 Revolving Credit Facility, all as described in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Amended and Restated Senior Secured Revolving Credit Agreement." Such mandatory prepayments and commitment reductions may affect cash available for use in the Company's business. Our failure to comply with these covenants could result in an event of default which, if not cured or waived, could result in all obligations under the 2023 Revolving Credit Facility to be declared due and payable immediately and all commitments thereunder to be terminated.

The 8.000% Senior Notes due 2030 (the "2030 Notes") are fully and unconditionally guaranteed, jointly and severally, by the direct and indirect subsidiaries of Noble Finance II that are guarantors under the 2023 Revolving Credit Facility. The ability of Noble Finance II to comply with the covenants and restrictions contained in the indenture for the 2030 Notes may be affected by events beyond its control. If market or other economic conditions deteriorate, our ability to comply with these covenants and restrictions may be impaired. A failure to comply with the covenants, ratios, or tests in the indenture, if not cured or waived, could have a material adverse effect on our business, financial condition, and results of operations. Our existing and future indebtedness may have cross-default and cross-acceleration provisions. Upon the triggering of any such provision, the relevant creditor may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ not be required to lend any additional amounts to Noble Finance II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ elect to declare all borrowings outstanding due to them, together with accrued and unpaid interest and fees, to be due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ have the ability to require Noble Finance II to apply all of its available cash to repay such borrowings; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ prevent Noble Finance II from making debt service payments under its other agreements, any of which could result in an event of default under the 2030 Notes.

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If any of our existing indebtedness were to be accelerated, there can be no assurance that we would have, or be able to obtain, sufficient funds to repay such indebtedness in full. Even if new financing were available, it may be on terms that are less attractive than the 2023 Revolving Credit Facility or the 2030 Notes or it may not be on terms that are acceptable to us.

In addition, the Diamond 8.500% Senior Secured Second Lien Notes due October 2030 (the "Diamond Second Lien Notes") are issued by Diamond Foreign Asset Company and Diamond Finance, LLC (collectively, the "Issuers") and are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by Noble Offshore Drilling, Inc. (formerly known as Dolphin Merger Sub 2, Inc. and as successor by merger with Diamond) ("NODI"), and each of its existing restricted subsidiaries (other than the Issuers) and by certain of NODI's future restricted subsidiaries.

The indenture governing the Diamond Second Lien Notes contains covenants that, among other things, restrict NODI's ability and the ability of certain of its subsidiaries to: (i) incur additional debt and issue certain preferred stock; (ii) incur or create liens; (iii) make certain dividends, distributions, investments, and other restricted payments; (iv) sell or otherwise dispose of certain assets; (v) engage in certain transactions with affiliates; and (vi) merge, consolidate, amalgamate, or sell, transfer, lease, or otherwise dispose of all or substantially all of the assets of NODI and such subsidiaries. A failure to comply with the covenants, ratios, or tests in the indenture, if not cured or waived, could result in the outstanding principal amount, together with accrued and unpaid interest and fees, becoming immediately due and payable and could have a material adverse effect on our business, financial condition, and results of operations.

***A loss of a major tax dispute or a successful tax challenge to our operating structure, intercompany pricing policies, or the taxable presence of our subsidiaries in certain countries could result in a material adverse effect on our financial condition and results of operations.***

Tax returns that we file and/or tax payments that we make will be subject to review and examination. If any tax authority successfully challenges our operational structure, intercompany pricing policies, the taxable presence of our subsidiaries in certain countries, or other material tax positions, if the terms of certain tax treaties are interpreted in a manner that is adverse to our structure, or if we lose a material tax dispute in any country, our effective tax rate on our worldwide earnings, income tax expense, and/or operating expense could increase substantially and result in a material adverse effect on our financial condition. In addition, Noble may have exposures with respect to the tax audits and tax disputes of certain third parties which were under a joint taxation contribution arrangement with certain subsidiaries that Noble acquired in the business combination (the "Business Combination") with Maersk Drilling (as defined below).

***Our consolidated effective income tax rate may vary substantially from one reporting period to another.***

We cannot provide any assurances as to what our consolidated effective income tax rate will be because of, among other matters, uncertainty regarding the nature and extent of our business activities in any particular jurisdiction in the future and the tax laws of such jurisdictions, as well as potential changes in tax laws, regulations or treaties, or the interpretation or enforcement thereof, changes in the administrative practices and precedents of tax authorities or any reclassification or other matter, such as changes in applicable accounting rules, that increases the amounts we have provided for income taxes or deferred tax assets and liabilities in our consolidated financial statements. For example, certain countries within which we operate or own substantial assets have enacted changes to their tax laws in response to the Organization for Economic Cooperation and Development's ongoing Base Erosion and Profit Shifting initiatives and these and other countries may enact changes to their tax laws or practices in the future (prospectively or retroactively), which may have a material adverse effect on our financial position, operating results and/or cash flows.

In addition, as a result of frequent changes in the taxing jurisdictions in which our drilling rigs are operated and/or owned, changes in the overall level of our income and changes in tax laws, our consolidated effective income tax rate may vary substantially from one reporting period to another. Income tax rates imposed in the tax jurisdictions in which our subsidiaries conduct operations vary, as does the tax base to which the rates are applied. In some cases, tax rates may be applicable to gross revenues, statutory or negotiated deemed profits, or other bases utilized under local tax laws, rather than to net income. Our drilling rigs frequently move from one taxing jurisdiction to another to perform contract drilling services. In some instances, the movement of drilling rigs among taxing jurisdictions will involve the transfer of ownership of the drilling rigs among our subsidiaries. If we are unable to mitigate the negative consequences of any change in law, audit, business activity, or other matter, this could cause our consolidated effective income tax rate to increase and cause a material adverse effect on our financial position, operating results, and/or cash flows.

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***Fluctuations in exchange rates and nonconvertibility of currencies could result in losses to us.***

We may experience currency exchange losses when revenues are received or expenses are paid in nonconvertible currencies, when we do not hedge an exposure to a foreign currency, when the result of a hedge is a loss or if any counterparty to our hedge were to experience financial difficulties. We may also incur losses as a result of an inability to collect revenues due to a shortage of convertible currency available to the country of operation, controls over currency exchange or controls over the repatriation of income or capital.

***Certain shareholders own a significant portion of our outstanding equity securities, and their interests may not always coincide with the interests of other holders of the Ordinary Shares.***

A large percentage of the A ordinary shares, par value $0.00001 per share, of Noble ("Ordinary Shares") are held by a relatively small number of investors. As a result, these investors could have significant influence over all matters presented to our shareholders for approval, including election and removal of our directors, change in control transactions, and the outcome of all actions requiring a majority shareholder approval.

The interests of these investors may not always coincide with the interests of the other holders of the Ordinary Shares, and the concentration of control in these investors may limit other shareholders' ability to influence corporate matters. The concentration of ownership and voting power of these investors may also delay, defer, or even prevent an acquisition by a third party or other change of control of our Company, and may make some transactions more difficult or impossible without their support, even if such events are in the best interests of our other shareholders. In addition, the concentration of voting power may adversely affect the trading price of the Ordinary Shares.

***Holders of the Ordinary Shares may not receive dividends on their Ordinary Shares, and we may decrease or suspend our dividend on, or our repurchases of, our Ordinary Shares.***

Holders of the Ordinary Shares are entitled to receive only such dividends as our Board of Directors may declare and pay out of funds legally available for such payments. Such may be paid only out of Noble's "distributable reserves" as determined by reference to relevant statutory accounts in accordance with English law, and additionally as permitted under our credit facilities and other financing arrangements. Therefore, Noble is not permitted to pay dividends out of share capital, which includes share premium. We are not required to pay a dividend or effect share repurchases, and any determination to pay dividends and other distributions in cash, stock, or property, or to effect share repurchases by us in the future, including determinations as to the amount of any such dividend, distribution, or repurchase, will be at the discretion of our Board of Directors. Our payment of dividends and share repurchases may vary from historical practices or our stated expectations. The timing and amount, if any, of dividends and share repurchases is discretionary and will be dependent on many factors, including our expectations regarding our ability to generate sufficient cash flows, and our results of operations, financial condition, cash requirements, future business prospects, capital requirements, contractual and indenture restrictions, and other factors deemed relevant by our Board of Directors.

***We are a holding company, and we are dependent upon cash flow from subsidiaries, joint ventures, and associates to meet our obligations.***

We currently conduct our operations through our subsidiaries, including joint ventures and associates, and our operating income and cash flow are generated by such entities. As a result, cash we obtain from our subsidiaries, joint ventures, and associates is the principal source of funds necessary to meet our debt service obligations. Unless they are guarantors of our indebtedness, such entities do not have any obligation to pay amounts due on our indebtedness or to make funds available for that purpose. Contractual provisions or laws, as well as such entities' financial condition, debt covenants, and operating requirements, may also limit our ability to obtain the cash that we require to pay our debt service obligations. Applicable tax laws may also subject such payments to us by such entities to further taxation.

***Future sales, or the availability for sale, of substantial amounts of the Ordinary Shares or the exercise of warrants would have a dilutive effect to shareholders of the Company, and the perception that these sales may occur could adversely affect the trading price of the Ordinary Shares, and could impair our ability to raise capital through future sales of equity securities.***

As of February 6, 2026, there were 159,197,398 Ordinary Shares outstanding. In addition, as of February 6, 2026, 885,902 Tranche 1 Warrants (as defined below) and 941,557 Tranche 2 Warrants (as defined below) were outstanding and exercisable. In addition, new equity awards may be granted under the Noble Corporation plc 2022 Long-Term Incentive Plan, pursuant to which, up to 3,881,176 new Ordinary Shares may be issued.

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A large percentage of the Ordinary Shares (or warrants exercisable for Ordinary Shares) are held by a relatively small number of investors.

Sales of a substantial number of the Ordinary Shares in the public markets, exercise of a substantial number of warrants, or even the perception that these sales or exercises might occur, could impair our ability to raise capital for our operations through a future sale of, or pay for acquisitions using, our equity securities.

As of February 6, 2026, the Mandatory Exercise Condition (as defined in the applicable warrant agreement) for the Tranche 1 Warrants and the Tranche 2 Warrants had been satisfied. Between January 1, 2025, and December 31, 2025, an aggregate of 875 Ordinary Shares were issued pursuant to exercise of Tranche 1 Warrants, Tranche 2 Warrants, and Tranche 3 Warrants (as defined below). These exercises, and continued exercises of these warrants into Ordinary Shares pursuant to the terms of the outstanding warrants, will have a dilutive effect to the holdings of our existing shareholders.

We used Ordinary Shares for part of the consideration in the Diamond Transaction and may issue Ordinary Shares or other securities from time to time as consideration for future acquisitions and investments. If any such acquisition or investment is significant, the number of Ordinary Shares, or the number or aggregate principal amount, as the case may be, of other securities that we may issue may in turn be substantial. We may also grant registration rights covering those Ordinary Shares or other securities in connection with any such acquisitions and investments.

We cannot predict the effect that future sales of Ordinary Shares will have on the price at which the Ordinary Shares trade or the size of future issuances of Ordinary Shares or the effect, if any, that future issuances will have on the market price of the Ordinary Shares. Sales of substantial amounts of the Ordinary Shares, or the perception that such sales could occur, may adversely affect the trading price of the Ordinary Shares.

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**Item 1B. Unresolved Staff Comments.**

None.

**Item 1C. Cyber Security.**

**Risk Management and Strategy**

Cyber security risk management at Noble, along with other enterprise risks, is part of the Company's Enterprise Risk Management Program. Risks arising from cyber security threats are assessed, identified, and managed by our Information Security Team, which reports to the Chief Information Officer ("CIO"). The Information Security Team is composed of the Director of Information Security, managers, and security analysts.

The Information Security Team is responsible for all of Noble's cyber security-related activities such as advising on governance requirements, establishing cyber security policies, standards, and procedures, reporting on cyber security matters, determining risk appetite, setting security posture, evaluating security maturity, and supporting compliance with applicable cyber security frameworks. The team monitors both internal and external cyber security threats, including potential compromising internet-based attacks and phishing activities, and aims to implement and adapt protective measures as appropriate.

The Director of Information Security and information security managers carry broad manager level cyber security certifications, and the technical teams carry relevant specific technical certifications related to both information technology and operational technology security.

Noble's cyber security program includes mandatory cyber security training and awareness activities, phishing exercises, and incident response plan testing, which are designed to support our cyber security risk management efforts and to assess whether various applicable implemented cyber security controls are operating as intended.

Noble works with various third-party service providers to help execute and advise on cyber security and conduct maturity assessments as needed.

Noble maintains processes to monitor all third parties with direct access into the Noble network through various implemented security tools that provide both detective and preventive controls. Such third parties are also subject to procurement processes and specific legal terms and conditions. Noble also engages with various third-party service providers in order to share intelligence regarding external threats. For any cyber security incidents, Noble may engage applicable third-party service providers to support with forensic investigations and incident response activities.

In the last fiscal year, Noble has not identified any known cyber security threats, incidents, or exposures that have materially affected Noble's business strategy, results of operations, or financial condition, but Noble faces certain ongoing cyber security risks that, if realized, could materially and adversely affect Noble. This does not guarantee that future cyber security incidents or threats will not have a material impact or that we are not currently subject to an undetected cyber security incident or threat that may have such an impact. Potential cyber security risks to Noble are described in Part I, Item 1A, "Risk Factors," which should be read in conjunction with the foregoing information.

**Governance**

The Audit Committee of the Board provides oversight of the Company's cyber security program. The Information Security Team keeps management informed about cyber security initiatives, threats, incidents, training, and best practices on an on-going basis via circulated memos or meetings.

In addition to reporting through the Audit Committee and Enterprise Risk Management Program, the Board may periodically include cyber security as a standalone agenda item and may engage with the CIO and Information Security Team as well as external experts on cyber security threats.

The Information Security Team advises the CIO via reports on prevention, detection, mitigation, and remediation of cyber security threats. The CIO is responsible for the Information Security Team's risk strategy, assessment, exceptions, risk acceptance, and management of the Company's material cyber security risks. Ongoing assessments cover applicable information technology and operations technology systems, applications, and software used to support Noble's corporate and rig operations. The outcomes of these various assessments inform the IT risk appetite and risk identification, and are discussed and shared with the CIO, executive management, the Audit Committee, and the Board of Directors.

The CIO has extensive cyber security knowledge and skills gained from over ten years of relevant work experience at Noble including two years as Deputy CIO as well as Director, IT prior to the merger with The Drilling Company of 1972 A/S, a

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Danish public limited liability company ("Maersk Drilling") with responsibility for cyber security. The CIO has multiple years of experience managing OT data and secure remote access for data management on and offshore. Prior to serving as Director, IT the CIO was the Manager, Business Systems responsible for application management and Enterprise Architecture. The Information Security Team advises the CIO on prevention, detection, mitigation, and remediation of cyber security incidents.

**Item 2. Properties.**

The description of our rig fleet included under "Part I, Item 1, Business" is incorporated by reference herein. We lease office space in Houston, Texas, where our corporate headquarters are located. In addition, we own and lease operational, administrative, and marketing offices, as well as other sites used primarily for operations, storage, and maintenance and repairs for drilling rigs and equipment in various locations worldwide.

**Item 3. Legal Proceedings.**

As of December 31, 2025, we were involved in a number of lawsuits, regulatory matters, disputes, and claims, asserted and unasserted, all of which have arisen in the ordinary course of our business and for which we do not expect the liability, if any, to have a material adverse effect on our consolidated financial position, results of operations, or cash flows. We cannot predict with certainty the outcome or effect of any of the matters referred to above or of any such other pending or threatened litigation or legal proceedings. We can provide no assurance that our beliefs or expectations as to the outcome or effect of any lawsuit or claim or dispute will prove correct and the eventual outcome of these matters could materially differ from management's current estimates.

Additional information regarding legal proceedings is presented in "Note 12 — Commitments and Contingencies" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

**Item 4. Mine Safety Disclosures.**

Not applicable.

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**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities.**

**Market for Shares and Related Shareholder Information**

Our shares are listed on the New York Stock Exchange ("NYSE") under the ticker symbol "NE".

On February 6, 2026, there were 159,197,398 Ordinary Shares outstanding held by 8 shareholder accounts of record. This figure does not include an estimate of the indeterminate number of beneficial holders whose shares may be held of record by brokerage firms and clearing agencies.

**Exercises of Warrants**

During the three months ended December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 63 Ordinary Shares were issued to holders of our Tranche 1 Warrants (as defined below) pursuant to exercises of 63 Tranche 1 Warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 73 Ordinary Shares were issued to holders of our Tranche 2 Warrants (as defined below) pursuant to exercises of 73 Tranche 2 Warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 23 Ordinary Shares were issued to holders of our Tranche 3 Warrants (as defined below) pursuant to exercises of 1 Tranche 3 Warrant.

Such Ordinary Shares, as the case may be, were issued pursuant to the exemptions from the registration requirements of the Securities Act under Section 4(a)(2) under the Securities Act or Section 1145 of the Bankruptcy Code, as the case may be. For more information on the terms of exercise and other features of the warrants, see "Note 7 — Equity" to our consolidated financial statements included in Item 8 of Part II of this Annual Report on Form 10-K.

**Share Repurchases**

The following table presents information about our purchases of equity securities for the three months ended December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** <sup>(1)</sup> | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of a Publicly Announced Plan or Program** <sup>(1)</sup> | **Approximate Dollar Value of Shares that may yet be Purchased Under a Plan or Program** <sup>(1)</sup> |
| October 1 - 31, 2025 |  | $— |  | $370184940 |
| November 1 - 30, 2025 |  | $— |  | $370184940 |
| December 1- 31, 2025 |  | $— |  | $370184940 |
| &nbsp;&nbsp;**Total** |  |  |  | $370184940 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Subject to restrictions under applicable law discussed in "Note 7 — Equity" to our consolidated financial statements, we announced a share repurchase plan on November 2, 2022, to purchase up to $400.0 million of outstanding Ordinary Shares or Warrants (as defined below). On October 22, 2024, Noble's Board of Directors authorized an increased share repurchase authorization of up to an additional $400.0 million and, at the 2025 annual general meeting of shareholders, shareholders approved the repurchase of up to 23,800,068 Ordinary Shares. The authorization by the Board of Directors has approximately $370.0 million remaining, does not have a fixed expiration, and may be modified, suspended, or discontinued at any time. None of the shareholder authorization to purchase up to 23,800,068 Ordinary Shares has yet been utilized, and the authorization by shareholders expires on May 8, 2030 (subject to certain exceptions). The program does not obligate us to acquire any particular amount of Ordinary Shares.

**Dividends**

The declaration and payment of dividends require the authorization of the Board of Directors. Such may be paid only out of Noble's "distributable reserves" as determined by reference to relevant statutory accounts in accordance with English law. Therefore, Noble is not permitted to pay dividends out of share capital, which includes share premium. The payment of

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future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual and indenture restrictions, and other factors deemed relevant by our Board of Directors.

**Stock Performance Graph**

The chart below presents a comparison of the cumulative total returns, assuming $100 was invested at the beginning of the period for Noble, the Standard & Poor's 500 Index ("S&P 500"), the PHLX Oil Service Sector Index ("OSX"), and the Dow Jones US Oil Equipment and Services. Total return assumes the reinvestment of dividends, if any, in the security on the ex-dividend date. This graph depicts the past performance for the period from June 9, 2021, the day our shares were relisted on the NYSE, through December 31, 2025, and in no way should be used to predict future share performance.

![Item 5 - Stock Graph.gif](ne-20251231_g1.gif)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Indexed Returns** | **Indexed Returns** | **Indexed Returns** | **Indexed Returns** | **Indexed Returns** | **Indexed Returns** |
|<br>**Company / Index** | **June 9,<br>2021** | **December 31,<br>2021** | **December 31,<br>2022** | **December 31,<br>2023** | **December 31,<br>2024** | **December 31,<br>2025** |
| Noble Corporation plc | $100.00 | $100.24 | $152.36 | $197.37 | $128.69 | $130.72 |
| S&P 500 Index | 100.00 | 112.95 | 90.99 | 113.04 | 139.39 | 162.23 |
| Dow Jones US Oil Equipment & Services Index | 100.00 | 77.84 | 127.98 | 132.25 | 119.55 | 125.97 |
| OSX Index | 100.00 | 78.50 | 124.90 | 125.00 | 108.16 | 109.24 |

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The above graph and related information shall not be deemed "soliciting material" or to be "filed" with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference into such filing.

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**Item 6. [Reserved].**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

The following discussion is intended to assist you in understanding our financial position at December 31, 2025 and 2024, and our results of operations for the years ended December 31, 2025, 2024, and 2023.

The following discussion should be read in conjunction with the consolidated financial statements and related notes contained in this Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by Noble.

**Executive Overview**

Noble is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. Our business strategy is centered around providing efficient, reliable, and safe offshore drilling services to our customers. We have one of the youngest and highest specification fleets of global scale in the industry, with diversification across geographic regions and customers. The Company has a track record of industry-leading utilization coupled with a commitment to best-in-class safety performance and customer satisfaction. We strive to be the leader in industry innovation and a first-mover in sustainability.

Our fleet consists predominately of technologically advanced units, equipped with sophisticated systems and components prepared to execute our customers' complicated offshore drilling programs safely and with greater efficiency. We are primarily focused on the ultra-deepwater market and the ultra-harsh environment jackup market, which typically are more technically challenging markets to operate in.

We emphasize safe operations, environmental stewardship, and superior performance through a structured management system, the employment of qualified and well-trained crews and onshore support staff, the care of our surroundings and the neighboring communities where we operate, and other activities advancing our sustainability strategy, and good governance. We also manage rig operating costs through the implementation and continuous improvement of innovative systems and processes, which includes the use of data analytics and predictive maintenance technology.

As of the filing date of this Annual Report on Form 10-K, our fleet of 31 drilling rigs consists of 25 floaters and 6 jackups strategically deployed worldwide. We typically employ each drilling unit under an individual contract, and many contracts are awarded based upon a competitive bidding process.

We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent, and government-owned or controlled oil and gas companies throughout the world.

For the year ended December 31, 2025, our financial and operating results include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating revenues totaling $3.3 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net income of $216.7 million or $1.35 per diluted share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net cash provided by operating activities totaling $951.7 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no funds drawn down on the 2023 Revolving Credit Facility (as defined below) as of December 31, 2025, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a year end cash balance of $471.4 million.

Demand for our services is driven by the offshore exploration and development programs of oil and gas operators, which in turn are influenced by many factors. Those factors include, but are not limited to, the price and price stability of oil and gas, the relative cost and carbon footprint of offshore resources within each operator's broader energy portfolio, global macroeconomic conditions, world energy demand, the operator's strategy toward renewable energy sources, environmental considerations, and governmental policies.

**Outlook**

In recent years, oil prices have generally remained at levels that are supportive of offshore exploration and development activity and global rig demand recovered to eclipse pre-pandemic levels, albeit with some moderation since early 2024.

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Current demand and utilization levels are supported by the combination of the outlook for longer-term commodity prices, heightened focus on energy security, the capital intensity of depletion replacement, and relative attractiveness of offshore plays with respect to both cost and carbon emissions. The increase in global rig demand since 2021 has had a positive impact on dayrates for most rig classes, although dayrates have decreased moderately since recent highs in 2023 and 2024.

The global rig supply has come down from historic highs as Noble and other offshore drilling contractors have retired less capable and idle assets. Concurrently, the incoming supply of newbuild offshore drilling rigs has diminished materially, with very few newbuild rigs now remaining stranded in shipyards.

Although the market outlook in our business varies by geographical region and water depth and, despite recent downward pressure on the price of oil, we remain encouraged by the long-term outlook in the ultra-deepwater floater market. Our customers continue to focus on our highest specification floaters, which represents the majority of our floater fleet. Assuming current market fundamentals, continued customer prioritization towards these highest specification floaters could result in lower utilization for our lower specification drillships and our semi-submersibles. Demand for midwater semisubmersibles is primarily driven by brownfield activity in mature basins, especially in Northwest Europe, South America, and the Asia Pacific regions, where a generally stable level of baseload demand is supported by infield drilling and plug and abandonment requirements. Despite some recent contract suspensions in select jackup markets, we have also observed an overall demand increase in the global jackup market since 2020. While we remain encouraged about overall long-term rig demand, as evidenced by recent multi-year, multi-rig contracts that we have booked into backlog, the near-term outlook for both floaters and jackups over the next several quarters continues to present lingering utilization headwinds compared to 2023-2024 levels. Furthermore, economic uncertainty and lower commodity prices arising from recent trade policy and tariffs, compounded with OPEC's stated intent to increase oil production, collectively present a potential for additional demand risk for offshore rigs in the near term.

Returning to the broader offshore drilling market, recent contract awards and open tenders show an increasing proportion of multi-year contracts, although a significant number of shorter-term commitments continue to be fixed as well. Longer-term contracts can generally provide economic efficiencies by reducing the number of rig contract start-ups, both with different customers and among different regions, which is expected to reduce incremental resources and costs. On the other hand, certain multi-year contracts that are scheduled to commence a year or longer into the future can present near-term utilization inefficiency due to challenges with filling interim availability on the assets.

The energy transition from hydrocarbons to renewables poses a challenge to the oil and gas sector and our market. Energy rebalancing trends sharply accelerated over the past decade as evidenced by promulgated or proposed government policies and commitments by many of our customers to further invest in sustainable energy sources, although this trend has moderated or even reversed in certain jurisdictions in more recent years with shifting political priorities. Our industry could be further challenged as resource holders and policy makers continue to evaluate and calibrate strategies and capital flows to address global energy needs. Ultimately, however, there continues to be a global dependence on products made from hydrocarbons and on the combustion of hydrocarbons to provide reliable and affordable energy. Low-cost and low-emission barrels are expected to be the most attractive conventional source to meet energy needs both currently and in the future. Global energy demand is predicted to increase over the coming decades, and we expect that offshore oil and gas will continue to play an important and lasting role in meeting this demand.

Our cost profile remains sensitive to global labor market conditions, capital intensive repair and maintenance scopes on our rigs, global trade and sanctions regimes, including the impacts of new or increased tariffs or trade wars, and geopolitical crises and their respective regional and global ramifications. Each of these factors has the potential to adversely impact our ability to conduct our day-to-day operations and manage costs with uncertainty related to trade policy and tariffs also having the ability to negatively impact rig demand.

We expect inflationary pressures to persist, which has led, and may continue to lead, to increased costs of services. Additionally, we expect supply chain disruptions to continue as geopolitical challenges, including those throughout Russia-Ukraine, the Middle East, and Venezuela, and their respective regional and global ramifications, may negatively impact our ability to conduct our day-to-day operations. Additionally, the impact of new or increased tariffs or trade wars could have an inflationary impact on the costs of certain products and services as well as potentially contribute to further supply chain disruptions.

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**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 December 31, 2025, contract drilling services backlog totaled approximately $7.0 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 and the percent of available operating days committed for the periods indicated:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended December 31,** <sup>(1)</sup> | **Year Ended December 31,** <sup>(1)</sup> | **Year Ended December 31,** <sup>(1)</sup> | **Year Ended December 31,** <sup>(1)</sup> | **Year Ended December 31,** <sup>(1)</sup> | **Year Ended December 31,** <sup>(1)</sup> |
| | **Total** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Contract Drilling Services Backlog** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Floaters <sup>(2) (3)</sup> | $6402852 | $2102353 | $1825939 | $1480958 | $633713 | $240073 | $119816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jackups <sup>(4) (6)</sup> | 616275 | 394695 | 221580 |  |  |  |  |
| **Total** | $7019127 | $2497048 | $2047519 | $1480958 | $633713 | $240073 | $119816 |
| **Percent of Available Days Committed** <sup>(5)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Floaters |  | 58% | 54% | 41% | 17% | 6% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jackups |  | 54% | 22% | —% | —% | —% | —% |
| **Total** |  | 57% | 44% | 29% | 11% | 4% | 2% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Represents a twelve-month period beginning January 1. Some of our drilling contracts provide customers with certain early termination rights and, in limited cases, those termination rights require minimal or no notice and minimal financial penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>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 January 1 and July 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 aligns the interests of Noble and ExxonMobil. Under the CEA, the above table includes awarded and remaining current contract term to February 18, 2029, related to each of the four following rigs: the *Noble Tom Madden*, *Noble Bob Douglas*, *Noble Don Taylor*, and *Noble Sam Croft*. Under the CEA, ExxonMobil may reassign remaining contract term among rigs, subject to maintaining certain minimum contract term on the rig from which term is removed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Assuming approximately 40% of available performance revenue realized on a combined basis under certain long-term contracts with Shell plc (US Gulf) and TotalEnergies (Suriname).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>In 2022, Noble renewed its five-year Framework Agreement with Aker BP for the provision of ultra-harsh environment jackup rigs, the *Noble Integrator* and *Noble Invincible*, for activities in offshore Norway. Under this Framework Agreement, different rate structures apply reflecting different operating modes, agreed incentive schemes, and adjustments for operating expenses. Rate structures are adjusted annually to reflect market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup>Percent of available days committed is calculated by dividing the total number of days our rigs are operating under contract for such period by the product of the number of our rigs, including cold stacked rigs, and the number of calendar days in such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)</sup>The above table includes approximately $84.0 million of backlog associated with the six rigs classified as held for sale as of December 31, 2025, pertaining to the agreements with Borr Drilling Limited and Ocean Oilfield Drilling. For additional information, see "Note 5 — Property and Equipment" and "Note 16 — Subsequent Events" to our consolidated financial statements included in Item 8 of Part II of this Annual Report on Form 10-K.

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Our backlog as of any particular date may not be indicative of our actual operating results for the periods for which the backlog is calculated. See Part I, Item 1A, "Risk Factors—Risks Related to Our Business and Operations—Our current backlog of contract drilling revenue may not be ultimately realized."

As of December 31, 2025, ExxonMobil, Shell plc, BP, and TotalEnergies represented approximately 23.7%, 19.5%, 16.2%, and 12.6% of our backlog, respectively.

**Results of Operations**

**Results for the years ended December 31, 2025 and 2024**

Net income for the year ended December 31, 2025, was $216.7 million, or $1.35 per diluted share, on operating revenues of $3.3 billion compared to net income for the year ended December 31, 2024, of $448.4 million, or $2.96 per diluted share, on operating revenues of $3.1 billion.

**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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Average Rig Utilization** <sup>(1)</sup> | **Average Rig Utilization** <sup>(1)</sup> | **Operating Days** <sup>(2)</sup> | **Operating Days** <sup>(2)</sup> | **Average Dayrates** <sup>(2)</sup> | **Average Dayrates** <sup>(2)</sup> |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Floaters | 67% | 69% | 6356 | 5372 | $402703 | $427192 |
| Jackups | 64% | 77% | 2911 | 3678 | 185337 | 153321 |
| &nbsp;&nbsp;**Total** | 66% | 72% | 9267 | 9050 | $334426 | $315883 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>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 (i.e., idle without a contract, have reduced or no crew, or are not actively marketed in present market conditions), 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>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 have not been adjusted for the non-cash amortization related to favorable and unfavorable customer contract intangibles.

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**Contract Drilling Services**

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

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| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Change** |
| | **2025** | **2024** | $**%** |
| **Operating revenues:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract drilling services | $3107207 | $2918767 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursables and other <sup>(1)</sup> | 178361 | 139051 | 28% |
|  | $3285568 | $3057818 | 7% |
| **Operating costs and expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract drilling services | $1915551 | $1687164 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursables <sup>(1)</sup> | 136389 | 105479 | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 585469 | 428626 | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 133147 | 140499 | (5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and integration costs | 26382 | 109424 | (76)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of operating assets, net | (9586) | (17357) | (45)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment | 82664 |  | —% |
|  | 2870016 | 2453835 | 17% |
| **Operating income (loss)** | $415552 | $603983 | (31)% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>We record reimbursements from customers for out-of-pocket expenses as operating revenues and the related direct costs as operating expenses. Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations, or cash flows.

**Contract Drilling Services Revenues**

The following table provides information about contract drilling services revenues and costs by rig types (dollars in millions except average dayrates):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | | **2025** | **2025** | **2024** | **2024** |
| | | **Floaters** | **Jackups** | **Floaters** | **Jackups** |
| Contract drilling services revenues | Contract drilling services revenues | $2568 | $540 | $2350 | $569 |
| Contract drilling services costs | Contract drilling services costs | 1539 | 377 | 1306 | 381 |
| Average rig utilization |  | 67% | 64% | 69% | 77% |
| Operating days |  | 6356 | 2911 | 5372 | 3678 |
| Average dayrates |  | $402703 | $185337 | $427192 | $153321 |
| Total rigs | — Beginning | 27 | 13 | 19 | 13 |
|  | — Acquired |  |  | 11 |  |
|  | — Disposed | (2) | (2) | (3) |  |
|  | — Ending | 25 | 11 | 27 | 13 |

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**Floaters.** During the year ended December 31, 2025, floaters generated revenue of $2.6 billion, as compared to $2.3 billion in the year ended December 31, 2024. The increase in revenue was mainly attributable to $626.2 million provided by the additional floaters acquired in connection with the Diamond Transaction. For additional information, see "Note 2 — Acquisitions and Divestitures" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. These increases were partly offset by $347.9 million from rigs with net changes in operating days during the current year as well as $13.7 million from a decrease in average dayrates during the current year. Additionally, floater revenue from net non-cash amortization related to off-market customer contract assets and liabilities decreased $46.6 million during the current year.

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**Jackups.** During the year ended December 31, 2025, jackups generated revenue of $539.5 million, as compared to $569.1 million in the year ended December 31, 2024. The decrease in revenue was mainly attributable to a decrease of $93.3 million from rigs with net changes in operating days during the current year. This decrease was partly offset by $81.5 million from an increase in average dayrates in the current year. Additionally, jackup revenue from net non-cash amortization related to off-market customer contract assets and liabilities decreased $5.1 million during the current year.

**Operating Costs and Expenses**

**Floaters.** During the year ended December 31, 2025, total contract drilling services cost related to floaters was $1.5 billion, as compared to $1.3 billion in the year ended December 31, 2024. The primary drivers of this increase were $270.2 million related to the additional floaters acquired in connection with the Diamond Transaction (for additional information, see "Note 2 — Acquisitions and Divestitures" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K), $38.6 million in mobilization costs, $16.5 million in insurance costs, $10.1 million in fuel, and $6.1 million in rental equipment. These increases were partially offset by decreases of $40.7 million in repairs and maintenance, $13.1 million in transportation and storage, $12.5 million in labor, as well as insurance proceeds received for a certain rig totaling $15.6 million. Further, there was a decrease of $27.1 million related to certain rigs sold or no longer operated by Noble.

**Jackups.** During the year ended December 31, 2025, total contract drilling services cost related to jackups was $377.0 million, as compared to $381.2 million in the year ended December 31, 2024. The primary drivers of this decrease were $10.4 million related to repairs and maintenance as well as insurance proceeds received for a certain rig totaling $20.0 million. These decreases were partially offset by increases of $10.2 in mobilization costs, $4.8 million in fuel, $3.5 million in labor, and $20.4 million in non-labor and operations support costs, and other costs across the fleet. Further, there was a decrease of $12.7 million related to certain rigs sold or no longer operated by Noble.

**Depreciation and amortization.** Depreciation and amortization totaled $585.5 million and $428.6 million during the years ended December 31, 2025 and 2024, respectively. Depreciation and amortization increased in the current year primarily due to the Diamond Transaction as well as the timing of capital additions that were placed in service as compared to retirements among the periods.

**General and administrative.** General and administrative expenses totaled $133.1 million and $140.5 million during the years ended December 31, 2025 and 2024, respectively. The small decrease was due to individually insignificant items within certain corporate charges such as professional fees, corporate leases, and employee-related costs.

**Merger and integration costs.** Noble incurred $26.4 million and $109.4 million of merger and integration costs during the years ended December 31, 2025 and 2024, respectively, primarily as a result of the Diamond Transaction. During the current year, $25.4 million and $0.9 million of costs related directly to the Diamond Transaction and the Business Combination with Maersk Drilling, respectively. Costs incurred prior to 2025 related primarily to the Diamond Transaction, of which, a majority of the costs were attributable to the closing of the transaction and included charges for professional fees, severance, and share-based compensation. For additional information, see "Note 2 — Acquisitions and Divestitures" and "Note 3 — Merger and Integration Costs" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

**Gain on sale of operating assets, net.** During the year ended December 31, 2025, we sold the *Noble Highlander*, *Noble Reacher*, *Pacific Meltem*, and *Pacific Scirocco*, resulting in a pre-tax gain of $9.7 million. During the year ended December 31, 2024, we sold the *Noble Explorer*, resulting in a pre-tax gain of $17.4 million.

**Loss on impairment.** During the year ended December 31, 2025, we recorded a loss on impairment of $82.7 million to reduce the carrying values of the *Noble Globetrotter II*, *Noble Reacher*, and *Noble Resolve* to their estimated fair value less costs to sell. There were no impairments recorded during the year ended December 31, 2024. For additional information, see "Note 5 — Property and Equipment" to our unaudited condensed consolidated financial statements.

**Other Income and Expenses**

**Interest expense, net of amounts capitalized.** Interest expense totaled $162.4 million and $94.2 million for the years ended December 31, 2025 and 2024, respectively. Interest expense increased as a result of the Diamond Transaction and primarily relates to our 2030 Notes as well as the Diamond Second Lien Notes (as defined below). For additional information, see "Note 6 — Debt" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

**Interest income and other, net.** Noble recognized interest and other income of $20.0 million and interest income and other losses of $17.4 million for the years ended December 31, 2025 and 2024, respectively. For the year ended

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December 31, 2025, Noble received a $3.5 million tax contribution payment from A.P. Møller Holding A/S ("APMH"), recognized a $5.9 million excise tax receivable, and made a $1.0 million annual fee payment related to the 2023 Revolving Credit Facility (as defined below). For the year ended December 31, 2024, Noble made a tax contribution repayment of $4.0 million related to a joint taxation scheme with APMH. For additional information, see "Note 10 — Income Taxes" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

**Income tax benefit (provision).** Noble recorded an income tax provision of $56.4 million and $44.0 million during the years ended December 31, 2025 and 2024, respectively.

During the year ended December 31, 2025, our tax provision included tax benefits of $134.0 million related to non-recurring releases of valuation allowances primarily in Luxembourg and Switzerland, and a net tax benefit of $60.2 million related to changes in uncertain tax positions. Such tax benefits were offset by various recurring annual accruals of $250.6 million primarily in Guyana, the United States, Switzerland, and Luxembourg.

During the year ended December 31, 2024, our tax provision included tax benefits of $123.6 million related to non-recurring releases of valuation allowances primarily in Luxembourg, and a net tax benefit of $20.2 million related to changes in uncertain tax positions. Such tax benefits were offset by various recurring quarterly accruals of $187.8 million primarily in Guyana, Nigeria, the United States, Switzerland, and Luxembourg.

**2024 Compared to 2023** 

Information related to a comparison of our results of operations for the year ended December 31, 2024, compared to the year ended December 31, 2023, is included in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 18, 2025.

**Liquidity and Capital Resources**

**Sources and Uses of Cash**

Our principal source of capital in 2025 was cash generated from operating activities. Cash on hand during the current year was primarily used for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• normal recurring operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses related to merger and integration costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• share repurchases and dividend payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain contractual cash obligations and commitments.

Our anticipated cash flow needs, both in the short term and long term, may also include repurchases, redemptions, or repayments of debt and interest.

We currently expect to fund our cash flow needs with cash generated by our operations, cash on hand, proceeds from sales of assets, or borrowings under the 2023 Revolving Credit Facility, and we believe this will provide us with sufficient liquidity to fund our cash flow needs over the next 12 months. Subject to market conditions and other factors, we may also issue equity or long-term debt securities to fund our cash flow needs and for other purposes. We have been incurring expenses and capital costs related to an incident regarding one floater. These incurred costs exceeded the applicable deductible. We have received partial insurance recoveries for these claims and we continue to seek insurance recoveries for the remainder of the incurred and anticipated costs.

In December 2025, Noble entered into agreements to sell six jackup rigs for an aggregate of $424.0 million, comprising $274.0 million in cash and $150.0 million in seller notes that have a six-year maturity. The sale of five rigs closed during the first quarter of 2026 while closing for the final rig is expected in the third quarter of 2026. For additional information, see "Note 16 — Subsequent Events" to our unaudited condensed consolidated financial statements.

Net cash provided by operating activities was $951.7 million and $655.5 million for the years ended December 31, 2025 and 2024, respectively. Net cash provided by operating activities increased mainly due to improvements in cash flows from operating assets driven by an increase in payments from customers, insurance proceeds received, and the Diamond Transaction. We had working capital balances of $512.6 million and $448.5 million at December 31, 2025 and 2024, respectively.

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Net cash used in investing activities was $350.1 million and $959.0 million for the years ended December 31, 2025 and 2024, respectively. The decrease in net cash used in investing activities for the year ended December 31, 2025, was primarily attributable to the net cash paid related to the closing of the Diamond Transaction occurring during the year ended December 31, 2024, and proceeds received from rig disposals during the current year. Otherwise, net cash used in investing activities consisted of capital expenditures on routine projects associated with overhauls and upgrades on various rigs.

Net cash used in financing activities was $373.9 million and net cash provided by financing activities was $188.1 million for the years ended December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, we repurchased 0.7 million of our Ordinary Shares for a total of $20.0 million, made dividend payments to our shareholders of $320.4 million, made finance lease payments of $23.9 million, and paid $9.7 million in taxes withheld on vested employee share-based compensation awards. The year ended December 31, 2024, included the issuance of an additional $824.0 million of 2030 Notes. We also repurchased 8.4 million of our Ordinary Shares for a total of $300.0 million, made dividend payments to our shareholders of $277.8 million, and paid $66.1 million in taxes withheld on vested employee share-based compensation awards.

At December 31, 2025, we had a total contract drilling services backlog of approximately $7.0 billion, which includes a commitment of 57% of available days for 2026. For additional information regarding our backlog, see "Contract Drilling Services Backlog."

**Capital Additions**

Capital additions totaled $500.1 million and $520.3 million for the years ended December 31, 2025 and 2024, respectively. Capital additions for the year ended December 31, 2025, consisted of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $296.0 million for sustaining capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $179.2 million in major projects, including subsea and other related projects, and capital spares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $24.9 million for rebillable capital and contract modifications.

Our total capital expenditures estimate for 2026 is expected to range between $590.0 million and $640.0 million. We expect to fund these capital expenditures with cash generated by our operations and cash on hand.

From time to time we consider possible projects and certain events may occur that would require expenditures that are not included in our capital budget, and such unbudgeted expenditures could be significant. This includes additional capital expenditures to upgrade rigs for specific customer requirements or contracts. The total amount of capital that we ultimately spend is partly dependent on broader market conditions, the actual level of current and expected contracting activity, as well as costs related to satisfying regulatory requirements. Given many of our capital related projects can take considerable time to complete, the actual costs and timing of expenditures may vary materially from estimates based on various factors, many of which are out of our control. In addition, while liquidity and preservation of capital remains our top priority, we will continue to evaluate acquisitions of drilling units from time to time.

**Amended and Restated Senior Secured Revolving Credit Agreement**

In April 2023, certain subsidiaries of Noble amended and restated the senior secured revolving credit agreement, dated February 5, 2021, by entering into an Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 18, 2023 (as amended and otherwise modified from time to time, the "2023 Revolving Credit Agreement"), by and among Noble Finance II, Noble International Finance Company, Noble Drilling A/S, and each other designated borrower from time to time party thereto, as borrowers (the "Borrowers"), the lenders and issuing banks party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, and security trustee. The revolving credit facility under the 2023 Revolving Credit Agreement (the "2023 Revolving Credit Facility") provides for commitments of $550.0 million with maturity in April 2028. The guarantors under the 2023 Revolving Credit Facility are the same subsidiaries of Noble Finance II that are or will be guarantors of the 2030 Notes.

As of December 31, 2025, we had no borrowings outstanding and $6.7 million of letters of credit issued under our 2023 Revolving Credit Facility and an additional $41.5 million in letters of credit and surety bonds issued under bilateral arrangements. For additional information about the 2023 Revolving Credit Facility, see "Note 6 — Debt" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

**8.000% Senior Notes due 2030**

In April 2023, Noble Finance II, a wholly owned subsidiary of Noble, issued $600.0 million in aggregate principal amount of its 8.000% Senior Notes due 2030 ("Initial 2030 Notes"). The Initial 2030 Notes were issued pursuant to an indenture, dated

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April 18, 2023 (as supplemented or otherwise modified from time to time, the "Noble Indenture"), among Noble Finance II, the subsidiaries of Noble Finance II party thereto, as guarantors (the "Guarantors"), and U.S. Bank Trust Company, National Association, as trustee. In August 2024, Noble Finance II issued an additional $800.0 million in aggregate principal amount of its 8.000% Senior Notes due 2030 (the "Additional 2030 Notes" and, together with the Initial 2030 Notes, the "2030 Notes") at a premium of 103% bringing the total outstanding principal amount to $1.4 billion. The Additional 2030 Notes were issued pursuant to the Noble Indenture and the net proceeds from the offering of the Additional 2030 Notes were primarily used to fund the cash consideration in the Diamond Transaction and to pay any premiums, fees, and expenses related to the issuance of the Additional 2030 Notes. As of December 31, 2025, we had outstanding $1.4 billion aggregate principal amount of our 2030 Notes. For additional information about the 2030 Notes, see "Note 6 — Debt" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

**8.500% Senior Secured Second Lien Notes due 2030**

In connection with the Diamond Transaction, the Company assumed $550.0 million aggregate principal amount of 8.500% Senior Secured Second Lien Notes due October 2030 (the "Diamond Second Lien Notes") issued pursuant to an indenture, dated as of September 21, 2023 (as supplemented and otherwise modified from time to time, the "Diamond Second Lien Indenture"), among Diamond Foreign Asset Company and Diamond Finance, LLC, as issuers, Diamond, the other guarantors party thereto and HSBC Bank USA, National Association, as trustee and as collateral agent. As of December 31, 2025, we had outstanding $550.0 million aggregate principal amount of our Diamond Second Lien Notes. For additional information about the Diamond Second Lien Notes, see "Note 6 — Debt" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

**Diamond Credit Agreement**

In connection with the Diamond Transaction, the Company terminated Diamond's $300.0 million senior secured revolving credit facility (the "Diamond Revolving Credit Facility") under a credit agreement, dated as of April 23, 2021 (as amended and otherwise modified, the "Diamond Credit Agreement"), among Diamond, Diamond Foreign Asset Company, as borrower, the lenders party thereto from time to time and HSBC Bank USA, National Association, as administrative agent, collateral agent, and issuing lender. The revolving commitments under the Diamond Credit Agreement were scheduled to mature in April 2026. At the time of the Diamond Transaction and the termination of the commitments under the Diamond Credit Agreement, Diamond had no outstanding borrowings under the Diamond Credit Agreement. For additional information about the Diamond Credit Agreement, see "Note 6 — Debt" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

**Dividends**

Our most recent quarterly dividend, totaling $79.4 million (or $0.50 per share), was declared on October 27, 2025, and paid on December 18, 2025, to shareholders of record at close of business on December 4, 2025. During the year ended December 31, 2025, we declared dividends of $321.3 million, including accrued dividends, (or $2.00 per share), and made cash dividend payments of approximately $317.6 million.

On February 11, 2026, Noble's Board of Directors declared an interim quarterly cash dividend on our Ordinary Shares of $0.50 per share. This dividend will be paid on March 19, 2026, to shareholders of record at close of business on March 4, 2026.

The declaration and payment of dividends require authorization of the Board of Directors, provided that such dividends on issued share capital may be paid only out of the Company's "distributable reserves" as determined by reference to relevant statutory accounts in accordance with English law. The Company is not permitted to pay dividends out of share capital, which includes share premiums. The payment of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, the availability of sufficient distributable reserves, contractual and indenture restrictions, and other factors deemed relevant by our Board of Directors.

**Share Repurchases**

Under English law, the Company is only permitted to purchase its own Ordinary Shares by way of an "off-market purchase" pursuant to a contract approved by shareholders (except where the purchase is for the purposes of, or pursuant to, any employees' share scheme). Such purchases may be paid for either (i) out of Noble's "distributable reserves" as determined by reference to relevant statutory accounts in accordance with English law or (ii) from the proceeds of a fresh issue of shares made for the purpose of financing the purchase. On October 22, 2024, Noble's Board of Directors authorized an increased share repurchase authorization of up to an additional $400.0 million and, at the 2025 annual general meeting of shareholders, shareholders approved the repurchase of up to 23,800,068 Ordinary Shares. The authorization by the Board

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of Directors has approximately $370.0 million remaining, does not have a fixed expiration, and may be modified, suspended, or discontinued at any time. None of the shareholder authorization to purchase up to 23,800,068 Ordinary Shares has yet been utilized, and the authorization by shareholders expires on May 8, 2030 (subject to certain exceptions). The program does not obligate us to acquire any particular amount of Ordinary Shares. During the year ended December 31, 2025, we repurchased 0.7 million of our Ordinary Shares. All repurchased shares were subsequently cancelled.

**Summary of Contractual Cash Obligations and Commitments**

We have $127.8 million of net long-term income tax and non-income tax reserves, including interest and penalties, which are included in "Other liabilities" due to the difficulty in making reasonably reliable estimates of the timing of cash settlements to taxing authorities. See "Note 10 — Income Taxes" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

At December 31, 2025, no long-term debt is due in the next twelve months and $2.0 billion will be due subsequent to 2026. See "Note 6 — Debt" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. We may seek to refinance all or a portion of our long-term debt obligations, including the 2023 Revolving Credit Facility, though any such refinancing transactions are subject to market and other conditions and there are no assurances that we will complete any such transactions, in whole or in part, or as to the amount or timing of any such transactions.

At December 31, 2025, $13.6 million of pension obligations will be due in the next twelve months and the remainder of $129.1 million will be due subsequent to 2026. See "Note 11 — Employee Benefit Plans" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. In addition, $11.0 million is due on a long-term basis under the Danish Holiday Act of 2020.

For a description of our operating and finance lease obligations, refer to "Note 9 — Leases" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

At December 31, 2025, we had other commitments that we are contractually obligated to fulfill with cash if the obligations are called. These obligations include letters of credit that guarantee our performance as it relates to our drilling contracts, tax, and other obligations in various jurisdictions. We expect to comply with the underlying performance requirements and we expect obligations under these letters of credit and surety bonds will not be called. At December 31, 2025, $17.2 million of letters of credit and commercial commitments will expire in the next twelve months and the remainder of $31.0 million will expire subsequent to 2026.

We expect to fund these obligations and commitments with cash generated by our operations and cash on hand.

**Unaudited Condensed Consolidating Financial Information**

The Noble Indenture contains a covenant that requires Noble Finance II to furnish to holders of the 2030 Notes certain financial information relating to Noble Finance II and its restricted subsidiaries. The Diamond Second Lien Indenture contains a covenant that requires NODI to furnish to holders of the Diamond Second Lien Notes certain financial information relating to NODI and its subsidiaries.

The summarized financial information below reflects combined accounts of Noble Finance II, NODI, and all other subsidiaries of Noble. The financial information is presented on a combined basis and intercompany balances and transactions between entities have been eliminated.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Noble Corporation plc and Subsidiaries** | **Noble Corporation plc and Subsidiaries** | **Noble Corporation plc and Subsidiaries** | **Noble Corporation plc and Subsidiaries** | **Noble Corporation plc and Subsidiaries** |
| | **Unaudited Condensed Consolidating Selected Financials** | **Unaudited Condensed Consolidating Selected Financials** | **Unaudited Condensed Consolidating Selected Financials** | **Unaudited Condensed Consolidating Selected Financials** | **Unaudited Condensed Consolidating Selected Financials** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Consolidated Noble Finance II LLC** | **Consolidated Noble Offshore Drilling, Inc.** | **Other** <br>**Non-guarantor Subsidiaries** <br>**of Noble** | **Consolidating Adjustments** | **Total** |
| **Balance Sheets** | | | | | |
| Cash and cash equivalents | $259233 | $204771 | $7395 | $— | $471399 |
| Total current assets | 2098558 | 680584 | 79100 | (1585960) | 1272282 |
| Total current liabilities | 671158 | 502380 | 1881542 | (2295351) | 759729 |
| Total debt | 1400982 | 1170694 |  | (595885) | 1975791 |
| Total shareholders' equity | 4738725 | 907095 | 3628863 | (4725833) | 4548850 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Noble Corporation plc and Subsidiaries** | **Noble Corporation plc and Subsidiaries** | **Noble Corporation plc and Subsidiaries** | **Noble Corporation plc and Subsidiaries** | **Noble Corporation plc and Subsidiaries** |
| | **Unaudited Condensed Consolidating Selected Financials** | **Unaudited Condensed Consolidating Selected Financials** | **Unaudited Condensed Consolidating Selected Financials** | **Unaudited Condensed Consolidating Selected Financials** | **Unaudited Condensed Consolidating Selected Financials** |
| | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** |
| | **Consolidated Noble Finance II LLC** | **Consolidated Noble Offshore Drilling, Inc.** | **Other** <br>**Non-guarantor Subsidiaries** <br>**of Noble** | **Consolidating Adjustments** | **Total** |
| **Statements of Operations** | | | | | |
| Operating revenues | $2354594 | $935091 | $— | $(4117) | $3285568 |
| Operating costs and expenses | 2092947 | 738513 | 42673 | (4117) | 2870016 |
| Depreciation and amortization | 430522 | 154947 |  |  | 585469 |
| **Statements of Cash Flows** |  |  |  |  |  |
| Net cash provided by (used in) operating activities | $751855 | $186144 | $13679 | $— | $951678 |
| Capital expenditures | (425701) | (93822) |  |  | (519523) |
| Proceeds from disposal of assets, net | 147201 |  |  |  | 147201 |
| Dividend payments |  |  | (320368) |  | (320368) |

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**Critical Accounting Estimates**

We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States ("US GAAP"), which require us to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from our estimates and assumptions and any such differences could be material to our consolidated financial statements. The following accounting policies involve critical accounting estimates because they are particularly dependent on estimates and assumptions made by Noble about matters that are inherently uncertain.

**Recoverability of Assets**

We evaluate our property and equipment and intangible assets for impairment whenever there are changes in facts that suggest that the value of the asset is not recoverable. An impairment loss is recognized when and to the extent that an asset's carrying value exceeds its estimated fair value. To the extent actual results do not meet our estimated assumptions for a given rig, piece of equipment, or intangible customer contract, we may take an impairment loss in the future. In determining the fair value of the assets, we make significant assumptions and estimates regarding future market conditions using significant unobservable inputs representative of a Level 3 fair value measurement. Critical assumptions used in our

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estimate include projected dayrates, utilization, and discount rate. These projections involve uncertainties that rely on assumptions about current and future market conditions, timing of future contract awards, and marketability of a unit. It can be difficult to determine the fair value based on the cyclical nature of our business, demand for offshore drilling rigs in different markets, and changes in economic conditions.

During the year ended December 31, 2025, we recognized aggregate impairment charges of $82.7 million. See "Note 5 — Property and Equipment" to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for additional information. No impairment charges were recognized during the year ended December 31, 2024.

Impairment assessment inherently involves management judgments as to assumptions about expected future cash flows and the impact of market conditions on those assumptions. Due to the many variables inherent in this estimation, differences in assumptions may have a material effect on the results of our impairment analysis.

**Income Taxes**

We estimate income taxes and file tax returns in each of the taxing jurisdictions in which we operate and are required to file a tax return. At the end of each year, an estimate for income taxes is recorded in the financial statements. Tax returns are generally filed in the subsequent year. A reconciliation of the estimate to the final tax return is done at that time, which will result in changes to the original estimate. We believe that our tax return positions are appropriately supported, but tax authorities can challenge certain of our tax positions.

We currently operate, and have in the past operated, in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We recognize uncertain tax positions that we believe have a greater than 50% likelihood of being sustained upon challenge by a tax authority. We cannot predict nor provide assurance as to the ultimate outcome of any existing or future assessments. A change in judgment related to the expected ultimate resolution of uncertain tax positions will be recognized in earnings in the quarter of such change. We believe that our reserve for uncertain tax positions, including related interest and penalties, is adequate. As of December 31, 2025 and 2024, the Company had $117.6 million and $196.0 million of net long-term tax reserves for unrecognized tax benefits, including interest and penalties, which are included in "Other liabilities." The amounts ultimately paid upon resolution of audits could be materially different from the amounts previously included in our income tax expense and, therefore, could have a material impact on our tax provision, net income and cash flows.

Our gross deferred tax asset balance at year end reflects the application of our income tax accounting policies and is based on management's estimates, judgments, and assumptions regarding realizability. If it is more likely than not that a portion of the deferred tax assets will not be realized in a future period, the deferred tax assets will be reduced by a valuation allowance based on management's estimates. In evaluating our ability to recover our deferred tax assets, in full or in part, we consider all available positive and negative evidence, including our past operating results and our forecast of future earnings, future taxable income, and prudent and feasible tax planning strategies. The assumptions utilized in determining future taxable income require significant judgment. Although we believe our assumptions, judgments, and estimates are reasonable, changes in tax laws or our interpretation of tax laws and the resolution of any tax audits could have a material impact our consolidated financial statements.

**Claims Reserves**

We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers' liability, and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis.

Employment practices liability claims are accrued based on actual claims during the year. Maritime employer's liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. The amount of our loss reserves for personal injury and protection claims is based on an analysis performed by a third-party actuary which uses our historical loss patterns and trends as well as industry data to estimate the unpaid loss and allocated loss adjustment expense. Claim severity experienced in each year, ranging from minor incidents to permanent disability or injuries requiring extensive medical care, is a key driver of the variability around our reserve estimates. These estimates are further subject to uncertainty because the ultimate disposition of claims incurred is subject to the outcome of events which have not yet transpired. Accordingly, we may be required to increase or decrease our reserve levels. At December 31, 2025, loss reserves for personal injury and protection claims totaled $29.5 million and was included in "Other current liabilities" in the accompanying Consolidated Balance Sheets. At December 31, 2024, loss reserves for personal injury and protection claims totaled $175.3 million, of

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which $160.4 million was included in "Other current liabilities" and $14.9 million in "Other long-term liabilities" in the accompanying Consolidated Balance Sheets.

**Business Combinations**

We follow the acquisition method of accounting for business combinations. Assets acquired and liabilities assumed are recognized at the date of acquisition at their respective estimated fair value. Any excess of the purchase price over the fair value amounts assigned to assets and liabilities is recorded as goodwill. To the extent the estimated fair value of the net assets acquired exceeded the purchase price, we recognize a bargain purchase gain. Changes in these judgments or estimates can have a material impact on the valuation of the respective assets and liabilities acquired and our results of operations in periods after acquisition. The allocation of the purchase price may be modified up to one year after the acquisition date as more information is obtained about the fair value of assets acquired and liabilities assumed.

Our estimates of fair value of the acquired property and equipment and contract intangibles require us to use significant unobservable inputs, representative of a Level 3 fair value measurement. Critical assumptions used in our estimate include projected dayrates, utilization, and discount rate. These projections involve uncertainties that rely on assumptions about current and future market conditions, timing of future contract awards, demand for our services, and marketability of a unit. It can be difficult to determine the fair value based on the cyclical nature of our business, demand for offshore drilling rigs in different markets, and changes in economic conditions.

**Item 7A. Quantitative and Qualitative Disclosures about Market Risk.**

Market risk is the potential for loss due to a change in the value of a financial instrument as a result of fluctuations interest rates, currency exchange rates, or equity prices, as further described below.

**Interest Rate Risk**

We are subject to market risk exposure related to changes in interest rates on borrowings under the 2023 Revolving Credit Facility and may be subject to similar exposure on future borrowing arrangements. Borrowings under the 2023 Revolving Credit Facility, if any, bear interest at the term secured overnight financing rate ("SOFR") plus 0.10% (subject to a 0.00% floor) plus an applicable margin, which is currently 3.00%, or a base rate stated in the 2023 Revolving Credit Agreement plus an applicable margin, which is currently 2.00%.

As of December 31, 2025, we had no borrowings outstanding under the 2023 Revolving Credit Facility and $6.7 million of performance letters of credit outstanding thereunder.

Because they bear interest at a fixed rate, the fair value of the 2030 Notes and the Diamond Second Lien Notes will fluctuate based on changes in market expectations for interest rates and perceptions of our credit risk. The fair value of our total debt was $2.0 billion as of December 31, 2025.

**Foreign Currency Risk**

Although we are a UK company, we define foreign currency as any non-US dollar denominated currency. Our functional currency is the US dollar. However, outside the United States, a portion of our expenses are incurred in local currencies. Therefore, when the US dollar weakens (strengthens) in relation to the currencies of the countries in which we operate, our expenses reported in US dollars will increase (decrease).

We are exposed to risks on future cash flows to the extent that foreign currency expenses exceed revenues denominated in the same foreign currency. In order to help manage this potential risk, we periodically enter into derivative instruments to manage our net exposure to fluctuations in currency exchange rates. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives.

Several of our regional shorebases have a significant amount of their cash operating expenses payable in foreign currencies. In order to limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which have historically settled monthly in the operations' respective local currencies. All of these contracts had a maturity of less than 12 months. Based on current projections, a 10% increase in the average exchange rates of all foreign currencies would hypothetically increase our future estimated operating expenses by approximately $18.5 million.

**Market Risk**

We have a US noncontributory defined benefit pension plan that covers certain salaried employees and a US noncontributory defined benefit pension plan that covers certain hourly employees, whose initial date of employment is prior to August 1, 2004 (collectively referred to as our "qualified US plans"). These plans are governed by the Noble Drilling

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Employees' Retirement Trust. The benefits from these plans are based primarily on years of service and, for the salaried plan, employees' compensation near retirement. These plans are designed to qualify under the Employee Retirement Income Security Act of 1974 ("ERISA"), and our funding policy is consistent with funding requirements of ERISA and other applicable laws and regulations. We make cash contributions, or utilize credits available to us, for the qualified US plans when required. The benefit amount that can be covered by the qualified US plans is limited under ERISA and the Internal Revenue Code of 1986. Therefore, we maintain an unfunded, nonqualified excess benefit plan designed to maintain benefits for specified employees at the formula level in the qualified salary US plan. We refer to the qualified US plans and the excess benefit plan collectively as the "US plans."

In addition to the US plans, Noble Drilling (Land Support) Limited, an indirect, wholly-owned subsidiary of Noble, maintains a pension plan that covers all of its salaried, non-union employees, whose most recent date of employment is prior to April 1, 2014 (referred to as our "non-US plan"). Benefits are based on credited service and employees' compensation, as defined by the non-US plan.

The Company's pension plan assets are exposed to the market prices of debt and equity securities. Changes to the pension plan asset values can impact the Company's pension expense, funded status, and future minimum funding requirements. The Company aims to reduce risk through asset diversification and by investing in long duration fixed-income securities that have a duration similar to that of its pension liabilities. At December 31, 2025, the value of the investments in the pension funds was $207.6 million, and a hypothetical 10.0% decrease in the value of the investments in the fund would have reduced the value of the fund by approximately $20.8 million. A significant decline in the value of pension assets could require Noble to increase funding of its pension plans in future periods, which could adversely affect cash flows in those periods. In addition, a decline in the fair value of these plan assets, in the absence of additional cash contributions to the plans by Noble, could increase the amount of pension cost required to be recorded in future periods by Noble.

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**Item 8. Financial Statements and Supplementary Data.**

The following financial statements are filed in this Item 8:

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| | |
|:---|:---|
| | **Page** |
| <u>[Report of Independent Registered Public Accounting Firm (Noble) (PCAOB ID](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_79)238[)](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_79)</u> | <u>[54](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_79)</u> |
| <u>[Noble Corporation plc and Subsidiaries Consolidated Balance Sheets as of December 31, 2025 and 2024](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_85)</u> | <u>[56](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_85)</u> |
| <u>[Noble Corporation plc and Subsidiaries Consolidated Statements of Operations for the Years Ended December 31, 202](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_88)[5](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_88)[, 202](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_88)[4](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_88)[, and 20](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_88)[23](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_88)</u> | <u>[57](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_88)</u> |
| <u>[Noble Corporation plc and Subsidiaries Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 202](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_91)[5](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_91)[, 202](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_91)[4](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_91)[, and 20](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_91)[23](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_91)</u> | <u>[58](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_91)</u> |
| <u>[Noble Corporation plc and Subsidiaries Consolidated Statements of Cash Flows for the Years Ended December 31, 202](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_94)[5](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_94)[, 202](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_94)[4](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_94)[, and 20](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_94)[23](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_94)</u> | <u>[59](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_94)</u> |
| <u>[Noble Corporation plc and Subsidiaries Consolidated Statements of Equity for the Years Ended December 31, 202](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_97)[5](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_97)[, 202](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_97)[4](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_97)[, and 202](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_97)[3](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_97)</u> | <u>[60](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_97)</u> |
| <u>[Notes to Consolidated Financial Statements](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_103)</u> | <u>[61](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_100)</u> |

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**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of Noble Corporation plc

**Opinions on the Financial Statements and Internal Control over Financial Reporting**

We have audited the accompanying consolidated balance sheets of Noble Corporation plc and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income (loss), of equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

**Basis for Opinions**

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Annual Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

**Critical Audit Matters**

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Accounting for Income Taxes*

As described in Notes 1, 10, and 12 to the consolidated financial statements, the Company recorded an income tax provision of $56.4 million for the year ended December 31, 2025, and has net deferred tax assets of $292.6 million, including a valuation allowance of $2,890.9 million, and a reserve for uncertain tax positions, including interest and penalties, of $119.2 million as of December 31, 2025. The Company's income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which the Company or its subsidiaries are considered resident for income tax purposes. The Company's gross deferred tax asset balance at year-end reflects the application of the Company's income tax accounting policies and is based on management's estimates, judgments, and assumptions regarding realizability. If it is more likely than not that a portion of the deferred tax assets will not be realized in a future period, the deferred tax assets will be reduced by a valuation allowance based on management's estimates. The Company operates in numerous countries throughout the world and its tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. Management recognizes uncertain tax positions that it believes have a greater than 50% likelihood of being sustained upon challenge by a tax authority.

The principal considerations for our determination that performing procedures relating to accounting for income taxes is a critical audit matter are (i) the significant judgment by management when determining the income tax provision, net deferred tax assets, including a valuation allowance, and the reserve for uncertain tax positions; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to these account balances and tax positions; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to income taxes. These procedures also included, among others (i) testing the income tax provision, including the effective tax rate reconciliation and certain permanent and temporary differences; (ii) testing the completeness and accuracy of underlying data used in measuring and recognizing deferred tax assets and liabilities; (iii) evaluating management's assessment of the realizability of certain deferred tax assets on a jurisdictional basis; (iv) evaluating the completeness of management's assessment of the identification of uncertain tax positions, possible outcomes of certain uncertain tax positions based on the application of relevant tax laws, and the amount of the potential benefit to be realized on certain uncertain tax positions, including estimated interest and penalties; and (v) evaluating the status and results of income tax audits with the relevant tax authorities. Professionals with specialized skill and knowledge were used to assist in evaluating management's assessment of the tax impact of (i) foreign transactions under US tax laws; (ii) cross-border restructurings; and (iii) transfer pricing.

---

| |
|:---|
| /s/ PricewaterhouseCoopers LLP |
| Houston, Texas |
| February 12, 2026 |

---

We have served as the Company's auditor since 1994.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

(In thousands, except share amounts)

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $471399 | $247303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 589597 | 796961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes receivable | 78827 | 56389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 132459 | 288211 |
| Total current assets | 1272282 | 1388864 |
| Property and equipment, at cost | 6639045 | 6904731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (1236222) | (868914) |
| Property and equipment, net | 5402823 | 6035817 |
| Other assets | 854662 | 540087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $7529767 | $7964768 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $298751 | $397622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and related costs | 81754 | 116877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | 83256 | 78900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 35827 | 36075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 260141 | 310888 |
| Total current liabilities | 759729 | 940362 |
| Long-term debt | 1975791 | 1980186 |
| Deferred income taxes | 5402 | 9202 |
| Noncurrent contract liabilities |  | 8580 |
| Other liabilities | 239995 | 375052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2980917 | 3313382 |
| **Commitments and contingencies (Note 12)** |  |  |
| Shareholders' equity |  |  |
| Common stock, $0.00001 par value; 158,853,799 and 158,946,711 ordinary shares outstanding as of December 31, 2025 and 2024, respectively | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 4257059 | 4236172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 286630 | 411244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 5160 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 4548850 | 4651386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $7529767 | $7964768 |

---

See accompanying notes to the consolidated financial statements.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(In thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| **Operating revenues** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract drilling services | $3107207 | $2918767 | $2461715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursables and other | 178361 | 139051 | 127303 |
|  | 3285568 | 3057818 | 2589018 |
| **Operating costs and expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract drilling services | 1915551 | 1687164 | 1452281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursables | 136389 | 105479 | 91642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 585469 | 428626 | 301345 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 133147 | 140499 | 128413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and integration costs | 26382 | 109424 | 60335 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of operating assets, net | (9586) | (17357) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment | 82664 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hurricane losses and (recoveries), net |  |  | (19703) |
|  | 2870016 | 2453835 | 2014313 |
| **Operating income (loss)** | 415552 | 603983 | 574705 |
| **Other income (expense)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of amounts capitalized | (162403) | (94211) | (59139) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of debt, net |  |  | (26397) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and other, net | 19953 | (17438) | 18069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on bargain purchase |  |  | 5005 |
| **Income (loss) before income taxes** | 273102 | 492334 | 512243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (provision) | (56385) | (43981) | (30341) |
| **Net income (loss)** | $216717 | $448353 | $481902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings (loss) per share | $1.36 | $3.01 | $3.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings (loss) per share | $1.35 | $2.96 | $3.32 |
| **Weighted Average Shares Outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 158872 | 148733 | 138380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 160202 | 151639 | 145197 |

---

See accompanying notes to the consolidated financial statements.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| **Net income (loss)** | $216717 | $448353 | $481902 |
| **Other comprehensive income (loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive income (loss), net of tax provision (benefit) of $(2058), $457, and $(940) for the years ended December 31, 2025, 2024, and 2023, respectively | 1191 | 937 | (615) |
| Other comprehensive income (loss), net | 1191 | 937 | (615) |
| **Comprehensive income (loss)** | $217908 | $449290 | $481287 |

---

See accompanying notes to the consolidated financial statements.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| **Cash flows from operating activities** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $216717 | $448353 | $481902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash flow from operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 585469 | 428626 | 301345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets and contract liabilities, net | (8365) | (60032) | (106776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on bargain purchase |  |  | (5005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt, net |  |  | 26397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of operating assets, net | (9586) | (17357) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment | 82664 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 44401 | (42647) | (98093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of share-based compensation | 30512 | 43797 | 37680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other costs, net | (1897) | (13964) | (8036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net changes in operating assets and liabilities | 11763 | (131301) | (55077) |
| Net cash provided by (used in) operating activities | 951678 | 655475 | 574337 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (519523) | (575315) | (409581) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from insurance claims | 22254 | 23297 | 18809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash acquired (used) in business combinations, net |  | (417041) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of assets, net | 147201 | 10040 | 24264 |
| Net cash provided by (used in) investing activities | (350068) | (959019) | (366508) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of debt |  | 824000 | 600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt |  |  | (673411) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowing on credit facilities |  | 35000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of credit facilities |  | (35000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs |  | (10002) | (24914) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment costs |  |  | (25697) |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants exercised | 44 | 1443 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share repurchases | (20000) | (299989) | (94826) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend payments | (320368) | (277831) | (98804) |
| &nbsp;&nbsp;&nbsp;&nbsp;Withholding tax related to employee stock transactions | (9669) | (66057) | (8624) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease payments | (23936) | (6064) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 22578 |  |
| Net cash provided by (used in) financing activities | (373929) | 188078 | (325791) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 227681 | (115466) | (117962) |
| **Cash, cash equivalents, and restricted cash, beginning of period** | 252279 | 367745 | 485707 |
| **Cash, cash equivalents, and restricted cash, end of period** | $479960 | $252279 | $367745 |

---

See accompanying notes to the consolidated financial statements.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY**

(In thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Shares** | **Additional**<br>**Paid-in**<br>**Capital** | **Retained**<br>**Earnings (Accumulated Deficit)** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** | **Total**<br>**Equity** |
| | **Balance** | **Par Value** | **Additional**<br>**Paid-in**<br>**Capital** | **Retained**<br>**Earnings (Accumulated Deficit)** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** | **Total**<br>**Equity** |
| **Balance at December 31, 2022** | 134681 | $1 | $3347507 | $255930 | $3647 | $3607085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee-related equity activity: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of share-based compensation |  |  | 37680 |  |  | 37680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of share-based compensation shares | 501 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares withheld for taxes on equity transactions |  |  | (8624) |  |  | (8624) |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants exercised | 7939 |  | 485 |  |  | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share repurchases | (2347) |  |  | (94826) |  | (94826) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  |  |  | (101847) |  | (101847) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  | 481902 |  | 481902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net |  |  |  |  | (615) | (615) |
| **Balance at December 31, 2023** | 140774 | $1 | $3377048 | $541159 | $3032 | $3921240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee-related equity activity: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of share-based compensation |  |  | 43797 |  |  | 43797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of share-based compensation shares | 2131 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares withheld for taxes on equity transactions |  |  | (66057) |  |  | (66057) |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants exercised | 245 |  | 1443 |  |  | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share repurchases | (8443) |  |  | (299989) |  | (299989) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock for Diamond Offshore Drilling merger | 24240 |  | 879941 |  |  | 879941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  |  |  | (278279) |  | (278279) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  | 448353 |  | 448353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net |  |  |  |  | 937 | 937 |
| **Balance at December 31, 2024** | 158947 | $1 | $4236172 | $411244 | $3969 | $4651386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee-related equity activity: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of share-based compensation |  |  | 30512 |  |  | 30512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of share-based compensation shares | 643 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares withheld for taxes on equity transactions |  |  | (9669) |  |  | (9669) |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants exercised | 1 |  | 44 |  |  | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share repurchases | (737) |  |  | (20000) |  | (20000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  |  |  | (321331) |  | (321331) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  | 216717 |  | 216717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net |  |  |  |  | 1191 | 1191 |
| **Balance at December 31, 2025** | 158854 | $1 | $4257059 | $286630 | $5160 | $4548850 |

---

See accompanying notes to the consolidated financial statements.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

**Note 1 — Organization and Significant Accounting Policies**

Noble Corporation plc, a public limited company incorporated under the laws of England and Wales ("Noble"), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. As of December 31, 2025, our fleet of 36 drilling rigs consisted of 25 floaters and 11 jackups.

We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent, and government-owned or controlled oil and gas companies throughout the world.

On June 9, 2024, Noble entered into an agreement and plan of merger (the "Diamond Merger Agreement") with Diamond Offshore Drilling, Inc. ("Diamond"), Dolphin Merger Sub 1, Inc., and Dolphin Merger Sub 2, Inc., under which Noble would acquire Diamond in a stock plus cash transaction (the "Diamond Transaction"). On September 4, 2024 (the "Diamond Closing Date"), Noble completed its acquisition of Diamond. The merger is accounted for as a business combination in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 805, Business Combinations ("ASC 805"), where Noble is the accounting acquirer.

See "Note 2 — Acquisitions and Divestitures" for additional information.

References in this Annual Report on Form 10-K to "Noble," the "Company," "we," "us," and "our" refer collectively to Noble and its consolidated subsidiaries on and after the Diamond Closing Date, as applicable.

**Principles of Consolidation**

The consolidated financial statements include our accounts and those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest.

**Use of Estimates**

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("US GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements.

**Cash and Cash Equivalents**

Cash and cash equivalents include cash on hand, demand deposits with banks, and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents, and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities, and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business.

**Restricted Cash**

We classify restricted cash balances in current assets if the restriction is expected to expire or otherwise be resolved within one year and in other assets if the restriction is expected to expire or otherwise be resolved in more than one year. As of December 31, 2025 and 2024, our restricted cash balance consisted of $8.6 million and $5.0 million, respectively. All restricted cash is recorded in "Prepaid expenses and other current assets." As of December 31, 2025, our restricted cash balance was related to cash collateral for Company rig performance guarantees and other performance obligations.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

**Accounts Receivable**

We record accounts receivable at the amount we invoice our clients, net of allowance for credit losses. We provide an allowance for uncollectible accounts, as necessary. Our allowance for doubtful accounts was zero as of both December 31, 2025 and 2024.

**Property and Equipment**

Property and equipment is stated at cost, reduced by provisions to recognize economic impairment. Major replacements and improvements are capitalized. When assets are sold, retired, or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to 30 years. Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to 40 years.

Interest is capitalized on long-term construction projects using the weighted average cost of debt outstanding during the period of construction.

Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods, and which typically occur every three to five years, are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in "Drilling equipment and facilities" in "Note 5 — Property and Equipment."

We evaluate our property and equipment for impairment whenever there are changes in facts that suggest that the value of the asset is not recoverable. As part of this analysis, we make assumptions and estimates regarding future market conditions. When circumstances indicate that the carrying value of the assets may not be recoverable, management compares the carrying value to the expected undiscounted pre-tax future cash flows for the associated rig for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows are lower than the carrying value, the net capitalized costs are reduced to fair value. An impairment loss is recognized to the extent that an asset's carrying value exceeds its estimated fair value. Fair value is generally estimated using a discounted cash flow model. The expected future cash flows used for impairment assessment and related fair value measurements are typically based on judgmental assessments of, but are not limited to, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, discount rates, capital expenditures, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term, and considering all available information at the date of assessment. During the years ended December 31, 2025 and 2024, we did not identify any impairment triggers based on market conditions for our property and equipment.

**Fair Value Measurements**

We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three-level hierarchy, from highest to lowest level of observable inputs, are as follows:

Level 1 — Valuations based on quoted prices in active markets for identical assets;

Level 2 — Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar but not identical instruments; and

Level 3 — Valuations based on unobservable inputs.

Our cash and cash equivalents, restricted cash, accounts receivable, marketable securities, and accounts payable are by their nature short term. As a result, the carrying values included in our Consolidated Balance Sheets approximate fair value.

**Business Combinations**

In connection with our acquisitions, we apply the acquisition method of accounting. Accordingly, we record the acquired assets and assumed liabilities at fair value and recognize goodwill to the extent the consideration transferred exceeded the fair value of the net assets acquired. To the extent the fair value of the net assets acquired exceeded the consideration transferred, we recognize a bargain purchase gain. Changes in these judgments or estimates can have a material impact on the valuation of the respective assets and liabilities acquired and our results of operations in periods after acquisition. The allocation of the purchase price may be modified up to one year after the acquisition date as more information is obtained

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

about the fair value of assets acquired and liabilities assumed. We estimate the fair values of the acquired assets and assumed liabilities as of the date of the acquisition. See "Note 2 — Acquisitions and Divestitures" for additional information.

**Revenue Recognition**

The activities that primarily drive the revenue earned in our drilling contracts include (i) providing a drilling rig and the crew and supplies necessary to operate the rig, (ii) mobilizing and demobilizing the rig to and from the drill site, and (iii) performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue, and reimbursement revenue. We account for these integrated services provided within our drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which we provide drilling services.

Our standard drilling contracts require that we operate the rig at the direction of the customer throughout the contract term (which is the period we estimate to benefit from the corresponding activities and generally ranges from two to 60 months). The activities performed and the level of service provided can vary hour to hour. Our obligation under a standard contract is to provide whatever level of service is required by the operator, or customer, over the term of the contract. We are, therefore, under a stand-ready obligation throughout the entire contract duration. Consideration for our stand-ready obligation corresponds to distinct time increments, though the rate may be variable depending on various factors, and is recognized in the period in which the services are performed. The total transaction price is determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the term of the contract. We have elected to exclude from the transaction price measurement all taxes assessed by a governmental authority. See further discussion regarding the allocation of the transaction price to the remaining performance obligations below.

The amount estimated for variable consideration may be subject to interrupted or restricted rates and is only included in the transaction price to the extent that it is probable that a significant reversal of previously recognized revenue will not occur throughout the term of the contract ("constrained revenue"). When determining if variable consideration should be constrained, management considers whether there are factors outside the Company's control that could result in a significant reversal of revenue as well as the likelihood and magnitude of a potential reversal of revenue. These estimates are reassessed each reporting period as required.

**Dayrate Drilling Revenue.** Our drilling contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the customer are typically determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term and, therefore, recognized in line with the contractual rate billed for the services provided for any given hour.

**Mobilization/Demobilization Revenue.** We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the mobilization and demobilization of our rigs. These activities are not considered to be distinct within the context of the contract and, therefore, the associated revenue is allocated to the overall performance obligation and the associated pre-operating costs are deferred. We record a contract liability for mobilization fees received and a deferred asset for costs. Both revenue and pre-operating costs are recognized ratably over the initial term of the related drilling contract.

In most contracts, there is uncertainty as to the amount of expected demobilization revenue due to contractual provisions that stipulate that certain conditions must be present at contract completion for such revenue to be received and as to the amount thereof, if any. For example, contractual provisions may require that a rig demobilize a certain distance before the demobilization revenue is payable or the amount may vary dependent upon whether or not the rig has additional contracted work within a certain distance from the wellsite. Therefore, the estimate for such revenue may be constrained, as described earlier, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. In cases where demobilization revenue is expected to be received upon contract completion, it is estimated as part of the overall transaction price at contract inception and recognized in earnings ratably over the initial term of the contract with an offset to an accretive contract asset.

**Contract Preparation Revenue.** Some of our drilling contracts require downtime before the start of the contract to prepare the rig to meet customer requirements. At times, we may be compensated by the customer for such work (on either a fixed lump-sum or variable dayrate basis). These activities are not considered to be distinct within the context of

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

the contract and, therefore, the related revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for contract preparation fees received, which is amortized ratably to contract drilling revenue over the initial term of the related drilling contract.

**Bonuses, Penalties, and Other Variable Consideration.** We may receive bonus increases to revenue or penalty decreases to revenue. Based on historical data and ongoing communication with the operator/customer, we are able to reasonably estimate this variable consideration. We will record such estimated variable consideration and remeasure our estimates at each reporting date.

**Capital Modification Revenue.** From time to time, we may receive fees from our customers for capital improvements to our rigs to meet contractual requirements (on either a fixed lump-sum or variable dayrate basis). Such revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract as these activities are integral to our drilling activities and are not considered to be a stand-alone service provided to the customer within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the term of the related drilling contract commencing when the asset is ready for its intended use.

**Revenues Related to Reimbursable Expenses.** We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services, and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof is highly dependent on factors outside of our influence. Accordingly, reimbursable revenue is constrained revenue and not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. We are generally considered a principal in such transactions and record the associated revenue at the gross amount billed to the customer as "Reimbursables and other" in our Consolidated Statements of Operations. Such amounts are recognized ratably over the period within the contract term during which the corresponding goods and services are to be consumed.

Deferred revenues from drilling contracts totaled $97.1 million and $101.9 million at December 31, 2025 and 2024, respectively. Such amounts are included in either "Other current liabilities" or "Other liabilities" in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $30.6 million and $37.1 million at December 31, 2025 and 2024, respectively, and are included in either "Prepaid expenses and other current assets" or "Other assets" in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition.

We record reimbursements from customers for "out-of-pocket" expenses as revenues and the related direct cost as operating expenses.

**Income Taxes**

Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we, or our subsidiaries, are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly.

Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable jurisdictional tax rates at year end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the deferred tax asset will not be realized in a future period.

We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties, and regulations or the interpretation or enforcement thereof in the United States, UK, and any other jurisdictions in which we, or any of our subsidiaries, operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the IRS or other taxing authorities do not agree with our assessment of the effects of such laws, treaties, and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. The Company has adopted an accounting policy to look through the outside basis of partnerships and all other flow-through entities and exclude these from the computation of deferred taxes.

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

**Insurance Recoveries**

The Company maintains insurance coverage for personal injuries, property damage, and certain other losses sustained during operations. Recoveries from insurance are recorded when a loss has been recognized and realization is probable, and are measured at the lower of the loss recognized or the probable recovery. Timing differences may occur between the loss recognized, damage costs, capital expenditures made to repair or restore properties, and recognition and receipt of insurance proceeds reflected in the Company's financial statements.

**Claims Reserves**

We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers' liability, and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis.

Employment practices liability claims are accrued based on actual claims during the year. Maritime employer's liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2025, loss reserves for personal injury and protection claims totaled $29.5 million and was included in "Other current liabilities" in the accompanying Consolidated Balance Sheets. At December 31, 2024, loss reserves for personal injury and protection claims totaled $175.3 million of which $160.4 million was included in "Other current liabilities" and $14.9 million in "Other long-term liabilities" in the accompanying Consolidated Balance Sheets.

**Earnings per Share**

Our unvested share-based payment awards contain forfeitable rights to dividends and are, therefore, included in earnings per share pursuant to the Treasury Stock Method. The dilutive effect of stock warrants is also determined using the Treasury Stock Method. The diluted earnings per share calculation is adjusted for mandatory exercise, under the Treasury Stock Method, if the condition is met at the balance sheet date. At December 31, 2025 and 2024, the Mandatory Exercise Condition (as defined in the applicable warrant agreement) set forth in the warrant agreements for the Tranche 1 Warrants and the Tranche 2 Warrants (each as defined below) was satisfied. See "Note 4 — Earnings (Loss) Per Share" for additional information.

**Share-Based Compensation Plans**

We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee's activities. The Company classified certain awards that will be settled in cash as liability awards. The fair value of a liability-classified award is determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are expensed or capitalized based on the nature of the employee's activities over the vesting period of the award.

**Litigation Contingencies**

We are involved in legal proceedings, claims, and regulatory, tax, or government inquiries and investigations that arise in the ordinary course of business. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages. We record a liability when we believe that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss in the notes to the consolidated financial statements.

We review the developments in our contingencies that could affect the amount of the provisions that has been previously recorded, and the matters and related possible losses disclosed. We make adjustments to our provisions and changes to our disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgment is required to determine both the probability and the estimated amount.

**Foreign Currency**

Although we are a UK company, our functional currency is the US dollar, and we define any non-US dollar denominated currency as "foreign currencies." In non-US locations where the US dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities, and intercompany arrangements), local currency transaction gains and losses are included in net income or loss.

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

**Accounting Pronouncements**

**Accounting Standards Adopted.**

In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds, (ii) disclosure of the nature, effect, and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident, and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The Company has adopted the ASU on a prospective basis.

**Recently Issued Accounting Standards.**

In July 2025, the FASB issued ASU No. 2025-05, *Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.* This update aims to address challenges encountered when applying the guidance in Topic 326, Financial Instruments—Credit Losses, to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers by introducing a practical expedient for all entities and an accounting policy election for entities other than public business entities related to applying Subtopic 326-20 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company does not expect this pronouncement to have any impact on our consolidated financial statements.

In May 2025, the FASB issued ASU No. 2025-03, *Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable interest.* This update aims to improve the requirements for identifying the accounting acquirer in Topic 805, Business Combinations. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company does not expect this pronouncement to have any impact on our consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.* The amendments in the update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. An entity is not precluded from providing additional voluntary disclosures that may provide investors with additional decision-useful information. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company continues to evaluate the potential impact of this pronouncement.

**Note 2 — Acquisitions and Divestitures**

**Business Combination with Diamond Offshore Drilling**

On the Diamond Closing Date, Noble completed its acquisition of Diamond. Pursuant to the terms and conditions set forth in the Diamond Merger Agreement, Diamond shareholders received 0.2316 shares of Noble, plus cash consideration of $5.65 per share for each share of Diamond.

**Purchase Price Allocation**

The Diamond Transaction has been accounted for using the acquisition method of accounting under ASC 805, Business Combinations, with Noble being treated as the accounting acquirer. Under the acquisition method of accounting, the assets acquired and liabilities assumed of Diamond and its subsidiaries were recorded at their respective fair values on the Diamond Closing Date. Total consideration for the acquisition was $1.5 billion, which included $610.3 million in cash paid and $879.9 million in non-cash consideration, primarily related to Ordinary Shares issued to legacy Diamond shareholders and the replacement of legacy Diamond RSUs (as defined below).

Determining the fair values of the assets and liabilities of Diamond and the consideration paid required judgment and certain assumptions to be made. The most significant fair value estimates related to the valuation of Diamond's mobile offshore drilling units and other related tangible assets, the fair value of drilling contracts, and debt.

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

**Offshore Drilling Units.** The valuation of Diamond's mobile offshore drilling units was determined using the discounted cash flows expected to be generated from the drilling assets over their remaining useful lives. Assumptions used in our assessment included, but were not limited to, future marketability of each unit in light of the current market conditions and its current technical specifications, timing of future contract awards and expected operating dayrates, operating costs, rig utilization rates, tax rates, discount rate, capital expenditures, synergies, market values, estimated economic useful lives of the rigs and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term.

**Diamond Off-market Contracts***.* The Company recorded liabilities from drilling contracts that had unfavorable terms compared to the current market which were recorded on the Diamond Closing Date. The Company recognized the fair value adjustments as off-market contract liabilities recorded in "Noncurrent contract liabilities."

**Diamond Debt.** In connection with the Diamond Transaction, the Company assumed the Diamond Second Lien Notes (as defined herein) in an outstanding principal debt amount of $550.0 million and terminated Diamond's senior secured revolving credit facility (the "Diamond Revolving Credit Facility") with a total commitment amount of $300.0 million, which was scheduled to mature in April 2026. The valuation of the Diamond Second Lien Notes was based on relevant market data as of the Diamond Closing Date and the term of the Diamond Second Lien Notes. Considering that the interest rate and implied yield for the Diamond Second Lien Notes were within a range of comparable market yields (with considerations for term and seniority), a fair value adjustment was recorded relating to the Diamond Second Lien Notes. For additional information, see "Note 6 — Debt."

The following table represents the allocation of the total purchase price of Diamond to the identifiable assets acquired and the liabilities assumed based on the fair values as of the Diamond Closing Date. In connection with this acquisition, the Company incurred $25.4 million and $84.5 million of acquisition related costs during the years ended December 31, 2025 and 2024, respectively. The results of Diamond operations were included in the Company's results of operations effective on the Diamond Closing Date. Upon completion of our assessment as of December 31, 2024, the Company concluded that no goodwill nor gain on bargain purchase should be recorded as appropriate under US GAAP.

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

---

| | |
|:---|:---|
| **Purchase price consideration:** | |
| Fair value of Ordinary Shares transferred to legacy Diamond shareholders | $857678 |
| Fair value of replacement Diamond RSU Awards attributable to the purchase price | 22263 |
| Cash paid to legacy Diamond shareholders | 583152 |
| Cash paid to terminate the Diamond Revolving Credit Facility | 308 |
| Cash paid to settle contingent success fees | 17316 |
| Cash paid for retention bonuses | 4422 |
| Cash paid for short-term incentive plans | 5086 |
| &nbsp;&nbsp;**Total purchase price consideration** | $**1490225** |
| **Assets acquired:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $193243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 193194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes receivable | 6971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 69781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 463189 |
| Property and equipment, net | 1817986 |
| Assets held for sale | 5300 |
| Other assets | 193289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets acquired | **2479764** |
| **Liabilities assumed:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 82805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and related costs | 36791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | 3699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 19750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 137788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 280833 |
| Long-term debt | 580250 |
| Deferred income taxes | 184 |
| Noncurrent contract liabilities | 27663 |
| Other liabilities | 100609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | 989539 |
| **Net assets acquired** | $**1490225** |

---

**Diamond Revenue and Net Income**

The following table represents Diamond's revenue and earnings included in Noble's Consolidated Statements of Operations subsequent to the Diamond Closing Date of the Diamond Transaction.

---

| | |
|:---|:---|
| | **Period from<br>September 4, 2024<br>through <br>December 31, 2024** |
| Revenue | $336542 |
| Net income (loss) | $24431 |

---

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

**Pro Forma Financial Information**

The following unaudited pro forma summary presents the results of operations as if the Diamond Transaction had occurred on January 1, 2023. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented.

---

| | | |
|:---|:---|:---|
| | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2023** |
| Revenue | $3081879 | $3672860 |
| Net income (loss) | $375402 | $358549 |
| Net income (loss) per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $2.26 | $2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $2.19 | $2.09 |

---

The pro forma results include, among others, (i) an increase to Diamond's historically reported depreciation expense related to adjustments of property and equipment values, (ii) adjustments to reflect certain acquisition related costs incurred directly in connection with the Diamond Transaction as if it had occurred on January 1, 2023, and (iii) net adjustments to increase contract drilling services revenue related to off-market customer contract liabilities recognized in connection with the Diamond Transaction on a pro forma basis.

**Note 3 — Merger and Integration Costs**

During the years ended December 31, 2025, 2024, and 2023, the Company incurred $26.4 million, $109.4 million, and $60.3 million, respectively, of merger and integration costs directly attributable to its merger and integration activities associated with the business combinations with Diamond and Maersk Drilling. Merger and integration costs consisted primarily of transaction-related acquisition costs, costs related to integration activities, severance costs, retention costs, professional fees, and other costs such as share-based compensation charges that are directly attributable to these activities. All merger and integration costs were expensed as incurred and recorded under "Merger and integration costs."

Most merger and integration costs do not qualify for special accounting treatment as exit or disposal activities; however, during the year ended December 31, 2024, the Company incurred $4.1 million related to certain employee compensation that qualifies as exit or disposal activities.

In connection with these activities, Noble has incurred various costs associated with contractual termination benefits, including severance, accelerated vesting of share-based compensation and other expenses. These termination benefits have been accounted for under ASC 712, "Compensation - Nonretirement Post-Employment Benefits" and ASC 718, "Compensation - Stock Compensation."

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

**Note 4 — Earnings (Loss) Per Share**

The following table presents the computation of basic and diluted earnings (loss) per share:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| **Numerator:** | | | |
| Net income (loss) | $216717 | $448353 | $481902 |
| **Denominator:** |  |  |  |
| Weighted average shares outstanding — basic | 158872 | 148733 | 138380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of share-based awards | 535 | 1512 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of warrants | 795 | 1394 | 3659 |
| Weighted average shares outstanding — diluted | 160202 | 151639 | 145197 |
| **Earnings (loss) per share data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.36 | $3.01 | $3.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.35 | $2.96 | $3.32 |

---

Only those items having a dilutive impact on our basic earnings (loss) per share are included in diluted earnings (loss) per share. The following table displays the share-based instruments that have been excluded from diluted earnings (loss) per share since the effect would have been anti-dilutive:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| Warrants <sup>(1)</sup> | 2773 | 2774 | 2774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents the total number of warrants outstanding which did not have a dilutive effect. In periods where the warrants are determined to be dilutive, the number of shares which will be included in the computation of diluted shares is determined using the Treasury Stock Method, adjusted for mandatory exercise provisions under the warrant agreements, if applicable.

**Note 5 — Property and Equipment**

Property and equipment, at cost, for Noble consisted of the following:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Drilling equipment and facilities | $6332098 | $6650034 |
| Construction in progress | 215637 | 197789 |
| Other | 91310 | 56908 |
| **Property and equipment, at cost** | $6639045 | $6904731 |

---

Capital additions, including capitalized interest, during the years ended December 31, 2025, 2024, and 2023 totaled $500.1 million, $520.3 million, and $454.3 million, respectively.

During 2025, we sold the *Noble Highlander*, *Noble Reacher*, *Pacific Meltem*, and *Pacific Scirocco*, resulting in a pre-tax gain of $9.7 million. In addition, we received an advanced deposit from the buyer regarding the impending sale of the *Noble Resolve* (as outlined below), which is expected to close in the second quarter of 2026. As a result, net proceeds received related to the aforementioned rig sales totaled $146.6 million in 2025.

In August 2025, we announced our intent to dispose of the *Noble Globetrotter II*. In December 2025, we announced that the Company signed definitive agreements to sell six jackup rigs, which includes the sale of five rigs to Borr Drilling Limited (*Noble Tom Prosser*, *Noble Mick O'Brien*, *Noble Regina Allen*, *Noble Resilient*, and *Noble Resolute)* and a separate transaction for the sale of one rig to Ocean Oilfield Drilling (*Noble Resolve*). See "Note 16 — Subsequent Events" for additional information.

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

As of December 31, 2025, the *Noble Globetrotter II* and the six jackup rigs qualified as held for sale and were included in "Other assets" on our Consolidated Balance Sheet at their combined carrying value of $349.1 million.

Upon classification of the above mentioned rigs as held for sale, we recognized aggregate impairment charges of $81.9 million in 2025 related to the completed or planned rig disposals and related assets. We measured the impairment of the rigs and related assets as the amount by which the carrying amount exceeded the estimated fair value less costs to sell. We estimated the fair value of the assets using significant other observable inputs, representative of Level 2 fair value measurements, including binding contracts or indicative market values for the sale of rigs and related assets for use outside of the drilling industry.

During 2024, we sold the *Noble Explorer* for proceeds of $25.0 million, $21.5 million of which was received in the fourth quarter of 2023, resulting in a pre-tax gain of $17.4 million. Also, during 2024, we sold the *Ocean Valiant* and the *Ocean Onyx* for net proceeds of $10.0 million.

**Note 6 — Debt**

**Amended and Restated Senior Secured Revolving Credit Agreement**

In April 2023, Noble entered into the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 18, 2023, and as amended on June 24, 2024, and on December 16, 2025 (the "2023 Revolving Credit Agreement"), by and among Noble Finance II LLC ("Noble Finance II"), Noble International Finance Company, Noble Drilling A/S, and certain additional subsidiaries of Noble Finance II as from time to time designated by Noble Finance II, as borrowers, the lenders and issuing banks party thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, and security trustee. The revolving credit facility under the 2023 Revolving Credit Agreement (the "2023 Revolving Credit Facility") provides for commitments of $550.0 million with maturity in 2028. The guarantors under the 2023 Revolving Credit Facility are the same subsidiaries of Noble Finance II that are or will be guarantors of the 2030 Notes (as defined below). As of December 31, 2025, we had no borrowings outstanding and $6.7 million of letters of credit issued under the 2023 Revolving Credit Agreement.

All obligations of the Borrowers (as defined herein) under the 2023 Revolving Credit Agreement, certain cash management obligations, certain letter of credit obligations and certain swap obligations are unconditionally guaranteed, on a joint and several basis, by Noble Finance II and certain of its direct and indirect subsidiaries, including a guarantee by each Borrower of the obligations of each other Borrower under the 2023 Revolving Credit Agreement. All such obligations, including the guarantees of the 2023 Revolving Credit Facility, are secured by senior priority liens on substantially all assets of, and the equity interests in, Noble Finance II and each other credit party, including substantially all rigs owned by subsidiaries of Noble Finance II as of the date of the 2023 Revolving Credit Agreement, along with certain other rigs in the future such that collateral rigs shall generate at least 80% of the total revenue of all rigs owned by Noble Finance II and its restricted subsidiaries and the ratio of the aggregate rig value of the collateral rigs to the commitments under the 2023 Revolving Credit Facility is at least 5.00 to 1.00, in each case, subject to certain exceptions and limitations described in the 2023 Revolving Credit Agreement.

The loans outstanding under the 2023 Revolving Credit Facility bear interest at a rate per annum equal to the applicable margin plus, at Noble Finance II's option, either: (i) the Term SOFR Rate (as defined in the 2023 Revolving Credit Agreement) plus 0.10% (subject to a 0.00% floor); or (ii) a base rate, determined as the greatest of (x) the prime loan rate as published in the Wall Street Journal, (y) the NYFRB Rate (as defined in the 2023 Revolving Credit Agreement) plus 1/2 of 1%, and (z) the one-month Term SOFR Rate plus 0.10% (subject to a 0.00% floor) plus 1%. The applicable margin is initially 2.75% per annum for Term SOFR Rate loans and 1.75% per annum for base rate loans and will range based on the Consolidated Total Net Leverage Ratio (as defined in the 2023 Revolving Credit Agreement, which allows for certain cash netting depending on the amount of loans and letters of credit outstanding under the 2023 Revolving Credit Facility at the time of calculation), from 2.75% per annum to 3.75% per annum for Term SOFR Rate loans and 1.75% per annum to 2.75% per annum for base rate loans. The Borrowers are required to pay interest on (i) overdue principal at the rate equal to 2.00% per annum in excess of the applicable interest rate under the 2023 Revolving Credit Facility, to the extent lawful, and (ii) overdue installments of interest, if any, without regard to any applicable grace period, at 2% in excess of the interest rate applicable to base rate loans, to the extent lawful.

The Borrowers are required to pay a quarterly commitment fee to each lender under the 2023 Revolving Credit Facility, which accrues at a rate per annum equal to (i) during the period from and including the effective date of the 2023 Revolving Credit Agreement to and including the third anniversary of the effective date of the 2023 Revolving Credit Agreement, 0.50%

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

on the average daily unused portion of each lender's commitments under the 2023 Revolving Credit Facility, (ii) during the period from the third anniversary of the effective date of the 2023 Revolving Credit Agreement to and including the fourth anniversary of the effective date of the 2023 Revolving Credit Agreement, 0.75% on the average daily unused portion of each lender's commitments under the 2023 Revolving Credit Facility, and (iii) thereafter, 1.00% on the average daily unused portion of each lender's commitments under the 2023 Revolving Credit Facility. The Borrowers are also required to pay customary letter of credit and fronting fees.

Borrowings under the 2023 Revolving Credit Agreement may be used for working capital and other general corporate purposes. Availability of borrowings under the 2023 Revolving Credit Facility is subject to the satisfaction of certain conditions, including that, after giving effect to any such borrowings and the application of the proceeds thereof, the aggregate amount of Available Cash (as defined in the 2023 Revolving Credit Agreement) would not exceed $250.0 million.

Mandatory prepayments and, under certain circumstances, commitment reductions are required under the 2023 Revolving Credit Facility in connection with certain asset sales (subject to reinvestment rights if no event of default exists). Available cash in excess of $250.0 million at the end of any month is also required to be applied to prepay loans (without a commitment reduction). The loans under the 2023 Revolving Credit Facility may be voluntarily prepaid, and the commitments thereunder voluntarily terminated or reduced, by the Borrowers at any time without premium or penalty, other than customary breakage costs.

The 2023 Revolving Credit Agreement obligates Noble Finance II to comply with the following financial covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as of the last day of each fiscal quarter, the Interest Coverage Ratio (as defined in the 2023 Revolving Credit Agreement) is not permitted to be less than 2.50 to 1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as of the last day of each fiscal quarter, the Consolidated Total Net Leverage Ratio (as defined in the 2023 Revolving Credit Agreement) is not permitted to be greater than 3.00 to 1.00.

The 2023 Revolving Credit Agreement contains other affirmative and negative covenants, representations and warranties and events of default that Noble views as customary for a financing of this type. The occurrence of any event of default under the 2023 Revolving Credit Agreement would permit all obligations under the 2023 Revolving Credit Facility to be declared due and payable immediately and all commitments thereunder to be terminated.

**8.000% Senior Notes due 2030**

On April 18, 2023, Noble Finance II, a wholly owned subsidiary of Noble, issued $600.0 million in aggregate principal amount of its 8.000% Senior Notes due 2030 (the "Initial 2030 Notes"). On August 22, 2024, Noble Finance II issued an additional $800.0 million in aggregate principal amount of its 8.000% Senior Notes due 2030 (the "Additional 2030 Notes" and, together with the Initial 2030 Notes, the "2030 Notes") at a premium of 103% bringing the total outstanding principal amount to $1.4 billion. The 2030 Notes were issued pursuant to an indenture, dated as of April 18, 2023 (as supplemented or otherwise modified from time to time, the "Noble Indenture"), among Noble Finance II, the subsidiaries of Noble Finance II party thereto, as guarantors, and U.S. Bank Trust Company, National Association, as trustee, paying agent, and registrar.

The 2030 Notes are unconditionally guaranteed on a senior unsecured basis by the Guarantors and will be unconditionally guaranteed on the same basis by certain of Noble Finance II's future subsidiaries that guarantee certain indebtedness of Noble Finance II and the Guarantors, including the 2023 Revolving Credit Facility.

The 2030 Notes will mature on April 15, 2030, and interest on the 2030 Notes is payable semi-annually in arrears on each April 15 and October 15, commencing October 15, 2023, to holders of record on the April 1 and October 1 immediately preceding the related interest payment date, at a rate of 8.000% per annum.

At any time prior to April 15, 2026, Noble Finance II may, from time to time, redeem up to 40% of the aggregate principal amount of 2030 Notes at a redemption price of 108% of the principal amount of the 2030 Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), in an amount not greater than the net cash proceeds of one or more equity offerings by Noble Finance II, subject to certain requirements. In addition, prior to April 15, 2026, Noble Finance II may redeem the 2030 Notes at a redemption price equal to 100% of the principal amount of the 2030 Notes redeemed, plus an applicable make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time on or after April 15, 2026, Noble Finance II may redeem all or part of the 2030 Notes at fixed redemption prices (expressed as percentages of the principal amount) beginning at 104.00% and decreasing thereafter, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

If a Change of Control Triggering Event (as defined in the Noble Indenture) occurs, each holder of 2030 Notes may require Noble Finance II to repurchase all or any part of that holder's 2030 Notes for cash at a price equal to 101% of the aggregate principal amount of the 2030 Notes repurchased, plus any accrued and unpaid interest thereon, if any, to, but excluding, the date on which the 2030 Notes are repurchased (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date).

The Noble Indenture contains customary covenants and events of default.

**8.500% Senior Secured Second Lien Notes due 2030**

On September 21, 2023, Diamond Foreign Asset Company and Diamond Finance, LLC (collectively referred to as the "Issuers") issued $550.0 million aggregate principal amount of 8.500% Senior Secured Second Lien Notes due October 2030 (the "Diamond Second Lien Notes") with interest payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2024. The Diamond Second Lien Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by Noble Offshore Drilling, Inc. (formerly known as Dolphin Merger Sub 2, Inc. and as successor by merger with Diamond) ("NODI") and each of its existing restricted subsidiaries (other than the Issuers) and by certain of NODI's future restricted subsidiaries.

The Diamond Second Lien Notes obligate NODI and its subsidiaries to comply with an indenture dated as of September 21, 2023 (as supplemented and otherwise modified from time to time, the "Diamond Second Lien Indenture"), among the Issuers, NODI, certain of its subsidiaries party thereto, as guarantors, and HSBC Bank USA, National Association, as trustee and collateral agent. The Diamond Second Lien Indenture contains covenants that, among other things, restrict NODI's ability and the ability of certain of its subsidiaries to: (i) incur additional debt and issue certain preferred stock; (ii) incur or create liens; (iii) make certain dividends, distributions, investments, and other restricted payments; (iv) sell or otherwise dispose of certain assets; (v) engage in certain transactions with affiliates; and (vi) merge, consolidate, amalgamate, or sell, transfer, lease, or otherwise dispose of all, or substantially all, of the assets of NODI and such subsidiaries taken as a whole. These covenants are subject to important exceptions and qualifications.

**Noble Second Lien Notes**

On April 18, 2023, we redeemed the remaining balance of approximately $173.7 million aggregate principal amount of outstanding notes using a portion of the proceeds from the offering of the Initial 2030 Notes, and recognized a loss of approximately $25.7 million.

**Diamond Credit Agreement**

On September 4, 2024, in connection with the closing of the Diamond Transaction, Noble terminated Diamond's $300.0 million senior secured revolving credit facility under the Diamond Credit Agreement. The revolving commitments under the Diamond Credit Agreement were scheduled to mature on April 22, 2026. At the time of the Diamond Transaction and the termination of the commitments under the Diamond Credit Agreement, Diamond had no outstanding borrowings under the Diamond Credit Agreement.

**DNB Credit Facility and New DNB Credit Facility**

On December 22, 2022, Maersk Drilling, as borrower, Noble Corporation plc, as parent guarantor, certain subsidiaries of Maersk Drilling party thereto, as guarantors, entered into a term loan (the "DNB Credit Facility") under a term facility agreement, dated as of December 22, 2022 (as amended or otherwise modified from time to time), with DNB Bank ASA, New York Branch, as agent and security agent, and the other lenders party thereto. On October 3, 2022, Noble guaranteed the DNB Credit Facility and on December 22, 2022, it was terminated and replaced with the New DNB Credit Facility ("New DNB Credit Facility"). On April 18, 2023, we repaid the $347.5 million of outstanding borrowings under the New DNB Credit Facility using a portion of the proceeds from the offering of the Initial 2030 Notes, and recognized a loss of approximately $0.7 million.

**DSF Credit Facility**

The Company guaranteed a term loan (the "DSF Credit Facility") under a term loan facility agreement, dated as of December 10, 2018 (as amended or otherwise modified from time to time), among Maersk Drilling Holding A/S, Maersk Drilling A/S, the subsidiaries of Maersk Drilling Holding A/S, and Danmarks Skibskredit A/S, as original lender, agent, and security agent, in connection with the Business Combination with Maersk Drilling that closed on October 3, 2022. The DSF Credit Facility was repaid in full and terminated on February 23, 2023, using cash on hand.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

**Guarantees of Indebtedness**

On October 3, 2022, Noble guaranteed all of the obligations of Maersk Drilling and certain of its subsidiaries under the DNB Credit Facility, the DSF Credit Facility, and related financing documents. On February 23, 2023, the DSF Credit Facility was repaid in full and the related Noble guarantee was terminated. On April 18, 2023, the DNB Credit Facility was repaid in full and the related Noble guarantee was terminated.

**Fair Value of Debt**

Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our debt instruments was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). The fair value of the 2023 Revolving Credit Facility approximates its respective carrying amount as its interest rate is variable and reflective of market rates.

The following table presents the carrying value, net of unamortized debt issuance costs and discounts or premiums, and the estimated fair value of our total debt, respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Carrying Value** | **Estimated Fair Value** | **Carrying Value** | **Estimated Fair Value** |
| **Senior secured notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000% Senior Notes due April 2030 | $1400983 | $1454656 | $1401214 | $1414266 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500% Senior Secured Second Lien Notes due October 2030 | 574808 | 583775 | 578972 | 571428 |
| **Credit facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amended and Restated Senior Secured Revolving Credit Facility matures April 2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total debt** | **1975791** | **2038431** | **1980186** | **1985694** |
| &nbsp;&nbsp;Less: Current maturities of long-term debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Long-term debt** | $**1975791** | $**2038431** | $**1980186** | $**1985694** |

---

**Note 7 — Equity**

**Share Capital**

**Noble Share Capital.** As of December 31, 2025 and 2024, there were approximately 158.9 million and 158.9 million Ordinary Shares outstanding, respectively.

On September 4, 2024, Noble issued 24.2 million Ordinary Shares to the former shareholders of Diamond, in connection with the closing of the Diamond acquisition. Further, Noble assumed all outstanding and unexercised warrants of Diamond, which were exercisable for 90 days from the effective time of the Diamond acquisition. As of December 4, 2024, the warrants assumed from Diamond are no longer exercisable and have expired in accordance with their terms.

Additional changes to share capital occurred as a result of, among other actions, the vesting of restricted stock units and performance-based restricted stock units to our employees and directors, the issuance of Ordinary Shares pursuant to the exercise of warrants, and share repurchases under the Company's authorized share repurchase plan.

In addition, as of December 31, 2025, 0.9 million Tranche 1 Warrants, 0.9 million Tranche 2 Warrants and 2.8 million Tranche 3 Warrants (each as defined below) were outstanding and exercisable. Furthermore, new equity awards may be granted under the Noble Corporation plc 2022 Long-Term Incentive Plan, pursuant to which, up to 5.4 million new Ordinary Shares may be issued.

During the years ended December 31, 2025, and 2024, we declared dividends of approximately $321.3 million and $278.3 million (or $2.00 and $1.80 per share cumulatively), respectively, and made cash dividend payments of approximately $317.6 million and $277.8 million, respectively. Approximately $5.1 million and $3.5 million was accrued related to dividend equivalent rights as of December 31, 2025 and 2024, respectively.

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

The declaration and payment of dividends require the authorization of the Board of Directors. Such may be paid only out of Noble's "distributable reserves" as determined by reference to relevant statutory accounts in accordance with English law. Therefore, Noble is not permitted to pay dividends out of share capital, which includes share premium. The payment of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual and indenture restrictions, and other factors deemed relevant by our Board of Directors.

**Share Repurchases**

Under English law, the Company is only permitted to purchase its own Ordinary Shares by way of an "off-market purchase" pursuant to a contract approved by shareholders (except where the purchase is for the purposes of, or pursuant to, any employees' share scheme). Such purchases may be paid for either (i) out of Noble's "distributable reserves" as determined by reference to relevant statutory accounts in accordance with English law or (ii) from the proceeds of a fresh issue of shares made for the purpose of financing the purchase. On October 22, 2024, Noble's Board of Directors authorized an increased share repurchase authorization of up to an additional $400 million and, at the 2025 annual general meeting of shareholders, shareholders approved the repurchase of up to 23,800,068 Ordinary Shares. The authorization by the Board of Directors has approximately $370 million remaining, does not have a fixed expiration, and may be modified, suspended, or discontinued at any time. None of the shareholder authorization to purchase up to 23,800,068 Ordinary Shares has yet been utilized, and the authorization by shareholders expires on May 8, 2030 (subject to certain exceptions). The program does not obligate us to acquire any particular amount of Ordinary Shares. During the years ended December 31, 2025 and 2024, we repurchased 0.7 million and 8.4 million of our Ordinary Shares. All repurchased shares were subsequently cancelled.

**Warrants**

The Tranche 1 Warrants of Noble (the "Tranche 1 Warrants") are exercisable for one Ordinary Share per warrant at an exercise price of $19.27 per warrant, the Tranche 2 Warrants of Noble (the "Tranche 2 Warrants") are exercisable for one Ordinary Share per warrant at an exercise price of $23.13 per warrant, and the Tranche 3 Warrants of Noble (the "Tranche 3 Warrants") were exercisable for one Ordinary Share per warrant at an exercise price of $124.40 per warrant (in each case as may be adjusted from time to time pursuant to the applicable Warrant Agreement (as defined below)). The Tranche 1 Warrants and the Tranche 2 Warrants are exercisable until February 4, 2028, and the Tranche 3 Warrants were exercisable until February 4, 2026. The Tranche 1 Warrants and the Tranche 2 Warrants have Black-Scholes protections, including in the event of a Fundamental Transaction (as defined in the applicable Warrant Agreement). The Tranche 1 Warrants and the Tranche 2 Warrants also provide that while the Mandatory Exercise Condition (as defined in the applicable Warrant Agreement) set forth in the applicable Warrant Agreement has occurred and is continuing, Noble or the Required Mandatory Exercise Warrantholders (as defined in the applicable Warrant Agreement) have the right and option (but not the obligation) to cause all or a portion of the Noble Cayman (as defined below) warrants (the "Noble Cayman Warrants") that were outstanding immediately prior to the Merger Effective Time (as defined below) and were converted into warrants to acquire Ordinary Shares in connection with the Business Combination with Maersk Drilling (the "Warrants") to be exercised on a cashless basis. In the case of Noble, under the Mandatory Exercise Condition, all of the Tranche 1 Warrants or the Tranche 2 Warrants (as applicable) would be exercised. In the case of electing Tranche 1 Required Mandatory Exercise Warrantholders and Tranche 2 Required Mandatory Exercise Warrantholders (as defined in the applicable Warrant Agreement), under the Mandatory Exercise Condition, all of their respective Tranche 1 Warrants or Tranche 2 Warrants (as applicable) would be exercised. Mandatory exercises entitle the holder of each Warrant subject thereto to (i) the number of Ordinary Shares issuable upon exercise of such Warrant on a cashless basis and (ii) an amount payable in cash, Ordinary Shares or a combination thereof (in Noble's sole discretion) equal to the Black-Scholes Value (as defined in the applicable Warrant Agreement) with respect to the number of Ordinary Shares withheld upon exercise of such Warrant on a cashless basis. At December 31, 2025, the Mandatory Exercise Condition set forth in the Warrant Agreements for the Tranche 1 Warrants and the Tranche 2 Warrants was satisfied.

In connection with the automatic conversion of the Noble Cayman Warrants into Warrants at the effective time of the Merger (the "Merger Effective Time"), (i) the Tranche 1 Warrant Agreement, dated as of February 5, 2021, by and among Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability ("Noble Cayman"), Computershare Inc. and Computershare Trust Company, N.A. (together, "Computershare"), (ii) the Tranche 2 Warrant Agreement, dated as of February 5, 2021, by and among Noble Cayman and Computershare, and (iii) the Tranche 3 Warrant Agreement, dated as of February 5, 2021, by and among Noble Cayman and Computershare (collectively, the "Noble Cayman Warrant Agreements") were terminated, and Noble entered into (a) a new Tranche 1 Warrant Agreement, dated as of September 30, 2022, by and among Noble and Computershare, (b) a new Tranche 2 Warrant Agreement, dated as of

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

September 30, 2022, by and among Noble and Computershare, and (c) a new Tranche 3 Warrant Agreement, dated as of September 30, 2022, by and among Noble and Computershare (collectively, the "Warrant Agreements"). The Warrant Agreements have substantially similar terms as were in effect immediately prior to the Merger Effective Time pursuant to the Noble Cayman Warrant Agreements.

**Share-Based Compensation Plans**

**Stock Plans.** The Company maintains the Noble Corporation plc 2022 Long-Term Incentive Plan (the "2022 LTIP"), which permits grants of options, stock appreciation rights, stock or stock unit awards, or cash awards, any of which may be structured as a performance award, from time to time to employees and non-employee directors who are to be granted awards under the 2022 LTIP.

Effective May 21, 2024, shareholders of the Company approved an amendment to the 2022 LTIP, which increased the maximum number of shares that may be issued under the 2022 LTIP to 10,688,623 Ordinary Shares.

On September 4, 2024, in connection with the closing of the acquisition of Diamond, the Company assumed the Diamond Offshore Drilling, Inc. 2021 Long-Term Stock Incentive Plan (the "Diamond LTIP") and each Diamond RSU (as defined below) outstanding thereunder. Effective November 6, 2024, the Company also assumed the remaining shares available for issuance under the Diamond LTIP which, after adjustments under the Diamond Merger Agreement, totaled 1,556,404 Ordinary Shares.

**Restricted Stock Units ("RSUs").** We awarded both Time Vested RSUs ("TVRSUs") and Performance Vested RSUs ("PVRSUs") under the 2022 LTIP.

On September 4, 2024, in connection with the closing of the acquisition of Diamond, each performance-vesting and time-vesting restricted stock unit covering shares of Diamond (together "Diamond RSUs") held by key employees were assumed by Noble and represented the right to receive shares in Noble. The Diamond RSUs were assumed by Noble on substantially the same terms and conditions (including vesting conditions) as applicable to the original Diamond RSUs prior to the closing of the acquisition.

Notwithstanding the foregoing, to the extent that a Diamond RSU vested as of the acquisition (including any awards that vested as a result of a termination of employment at or immediately after the acquisition), such awards were instead settled in cash or shares of Diamond, as applicable, immediately prior to the acquisition and any such shares of Diamond were treated the same as other Diamond shares.

The TVRSUs generally vest over a three-year period. The number of PVRSUs that vest will depend on the degree of achievement of specified corporate performance criteria generally over a three-year performance period. These criteria consist of market and performance-based criteria. Dividend equivalent rights are accrued and accumulated as dividends are declared, and payable upon vesting of the TVRSUs and PVRSUs.

The TVRSUs are valued on the date of award at our underlying share price. The total compensation expense for units that ultimately vest is recognized on a straight-line basis over the service period. The shares and related nominal value are recorded when the RSU vests and additional paid-in capital is adjusted as the share-based compensation cost is recognized for financial reporting purposes.

In 2025, 2024, and 2023, 40% of the TVRSUs granted to non-employee directors will be settled in cash and accounted for as liability awards, which were valued on the date of grant based on the estimated fair value of the Company's share price. Under the fair value method for liability-classified awards, compensation expense is remeasured each reporting period at fair value based upon the closing price of the Company's Ordinary Shares.

Each PVRSU represents the right to receive Ordinary Shares at a future date based on our performance against specified targets. The ultimate number of shares issued and the related compensation cost recognized is based on a comparison of the final performance metrics to the specified targets. For performance-based awards, compensation expense is recognized based on the number of Ordinary Shares expected to be issued and the market price per Ordinary Share on the date of grant. Over the performance period, the number of shares expected to be issued is adjusted upward or downward based upon the probability of achievement of the performance targets. The market-based awards are valued on the date of grant based on the estimated fair value. Estimated fair value is determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance will achieve the targeted thresholds and the expected forfeiture rate. The fair value is calculated using a Monte Carlo Simulation Model. The assumptions used to value the market-based

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

awards include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows, for the respective grant dates:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| | **February 3, 2025** | **January 26, 2024** | **February 3, 2023** |
| **Valuation assumptions:** | | | |
| Expected volatility rate <sup>(1)</sup> | 41.3% | 44.1% | 83.0% |
| Risk-free interest rate | 4.28% | 4.16% | 3.96% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Expected dividend yield is included in the model via its impact on the historical volatility rate, which is based on daily returns inclusive of dividends.

Additionally, similar assumptions were made for each of the companies included in the defined index and the peer group of companies in order to simulate the future outcome using the Monte Carlo Simulation Model. For market-based awards, compensation expense is recognized on a straight-line basis over the vesting terms.

A summary of the status of non-vested RSUs at December 31, 2025, and changes for the year then ended is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Equity-Classified TVRSUs Outstanding** | **Weighted Average Award Date Fair Value** | **PVRSUs Outstanding** <sup>(1)</sup> | **Weighted Average Award Date Fair Value** |
| **Non-vested RSUs at January 1, 2025** | 1034014 | $39.05 | 477815 | $46.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Awarded | 692718 | 31.44 | 408147 | 34.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (554940) | 36.76 | (220241) | 45.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (73214) | 35.51 | (8227) | 39.01 |
| **Non-vested RSUs at December 31, 2025** | 1098578 | $35.64 | 657494 | $39.78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>For awards granted, the number of PVRSUs shown equals the shares that would vest if the "target" level of performance is achieved. The minimum number of convertible shares is zero and the "maximum" level of performance is 200% of the amounts shown.

During the year ended December 31, 2025, 19,023 liability-classified TVRSUs vested and no units were forfeited. At December 31, 2025 and 2024, we had 15,496 and 14,123 liability-classified TVRSUs outstanding with an associated total liability of $0.4 million and $0.4 million, respectively.

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

Additional disclosures for RSUs are presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| **Equity-classified TVRSUs** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Units awarded <sup>(1)</sup> | 692718 | 839773 | 384995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average award date fair value of awards granted | $31.44 | $40.54 | $39.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of awards vested during the year <sup>(2)</sup> | $15339 | $38781 | $31744 |
| **Liability-classified TVRSUs** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Units awarded <sup>(3)</sup> | 20396 | 14123 | 12918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average award date fair value of awards granted | $31.47 | $44.34 | $39.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of awards vested during the year <sup>(2)</sup> | $526 | $531 | $118 |
| **PVRSUs** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Units awarded | 408147 | 257574 | 223635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average award date fair value of awards granted | $34.55 | $48.05 | $45.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Three-year performance period end date December 31 | 2027 | 2026 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of awards vested during the year <sup>(4)</sup> | $6220 | $9217 | $70373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>During the years ended December 31, 2025, 2024, and 2023, we awarded 30,578, 21,171, and 19,376 equity-classified TVRSUs, respectively, to our non-employee directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Fair value determined using the Company's average closing share price for 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Awarded to our non-employee directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>Fair value determined using the Company's closing share price on the final trading day of 2025.

At December 31, 2025 and 2024, there was $21.5 million and $22.7 million of total unrecognized compensation cost related to the equity-classified TVRSUs, to be recognized over a remaining weighted average period of 1.58 and 1.53 years, respectively.

At December 31, 2025 and 2024, there was $12.2 million and $11.3 million of total unrecognized compensation cost related to the PVRSUs, to be recognized over a remaining weighted average period of 1.61 and 1.54 years, respectively. The total potential compensation for PVRSUs is recognized over the service period regardless of whether the performance thresholds are ultimately achieved.

Share-based amortization recognized during the years ended December 31, 2025 and 2024, related to all restricted stock, excluding amounts included in merger and integration costs, totaled $30.0 million ($23.8 million net of income tax) and $27.9 million ($25.4 million net of income tax), respectively.

**Note 8 — Revenue and Customers**

**Disaggregation of Revenue**

The following table provides information about contract drilling revenue by rig types:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| Floaters | $2567698 | $2349644 | $2010113 |
| Jackups | 539509 | 569123 | 451602 |
| &nbsp;&nbsp;**Total** | $3107207 | $2918767 | $2461715 |

---

**Contract Balances**

Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 to 60 days. Customer contract assets and liabilities

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

generally consist of contract costs and deferred revenue resulting from past transactions related to the provision of services under contracts with customers. Current contract asset and liability balances are included in "Prepaid expenses and other current assets" and "Other current liabilities," respectively, and noncurrent contract assets and liabilities are included in "Other assets" and "Other liabilities," respectively, on our Condensed Consolidated Balance Sheets.

Certain direct and incremental costs incurred for upfront preparation, initial rig mobilization, and modifications are costs of fulfilling a contract and are recoverable. These recoverable costs are deferred and amortized ratably to contract drilling expense as services are rendered over the initial term of the related drilling contract. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process.

Certain of our contracts also include capital rig enhancements used to satisfy our performance obligations. Payments for these modifications are initially recognized as a contract liability and amortized ratably as contract drilling revenue over the initial term of the related drilling contract. The costs are capitalized in accordance with our existing property and equipment accounting policy and depreciated over the estimated useful life of the improvement.

The following table provides information about contract assets and contract liabilities from contracts with customers:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Current customer contract assets | $29525 | $26049 |
| Noncurrent customer contract assets | 1112 | 11042 |
| &nbsp;&nbsp;**Total customer contract assets** | 30637 | 37091 |
| Current deferred revenue | (64400) | (61506) |
| Noncurrent deferred revenue | (32718) | (40439) |
| &nbsp;&nbsp;**Total deferred revenue** | $(97118) | $(101945) |

---

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the year ended December 31, 2025 and 2024, are as follows:

---

| | | |
|:---|:---|:---|
| | **Contract Assets** | **Contract Liabilities** |
| **Net balance at December 31, 2022** | $11537 | $(59797) |
| Additions to deferred costs | 19575 |  |
| Additions to deferred revenue |  | (60430) |
| Amortization of deferred costs | (26696) |  |
| Amortization of deferred revenue |  | 77155 |
| &nbsp;&nbsp;**Total** | (7121) | 16725 |
| **Net balance at December 31, 2023** | $4416 | $(43072) |
| Additions to deferred costs | 55323 |  |
| Additions to deferred revenue |  | (134359) |
| Amortization of deferred costs | (22648) |  |
| Amortization of deferred revenue |  | 75486 |
| &nbsp;&nbsp;**Total** | 32675 | (58873) |
| **Net balance at December 31, 2024** | $37091 | $(101945) |
| Additions to deferred costs | 46245 |  |
| Additions to deferred revenue |  | (143633) |
| Amortization of deferred costs | (52699) |  |
| Amortization of deferred revenue |  | 148460 |
| &nbsp;&nbsp;**Total** | (6454) | 4827 |
| **Net balance at December 31, 2025** | $30637 | $(97118) |

---

**Future Amortization of Deferred Revenue**

The following table reflects revenue expected to be recognized in the future related to deferred revenue, by rig type, at the end of the reporting period:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2026** | **2027** | **2028** | **Total** |
| Floaters | $37398 | $17321 | $7585 | $62304 |
| Jackups | 27069 | 7745 |  | 34814 |
| &nbsp;&nbsp;**Total** | $64467 | $25066 | $7585 | $97118 |

---

The revenue included above consists of expected mobilization, demobilization, and upgrade revenue for unsatisfied performance obligations. The amounts are derived from the specific terms within drilling contracts that contain such provisions, and the expected timing for recognition of such revenue is based on the estimated start date and duration of each respective contract based on information known at December 31, 2025. The actual timing of recognition of such amounts may vary due to factors outside of our control. We have taken the optional exemption, permitted by accounting standards, to exclude disclosure of the estimated transaction price related to the variable portion of unsatisfied performance obligations at the end of the reporting period, as our transaction price is based on a single performance

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

obligation consisting of a series of distinct hourly, or more frequent, periods, the variability of which will be resolved at the time of the future services.

**Off-market Customer Contract Assets and Liabilities**

Upon emergence from Chapter 11 bankruptcy, the Company recognized fair value adjustments of $113.4 million related to intangible assets for certain favorable customer contracts, which were fully amortized as of August 2023. In addition, in connection with the Business Combination with Maersk Drilling, the Company recognized additional fair value adjustments of $23.0 million, related to intangible assets for certain favorable customer contracts. As of March 2025, these intangible assets were fully amortized as a reduction of contract drilling services revenue from October 3, 2022, through the remainder of the contracts.

In connection with the Business Combination with Maersk Drilling and the Diamond Transaction, the Company recognized fair value adjustments of $237.7 million and $27.7 million, respectively, related to certain unfavorable customer contracts acquired. As of June 2025, these liabilities were fully amortized as an increase to contract drilling services revenue from October 3, 2022, and the Diamond Closing Date, respectively, through the remainder of the contracts.

---

| | | |
|:---|:---|:---|
| | **Unfavorable**<br>**contacts** | **Favorable**<br>**contracts** |
| **Balance at December 31, 2022** | $(181883) | $34372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 131020 | (24244) |
| **Balance at December 31, 2023** | $(50863) | $10128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | (27663) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 69946 | (9914) |
| **Balance at December 31, 2024** | $(8580) | $214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 8580 | (214) |
| **Balance at December 31, 2025** | $— | $— |

---

**Note 9 — Leases**

**Leases**

We determine if an arrangement is a lease at inception. Our lease agreements are primarily for real estate, equipment, storage, dock space, and automobiles and are included within "Other assets", "Other current liabilities", and "Other liabilities" on our Consolidated Balance Sheets. In connection with the Diamond Transaction, the Company assumed several leases entered into by Diamond consisting of operating leases for corporate and shorebases offices, office and information technology equipment, employee housing, onshore storage yards, and certain rig equipment and tools as well as finance leases for well control equipment used on the drillships. The finance leases commenced in 2016 and also include an option to purchase the leased equipment at the end of the respective lease term. During the third quarter of 2025, the right-of-use assets and finance lease liabilities related to certain of our finance leases were remeasured to include the potential purchase price.

As most of our leases do not provide an explicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Certain of our lease agreements include options to extend or terminate the lease, which we do not include in our minimum lease terms unless management is reasonably certain to exercise.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

Supplemental balance sheet information related to leases was as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Operating leases** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets | $59964 | $78993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current lease liabilities  | $13905 | $14844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term lease liabilities | $51954 | $65981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average remaining lease term (years) | 8.53 | 7.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average discount rate | 6.7% | 6.6% |
| **Finance leases** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets | $99767 | $34346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current lease liabilities  | $93382 | $22722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term lease liabilities | $— | $11270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average remaining lease term (years) | 0.45 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average discount rate | 5.1% | 5.8% |

---

The components of lease cost were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| Operating lease cost | $54869 | $31162 | $12615 |
| Finance lease cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 19188 | 7766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities | 2344 | 734 |  |
| Short-term lease cost | 1640 | 3819 | 6185 |
| Variable lease cost | 442 | 675 | 928 |
| &nbsp;&nbsp;**Total lease cost** | $78483 | $44156 | $19728 |

---

Supplemental cash flow information related to leases was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| **Operating leases** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows used | $18235 | $20857 | $13369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets obtained in exchange for a lease liability <sup>(1)</sup> | 12377 | 45313 | 9614 |
| **Finance leases** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows used | $2344 | $560 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing cash flows used | 23936 | 6064 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets obtained in exchange for a lease liability <sup>(1)</sup> | 98911 | 42113 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes right-of-use assets acquired in business combinations.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

Maturities of lease liabilities as of December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | **Operating Leases** | **Finance Leases** |
| 2026 | $16846 | $95037 |
| 2027 | 14610 |  |
| 2028 | 10276 |  |
| 2029 | 6268 |  |
| 2030 | 3770 |  |
| Thereafter | 38555 |  |
| &nbsp;&nbsp;**Total lease payments** | 90325 | 95037 |
| Less: Interest | (24466) | (1655) |
| &nbsp;&nbsp;**Present value of lease liability** | $65859 | $93382 |

---

**Note 10 — Income Taxes**

Noble is a tax resident in the UK and, as such, is subject to UK corporation tax on its taxable profits and gains. Noble Cayman was incorporated in the Cayman Islands and, therefore, not subject to tax in any jurisdiction. With respect to Noble, a UK tax exemption is available in respect of qualifying dividends income and capital gains related to the sale of qualifying participations. We operate in various countries throughout the world, including the United States. The income or loss of the non-UK subsidiaries of Noble is not subject to UK corporation tax.

Consequently, we have taken account of the above exemption and provided for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we, or our subsidiaries, have a taxable presence for income tax purposes.

The components of the net deferred taxes are as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Deferred tax assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carry forwards | $1864511 | $1748897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess of net tax basis over remaining book basis | 144867 | 470719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transition attribute | 1036319 | 959985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 151835 | 138792 |
| Deferred tax assets | 3197532 | 3318393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: valuation allowance | (2890949) | (2964740) |
| Net deferred tax assets | $306583 | $353653 |
| **Deferred tax liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | $(14025) | $(14492) |
| Deferred tax liabilities | (14025) | (14492) |
| **Net deferred tax assets (liabilities)** | $292558 | $339161 |

---

Income (loss) before income taxes consists of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| United States | $100404 | $51948 | $17619 |
| Non-United States | 172698 | 440386 | 494624 |
| &nbsp;&nbsp;**Total** | $273102 | $492334 | $512243 |

---

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

Income tax provision (benefit) consists of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| Current- United States | $22096 | $9061 | $2940 |
| Current- Non-United States | (10112) | 77567 | 125494 |
| Deferred- United States | 28209 | 2559 | 3703 |
| Deferred- Non-United States | 16192 | (45206) | (101796) |
| &nbsp;&nbsp;**Total** | $56385 | $43981 | $30341 |

---

The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| Gross balance at beginning of period | $114768 | $134934 | $132979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions based on tax positions related to current year |  | 1439 | 25363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions for tax positions of prior years | 14241 | 41961 | 10087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reductions for tax positions of prior years | (46208) | (20960) | (29113) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration of statutes |  | (310) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax settlements | (12067) | (42296) | (4382) |
| Gross balance at end of period | 70734 | 114768 | 134934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related tax benefits | (850) | (3705) | (78) |
| **Net reserve at end of period** | $69884 | $111063 | $134856 |

---

The liabilities related to our reserve for uncertain tax positions, included in "Other liabilities" on our Consolidated Balance Sheets, are comprised of the following:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Reserve for uncertain tax positions, excluding interest and penalties | $69884 | $111063 |
| Interest and penalties | 49330 | 86804 |
| **Reserve for uncertain tax positions, including interest and penalties** | $119214 | $197867 |

---

At December 31, 2025 and 2024, the reserves for uncertain tax positions totaled $119.2 million (net of related tax benefits of $0.9 million) and $197.9 million (net of related tax benefits of $3.7 million), respectively. If a portion or all of the December 31, 2025 and 2024, reserves listed above are not realized, the provision for income taxes could be reduced by up to $117.6 million and $196.0 million, respectively.

We include, as a component of our "Income tax benefit (provision)", potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties resulted in an income tax benefit of $26.4 million, tax expense of $5.9 million, and tax expense of $24.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.

During the year ended December 31, 2025, our tax provision included a net tax benefit of $134.0 million related to non-recurring releases of valuation allowances primarily in Luxembourg and Switzerland, and a net tax benefit of $60.2 million related to changes in uncertain tax positions. Such tax benefits were offset by various recurring annual accruals of $250.6 million primarily in Guyana, the United States, Switzerland, and Luxembourg.

During the year ended December 31, 2024, our tax provision included a net tax benefit of $123.6 million related to non-recurring releases of valuation allowances primarily in Luxembourg, and a net tax benefit of $20.2 million related to changes in uncertain tax positions. Such tax benefits were offset by various recurring quarterly accruals of $187.8 million primarily in Guyana, Nigeria, the United States, Switzerland, and Luxembourg.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

During the year ended December 31, 2023, our tax provision included tax benefits of $187.2 million related to non-recurring releases of valuation allowances in Luxembourg, Guyana, Switzerland, and Norway, and a tax benefit of $6.8 million related to uncertain tax position releases. Such tax benefits were offset by tax expenses related to uncertain tax positions of $20.9 million in various countries, contract fair value amortization of $23.7 million, and various recurring quarterly accruals of $179.6 million primarily in Guyana, Switzerland, and Luxembourg.

Our gross deferred tax asset balance at year-end reflects the application of our income tax accounting policies and is based on management's estimates, judgments, and assumptions regarding realizability. If it is more likely than not that a portion of the deferred tax assets will not be realized in a future period, the deferred tax assets will be reduced by a valuation allowance based on management's estimates.

In deriving the $49.7 million recurring and non-recurring change in valuation allowance, where applicable we relied on sources of income attributable to the reversal of taxable temporary differences in the same periods as the relevant tax attributes and projected taxable income for the period covered by our relevant existing drilling contracts based on the assumption that the relevant rigs will be owned by the current rig owners during the relevant existing drilling contract periods. Given the mobile nature of our assets, we are not able to reasonably forecast the jurisdiction of our taxable income from future drilling contracts. We also have limited objective positive evidence in historical periods. Accordingly, in determining the amount of deferred tax benefits to recognize, we did not consider projected book income beyond the conclusion of existing drilling contracts with the exception of interest income projected to be generated over a finite period beyond the conclusion of the relevant existing drilling contracts. As new drilling contracts are executed, we will reassess the amount of deferred tax assets that are realizable. Finally, once we have established sufficient objective positive evidence for historical periods, we may consider reliance on forecasted taxable income from future drilling contracts.

Our tax benefits related to transition attributes in Switzerland are scheduled to expire by 2036. Our net operating losses in Switzerland are scheduled to expire between 2027 and 2032. Our net operating losses in Luxembourg are scheduled to expire between 2033 and 2038; however, a portion of the tax losses has no expiration date.

We conduct business globally and, as a result, we file numerous income tax returns in the US and in non-US jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world, including, but not limited to, jurisdictions such as Guyana, Mexico, and the United Kingdom. We are no longer subject to US Federal income tax examinations for years before 2022 and non-US income tax examinations for years before 2000.

In Denmark, prior to becoming a wholly-owned subsidiary of Noble (the "Merger"), Maersk Drilling was subject to a mandatory joint taxation scheme with all other Danish entities under the common control of A.P. Møller Holding A/S ("APMH"). To the extent Maersk Drilling incurred tax losses in Denmark until the Merger, such losses may be utilized by other jointly taxed entities. Noble may be compensated through a joint taxation contribution when such losses are utilized. In the event that APMH or any jointly taxed entity is subject to audits for years and periods prior to and until the Merger and such audits result in adjustments to relevant tax returns, adjustments to the prior year joint tax contributions may be required. This could result in additional compensation to Noble or refunds payable by Noble to APMH or to any previous joint taxation group administration company of previously received joint taxation contributions. Since the Merger and through December 31, 2025, Noble has recognized a benefit for tax contribution payments of approximately $24.6 million from APMH and an expense for a tax contribution repayment of $4.0 million to APMH under this arrangement. For the years ended December 31, 2025, 2024, and 2023, net benefits of approximately $3.5 million, an expense of $4.0 million, and net benefits of approximately $19.1 million, respectively, are included in "Interest income and other, net" on our Consolidated Statements of Operations. Additionally, for the year ended December 31, 2023, approximately $2.0 million is recorded and included as a benefit in "Income tax benefit (provision)" on our Consolidated Statement of Operations.

UK earnings are taxable in the United Kingdom at the UK statutory rate of 25%. Noble Cayman was incorporated in the Cayman Islands and, therefore, not subject to tax in any jurisdiction. Following the Business Combination with Maersk Drilling, Noble is a public limited company incorporated under the laws of England and Wales. The income or loss of our non-UK subsidiaries is not subject to UK income tax. UK earnings are taxable in the United Kingdom at the UK statutory rate of 19% and 25% through March 31, 2023, and beginning on April 1, 2023, respectively.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

A reconciliation of tax rates outside of the United Kingdom to our Noble effective rate for 2025 is shown below:

---

| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2025** |
| UK statutory income tax rate | $68275 | 25.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Permanent differences | 8438 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in valuation allowance | 3933 | 1.4% |
| Foreign tax effects: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;British Virgin Islands: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate differential | 7230 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate differential | 11490 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross-Border taxes | 4723 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guyana: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in valuation allowance | 4901 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permanent differences | 4404 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Luxembourg: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in valuation allowance | (42929) | (15.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nigeria: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permanent differences | (3736) | (1.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philippines: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross-Border taxes | 9468 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia | (4312) | (1.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate differential | 6144 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in valuation allowance | (5478) | (2.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross border taxes and other | 19486 | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nondeductible expenses | 12605 | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in valuation allowance | (6774) | (2.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other foreign jurisdictions | 17487 | 6.4% |
| Worldwide changes in unrecognized tax benefits | (58970) | (21.6)% |
| **Total** | $56385 | 20.6% |

---

A reconciliation of tax rates outside of the United Kingdom to our Noble effective rate for 2024 and 2023 is shown below:

---

| | | |
|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| Effect of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax rates which are different than UK or Cayman rates | 37.3% | 37.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax impact of valuation allowance | (25.0)% | (36.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Resolution of (reserve for) tax authority audits | (3.4)% | 4.4% |
| **Total** | 8.9% | 5.9% |

---

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

Information about income taxes paid is as follows:

---

| | |
|:---|:---|
| | **Year Ended**<br>**December 31, 2025** |
| Colombia | 21137 |
| Malaysia | 11179 |
| Nigeria | 8705 |
| Philippines | 6590 |
| United States | 30156 |
| Other | 43362 |
| **Total** | $121129 |

---

At December 31, 2025 and 2024, the Company asserts that its unremitted earnings and/or book/tax outside basis differences in certain of its subsidiaries are either permanently reinvested or are not expected to result in a material taxable event in the foreseeable future. Therefore, no material deferred taxes have been recorded related to such earnings and/or investments.

On July 4, 2025, the "One Big Beautiful Bill Act" (the "OBBBA") was signed into law. The legislation includes significant changes to the US tax code affecting both current and deferred income taxes. Key provisions include the reinstatement of 100% bonus depreciation, modifications to the Section 163(j) interest deduction limitation, and other changes to US taxation of profits derived from foreign operations. The OBBBA does not have a material impact on Noble's consolidated financial statements.

**Note 11 — Employee Benefit Plans**

**Defined Benefit Plans**

Noble Drilling (Land Support) Limited ("NDLS"), an indirect, wholly-owned subsidiary of Noble, maintains a pension plan that covers all of its salaried, non-union employees, whose most recent date of employment is prior to April 1, 2014 (referred to as our "non-US plan"). Since May 2022, the NDLS pension trustees and covenant advisors have been communicating with Noble to understand the impact of the rig transaction and merger with Maersk Drilling and to negotiate appropriate mitigation including buyout of the scheme to cover the pension obligations. The Pension Regulators advised on December 15, 2022, that it did not intend to investigate the transaction unless Noble and the pension trustees were unable to agree on mitigation or there was a material change to circumstances. Noble has provided a company guarantee from Noble Corporation plc itself to cover the full section 75 debts of NDLS and Noble Resources Limited, the two sponsoring entities of the pension scheme, and believes this is an appropriate mitigation to support the pension liabilities.

In addition to the non-US plan discussed above, we have a US noncontributory defined benefit pension plan that covers certain salaried employees and a US noncontributory defined benefit pension plan that covers certain hourly employees, whose initial date of employment is prior to August 1, 2004 (collectively referred to as our "qualified US plans"). These plans are governed by the Noble Drilling Employees' Retirement Trust (the "Trust"). The benefits from these plans are based primarily on years of service and, for the salaried plan, employees' compensation near retirement. These plans are designed to qualify under the Employee Retirement Income Security Act of 1974 ("ERISA"), and our funding policy is consistent with funding requirements of ERISA and other applicable laws and regulations. We make cash contributions, or utilize credits available to us, for the qualified US plans when required. The benefit amount that can be covered by the qualified US plans is limited under ERISA and the Internal Revenue Code of 1986. Therefore, we maintain an unfunded, non-qualified excess benefit plan designed to maintain benefits for specified employees at the formula level in the qualified salaried US plan. We refer to the qualified US plans and the excess benefit plan collectively as the "US plans."

During the fourth quarter of 2016, we approved amendments, effective as of December 31, 2016, to our non-US and US defined benefit plans. With these amendments, employees and alternate payees will accrue no future benefits under the plans after December 31, 2016. However, these amendments will not affect any benefits earned through that date.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

A reconciliation of the changes in projected benefit obligations ("PBO") for our non-US and US plans is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Non-US** | **US** | **Non-US** | **US** |
| Benefit obligation at beginning of period | $33117 | $166837 | $36329 | $179346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | 2142 | 9039 | 2062 | 8751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Actuarial loss (gain) | (581) | 3920 | (2738) | (9872) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits paid | (2261) | (11420) | (2257) | (11388) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlements and curtailments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange rate changes | 1589 |  | (279) |  |
| **Benefit obligation at end of period** | $34006 | $168376 | $33117 | $166837 |

---

A reconciliation of the changes in fair value of plan assets is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Non-US** | **US** | **Non-US** | **US** |
| Fair value of plan assets at beginning of period | $38272 | $163844 | $43245 | $172793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual return on plan assets | 1811 | 12907 | (2403) | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | 2559 | 37 |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits paid | (2261) | (11420) | (2257) | (11388) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plan participants' contributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange rate changes | 1854 |  | (313) |  |
| **Fair value of plan assets at end of period** | $42235 | $165368 | $38272 | $163844 |

---

The funded status of the plans is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Non-US** | **US** | **Non-US** | **US** |
| Funded status | $8229 | $(3008) | $5155 | $(2993) |

---

Amounts recognized in the Consolidated Balance Sheets consist of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Non-US** | **US** | **Non-US** | **US** |
| Other assets (noncurrent) | $8229 | $— | $5155 | $— |
| Other liabilities (current) |  | (65) |  | (59) |
| Other liabilities (noncurrent) |  | (2943) |  | (2934) |
| **Net amount recognized** | $8229 | $(3008) | $5155 | $(2993) |

---

Amounts recognized in AOCI consist of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Non-US** | **US** | **Non-US** | **US** |
| Net actuarial (gain) loss | $6707 | $(14358) | $7761 | $(12390) |
| Deferred income tax (asset) liability | (186) | 2677 | (1942) | 2602 |
| **Accumulated other comprehensive (income) loss** | $6521 | $(11681) | $5819 | $(9788) |

---

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

Pension costs include the following components:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
| | **Non-US** | **US** | **Non-US** | **US** | **Non-US** | **US** |
| Interest cost | $2142 | $9039 | $2062 | $8751 | $2356 | $8992 |
| Return on plan assets | (1920) | (8586) | (2291) | (9243) | (1871) | (9579) |
| Amortization of prior service cost |  |  |  |  | 238 |  |
| Recognized net actuarial loss | 214 | (44) | 99 |  |  | (231) |
| Settlement and curtailment (gain) loss |  |  |  |  |  | 70 |
| **Net pension benefit cost (gain) loss** | $436 | $409 | $(130) | $(492) | $723 | $(748) |

---

There are zero estimated net actuarial losses and prior service costs for the non-US plan and the US plans that will be amortized from AOCI into net periodic pension cost in 2026.

During the years ended December 31, 2025, 2024, and 2023, we adopted the Retirement Plan mortality tables with the Mortality Projection scale as issued by the Society of Actuaries for each of the respective years. The Retirement Plan 2025, 2024, and 2023 mortality tables represent the new standard for defined benefit mortality assumptions due to adjusted life expectancies. There were no increases in our pension liability on our US plans resulting from the adoption of these tables for the years ended December 31, 2025, 2024, and 2023, respectively.

**Defined Benefit Plans—Disaggregated Plan Information**

Disaggregated information regarding our non-US and US plans is summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Non-US** | **US** | **Non-US** | **US** |
| Projected benefit obligation | $34006 | $168376 | $33117 | $166837 |
| Accumulated benefit obligation | 34006 | 168376 | 33117 | 166837 |
| Fair value of plan assets | 42235 | 165368 | 38272 | 163844 |

---

The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2025 and 2024. The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Non-US** | **US** | **Non-US** | **US** |
| Projected benefit obligation | $— | $168377 | $— | $166837 |
| Fair value of plan assets |  | 165370 |  | 163844 |

---

The PBO for the unfunded excess benefit plan was $0.7 million at December 31, 2025, as compared to $0.7 million at December 31, 2024, and is included under "US" in the above tables.

The following table provides information related to those plans in which the accumulated benefit obligation ("ABO") exceeded the fair value of plan assets at December 31, 2025 and 2024. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Non-US** | **US** | **Non-US** | **US** |
| Accumulated benefit obligation | $— | $168377 | $— | $166837 |
| Fair value of plan assets |  | 165368 |  | 163844 |

---

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

The ABO for the unfunded excess benefit plan was $0.7 million at December 31, 2025, as compared to $0.7 million at December 31, 2024, and is included under "US" in the above tables.

**Defined Benefit Plans—Key Assumptions**

The key assumptions for the plans are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Non-US** | **US** | **Non-US** | **US** |
| **Weighted-average assumptions used to determine benefit obligations:** | | | | |
| Discount Rate | 5.60% | 5.19% - 5.53% | 5.50% | 5.50% - 5.63% |
| Rate of compensation increase | N/A | N/A | N/A | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| | **Non-US** | **Non-US** | **Non-US** |
| **Weighted-average assumptions used to determine periodic benefit cost:** | | | |
| Discount Rate | 5.50% | 5.50% | 5.00% |
| Expected long-term return on assets | 4.80% | 4.80% | 4.60% |
| Rate of compensation increase | N/A | N/A | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| | **US** | **US** | **US** |
| **Weighted-average assumptions used to determine periodic benefit cost:** | | | |
| Discount Rate | 5.50% - 5.63% | 4.95% - 5.04% | 5.17% - 5.27% |
| Expected long-term return on assets | 4.90% - 5.50% | 5.00% - 5.60% | 5.00% - 5.80% |
| Rate of compensation increase | N/A | N/A | N/A |

---

The discount rates used to calculate the net present value of future benefit obligations for our US plans is based on the average of current rates earned on long-term bonds that receive a Moody's rating of "Aa" or better. We have determined that the timing and amount of expected cash outflows on our plans reasonably match this index. For our non-US plan, the discount rate used to calculate the net present value of future benefit obligations is determined by using a yield curve of high quality bond portfolios with an average maturity approximating that of the liabilities.

In developing the expected long-term rate of return on assets, we considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets for the portfolio. To assist us with this analysis, we employ third-party consultants for our US and non-US plans that use a portfolio return model.

**Defined Benefit Plans—Plan Assets**

**Non-US Plan.** As of December 31, 2025, the NDLS pension Scheme (the "Scheme") targets an asset allocation of 20.0% return-seeking securities (growth) and 80.0% in debt securities (matching) and adopts a de-risking strategy whereby the level of investment risk reduces as the Scheme's funding level improves. The total portfolio is expected to return gilts +0.8% per annum (net of investment fees), and the matching portfolio has been constructed to fully hedge the interest rate and inflation risk inherent in the technical provisions liabilities. The Scheme's overall investment strategy is to outperform the cash +4% per annum long-term objective for growth assets and to sufficiently hedge interest rate and inflation risk within the matching portfolio in relation to the Scheme's liabilities. By achieving these objectives, the Trustees believe the Scheme will be able to avoid significant volatility in the contribution rate and provide sufficient assets to cover the Scheme's benefit

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

obligations. To achieve this, the Trustees have given SEI, the appointed investment manager, full discretion in the day-to-day management of the Scheme's assets and implementation of the de-risking strategy, who in turn invests in multiple underlying investment managers where appropriate. The Trustees meet with Mercer periodically to review and discuss their investment performance.

The actual fair values of the non-US plan are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | | **Estimated Fair Value Measurements** | **Estimated Fair Value Measurements** | **Estimated Fair Value Measurements** |
| |<br>**Carrying<br>Amount** | **Quoted Prices in Active Markets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** |
| **Cash and cash equivalents** | $12795 | $12795 | $— | $— |
| **Equity securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;International companies | 3381 | 3381 |  |  |
| **Fixed income securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 26059 | 26059 |  |  |
| **Total** | $42235 | $42235 | $— | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | | **Estimated Fair Value Measurements** | **Estimated Fair Value Measurements** | **Estimated Fair Value Measurements** |
| |<br>**Carrying<br>Amount** | **Quoted Prices in Active Markets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** |
| **Cash and cash equivalents** | $340 | $340 | $— | $— |
| **Equity securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;International companies | 2820 | 2820 |  |  |
| **Fixed income securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 35112 | 35112 |  |  |
| **Total** | $38272 | $38272 | $— | $— |

---

**US Plans.** The fundamental objective of the US plan is to provide the capital assets necessary to meet the financial obligations made to plan participants. In order to meet this objective, the Investment Policy Statement depicts how the investment assets of the plan are to be managed in accordance with the overall target asset allocation of approximately 75.0% equity securities, 6.0% fixed income securities, and 19.0% in strategic opportunities. The target asset allocation is intended to generate sufficient capital to meet plan obligations and provide a portfolio rate of return equal to or greater than the return realized using appropriate blended, market benchmark over a full market cycle (usually a five to seven year time period). Actual allocations may deviate from the target range, however any deviation from the target range of asset allocations must be approved by the Trust's governing committee.

For investments in mutual funds, the assets of the Trust are subject to the guidelines and limits imposed by such mutual fund's prospectus and the other governing documentation at the fund level.

No Ordinary Shares of Noble were included in equity securities at either December 31, 2025 or 2024.

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

The actual fair values of US plan assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | | **Estimated Fair Value Measurements** | **Estimated Fair Value Measurements** | **Estimated Fair Value Measurements** |
| |<br>**Carrying<br>Amount** | **Quoted Prices in Active Markets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** |
| **Cash and cash equivalents** | $4262 | $2581 | $1681 | $— |
| **Equity securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 37220 | 37220 |  |  |
| **Fixed income securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 114090 |  | 114090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury bonds | 9796 | 9796 |  |  |
| **Total** | $165368 | $49597 | $115771 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | | **Estimated Fair Value Measurements** | **Estimated Fair Value Measurements** | **Estimated Fair Value Measurements** |
| |<br>**Carrying<br>Amount** | **Quoted Prices in Active Markets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** |
| **Cash and cash equivalents** | $4164 | $4164 | $— | $— |
| **Equity securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 38317 | 1726 | 36591 |  |
| **Fixed income securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 91129 | 86991 | 4138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury bonds | 30234 | 30234 |  |  |
| **Total** | $163844 | $123115 | $40729 | $— |

---

**Defined Benefit Plans—Cash Flows**

In 2025, we made contributions of $2.6 million to our non-US plan. In 2024 and 2023, we made no contributions to our non-US plan. In 2025, 2024, and 2023 we made contributions of $0.0 million, $0.1 million, and $0.2 million to our US plans, respectively. We expect our aggregate minimum contributions to our non-US and US plans in 2026, subject to applicable law, to be zero and $0.1 million, respectively. We continue to monitor and evaluate funding options based upon market conditions and may increase contributions at our discretion.

The following table summarizes our estimated benefit payments at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Payments by Period** | **Payments by Period** | **Payments by Period** | **Payments by Period** | **Payments by Period** | **Payments by Period** |
| | **Total** | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** |
| **Estimated benefit payments** |  |  |  |  |  |  |  |
| Non-US plans | $26631 | $2369 | $2462 | $2538 | $2619 | $2657 | $13986 |
| US plans | 116071 | 11202 | 11383 | 11469 | 11557 | 11579 | 58881 |
| **Total estimated benefit payments** | $142702 | $13571 | $13845 | $14007 | $14176 | $14236 | $72867 |

---

**Other Plans.** In 2005, we enacted a profit sharing plan, the Noble Services Company LLC Profit Sharing Plan, which covered eligible employees, as defined in the plan. On January 1, 2019, the profit sharing plan and the sponsored 401(k) savings plan were merged into the Noble Drilling Services LLC 401(k) and Profit Sharing Plan (the "Plan"). Effective January 1, 2025, the Plan was amended to remove the profit-sharing portion and became the Noble Services Company LLC 401(k) Plan. As a result, no future profit-sharing contributions will be made into the Plan. No profit-sharing contributions were made for the years ended December 31, 2024 and 2023.

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

We also sponsor other retirement, health, and welfare plans, and international savings plans for the benefit of our employees. Diamond sponsored health and welfare plans through December 31, 2025, when benefits were aligned to Noble's. Diamond also sponsored separate 401(k) and international savings plans, which were merged into Noble's 401(k) and international savings plans on December 31, 2025.

The contributions to these plans aggregated approximately $50.0 million, $40.8 million, and $34.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

**Note 12 — Commitments and Contingencies**

**Tax Matters**

Audit claims of approximately $351.4 million at December 31, 2025, attributable to income and other business taxes remain outstanding and are under continued objection by Noble. Such audit claims are mostly attributable to Brazil and remain under continued monitoring and evaluation on a quarterly basis as facts change and as audits and/or litigation continue to progress. We intend to vigorously defend our reported positions and currently believe the ultimate resolution of the audit claims will not have a material adverse effect on our consolidated financial statements.

We operate in numerous countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We recognize uncertain tax positions that we believe have a greater than 50% likelihood of being sustained upon challenge by a tax authority. We cannot predict nor provide assurance as to the ultimate outcome of any existing or future assessments.

**Services Agreement**

In February 2016, Diamond entered into a ten-year agreement with a subsidiary of Baker Hughes Company (formerly named Baker Hughes, a GE company) to provide services with respect to certain blowout preventer and related well control equipment on our drillships. Such services include management of maintenance, certification, and reliability with respect to such equipment. On July 2, 2025, the services agreement was terminated for convenience. During the fourth quarter of 2025, Noble paid the services company $31.3 million for the capital and consumable spares, including other tooling equipment.

**Letters of Credit and Surety Bonds**

As of December 31, 2025, we had $6.7 million of letters of credit issued under the 2023 Revolving Credit Facility and an additional $41.5 million in letters of credit and surety bonds issued under bilateral arrangements which guarantee our performance as it relates to our drilling contracts, contract bidding, tax appeals, customs duties, and other obligations in various jurisdictions. We expect to comply with the underlying performance requirements and we expect obligations under these letters of credit and surety bonds will not be called.

**Other Contingencies**

We are a defendant in certain other claims and litigation arising out of operations in the ordinary course of business, including personal injury claims, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations, or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims.

**Note 13 — Segment and Related Information**

We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent, and government-owned or controlled oil and gas companies throughout the world. Our reportable segment comprises the structure used by our Chief Executive Officer, who has been determined to be our chief operating decision maker ("CODM"), for assessing performance and allocating resources. We regularly provide management reports to the CODM that include a segment revenue amount and segment contract drilling services costs. Our CODM evaluates the segment's operating performance based on operating revenues and operating income or loss. Refer to the Company's Consolidated Statements of Operations for additional information.

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**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

The following table presents revenues and long-lived assets by country based on the location of the service provided during the period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Revenues** | **Revenues** | **Revenues** | **Long-Lived Assets as of** | **Long-Lived Assets as of** |
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |<br>**December 31, 2025** |<br>**December 31, 2024** |
| Australia | $85783 | $242721 | $154860 | $80459 | $59202 |
| Brazil | 266405 | 107014 | 92022 | 300962 | 315084 |
| Colombia | 143920 | 94560 | 53646 | 162534 | 163719 |
| Denmark | 10532 | 75971 | 88914 | 186529 | 333618 |
| Ghana | 60495 | 138176 | 150677 | 270337 |  |
| Guinea Bissau |  | 13947 |  |  | 300962 |
| Guyana | 647658 | 676234 | 703473 | 769339 | 762746 |
| Malaysia | 112455 | 203495 | 87105 | 49866 | 292878 |
| Namibia | 58892 | 7537 | 27 |  | 253652 |
| Nigeria | 96668 | 135331 | 143641 | 70298 | 73296 |
| Norway | 310863 | 236834 | 249308 | 959466 | 487183 |
| Suriname | 115441 | 82082 | 108532 | 87398 |  |
| United Kingdom | 206412 | 190804 | 65710 | 143465 | 755712 |
| United States | 889710 | 685835 | 437346 | 1964862 | 1666748 |
| Other | 280334 | 167277 | 253757 | 517039 | 684356 |
| &nbsp;&nbsp;**Total** | $3285568 | $3057818 | $2589018 | $5562554 | $6149156 |

---

Included in our long-lived assets balance above is our property and equipment and right-of-use assets. We used the geographic location as of December 31, 2025 and 2024, of each drilling rig, operating lease, and finance lease for our property and equipment and right-of-use assets, respectively, for our long-lived assets geographic disclosure shown above.

**Significant Customers**

The following table sets forth revenues from our customers as a percentage of our consolidated operating revenues:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| Exxon Mobil Corporation ("ExxonMobil") | 19.7% | 22.1% | 24.5% |
| BP | 13.2% | (1) | (1) |
| Petrobras | 12.5% | (1) | (1) |
| TotalEnergies | (1) | (1) | 10.5% |
| Shell plc | (1) | 12.3% | 13.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount was less than 10% for the year presented.

No other customer accounted for more than 10% of our consolidated operating revenues in 2025, 2024, or 2023.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

**Note 14 — Supplemental Financial Information**

**Consolidated Statements of Cash Flows Information**

**Operating Cash Activities.** The net effect of changes in assets and liabilities on cash flows from operating activities is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| Accounts receivable | $207364 | $(54923) | $(80042) |
| Taxes receivable | (22699) | (15263) | (7374) |
| Other current assets | 159337 | (108044) | (42532) |
| Other assets | 48759 | 40146 | (27177) |
| Accounts payable | (80494) | (32437) | 59757 |
| Other current liabilities | (200849) | 103326 | 9679 |
| Other liabilities | (99655) | (64106) | 32612 |
| &nbsp;&nbsp;**Total net change in operating assets and liabilities** | $11763 | $(131301) | $(55077) |

---

**Non-cash Investing and Financing Activities.** Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of December 31, 2025, 2024, and 2023 were $47.6 million, $66.0 million, and $114.7 million, respectively.

On September 4, 2024, Noble completed its acquisition of Diamond issuing 24.2 million Ordinary Shares valued at $879.9 million, in exchange for $1.5 billion net assets acquired. See "Note 2 — Acquisitions and Divestitures" for additional information.

Additional cash flow information is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** |
| **Cash paid during the period for:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest, net of amounts capitalized | $162241 | $106845 | $52361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid (refunded), net | 121129 | 108664 | 105446 |

---

**Note 15 — Information about Noble Finance II**

**8.000% Senior Notes due 2030**

Noble Finance II, a wholly-owned, indirect subsidiary of Noble, is the issuer of the 2030 Notes and one or more 100% wholly-owned, direct and indirect subsidiaries of Noble Finance II are the unconditional guarantors, or are otherwise obligated as of December 31, 2025, with respect to the 2030 Notes. See "Note 6 — Debt" for additional information.

The Noble Indenture contains a covenant that requires Noble Finance II to furnish to holders of the 2030 Notes certain financial information relating to Noble Finance II and its restricted subsidiaries. The obligation to furnish such information may be satisfied by providing financial information of Noble along with a description of the differences between such information and the financial information of Noble Finance II and its restricted subsidiaries on a standalone basis.

------

**NOBLE CORPORATION plc AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unless otherwise indicated, dollar and share amounts in tables are in thousands)

The summarized financial information below reflects the consolidated accounts of Noble Finance II:

---

| | |
|:---|:---|
| | **December 31, 2025** |
| **Balance Sheet** | |
| Cash and cash equivalents | $259233 |
| Total current assets | 2098558 |
| Total current liabilities | 671158 |
| Total debt | 1400982 |
| Total shareholders' equity | 4738725 |

---

---

| | |
|:---|:---|
| | **Twelve Months Ended December 31, 2025** |
| **Statement of Operations** | |
| Operating revenues | $2354594 |
| Operating costs and expenses | 2092947 |
| Depreciation and amortization | 430522 |
| **Statement of Cash Flows** |  |
| Net cash provided by (used in) operating activities | $751855 |
| Capital expenditures | (425701) |
| Proceeds from disposal of assets, net | 147201 |
| Dividend payments |  |

---

**Note 16 — Subsequent Events**

**Planned Divestment of Six Jackup Rigs**

On December 8, 2025, Noble announced that the Company signed definitive agreements to sell six jackup rigs, which includes the sale of five rigs to Borr Drilling Limited ("Borr") for $360.0 million and a separate transaction for the sale of one rig to Ocean Oilfield Drilling for $64.0 million in cash.

The agreement with Borr, comprising $210.0 million in cash and $150.0 million in seller notes, includes the sale of the *Noble Tom Prosser*, *Noble Mick O'Brien*, *Noble Regina Allen*, *Noble Resilient*, and *Noble Resolute*. The *Noble Regina Allen* sale closed on January 7, 2026. The sale of the remaining rigs closed on January 28, 2026. The $150.0 million in seller notes to Borr have a six-year maturity and are secured by a first lien on three jackups (*Noble Tom Prosser*, *Noble Regina Allen*, and *Noble Resilient*). The notes can be prepaid at any time without penalty, with certain provisions mandating early prepayment. Additionally, Noble will continue to operate two rigs, the *Noble Mick O'Brien* and *Noble Resolute*, under a bareboat charter agreement with Borr for one year from signing of the definitive agreement, and another rig, the *Noble Resilient*, under a similar bareboat charter agreement into the second quarter of 2026.

The agreement with Ocean Oilfield Drilling anticipates the sale of the *Noble Resolve*. Closing is expected in the third quarter of 2026, upon conclusion of the *Noble Resolve's* current contract.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. Evaluation of Disclosure Controls and Procedures**

**Conclusions Regarding Disclosure Controls and Procedures**

Robert W. Eifler, President and Chief Executive Officer (Principal Executive Officer) of Noble, and Richard B. Barker, Executive Vice President and Chief Financial Officer (Principal Financial Officer) of Noble, have evaluated the disclosure

------

controls and procedures (as defined in Rule 13a-15(e) under the Securities and Exchange Act of 1934, as amended (the "Exchange Act")) of Noble as of the end of the period covered by this report. On the basis of this evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that Noble's disclosure controls and procedures were effective as of December 31, 2025. Noble's disclosure controls and procedures are designed to ensure that information required to be disclosed by Noble in the reports that it files or submits under the Securities Exchange Act of 1934, as amended ("the Exchange Act") is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, including its principal executive and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

**Management's Annual Report on Internal Control Over Financial Reporting**

The management of Noble is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) promulgated under the Exchange Act. Under the supervision of and with the participation of our management, including our Principal Executive Officer and our Principal Financial Officer, we conducted an evaluation of the effectiveness of the Company's internal control over financial reporting based on the framework *Internal Control—Integrated Framework* issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. Based on this assessment, our management concluded that Noble maintained effective internal control over financial reporting as of December 31, 2025.

PricewaterhouseCoopers LLP, the independent registered public accounting firm that audited our financial statements included in this Annual Report on Form 10-K, has audited the effectiveness of internal control over financial reporting as of December 31, 2025, as stated in their report, which is provided in Part II, Item 8, "Financial Statements and Supplementary Data" in this Annual Report on Form 10-K.

**Changes in Internal Control Over Financial Reporting**

There were no changes in Noble's internal control over financial reporting that occurred during the quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of Noble.

**Limitations on the Effectiveness of Controls**

Internal control over financial reporting includes the controls themselves, monitoring (including internal auditing practices), and actions taken to correct deficiencies as identified. There are inherent limitations to the effectiveness of internal control over financial reporting, however well designed, including the possibility of human error and the possible circumvention or overriding of controls. The design of an internal control system is also based in part upon assumptions and judgments made by management about the likelihood of future events, and there can be no assurance that an internal control will be effective under all potential future conditions. As a result, even an effective system of internal controls can provide no more than reasonable assurance with respect to the fair presentation of financial statements and the processes under which they were prepared.

**Item 9B. Other Information.**

Our directors and executive officers may from time to time enter into plans or other arrangements for the purchase or sale of our Ordinary Shares that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act. On December 12, 2025, Robert Eifler, our President and Chief Executive Officer, and Richard Barker, our Executive Vice President and Chief Financial Officer, each adopted a written plan for the sale of 150,000 Ordinary Shares. Each plan is scheduled to commence on March 18, 2026, and is scheduled to expire on December 11, 2026, or on any earlier date on which all of the shares have been sold. The plans are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not applicable.

------

**PART III**

**Item 10. Directors, Executive Officers, and Corporate Governance.**

Information in response to this item is incorporated by reference to our Proxy Statement relating to our 2026 Annual Meeting of Shareholders. The Proxy Statement will be filed with the SEC within 120 days after the end of the fiscal year covered by this Form 10-K pursuant to Regulation 14A under the Exchange Act.

**Item 11. Executive Compensation.**

Information in response to this item is incorporated by reference to our Proxy Statement relating to our 2026 Annual Meeting of Shareholders. The Proxy Statement will be filed with the SEC within 120 days after the end of the fiscal year covered by this Form 10-K pursuant to Regulation 14A under the Exchange Act.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

Information in response to this item is incorporated by reference to our Proxy Statement relating to our 2026 Annual Meeting of Shareholders. The Proxy Statement will be filed with the SEC within 120 days after the end of the fiscal year covered by this Form 10-K pursuant to Regulation 14A under the Exchange Act.

**Item 13. Certain Relationships, Related Transactions, and Directors' Independence.**

Information in response to this item is incorporated by reference to our Proxy Statement relating to our 2026 Annual Meeting of Shareholders. The Proxy Statement will be filed with the SEC within 120 days after the end of the fiscal year covered by this Form 10-K pursuant to Regulation 14A under the Exchange Act.

**Item 14. Principal Accountant Fees and Services.**

Information in response to this item is incorporated by reference to our Proxy Statement relating to our 2026 Annual Meeting of Shareholders. The Proxy Statement will be filed with the SEC within 120 days after the end of the fiscal year covered by this Form 10-K pursuant to Regulation 14A under the Exchange Act.

------

**PART IV**

**Item 15. Exhibits and Financial Statement Schedules.**

(a)The following documents are filed as part of this report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)A list of the financial statements filed as a part of this report is set forth in Part II, Item 8, "[Financial Statements and Supplementary Data](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_76)" on page [53](#i2aab3bdc6ca8465cadd1d05ec6d9aad5_76) of this Annual Report on Form 10-K and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Financial Statement Schedules:

All schedules are omitted because they are either not applicable or required information is shown in the financial statements or notes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Exhibits:

The information required by this Item 15(a)(3) is set forth in the Index to Exhibits accompanying this Annual Report on Form 10-K and is incorporated herein by reference.

**Item 16. Form 10-K Summary.**

None.

------

**Index to Exhibits**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Exhibit** |
| 2.1 | <u>[Agreement and Plan of Merger, dated as of June 9, 2024, by and among Noble Corporation plc, Diamond Offshore Drilling, Inc., Dolphin Merger Sub 1, Inc. and Dolphin Merger Sub 2, Inc. (filed as Exhibit 2.1 to Noble's Current Report on Form 8-K filed on June 10, 2024](https://www.sec.gov/Archives/edgar/data/949039/000095014224001595/eh240493736_ex0201.htm)[,](https://www.sec.gov/Archives/edgar/data/949039/000095014224001595/eh240493736_ex0201.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/949039/000095014224001595/eh240493736_ex0201.htm)[h](https://www.sec.gov/Archives/edgar/data/949039/000095014224001595/eh240493736_ex0201.htm)[e](https://www.sec.gov/Archives/edgar/data/949039/000095014224001595/eh240493736_ex0201.htm)[r](https://www.sec.gov/Archives/edgar/data/949039/000095014224001595/eh240493736_ex0201.htm)[e](https://www.sec.gov/Archives/edgar/data/949039/000095014224001595/eh240493736_ex0201.htm)[i](https://www.sec.gov/Archives/edgar/data/949039/000095014224001595/eh240493736_ex0201.htm)[n](https://www.sec.gov/Archives/edgar/data/949039/000095014224001595/eh240493736_ex0201.htm)[by reference](https://www.sec.gov/Archives/edgar/data/949039/000095014224001595/eh240493736_ex0201.htm)[).](https://www.sec.gov/Archives/edgar/data/949039/000095014224001595/eh240493736_ex0201.htm)</u> |
| 3.1 | <u>[Amended and Restated Articles of Association of Noble](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm)</u> <u>[Corporation plc ("Noble") (filed as Exhibit 3.1 to Noble's Current Report on Form 8-K filed on September 30, 2022](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm)[,](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm)[and](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm) [incorporated](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm)[h](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm)[e](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm)[r](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm)[e](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm)[i](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm)[n](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm)[by reference](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm)[).](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex31.htm)</u> |
| 4.1 | <u>[Indenture, dated as of April 18, 2023, by and among Noble Finance II LLC, the subsidiaries of Noble Finance II LLC named therein, as guarantors, and U.S. Bank Trust Company, National Association, as trustee paying agent and registrar (including the form of 8.000% Senior Note due 2030 included therein) (filed as Exhibit 4.1 to Noble's Current Report on Form 8-K filed on April 18, 2023](https://www.sec.gov/Archives/edgar/data/1895262/000119312523104963/d494951dex41.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000119312523104963/d494951dex41.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000119312523104963/d494951dex41.htm)[herein by reference](https://www.sec.gov/Archives/edgar/data/1895262/000119312523104963/d494951dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000119312523104963/d494951dex41.htm)</u> |
| 4.2 | <u>[Second Supplemental Indenture, dated as of August 22, 2024, among Noble Finance II LLC, as issuer, the guarantors listed on the signature pages thereto and U.S. Bank Trust Company, National Association, as trustee, paying agent and registrar (filed as Exhibit 4.3 to Noble's Current Report on Form 8-K filed on August 22, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000119312524205351/d835937d8k.htm)[,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000119312524205351/d835937d8k.htm)[and incorporated](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000119312524205351/d835937d8k.htm)[h](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000119312524205351/d835937d8k.htm)[e](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000119312524205351/d835937d8k.htm)[r](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000119312524205351/d835937d8k.htm)[e](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000119312524205351/d835937d8k.htm)[i](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000119312524205351/d835937d8k.htm)[n](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000119312524205351/d835937d8k.htm)[by reference](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000119312524205351/d835937d8k.htm)[).](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000119312524205351/d835937d8k.htm)</u> |
| 4.3 | <u>[Indenture, dated as of September 21, 2023, among Diamond Foreign Asset Company and Diamond Finance, LLC, as issuers, Diamond Offshore Drilling, Inc., as a guarantor, the other subsidiaries of Diamond Offshore Drilling, Inc. party thereto from time to time, as guarantors, and HSBC Bank USA, National Association, as trustee and collateral agent (filed as Exhibit 4.1 to Diamond Offshore Drilling, Inc.'s Current Report on Form 8-K filed on September 22, 2023](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex41.htm)[,](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex41.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex41.htm)[h](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex41.htm)[e](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex41.htm)[r](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex41.htm)[e](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex41.htm)[i](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex41.htm)[n](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex41.htm)[by reference](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex41.htm)</u> |
| 4.4 | <u>[Supplemental Indenture, dated as of September 4, 2024, among Diamond Foreign Asset Company and Diamond Finance, LLC, as issuers, Diamond Offshore Drilling, Inc., as existing company, Dolphin Merger Sub 2, Inc., (now known as Noble Offshore Drilling Inc.) as new company, and HSBC Bank USA, National Association, as trustee and collateral agent (filed as Exhibit 4.1 to the Noble](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)['](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)[s current Report on Form 8-K filed on September 4, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)[,](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)[and incorporated](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)[h](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)[e](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)[r](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)[e](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)[i](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)[n](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)[by reference](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)[).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1895262/000095014224002324/eh240525915_8k.htm)</u> |
| 4.5\*\* | <u>[Description of Securities Registered Under Section 12 of the Securities Exchange Act of 1934, as](exhibit45-descriptionofsec.htm)[a](exhibit45-descriptionofsec.htm)[mend](exhibit45-descriptionofsec.htm)[ed.](exhibit45-descriptionofsec.htm)</u> |
| 10.1\* | <u>[Noble Corporation plc 2022 Long-Term Incentive Plan (filed as Exhibit 4.1 to Noble's Registration Statement on Form S-8 filed on September 30, 2022](https://www.sec.gov/Archives/edgar/data/1895262/000119312522255750/d377043dex41.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000119312522255750/d377043dex41.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000119312522255750/d377043dex41.htm)[h](https://www.sec.gov/Archives/edgar/data/1895262/000119312522255750/d377043dex41.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000119312522255750/d377043dex41.htm)[r](https://www.sec.gov/Archives/edgar/data/1895262/000119312522255750/d377043dex41.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000119312522255750/d377043dex41.htm)[i](https://www.sec.gov/Archives/edgar/data/1895262/000119312522255750/d377043dex41.htm)[n](https://www.sec.gov/Archives/edgar/data/1895262/000119312522255750/d377043dex41.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000119312522255750/d377043dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000119312522255750/d377043dex41.htm)</u> |
| 10.2\* | <u>[First Amendment to the Noble Corporation plc 2022 Long-Term Incentive Plan, effective as of April 1, 2024](https://www.sec.gov/Archives/edgar/data/1895262/000162828024024529/exhibit992-noble2022ltipxf.htm)[(filed as Exhibit 99.2 to Noble's Registration Statement on Form S-8 filed on May 21, 2024](https://www.sec.gov/Archives/edgar/data/1895262/000162828024024529/exhibit992-noble2022ltipxf.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000162828024024529/exhibit992-noble2022ltipxf.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000162828024024529/exhibit992-noble2022ltipxf.htm)[h](https://www.sec.gov/Archives/edgar/data/1895262/000162828024024529/exhibit992-noble2022ltipxf.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000162828024024529/exhibit992-noble2022ltipxf.htm)[r](https://www.sec.gov/Archives/edgar/data/1895262/000162828024024529/exhibit992-noble2022ltipxf.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000162828024024529/exhibit992-noble2022ltipxf.htm)[i](https://www.sec.gov/Archives/edgar/data/1895262/000162828024024529/exhibit992-noble2022ltipxf.htm)[n](https://www.sec.gov/Archives/edgar/data/1895262/000162828024024529/exhibit992-noble2022ltipxf.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000162828024024529/exhibit992-noble2022ltipxf.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000162828024024529/exhibit992-noble2022ltipxf.htm)</u> |
| 10.3\* | <u>[Form of Director Restricted Stock Unit Award, effective as of January 25, 2024, under the Noble Corporation 2022 Long-Term Incentive Plan (2026 Annual Grants, filed as Exhibit 10.8 to Noble's Annual Report on Form 10-K for the year ended December 31, 2023](https://www.sec.gov/Archives/edgar/data/1895262/000162828024006622/exhibit108-formofdirectorr.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000162828024006622/exhibit108-formofdirectorr.htm)[and incorporated by reference herein).](https://www.sec.gov/Archives/edgar/data/1895262/000162828024006622/exhibit108-formofdirectorr.htm)</u> |
| 10.4\* | <u>[Form of Time-Vested Restricted Stock Unit Award for Executive Officers, effective as of August 2, 2023, under the Noble Corporation plc 2022 Long-Term Incentive Plan (2024, 2025, & 2026 Annual Grant, filed as Exhibit 10.3 to Noble's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit103-tvrsuawardagree.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit103-tvrsuawardagree.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit103-tvrsuawardagree.htm)[herein](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit103-tvrsuawardagree.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit103-tvrsuawardagree.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit103-tvrsuawardagree.htm)</u> |

---

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Exhibit** |
| 10.5\* | <u>[Form of Performance-Vested Restricted Stock Unit Award, effective as of August 2, 2023, under the Noble Corporation plc 2022 Long-Term Incentive Plan (2024, 2025, & 2026 Annual Grant, filed as Exhibit 10.4 to Noble's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit104-pvrsuawardagree.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit104-pvrsuawardagree.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit104-pvrsuawardagree.htm)[h](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit104-pvrsuawardagree.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit104-pvrsuawardagree.htm)[r](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit104-pvrsuawardagree.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit104-pvrsuawardagree.htm)[i](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit104-pvrsuawardagree.htm)[n](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit104-pvrsuawardagree.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit104-pvrsuawardagree.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit104-pvrsuawardagree.htm)</u> |
| 10.6\* | <u>[Global Amendment to Employee Time and Performance Restricted Stock Awards Plan (filed as Exhibit 10.2 to Noble's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023](https://www.sec.gov/Archives/edgar/data/1895262/000162828023035932/exhibit102-globalamendment.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000162828023035932/exhibit102-globalamendment.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000162828023035932/exhibit102-globalamendment.htm)[h](https://www.sec.gov/Archives/edgar/data/1895262/000162828023035932/exhibit102-globalamendment.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000162828023035932/exhibit102-globalamendment.htm)[r](https://www.sec.gov/Archives/edgar/data/1895262/000162828023035932/exhibit102-globalamendment.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000162828023035932/exhibit102-globalamendment.htm)[i](https://www.sec.gov/Archives/edgar/data/1895262/000162828023035932/exhibit102-globalamendment.htm)[n](https://www.sec.gov/Archives/edgar/data/1895262/000162828023035932/exhibit102-globalamendment.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000162828023035932/exhibit102-globalamendment.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000162828023035932/exhibit102-globalamendment.htm)</u> |
| 10.7\*^ | <u>[Noble Corporation plc Executive Change in Control Severance Plan (filed as Exhibit 10.1 to Noble's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit101-noblecorporatio.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit101-noblecorporatio.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit101-noblecorporatio.htm)[h](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit101-noblecorporatio.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit101-noblecorporatio.htm)[r](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit101-noblecorporatio.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit101-noblecorporatio.htm)[i](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit101-noblecorporatio.htm)[n](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit101-noblecorporatio.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit101-noblecorporatio.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit101-noblecorporatio.htm)</u> |
| 10.8\*^ | <u>[Noble Corporation plc Executive Severance Plan (filed as Exhibit 10.2 to Noble's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit102-noblecorporatio.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit102-noblecorporatio.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit102-noblecorporatio.htm)[h](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit102-noblecorporatio.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit102-noblecorporatio.htm)[r](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit102-noblecorporatio.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit102-noblecorporatio.htm)[i](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit102-noblecorporatio.htm)[n](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit102-noblecorporatio.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit102-noblecorporatio.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000162828023027331/exhibit102-noblecorporatio.htm)</u> |
| 10.9 | <u>[Irrevocable Undertaking, dated as of November 10, 2021, by and among APMH Invest A/S, Noble Corporation, Noble Finco Limited and The Drilling Company of 1972 A/S (filed as Exhibit 10.1 to Noble Cayman's Current Report on Form 8-K filed on November 10, 2021](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex101.htm)[,](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex101.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex101.htm)[h](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex101.htm)[e](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex101.htm)[r](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex101.htm)[e](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex101.htm)[i](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex101.htm)[n](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex101.htm)[by reference](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex101.htm)[).](https://www.sec.gov/Archives/edgar/data/0001458891/000119312521325414/d263913dex101.htm)</u> |
| 10.10\* | <u>[Form of Indemnification Agreement (filed as Exhibit 10.1 to Noble's Current Report on Form 8-K filed on September 30, 2022](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex101.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex101.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex101.htm)[h](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex101.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex101.htm)[r](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex101.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex101.htm)[i](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex101.htm)[n](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex101.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex101.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex101.htm)</u> |
| 10.11 | <u>[Tranche 1 Warrant Agreement, dated as of September 30, 2022, by and among Noble Corporation plc, Computershare Inc. and Computershare Trust Company, N.A. (filed as Exhibit 10.2 to Noble's Current Report on Form 8-K filed on September 30, 2022](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex102.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex102.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex102.htm)[h](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex102.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex102.htm)[r](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex102.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex102.htm)[i](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex102.htm)[n](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex102.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex102.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex102.htm)</u> |
| 10.12 | <u>[Tranche 2 Warrant Agreement, dated as of September 30, 2022, by and among Noble Corporation plc, Computershare Inc. and Computershare Trust Company, N.A. (filed as Exhibit 10.3 to Noble's Current Report on Form 8-K filed on September 30, 2022](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex103.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex103.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex103.htm)[h](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex103.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex103.htm)[r](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex103.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex103.htm)[i](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex103.htm)[n](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex103.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex103.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex103.htm)</u> |
| 10.13 | <u>[Tranche 3 Warrant Agreement, dated as of September 30, 2022, by and among Noble Corporation plc, Computershare Inc. and Computershare Trust Company, N.A. (filed as Exhibit 10.4 to Noble's Current Report on Form 8-K filed on September 30, 2022](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex104.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex104.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex104.htm)[h](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex104.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex104.htm)[r](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex104.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex104.htm)[i](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex104.htm)[n](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex104.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex104.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex104.htm)</u> |
| 10.14 | <u>[Assumption Agreement, dated as of September 30, 2022, by and between Noble Corporation plc and Noble Corporation (filed as Exhibit 10.5 to Noble's Current Report on Form 8-K filed on September 30, 2022](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex105.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex105.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex105.htm)[h](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex105.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex105.htm)[r](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex105.htm)[e](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex105.htm)[i](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex105.htm)[n](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex105.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex105.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000119312522254859/d377058dex105.htm)</u> |
| 10.15 | <u>[Registration Rights Agreement, dated as of October 3, 2022, by and between Noble Corporation plc and APMH Invest A/S (filed as Exhibit 10.2 to Noble's Current Report on Form 8-K filed on October 3, 2022](https://www.sec.gov/Archives/edgar/data/1895262/000119312522256802/d403539dex102.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000119312522256802/d403539dex102.htm)[and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1895262/000119312522256802/d403539dex102.htm)</u> |
| 10.16 | <u>[Relationship Agreement, dated as of October 3, 2022, by and among Noble Corporation plc, Noble Corporation and APMH Invest A/S (filed as Exhibit 10.3 to Noble's Current Report on Form 8-K filed on October 3, 2022](https://www.sec.gov/Archives/edgar/data/1895262/000119312522256802/d403539dex103.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000119312522256802/d403539dex103.htm)[and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1895262/000119312522256802/d403539dex103.htm)</u> |

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Exhibit** |
| 10.17\* | <u>Noble Corporation plc 2025 Short-Term Incentive Plan (filed as Exhibit 10.22 to Noble's Annual Report on Form 10-K for the year ended December 31, 2024, and incorporated herein by reference).</u> |
| 10.18\*\* \* | <u>[Noble Corporation plc 2026 Short-Term Incentive Plan.](exhibit1018-noblecorporati.htm)</u> |
| 10.19 | <u>[Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 18, 2023, by and among Noble Finance II LLC, Noble International Finance Company, Noble Drilling A/S, and any additional subsidiaries of Noble Finance II LLC as from time to time designated by Noble Finance II LLC as a designated borrower,](https://www.sec.gov/Archives/edgar/data/1895262/000119312523104963/d494951dex101.htm)[as borrowers, the lenders and issuing banks party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent, collateral agent and security trustee (filed as Exhibit 10.1 to Noble's Current Report on Form 8-K filed on April 18, 2023](https://www.sec.gov/Archives/edgar/data/1895262/000119312523104963/d494951dex101.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000119312523104963/d494951dex101.htm)[and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1895262/000119312523104963/d494951dex101.htm)</u> |
| 10.20 | <u>[First Amendment to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of June 24, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000162828024030321/ne-20240624.htm)[,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000162828024030321/ne-20240624.htm)[by and among Noble Finance II LLC, Noble International Finance Company, as a designated borrower, Noble Drilling A/S, as a designated borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (filed as Exhibit 10.1 to Noble's Current Report on Form 8-K filed on June 27, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000162828024030321/ne-20240624.htm)[,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000162828024030321/ne-20240624.htm)[and incorporated herein by reference).](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895262/000162828024030321/ne-20240624.htm)</u> |
| 10.21 | <u>[Amended and Restated Collateral Agreement and Intercreditor Agreement, dated as of September 21, 2023, among Noble Offshore Drilling, Inc. (formerly known as Dolphin Merger Sub 2, Inc. and as successor by merger with Diamond Offshore Drilling, Inc.), as a grantor, Diamond Foreign Asset Company, as a grantor, the other grantors from time to time party thereto, HSBC Bank USA, National Association, as credit agreement administrative agent, notes trustee, and collateral agent and security trustee (incorporated by reference to Exhibit 10.1 to Diamond Offshore Drilling, Inc.'s Current Report on Form 8-K filed on September 22, 2023](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex101.htm)[,](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex101.htm)[and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/949039/000119312523240029/d452377dex101.htm)</u> |
| 10.22\*\* | <u>[Second Amendment to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 16, 2025, by and among Noble Finance II LLC, Noble International Finance Company, as a designated borrower, Noble Drilling A/S, as a designated borrower, each of the lenders party hereto and JPMorgan Chase Bank, N.A., as administrative agent.](exhibit1022-secondamendmen.htm)</u> |
| 19.1 | <u>Noble Corporation plc Policy on Trading in Company Securities (filed as Exhibit 19.1 to Noble's Annual Report on Form 10-K for the year ended December 31, 2024, and incorporated herein by reference).</u> |
| 21.1\*\* | <u>[List of Subsidiaries of Noble Corporation plc](exhibit211-listofsubsidiar.htm)[.](exhibit211-listofsubsidiar.htm)</u> |
| 23.1\*\* | <u>[Consent of PricewaterhouseCoopers LLP](exhibit231-noblecorporatio.htm)</u> |
| 31.1\*\* | <u>[Certification of Robert W. Eifler, Noble, pursuant to the U.S. Securities Exchange Act of 1934, as amended, Rule 13a-14(a) or Rule 15d-14(a).](exhibit311-roberteiflercer.htm)</u> |
| 31.2\*\* | <u>[Certification of Richard B. Barker, Noble, pursuant to the US Securities Exchange Act of 1934, as amended, Rule 13a-14(a) or Rule 15d-14(a).](exhibit312-richardbarkerce.htm)</u> |
| 32.1+ | <u>[Certification of Robert W. Eifler, Noble, pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit321-roberteiflercer.htm)</u> |

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Exhibit** |
| 32.2+ | <u>[Certification of Richard B. Barker, Noble, pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit322-richardbarkerce.htm)</u> |
| 97.1 | <u>[Noble Corporation plc Clawback Policy (filed as Exhibit 97.1 to Noble's Annual Report on Form 10-K for the year ended December 31, 2023](https://www.sec.gov/Archives/edgar/data/1895262/000162828024006622/exhibit971-clawbackpolicy.htm)[,](https://www.sec.gov/Archives/edgar/data/1895262/000162828024006622/exhibit971-clawbackpolicy.htm)[and incorporated](https://www.sec.gov/Archives/edgar/data/1895262/000162828024006622/exhibit971-clawbackpolicy.htm)[herein](https://www.sec.gov/Archives/edgar/data/1895262/000162828024006622/exhibit971-clawbackpolicy.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1895262/000162828024006622/exhibit971-clawbackpolicy.htm)[).](https://www.sec.gov/Archives/edgar/data/1895262/000162828024006622/exhibit971-clawbackpolicy.htm)</u> |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

______________________________________________________________________________________________________________________________________________________________________________________________________________________

\*&nbsp;&nbsp;&nbsp;&nbsp;Management contract or compensatory plan or arrangement.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

†&nbsp;&nbsp;&nbsp;&nbsp;Certain portions of the exhibit have been omitted. The Company agrees to furnish a supplemental copy with any omitted information to the SEC upon request.

^&nbsp;&nbsp;&nbsp;&nbsp;Certain personally identifiable information contained in this exhibit has been redacted pursuant to Item 601(a)(6) of Regulation S-K.

+&nbsp;&nbsp;&nbsp;&nbsp;Furnished in accordance with Item 601(b)(32)(ii) of Regulation S-K.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Noble Corporation plc,** a public limited company incorporated under the laws of England and Wales

---

| | | |
|:---|:---|:---|
| February 12, 2026 | By: | /s/ Robert W. Eifler |
|  |  | Robert W. Eifler<br>President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| /s/ Robert W. Eifler | February 12, 2026 |
| Robert W. Eifler<br>President and Chief Executive Officer, and Director<br>(Principal Executive Officer) | Date |
| /s/ Richard B. Barker | February 12, 2026 |
| Richard B. Barker<br>Executive Vice President and Chief Financial Officer<br>(Principal Financial Officer) | Date |
| /s/ Jeffrey K. Hunt | February 12, 2026 |
| Jeffrey K. Hunt<br>Vice President and Chief Accounting Officer<br>(Principal Accounting Officer) | Date |
| /s/ Charles M. Sledge | February 12, 2026 |
| Charles M. Sledge<br>Director and Chairman | Date |
| /s/ Patrice R. Douglas | February 12, 2026 |
| Patrice R. Douglas<br>Director | Date |
| /s/ Claus V. Hemmingsen | February 12, 2026 |
| Claus V. Hemmingsen<br>Director | Date |
| /s/ Alan J. Hirshberg | February 12, 2026 |
| Alan J. Hirshberg<br>Director | Date |
| /s/ Kristin H. Holth | February 12, 2026 |
| Kristin H. Holth<br>Director | Date |
| /s/ H. Keith Jennings | February 12, 2026 |
| H. Keith Jennings<br>Director | Date |

---

## Exhibit 4.5

**EXHIBIT 4.5**

**<u>DESCRIPTION OF SECURITIES</u>**

*References to "we," "us," "our" or the "Company" herein are, unless the context otherwise indicates, to Noble Corporation plc and not to any of its subsidiaries. "$" indicates US Dollars and "£" indicates British Pounds Sterling.*

**General**

The following sets forth a summary of the material terms of the securities of Noble Corporation plc registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), including certain provisions of English law and the material provisions of our Amended and Restated Articles of Association (the "**Articles**"). This summary is not intended to be a complete summary of the rights and preferences of such securities and is qualified entirely by reference to the Articles, the Tranche 1 Warrant Agreement, dated as of September 30, 2022, by and among the Company, Computershare Inc. and Computershare Trust Company, N.A. (the "**Tranche 1 Warrant Agreement**") and the Tranche 2 Warrant Agreement, dated as of September 30, 2022, by and among the Company, Computershare Inc. and Computershare Trust Company, N.A. (the "**Tranche 2 Warrant Agreement**"). You should refer to the Articles, the Tranche 1 Warrant Agreement and the Tranche 2 Warrant Agreement which are included as exhibits to the report to which this exhibit is attached, for a complete description of the rights and preferences of our securities. The summary below is also qualified by reference to the provisions of the United Kingdom Companies Act of 2006 (the "**Companies Act**"), as applicable.

**Ordinary Shares**

*<u>Share Capital</u>.* The Company's outstanding issued share capital consists of A Ordinary Shares denominated in US Dollars with a nominal value of $0.00001 per share (the "**A Ordinary Shares**"). The Articles also include descriptions of the following classes of shares which may be issued by the Company (although, currently, there are no such shares in issue): (i) B Ordinary Shares denominated in British Pounds Sterling with a nominal value of £1.00 per share (the "**B Ordinary Shares**"); and (ii) Capitalization Shares denominated in US Dollars with a nominal value of $1.00 per share (the "**Capitalization Shares**").

A Ordinary Shares have voting rights attached to them (on the basis of one vote per share) and each A Ordinary Share ranks equally with all other shares in the capital of the Company that have voting rights for voting purposes. Each A Ordinary Share ranks equally with all other shares in the capital of the Company for any dividend declared and for any distribution made on a winding up of the Company.

B Ordinary Shares do not have voting rights attached to them. B Ordinary Shares have no entitlement to dividends. B Ordinary Shares do not have any right to participate in any distribution on a winding up of the Company save that after the return of the nominal value paid up or credited as paid up on every A Ordinary Share in the capital of the Company and the distribution of £100,000,000 to each holder thereof, each B Ordinary Share shall be entitled to £1. The B Ordinary Shares may be issued as redeemable shares.

Capitalization Shares do not have voting rights attached to them. Capitalization Shares have no entitlement to dividends. Capitalization Shares do not have any right to participate in any distribution on a winding up of the Company save that after the return of the nominal value paid up or credited as paid up on every other class of share in the capital of the Company and the distribution of $100,000,000 to each holder thereof, each Capitalization Share shall be entitled to $1. The Capitalization Shares may be issued as redeemable shares.

------

**EXHIBIT 4.5**

*<u>Dividends</u>*. Under the Companies Act, the Company is permitted to declare dividends and make distributions only out of distributable profits.

Under the Articles, the Board of Directors may from time to time recommend, and the Company may pay, dividends on its outstanding shares in the manner and upon the terms and conditions provided by the Companies Act and the Articles. Except as otherwise provided by the Articles or the rights attached to shares of the Company, all shares of the Company will carry a pro rata entitlement to the receipt of dividends, and no dividend or other monies payable by the Company in respect of a share in the Company shall bear interest against the Company, unless otherwise provided by the rights attached to the share. Dividends may be declared and paid in any currency or currencies that the Board of Directors may determine, using an exchange rate selected by the Board of Directors for any currency conversions required.

**Shareholder Rights**

*<u>Voting Rights</u>*. Under the Articles, all resolutions at an annual general meeting or other general meeting will be decided on a poll. On a poll each shareholder who is present, in person or by proxy, at the general meeting, is entitled to one vote for every A Ordinary Share held by such shareholder in the name of that shareholder on record at the relevant record date. B Ordinary Shares and Capitalization Shares do not have voting rights attached to them.

Under the Companies Act, an ordinary resolution proposed at an annual general meeting or other general meeting of the shareholders requires approval by a simple majority of the voting rights represented in person or by proxy at the meeting. Matters requiring an ordinary resolution of the shareholders under the Companies Act include the following:

 • approval of directors' long-term service contracts, substantial property transactions with or loans to directors;

 • ratification of acts by directors;

 • the approval of the directors' remuneration report and remuneration policy;

 • a subdivision or consolidation of share capital;

 • a redenomination of share capital; and

 • authorization of off-market share purchases.

Under the Companies Act, a special resolution proposed at an annual general meeting or other general meeting of the shareholders requires approval by not less than 75% of the voting rights represented in person or by proxy at the meeting. Matters requiring a special resolution under the Companies Act include the following:

 • altering a company's articles of association;

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**EXHIBIT 4.5**

 • re-registration of a company from public to private or from private to public;

 • changing the name of a company (unless otherwise provided for in the company's articles of association—the Articles permit the company's name to be changed by the Board of Directors);

 • varying the class rights of shares, unless otherwise provided for in the articles of association;

 • reducing share capital;

 • implementing a scheme of arrangement; and

 • commencing or terminating a member's voluntary winding up.

*<u>Dissolution; Liquidation Rights</u>*. The Company may be dissolved and wound up at any time by way of a member's voluntary winding up, a creditors' voluntary winding up, or a compulsory winding up. Generally, a member's voluntary winding up occurs when the company is solvent and a creditors' voluntary winding up occurs when it is insolvent. Both processes are initiated by the company passing a special resolution. A liquidator (a qualified insolvency practitioner) needs to be appointed for a creditors' voluntary winding up. Upon dissolution, after satisfaction of the claims of creditors, the assets of the Company would be distributed to shareholders in accordance with their respective interests.

*<u>Preemptive Rights</u>*. The Companies Act grants pre-emptive rights on the issue of equity securities (save for the allotment of equity securities wholly or partly paid up other than in cash, amongst other exceptions). Consequently, the Board of Directors, save where an exemption applies, can only issue equity securities if they are first offered to existing ordinary shareholders in proportion to their existing holdings, except to the extent a special resolution has been passed to disapply pre-emption rights. By special resolution on May 8, 2025, and as permitted by English law, the shareholders of the Company authorized the directors of the Company to allot equity securities in the Company for cash up to a maximum nominal amount of US$317.54 as if the statutory pre-emptive rights under English law did not apply for a period commencing on the date such resolution was passed and ending on the earlier of the end of the Company's annual general meeting in 2026 and the close of business on the date that is 15 months after the adoption of the abovementioned special resolution .

*<u>Share Repurchases, Redemptions and Conversions</u>.* Subject to the Companies Act, the Company may repurchase any of its own shares (including any redeemable shares, if the Board of Directors should decide to issue any) by way of "off market purchases" with the prior approval of an ordinary shareholder resolution. Such approval may be for a specific repurchase or constitute a general authority lasting for up to five years from the date of the resolution. However, shares may only be repurchased out of distributable reserves or, subject to certain exceptions, the proceeds of a fresh issue of shares made for that purpose. As of the date of this report, we have shareholder authority to repurchase up to 23,800,068 Ordinary Shares for a five-year period commencing on May 8, 2025.

Under the Companies Act, the Company may issue shares which will or can be redeemed by the Company or by the holder of such redeemable shares. Our A Ordinary Shares are not subject to any redemption or exchange provisions.

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**EXHIBIT 4.5**

Under the Companies Act, following the redemption or repurchase of shares, the Company may hold the shares in treasury (and subsequently cancel them, sell them, or transfer them for the purpose of or under an employees' share scheme). There must at all times be sufficient shares in the Company outstanding that are not held in treasury to satisfy the minimum share capital requirements under the Companies Act.

*<u>Consolidation and Division; Subdivision</u>.* Under the Companies Act, the Company may, by ordinary resolution of the shareholders, consolidate all or any of its share capital into shares of larger amount than its existing shares, or subdivide all or any of its existing shares into shares of a smaller amount than its existing shares.

*<u>Reduction of Share Capital</u>.* Under the Companies Act, the Company may reduce its capital only by way of a court approved procedure, preceded by the approval of a special resolution of its shareholders.

**General Meetings**

*<u>General Meetings of Shareholders</u>*. The Company must hold its annual general meeting in each period of six months beginning with the day following its accounting reference date (which is its accounting year end of December 31). Under English law and the Articles, an annual general meeting must be called by at least 21 clear days' notice. Shareholders must be notified of all general meetings at least 21 clear days prior to the meeting. However, the notice period for all general meetings (other than annual general meetings) can be shortened if the requisite majority of shareholders specified in the Companies Act agrees to the shorter notice. "*Clear days*" means calendar days and excludes (1) the date on which a notice is given or a request received; and (2) the date of the meeting itself. The notice of the annual general meeting must state the time, date and place of the meeting and the general nature of the business to be dealt with, and must state whether the meeting is a physical meeting or a hybrid meeting.

*<u>Calling General Meetings of Shareholders</u>*. The Articles provide that general meetings of shareholders may be called on the order of the Board of Directors. Under the Companies Act, one or more shareholders representing at least 5% of the paid-up share capital of the Company carrying voting rights at general meetings have the right to requisition the holding of a general meeting.

*<u>Quorum for Meetings of Shareholders</u>*. Under the Articles, except as otherwise provided by law, a quorum shall be members who, present in person (which, in the case of a corporate member shall include being present by a representative) or by proxy, together represent at least the majority of the total voting rights of all the members entitled to vote in relation to the meeting. Certain specified matters require a quorum of two-thirds of the total voting rights, being (i) the adoption of a resolution to remove a serving board member; and (ii) amendments to certain provisions of the Articles.

**Corporate Governance**

Under English law and the Articles, the authority for the overall management of the Company is vested in the Board of Directors. The Board of Directors may delegate any of its powers on such terms as it thinks fit in accordance with the Articles and English law, although, the Board of Directors will remain responsible, as a matter of English law, for the proper management of the affairs of the Company and the directors are not allowed to leave the performance of their duties to others. The directors must ensure that any delegation is and remains appropriate and that an adequate system of control and supervision is in place.

*<u>Size of Board and Vacancies</u>.* The Articles provide that the number of directors shall not be less than three nor more than eleven. The Board of Directors has the power to appoint a person as a director by simple

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**EXHIBIT 4.5**

majority resolution, either to fill a vacancy or as an additional position. Under English law and the Articles, the Company's shareholders have the power to remove a director without cause by ordinary resolution, irrespective of any provisions in the Articles, provided that 28 clear days' notice of the resolution is given to the Company.

**Acquisitions**

An English public limited company may be acquired in a number of ways, including by means of a "scheme of arrangement" between the company and its shareholders or by means of a takeover offer.

*<u>Schemes of Arrangement</u>*. A "scheme of arrangement" is a statutory procedure under the Companies Act pursuant to which the English courts may approve an arrangement between an English company and some or all of its shareholders. In a "scheme of arrangement", the company would make an initial application to the court to convene a meeting or meetings of its shareholders at which a majority in number of shareholders representing 75% of the voting rights of the shareholders present and voting either in person or by proxy at the meeting must agree to the arrangement by which they will sell their shares in exchange for the consideration being offered by the bidder. If the shareholders so agree, the company will return to court to request the court to sanction the arrangement. Upon such a scheme of arrangement becoming effective in accordance with its terms and the Companies Act, it will bind the company and all shareholders.

*<u>Takeover Offer</u>*. A takeover offer is an offer to acquire all of the outstanding shares of a company (other than shares which at the date of the offer are already held by the offeror). The offer must be made on identical terms to all holders of shares to which the offer relates. If the offeror, by virtue of acceptances of the offer, acquires or contracts to acquire not less than 90% of the shares (in value and by voting rights) to which the offer relates, the Companies Act allows the offeror to give notice to any non-accepting shareholder that the offeror intends to acquire his or her shares through a compulsory acquisition (also referred to as a "squeeze out"), and the shares of such non-accepting shareholders will be acquired by the offeror six weeks later on the same terms as the offer, unless the shareholder objects to the English court and the court enters an order that the offeror is not entitled to acquire the shares or specifying terms of the acquisition different from those of the offer. The Companies Act permits a scheme of arrangement or takeover offer to be made relating only to a particular class or classes of a company's shares.

**Disclosure of Interests in Shares**

*<u>Requirements under the Companies Act</u>*. Under English law and the Articles, the Company may give notice to any person who it knows or has reasonable cause to believe to be interested in our shares (or to have been interested in the previous three years) requiring that person to provide to the Company details of the person's interest.

If a shareholder of the Company fails to respond to such a request within 14 calendar days, the Company can impose sanctions on that holder which include the suspension of voting rights in the relevant shares and, where the relevant shares represent at least 0.25% of the class (excluding treasury shares), the suspension of dividend and share transfer rights. The Board of Directors may suspend or terminate any and all of the sanctions in its discretion at any time. These sanctions automatically cease when such shareholder complies with the request.

*<u>Requirements under the Exchange Act</u>.* Shareholders are subject to certain reporting requirements under the Exchange Act. Shareholders owning more than 5% of any class of equity securities registered

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**EXHIBIT 4.5**

pursuant to Section 12 of the Exchange Act must comply with disclosure obligations under Section 13 of the Exchange Act.

Directors and officers of the issuer with a registered class of equity securities, and any person or group that has beneficial ownership of more than 10% of such class, face additional requirements regarding the disclosure of ownership and equity trading. Each such director, officer, person or group will be considered an insider under Section 16(a) of the Exchange Act and the rules and regulations promulgated thereunder. Insiders must make an initial filing on Form 3 within 10 days after the filer's becoming an insider and must disclose beneficial ownership of all securities of the issuer. Insiders must also file Form 4 reports disclosing transactions resulting in a change in beneficial ownership within two business days following the execution date of the transaction, except for limited types of transactions eligible for deferred reporting on Form 5. In addition, insiders are required to report on Form 5 within 45 days after the issuer's fiscal year-end any transactions or holdings that should have been, but were not, reported on Form 3 or 4 during the issuer's most recent fiscal year and any transactions eligible for deferred reporting.

**Tranche 1 Warrants**

*<u>Exercise</u>*. The Tranche 1 Warrants are exercisable for one A Ordinary Share per Tranche 1 Warrant at an initial exercise price of $19.27 per Tranche 1 Warrant, as may be adjusted from time to time pursuant to the Tranche 1 Warrant Agreement (the "**Tranche 1 Exercise Price**"). The Tranche 1 Warrants are exercisable until 5:00 p.m., Eastern time, on February 4, 2028, at which time all unexercised Tranche 1 Warrants will expire and the rights of the holders of such Tranche 1 Warrants to purchase A Ordinary Shares will terminate. Each of the Tranche 1 Warrants is exercisable by a holder paying the Tranche 1 Exercise Price therefor in cash or on a cashless basis, at the election of the holder, upon the terms and subject to the conditions set forth in the Tranche 1 Warrant Agreement.

*<u>Anti-Dilution Adjustments</u>*. The number of A Ordinary Shares for which a Tranche 1 Warrant is exercisable, and the Tranche 1 Exercise Price therefor, are subject to adjustment from time to time upon the occurrence of certain events, including share sub-division, consolidation, capitalization, certain offers by the Company to repurchase Ordinary Shares, dividends and distributions of cash, other securities or other property and certain rights offerings.

*<u>No Rights as Shareholders</u>*. Pursuant to the Tranche 1 Warrant Agreement, no holder of Tranche 1 Warrants shall have or exercise any rights held by holders of A Ordinary Shares solely by virtue thereof as a holder of Tranche 1 Warrants, including the right to vote and to receive dividends and other distributions as a holder of Ordinary Shares.

*<u>Mandatory Exercise</u>*. The Tranche 1 Warrant Agreement provides that, from and after the date on which the Tranche 1 Mandatory Exercise Condition (as described below) has occurred and is continuing, each of the Company, on the one hand, and holders of Tranche 1 Warrants holding greater than 1,666,616 Tranche 1 Warrants or, if 1,666,616 or fewer Tranche 1 Warrants remain outstanding, all holders of Tranche 1 Warrants (the "**Tranche 1 Required Mandatory Exercise Warrantholders**"), on the other hand, have the right and option (but not the obligation) to (i) in the case of the Company, cause all of the Tranche 1 Warrants, and (ii) in the case of the electing Tranche 1 Required Mandatory Exercise Warrantholders, cause all of their respective Tranche 1 Warrants, to be automatically exercised on a cashless basis upon the terms and subject to the conditions set forth therein (a "**Tranche 1 Mandatory Exercise**"). Pursuant to the Tranche 1 Warrant Agreement, the "**Tranche 1 Mandatory Exercise Condition**" has occurred if (i) the Company meets or exceeds certain trading price and volume thresholds or (ii) three and one-half years have elapsed since February 5, 2021. A Tranche 1 Mandatory Exercise

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**EXHIBIT 4.5**

entitles the holder of each Tranche 1 Warrant subject thereto to (i) the number of Ordinary Shares issuable upon exercise of such Tranche 1 Warrant on a cashless basis and (ii) an amount payable in cash, Ordinary Shares or a combination thereof (in the Company's sole discretion) equal to Black Scholes Value (as defined in the Tranche 1 Warrant Agreement) *multiplied by* a fraction, (A) the numerator of which is (x) the number of Ordinary Shares issuable upon exercise of such Tranche 1 Warrant on a cash basis *minus* (y) the number of Ordinary Shares issuable upon exercise of such Tranche 1 Warrant on a cashless basis, and (B) the denominator of which is the number of Ordinary Shares issuable upon exercise of such Tranche 1 Warrant on a cash basis.

As of February 6, 2026, there were 885,902 Tranche 1 Warrants outstanding.

**Tranche 2 Warrants**

*<u>Exercise</u>.* The Tranche 2 Warrants are exercisable for one A Ordinary Share per Tranche 2 Warrant at an initial exercise price of $23.13 per Tranche 2 Warrant, as may be adjusted from time to time pursuant to the Tranche 2 Warrant Agreement (the "**Tranche 2 Exercise Price**"). The Tranche 2 Warrants are exercisable until 5:00 p.m., Eastern time, on February 4, 2028, at which time all unexercised Tranche 2 Warrants will expire and the rights of the holders of such Tranche 2 Warrants to purchase A Ordinary Shares will terminate. Each of the Tranche 2 Warrants is exercisable by a holder paying the Tranche 2 Exercise Price therefor in cash or on a cashless basis, at the election of the holder, upon the terms and subject to the conditions set forth in the Tranche 2 Warrant Agreement.

*<u>Anti-Dilution Adjustments</u>*. The number of A Ordinary Shares for which a Tranche 2 Warrant is exercisable, and the Tranche 2 Exercise Price therefor, are subject to adjustment from time to time upon the occurrence of certain events, including share sub-division, consolidation, capitalization, certain offers by the Company to repurchase A Ordinary Shares, dividends and distributions of cash, other securities or other property and certain rights offerings.

*<u>No Rights as Shareholders</u>*. Pursuant to the Tranche 2 Warrant Agreement, no holder of Tranche 2 Warrants shall have or exercise any rights held by holders of A Ordinary Shares solely by virtue thereof as a holder of Tranche 2 Warrants, including the right to vote and to receive dividends and other distributions as a holder of A Ordinary Shares.

*<u>Mandatory Exercise</u>*. The Tranche 2 Warrant Agreement provides that, from and after the date on which the Tranche 2 Mandatory Exercise Condition (as described below) has occurred and is continuing, each of the Company, on the one hand, and holders of Tranche 2 Warrants holding greater than 1,666,616 Tranche 2 Warrants or, if 1,666,616 or fewer Tranche 2 Warrants remain outstanding, all holders of Tranche 2 Warrants (the "**Tranche 2 Required Mandatory Exercise Warrantholders**"), on the other hand, have the right and option (but not the obligation) to (i) in the case of the Company, cause all of the Tranche 2 Warrants, and (ii) in the case of the electing Tranche 2 Required Mandatory Exercise Warrantholders, cause all of their respective Tranche 2 Warrants, to be automatically exercised on a cashless basis upon the terms and subject to the conditions set forth therein (a "**Tranche 2 Mandatory Exercise**").

Pursuant to the Tranche 2 Warrant Agreement, the "**Tranche 2 Mandatory Exercise Condition**" has occurred if (i) the Company meets or exceeds certain trading price and volume thresholds or (ii) three and one-half years have elapsed since February 5, 2021. A Tranche 2 Mandatory Exercise entitles the holder of each Tranche 2 Warrant subject thereto to (i) the number of Ordinary Shares issuable upon exercise of such Tranche 2 Warrant on a cashless basis and (ii) an amount payable in cash, Ordinary Shares or a

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**EXHIBIT 4.5**

combination thereof (in the Company's sole discretion) equal to Black Scholes Value (as defined in the Tranche 2 Warrant Agreement) multiplied by a fraction, (A) the numerator of which is (x) the number of Ordinary Shares issuable upon exercise of such Tranche 2 Warrant on a cash basis minus (y) the number of Ordinary Shares issuable upon exercise of such Tranche 2 Warrant on a cashless basis, and (B) the denominator of which is the number of Ordinary Shares issuable upon exercise of such Tranche 2 Warrant on a cash basis.

As of February 6, 2026, there were 941,557 Tranche 2 Warrants outstanding.

**Anti-Takeover Provisions**

Takeover offers and certain other transactions in respect of certain companies incorporated in the United Kingdom ("**UK**") are regulated by the Takeover Code, which is administered by the Takeover Panel, a body consisting of representatives of the City of London financial and professional institutions which oversees the conduct of takeovers (the "Takeover Panel").

The Takeover Code was amended on February 3, 2025, which amendments narrowed the companies to which it applies. Following these amendments, an English public limited company such as the Company will be subject to the Takeover Code if: (a) the company has its registered office in the UK, the Channel Islands or the Isle of Man; and (b) either (i) any of the company's securities are admitted to trading on a UK regulated market, a UK multilateral trading facility, or a stock exchange in the Channel Islands or the Isle of Man, or (ii) any of the company's securities were admitted to trading on a UK regulated market, a UK multilateral trading facility, or a stock exchange in the Channel Islands or the Isle of Man at any time during the two years prior to the date on which an announcement is made of an offer or possible offer for the company or on which some other event occurs in relation to the company which has significance under the Takeover Code. As part of narrowing the scope of the Takeover Code's application, a category of 'transition companies' was introduced to which the Takeover Code may apply during a transition period from February 3, 2025 to February 2, 2027. An English public limited company is a 'transition company' if it is either: (a) a company to which the Takeover Code would have applied on February 2, 2025 as a result of the company having its registered office and place of central management and control in the UK, the Channel Islands or the Isle of Man; or (b) a company to which the Takeover Code would have applied on February 2, 2025 but for the fact that its place of central management and control was not in the UK, the Channel Islands or the Isle of Man at that time. The Company believes that it is a transition company pursuant to limb (b) but that the Takeover Code should not apply to it provided its place of central management and control is not in the UK, the Channel Islands or the Isle of Man during the transition period. Based upon the Company's current and intended plans for the majority of its directors not to be resident within the UK, the Channel Islands or the Isle of Man and that the Company does not intend for its securities to be admitted to trading on the markets referred to above, the Company does not believe that the Takeover Code will apply to it during the transition period or thereafter. However, it is possible that, in the future, circumstances could change that may cause the Takeover Code to apply to the Company.

The Takeover Code provides, among other things, that if (i) a person acquires an interest in shares in a company to which the Takeover Code applies which, when aggregated with shares already held by that person and any persons acting in concert with them, carry 30% or more of the voting rights in the company, or (ii) a person who, together with persons acting in concert with him, has an interest in at least 30% but not more than 50% of the voting rights of the company acquires additional interests in shares which increase the percentage of shares carrying voting rights in which that person has an interest, the acquiror and, depending on the circumstances, its concert parties, would be required (except with the

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**EXHIBIT 4.5**

consent of the Takeover Panel) to make a cash offer for the outstanding shares in the company at a price not less than the highest price paid for any interests in the shares by the acquiror or its concert parties during the previous 12 months.

**Transfer Agent and Warrant Agent**

The transfer agent for our ordinary shares and warrant agent for our warrants is Computershare Trust Company, N.A. Our shares may be held in either certificated or uncertificated form. Under the Articles, subject to the Companies Act, certificated shares may be transferred by an instrument of transfer (in any usual form), duly executed, with such evidence as the Board of Directors may reasonably require to show the right of the transferor to make the transfer.

## Exhibit 10.18

**EXHIBIT 10.18**

![image_0.jpg](image_0.jpg)

**NOBLE CORPORATION PLC**

2026 Short-Term Incentive Plan ("STIP")

*Plan Overview, Terms and Conditions*

**Plan Purpose**

The success of Noble Corporation plc ("Noble") and its subsidiaries (collectively, the "Company") is a result of the efforts of all key employees. To focus each employee's efforts on optimizing the Company's performance, the Company maintains this Short-Term Incentive Plan (the "Plan") to reward employees for successful achievement of specific Company goals.

An effective incentive plan should both align employee interests with those of shareholders and motivate and influence employee behavior. Key positions within the Company have the ability to make a positive contribution to key factors that increase shareholder value. These factors can be quantified and measured through achievement of various targets. The objectives of using such targets in the formulation of the specific Company goals are to link an employee's annual incentive award more closely to the metrics that most directly benefit shareholders within existing market conditions and to promote a culture of high performance and an environment of teamwork.

**Eligibility and Participation**

Full-time shore-based employees and select offshore employees are eligible for consideration of a cash payment under the Plan (a "Payment"), subject to, for executive officers of Noble, the approval of the Compensation Committee of the Board of Directors of Noble (the "Committee") and, for all other employees, the approval of the President and Chief Executive Officer of Noble (the "CEO"), or their designee.

To be eligible to receive a Payment with respect to a Plan year, an employee must be actively employed by the Company on the last day of such Plan year and must continue to be employed through the date on which Payments for such Plan year are made. An employee shall not be eligible to receive any Payment if the employee's employment with the Company terminates for any reason, either voluntarily or involuntarily (except as noted below) before that date on which Payments for a Plan year are made. The Committee has the discretion to revise these requirements on a case-by-case basis to the extent the Committee deems it necessary or desirable. The Plan year is also the calendar year unless otherwise specified.

In the event of death, disability or retirement, the employee or estate of the former employee may receive a Payment, at the discretion of the CEO; provided that, for executive officers of Noble,

------

**EXHIBIT 10.18**

such decision will be at the discretion of the Committee. For purposes of the Plan, "disability" means any termination of employment with the Company because of a long-term or total disability, as determined by the Company's disability insurance programs. "Retirement" means a termination of employment with the Company on a voluntary basis by a person if, immediately prior to such termination of employment, the sum of the age and the number of years of continuous service of such person with the Company is equal to or greater than 65 and the employee has attained the age of 55.

**Plan Funding**

See Exhibit 1 for details on the Company's specific goals and associated performance targets, and their weighting, for the Award Pool. Generally, the performance targets of each goal are structured to include a Threshold, Target and Maximum level of achievement. The Threshold is the minimum level of achievement. If performance is below Threshold for a goal, it will yield no funding associated with that goal. If performance is above Maximum for a goal, it will be capped at the Maximum 200% funding associated with that goal.

The Award Pool available will be determined first by multiplying the sum of the target bonuses for all eligible employees at the end of the year ("Aggregate Target Bonuses") by the Company's weighted performance as measured by the performance results against the pre-established goals.

The Award Pool will be allocated as described in the next sections.

**Individual Target Bonus**

The target bonus for an employee is an amount equal to the employee's salary at the end of the Plan year multiplied by their assigned target bonus percentage. Target bonuses range from 5% to 130% of salary. The assigned targets are based on competitive market data and internal equity considerations and are reviewed each year.

**Company Goals**

The 2026 goals and associated performance targets, and their weighting, are provided in Exhibit 1 (as may be amended and restated from time to time at the discretion of the Committee).

In administering the Plan and reviewing the Company's performance, the Committee may take into consideration the effect of any subsequent events, such as acquisitions, impairments, spin-offs or sales of assets, or any unusual or non- recurring item or any unforeseen event that impacts the Company and distorts its results and may make resulting adjustments to goals or to performance targets. After the end of each Plan year, the Committee, in its best business judgment, will make the final determination on the size of the Award Pool for such Plan year.

**Determination of Individual Awards**

Target bonuses will be adjusted based on the Company's results against the Plan's performance targets (see Exhibit 1). This will be an employee's Adjusted Target Bonus. For example, if an employee's target bonus is $10,000, and the certified performance multiple is 1.20, their Adjusted Target Bonus would be $12,000.

------

**EXHIBIT 10.18**

Each employee's Adjusted Target Bonus will be further adjusted (i) to account, pro rata, for length of service or time in position for individual's hired or promoted during the Plan year, (ii) upward by up to 20%, or (iii) downwards by up to 100%, to reflect, in the situation of (ii) and (iii), merit, individual or team performance, employee conduct, separation of employment, or any additional selected criteria. Such adjustments for executive officers of Noble will be determined by the Committee and such adjustments for all other employees will be determined by the CEO, or their designee.

The cumulative total of all Adjusted Target Bonuses, as further adjusted by permitted discretion detailed in the paragraph above, will be the "Aggregate Calculated Pool". If on a cumulative basis the sum of the awards in the Aggregate Calculated Pool is greater than the Award Pool, bonuses will be adjusted on a pro-rata basis to remain within the constraints of the Award Pool.

**At-Will Employment**

Nothing in the Plan guarantees or constitutes a contract for any specific term of employment or otherwise limits the Company's or an employee's right to terminate the employment relationship for any reason at any time.

------

**EXHIBIT 10.18**

**Exhibit 1** 

**2026 STIP Goals, Performance Targets and Weightings**

## Exhibit 10.22

**EXHIBIT 10.22**

**SECOND AMENDMENT TO AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT**

This Second Amendment to Amended and Restated Senior Secured Revolving Credit Agreement (this "*Amendment*") dated as of December 16, 2025, is by and among NOBLE FINANCE II LLC, a Delaware limited liability company (the "*Company*"), NOBLE INTERNATIONAL FINANCE COMPANY, an exempted company incorporated in the Cayman Islands with limited liability and a wholly-owned indirect Subsidiary of the Company ("*NIFCO*"), as a Designated Borrower, NOBLE DRILLING A/S, a company incorporated under the laws of Denmark having its registered office at Lyngby Hovedgade 85, DK-2800 Kgs. Lyngby, Denmark with CVR no. 32673821 and a wholly-owned indirect Subsidiary of the Company ("*Noble Drilling A/S*"), as a Designated Borrower, each of the Lenders party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent for the Lenders.

**RECITALS**:

WHEREAS, the Company, NIFCO, Noble Drilling A/S, the Administrative Agent and the Lenders and other parties from time to time party thereto have entered into that certain Amended and Restated Senior Secured Revolving Credit Agreement dated as of April 18, 2023 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, including by that certain First Amendment to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of June 24, 2024, and as further amended hereby, the "*Credit Agreement*").

WHEREAS, it is proposed that the Credit Parties will dispose of all or any of the Specified 2025 Asset Sale Assets (as defined below) in consideration for all or a combination of (a) cash and (b) a promissory note secured by all or a portion of the Specified 2025 Asset Sale Assets.

WHEREAS, in connection with the sale of the Specified 2025 Asset Sale Assets, the Borrowers have requested, and the Lenders party hereto (which constitute the Required Lenders) have agreed, to amend the Credit Agreement on the terms and conditions set forth herein.

NOW, THEREFORE, to induce the Lenders party hereto to enter into this Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

------

**EXHIBIT 10.22**

Section 1.Definitions. Unless otherwise defined in this Amendment, each capitalized term used in this Amendment, including the introductory paragraph and recitals hereto, has the meaning assigned to such term in the Credit Agreement.

Section 2.Section 2. Amendment to Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Section 1.1</u> of the Credit Agreement is hereby amended by adding the following new defined terms in proper alphabetical order as follows:

"*Second Amendment*" means the Second Amendment to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of the Second Amendment Effective Date, by and among the Company, NIFCO and Noble Drilling, as Designated Borrowers, the Lenders party thereto, and the Administrative Agent.

"*Second Amendment Effective Date*" means December 16, 2025.

"*Specified 2025 Asset Sale Assets*" means all or any of (a) the Specified 2025 Asset Sale Rigs, (b) all agreements related to the maintenance, repair, storage, stacking, equipage, furnishing or fueling of the Specified 2025 Asset Sale Rigs, (c) all agreements related to the chartering or use of the Specified 2025 Asset Sale Rigs, including without limitation (i) the agreement dated effective 3 March 2022 between Noble Drilling Doha LLC and Qatargas Operating Company Limited relating to the Noble Mick O'Brien, as it may be amended or otherwise modified from time to time, and (ii) the agreement dated effective 17 October 2025 entered into between Noble Drilling Netherlands B.V. and ENI Energy Netherlands B.V. relating to the Noble Resolute, as it may be amended or otherwise modified from time to time, (d) all movable plant, machinery, equipment, desk top computers, software, spare parts, tooling, vehicles and furniture used or intended for use directly and primarily in the ownership and operation of the Specified 2025 Asset Sale Rigs, (e) all machinery, equipment, spare parts, inventory and consumable supplies, whether on board a Specified 2025 Asset Sale Rig, onshore or on order, relating primarily or exclusively to any one or more of the Specified 2025 Asset Sale Rigs, (f) all spare parts related to the Specified 2025 Asset Sale Rigs and (g) all books and records relating to any of the foregoing.

"*Specified 2025 Asset Sale Non-Cash Consideration*" means any non-cash consideration received in consideration for the sale of any Specified 2025 Asset Sale Assets, including without limitation any promissory note and any Lien on any of the Specified 2025 Asset Sale Assets to secure the same.

"*Specified 2025 Asset Sale Rigs*" means, individually or collectively, (i) the jackup drilling rig known as Noble Mick O'Brien, (ii) the jackup drilling rig known as Noble Regina Allen, (iii) the jackup drilling rig known as Noble Resilient, (iv) the jackup drilling rig known as Noble Resolute, and (v) the jackup drilling rig known as Noble Tom Prosser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The definition of "Asset Sale" in <u>Section 1.1</u> of the Credit Agreement is hereby amended by (i) deleting the word "and" at the end of clause (q) thereof, (ii) replacing "." at the

------

**EXHIBIT 10.22**

end of clause (r) of such definition with "; and" and (iii) adding the following new clause (s) to such definition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any sale or transfer of ownership of any Specified 2025 Asset Sale Assets, *provided that*, (i) immediately after giving *pro forma* effect to such sale or transfer, the Collateral Coverage Ratio shall be equal to or greater than 2.00 to 1.00 and (ii) as of the date on which the definitive agreement for such sale or transfer is entered into, no Default or Event of Default shall have occurred and be continuing or would result therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The definition of "Excluded Property" in <u>Section 1.1</u> of the Credit Agreement is hereby amended by (i) deleting the word "and" at the end of clause (m) thereof, (ii) replacing "." at the end of clause (n) of such definition with "; and" and (iii) adding the following new clause (o) to such definition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Specified 2025 Asset Sale Non-Cash Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The definition of "Permitted Investment" in <u>Section 1.1</u> of the Credit Agreement is hereby amended by (i) deleting the word "and" at the end of clause (p) thereof, (ii) replacing "." at the end of clause (q) of such definition with "; and" and (iii) adding the following new clause (r) to such definition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to the extent constituting an Investment, any Specified 2025 Asset Sale Non-Cash Consideration.

Section 3.<u>Effectiveness</u>. This Amendment shall become effective on the first date on which each of the conditions set forth in this <u>Section 3</u> is satisfied (such date, the "*Second Amendment Effective Date*"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Administrative Agent shall have executed this Amendment and shall have received duly executed counterparts of this Amendment from the Borrowers and the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrowers shall have paid all fees, costs and expenses then due and owing to the Administrative Agent, including, to the extent invoiced two (2) Business Days prior to the Second Amendment Effective Date, all reasonable and documented fees and expenses of Simpson Thacher & Bartlett LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each representation and warranty of the Company and its Restricted Subsidiaries set forth in the Credit Agreement and in the other Credit Documents shall be true and correct in all material respects on and as of the Second Amendment Effective Date (unless qualified by materiality or Material Adverse Effect, in which case such representation or warranty shall be true and correct in all respects), except as a result of the transactions expressly permitted under the Credit Agreement or such other Credit Documents and except to the extent that any such representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all material respects (unless qualified by materiality or Material Adverse Effect, in

------

**EXHIBIT 10.22**

which case such representation shall be true and correct in all respects) as of such earlier date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)No Default or Event of Default shall have occurred and be continuing immediately before or immediately after the Second Amendment Effective Date.

The Administrative Agent shall promptly notify the Company and the Lenders of the Second Amendment Effective Date, and such notice shall be conclusive and binding.

Section 4.<u>Governing Law; Submission to Jurisdiction; Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)THE PROVISIONS OF SECTION 11.15(b) AND SECTION 11.5(c) OF THE CREDIT AGREEMENT SHALL APPLY TO THIS AMENDMENT AS IF EACH HAD BEEN FULLY SET FORTH HEREIN, *MUTATIS MUTANDIS*.**

Section 5.<u>Representations and Warranties</u>. The Company hereby represents and warrants to the Administrative Agent and each Lender that (a) as of the Second Amendment Effective Date, each representation and warranty of the Company and its Restricted Subsidiaries set forth in the Credit Agreement and in the other Credit Documents is true and correct in all material respects on and as of the Second Amendment Effective Date (unless qualified by materiality or Material Adverse Effect, in which case such representation or warranty is true and correct in all respects), except as a result of the transactions expressly permitted under the Credit Agreement or such other Credit Documents and except to the extent that any such representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all material respects (unless qualified by materiality or Material Adverse Effect, in which case such representation shall be true and correct in all respects) as of such earlier date and (b) no Default or Event of Default shall have occurred and be continuing immediately before or immediately after the Second Amendment Effective Date.

Section 6.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On and after the Second Amendment Effective Date, each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof" or words of like import referring to the Credit Agreement, and each reference in each other Credit Document to "the Credit Agreement", "thereunder", "thereof" or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended or otherwise modified by this Amendment as such provisions of this Amendment are in effect on and after such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as an amendment or

------

**EXHIBIT 10.22**

modification of the Credit Agreement or any other Credit Documents, nor constitute a waiver of any provision of any of the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Delivery of an executed counterpart of a signature page to this Amendment by telecopier or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each of the Company, NIFCO and Noble Drilling A/S hereby (i) acknowledges the terms of this Amendment and (ii) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Credit Document to which it is a party and agrees that each Credit Document to which it is a party remains in full force and effect, except as expressly amended or modified hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)This Amendment is a Credit Document as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Credit Documents shall apply hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)THE CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS, INCLUDING THIS AMENDMENT, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

[Signature Pages Follow]

------

**EXHIBIT 10.22**

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers thereunto duly authorized as of the date first above written.

NOBLE FINANCE II LLC, a Delaware limited liability company, as the Company and a Borrower

By: <u>_/s/ Craig Muirhead</u>__________________

Name: &nbsp;&nbsp;&nbsp;&nbsp;Craig Muirhead<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer

NOBLE INTERNATIONAL FINANCE COMPANY, an exempted company incorporated in the Cayman Islands with limited liability, as a Designated Borrower

By: <u>_/s/ Ryan Pull</u>_______________________

Name:&nbsp;&nbsp;&nbsp;&nbsp;Ryan Pull<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;President, Secretary and Director

NOBLE DRILLING A/S, a company incorporated under the laws of Denmark, as a Designated Borrower

By: <u>_/s/ Claus Bachmann</u>__________________

Name:&nbsp;&nbsp;&nbsp;&nbsp;Claus Bachmann<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Chairman

*Second Amendment to Amended And Restated Senior Secured Revolving Credit Agreement*

------

**EXHIBIT 10.22**

JPMORGAN CHASE BANK, N.A.,<br>as Administrative Agent and a Lender

By: <u>_/s/ Maria Gabriela Coloma</u>____________

Name:&nbsp;&nbsp;&nbsp;&nbsp;Maria Gabriela Coloma<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President

*Second Amendment to Amended And Restated Senior Secured Revolving Credit Agreement*

------

LENDERS:

BARCLAYS BANK PLC,<br>as a Lender

By: <u>_/s/ Sydney G. Dennis</u>___________

Name:&nbsp;&nbsp;&nbsp;&nbsp;Sydney G. Dennis<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Director

DNB Capital LLC,<br>as a Lender

By: <u>_/s/ Sybille Andaur</u>______________

Name:&nbsp;&nbsp;&nbsp;&nbsp;Sybille Andaur<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President

By: <u>_/s/ Jessika Kai-Tseng Larsson</u>_____

Name:&nbsp;&nbsp;&nbsp;&nbsp;Jessika Kai-Tseng Larsson<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;FVP

HSBC Bank USA, N.A.,<br>as a Lender

By: <u>_/s/ Balaji Rajgopal</u>______________

Name:&nbsp;&nbsp;&nbsp;&nbsp;Balaji Rajgopal <br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director

WELLS FARGO BANK, N.A.,<br>as a Lender

By: _<u>/s/ Kevin Pang</u>_________________

Name:&nbsp;&nbsp;&nbsp;&nbsp;Kevin Pang<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President

*Second Amendment to Amended And Restated Senior Secured Revolving Credit Agreement*

------

MORGAN STANLEY SENIOR FUNDING, INC.,<br>as a Lender

By: <u>_/s/ Karina Rodriguez</u>_____________

Name:&nbsp;&nbsp;&nbsp;&nbsp;Karina Rodriguez <br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President

SPAREBANK 1 SØR-NORGE ASA ,<br>as a Lender

By: <u>_/s/ Johan Erland</u>________________

Name:&nbsp;&nbsp;&nbsp;&nbsp;Johan Erland<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Head of Maritime Industries

*Second Amendment to Amended And Restated Senior Secured Revolving Credit Agreement*

## Exhibit 21.1

**EXHIBIT 21.1**

**NOBLE CORPORATION plc SUBSIDIARIES (as of December 31, 2025)**

---

| | |
|:---|:---|
| <br>**Name** | **State or other jurisdiction of**<br>**incorporation or organization** |
| &nbsp;&nbsp;Arethusa Off-Shore, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Brasdril Sociedade de Perfurações Ltda. | &nbsp;&nbsp;Brazil |
| &nbsp;&nbsp;Bully 1 (Switzerland) GmbH | &nbsp;&nbsp;Switzerland |
| &nbsp;&nbsp;Bully 2 (Switzerland) GmbH | &nbsp;&nbsp;Switzerland |
| &nbsp;&nbsp;Coastal Trading de México, S. de R.L. de C.V. | &nbsp;&nbsp;Mexico |
| &nbsp;&nbsp;Diamond Finance, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Diamond Foreign Asset Company | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Diamond M Corporation | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Diamond M Servicios, S.A. | &nbsp;&nbsp;Venezuela |
| &nbsp;&nbsp;Diamond Offshore (Bermuda) Limited | &nbsp;&nbsp;Bermuda |
| &nbsp;&nbsp;Diamond Offshore (Brazil) L.L.C. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Diamond Offshore (Singapore) Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;Diamond Offshore (Switzerland) GmbH | &nbsp;&nbsp;Switzerland |
| &nbsp;&nbsp;Diamond Offshore (Trinidad) L.L.C. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Diamond Offshore Development Company | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Diamond Offshore Drilling (Bermuda) Limited | &nbsp;&nbsp;Bermuda |
| &nbsp;&nbsp;Diamond Offshore Drilling (Cayman Trust) Private Trust Company Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Diamond Offshore Drilling (Nigeria) Limited | &nbsp;&nbsp;Nigeria |
| &nbsp;&nbsp;Diamond Offshore Drilling (Overseas) L.L.C. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Diamond Offshore Drilling Company N.V. | &nbsp;&nbsp;Curaçao |
| &nbsp;&nbsp;Diamond Offshore Drilling Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Diamond Offshore Drilling Sdn. Bhd. | &nbsp;&nbsp;Kuala Lumpur |
| &nbsp;&nbsp;Diamond Offshore Drilling Services GmbH | &nbsp;&nbsp;Switzerland |
| &nbsp;&nbsp;Diamond Offshore Enterprises Limited | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Diamond Offshore Finance Company | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Diamond Offshore General, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Diamond Offshore Holding, L.L.C. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Diamond Offshore International Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Diamond Offshore International, L.L.C. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Diamond Offshore Leasing Ltd. | &nbsp;&nbsp;Labuan |
| &nbsp;&nbsp;Diamond Offshore Limited | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Diamond Offshore Management Company | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Diamond Offshore Netherlands B.V. | &nbsp;&nbsp;Netherlands |
| &nbsp;&nbsp;Diamond Offshore Services Limited | &nbsp;&nbsp;Bermuda |
| &nbsp;&nbsp;Diamond Offshore Services, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Diamond Offshore, LLC | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Diamond Rig Investments Limited | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Frontier Driller Cayman, Ltd. | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Frontier Driller Kft. | &nbsp;&nbsp;Hungary |
| &nbsp;&nbsp;Frontier Driller, Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Frontier Driller, Ltd. | &nbsp;&nbsp;Cayman Islands/Luxembourg |
| &nbsp;&nbsp;Horizon56 A/S | &nbsp;&nbsp;Denmark |
| &nbsp;&nbsp;Horizon56 Norge AS | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Maersk Drilling Nigeria JVCO Limited | &nbsp;&nbsp;Nigeria |
| &nbsp;&nbsp;Maersk Drilling Nigeria Operations Limited | &nbsp;&nbsp;Nigeria |
| &nbsp;&nbsp;Mexdrill Offshore, S. de R.L. de C.V. | &nbsp;&nbsp;Mexico |
| &nbsp;&nbsp;Mexdrill, L.L.C. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;M-S Drilling S.A. | &nbsp;&nbsp;Panama |
| &nbsp;&nbsp;ND Myanmar Limited | &nbsp;&nbsp;Myanmar |
| &nbsp;&nbsp;NDI Cayman Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;NE do Brasil Participações E Investimentos Ltda. | &nbsp;&nbsp;Brazil |
| &nbsp;&nbsp;NE Drilling do Brasil Serviços de Petróleo Ltda. | &nbsp;&nbsp;Brazil |
| &nbsp;&nbsp;NE Drilling Serviços do Brasil Ltda. | &nbsp;&nbsp;Brazil |
| &nbsp;&nbsp;NL Cayman Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;NL III Cayman Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble 2018-III Guarantor LLC | &nbsp;&nbsp;Delaware |

---

------

**EXHIBIT 21.1**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Noble 2018-IV Guarantor LLC | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Asset Mexico LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble BD LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Bill Jennings LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Campeche Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Cayman Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Cayman SCS Holding Ltd | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Contracting II GmbH | &nbsp;&nbsp;Switzerland |
| &nbsp;&nbsp;Noble Contracting Offshore Drilling (M) Sdn Bhd | &nbsp;&nbsp;Kuala Lumpur |
| &nbsp;&nbsp;Noble Corporation 2022 Limited | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Noble Corporation Holding LLC | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Deepwater (B) Sdn Bhd | &nbsp;&nbsp;Brunei |
| &nbsp;&nbsp;Noble Drilling (Carmen) Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Drilling (Ghana) Limited | &nbsp;&nbsp;Ghana |
| &nbsp;&nbsp;Noble Drilling (Guyana) Inc. | &nbsp;&nbsp;Guyana |
| &nbsp;&nbsp;Noble Drilling (Land Support) Limited | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Noble Drilling (Luxembourg) S.à r.l. | &nbsp;&nbsp;Luxembourg |
| &nbsp;&nbsp;Noble Drilling (Myanmar) Limited | &nbsp;&nbsp;Myanmar |
| &nbsp;&nbsp;Noble Drilling (Nederland) II B.V. | &nbsp;&nbsp;Netherlands |
| &nbsp;&nbsp;Noble Drilling (Norway) AS | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Noble Drilling (TVL) Ltd. | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Drilling (U.S.) LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Drilling A/S | &nbsp;&nbsp;Denmark |
| &nbsp;&nbsp;Noble Drilling Americas LLC | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Drilling Arabia Company Limited | &nbsp;&nbsp;Saudi Arabia |
| &nbsp;&nbsp;Noble Drilling Arabia Services LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Drilling Australia Pty Ltd | &nbsp;&nbsp;Australia |
| &nbsp;&nbsp;Noble Drilling Contracting (Egypt) LLC | &nbsp;&nbsp;Egypt |
| &nbsp;&nbsp;Noble Drilling Deepwater A/S | &nbsp;&nbsp;Denmark |
| &nbsp;&nbsp;Noble Drilling Deepwater Egypt LLC | &nbsp;&nbsp;Egypt |
| &nbsp;&nbsp;Noble Drilling Doha LLC | &nbsp;&nbsp;Qatar |
| &nbsp;&nbsp;Noble Drilling DS A/S | &nbsp;&nbsp;Denmark |
| &nbsp;&nbsp;Noble Drilling Egypt LLC | &nbsp;&nbsp;Egypt |
| &nbsp;&nbsp;Noble Drilling Exploration Company LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Drilling Holding LLC | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Drilling Holdings (Cyprus) Limited | &nbsp;&nbsp;Cyprus |
| &nbsp;&nbsp;Noble Drilling International GmbH | &nbsp;&nbsp;Switzerland |
| &nbsp;&nbsp;Noble Drilling JS Services, Lda. | &nbsp;&nbsp;Angola |
| &nbsp;&nbsp;Noble Drilling Malaysia Sdn. Bhd. | &nbsp;&nbsp;Kuala Lumpur |
| &nbsp;&nbsp;Noble Drilling México, S. De R.L. De C.V. | &nbsp;&nbsp;Mexico |
| &nbsp;&nbsp;Noble Drilling Netherlands B.V. | &nbsp;&nbsp;Netherlands |
| &nbsp;&nbsp;Noble Drilling NHIL LLC | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Drilling Nigeria Holdings Pte. Ltd. | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;Noble Drilling Norge AS | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Noble Drilling North Sea A/S | &nbsp;&nbsp;Denmark |
| &nbsp;&nbsp;Noble Drilling Offshore (Labuan) Pte. Ltd. | &nbsp;&nbsp;Labuan |
| &nbsp;&nbsp;Noble Drilling Offshore International A/S | &nbsp;&nbsp;Denmark |
| &nbsp;&nbsp;Noble Drilling Offshore Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Drilling Operating Services A/S | &nbsp;&nbsp;Denmark |
| &nbsp;&nbsp;Noble Drilling Operations Americas A/S | &nbsp;&nbsp;Denmark |
| &nbsp;&nbsp;Noble Drilling Operations Ghana Ltd. | &nbsp;&nbsp;Ghana |
| &nbsp;&nbsp;Noble Drilling Operations Mexico S.A. de C.V. | &nbsp;&nbsp;Mexico |
| &nbsp;&nbsp;Noble Drilling Poland sp. Z o.o. | &nbsp;&nbsp;Poland |
| &nbsp;&nbsp;Noble Drilling Services (Canada) Corporation | &nbsp;&nbsp;Nova Scotia, Canada |
| &nbsp;&nbsp;Noble Drilling Services 6 LLC | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Drilling Services Azerbaijan LLC | &nbsp;&nbsp;Azerbaijan |
| &nbsp;&nbsp;Noble Drilling Services LLC | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Drilling Services S.A. de C.V. | &nbsp;&nbsp;Mexico |
| &nbsp;&nbsp;Noble Drilling Services Singapore Pte. Ltd. | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;Noble Drilling UK Limited | &nbsp;&nbsp;United Kingdom |

---

------

**EXHIBIT 21.1**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Noble Drilling USA Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Drilling West Africa Limited | &nbsp;&nbsp;Nigeria |
| &nbsp;&nbsp;Noble Drillship I Singapore Pte. Ltd. | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;Noble Drillship III Singapore Pte. Ltd. | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;Noble Drillship IV Singapore Pte. Ltd. | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;Noble Drillships 2 S.à r.l. | &nbsp;&nbsp;Luxembourg |
| &nbsp;&nbsp;Noble Drillships Holdings 2, Ltd. | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Drillships Holdings, Ltd. | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Drillships S.à r.l. | &nbsp;&nbsp;Luxembourg |
| &nbsp;&nbsp;Noble DT LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Eagle LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Earl Frederickson LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Engineering & Development de Venezuela C.A. | &nbsp;&nbsp;Venezuela |
| &nbsp;&nbsp;Noble FDR Holdings Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Finance Company | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Finance II LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Gene Rosser Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Highlander UK Ltd. | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Noble Holdco (UK) Limited | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Noble Holding (Luxembourg) S.à. r.l. | &nbsp;&nbsp;Luxembourg |
| &nbsp;&nbsp;Noble Holding (Netherlands) B.V. | &nbsp;&nbsp;Netherlands |
| &nbsp;&nbsp;Noble Holding (U.S.) Eagle LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Holding (U.S.) LLC | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Holding Europe S.à r.l. | &nbsp;&nbsp;Luxembourg |
| &nbsp;&nbsp;Noble Holding Land Support Limited | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Noble Integrator Operations AS | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Noble International Finance Company | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble International Services LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Intrepid Operations AS | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Noble Invincible Operations AS | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Noble Labuan Ltd. | &nbsp;&nbsp;Labuan |
| &nbsp;&nbsp;Noble Leasing (Switzerland) GmbH | &nbsp;&nbsp;Switzerland |
| &nbsp;&nbsp;Noble Leasing III (Switzerland) GmbH | &nbsp;&nbsp;Switzerland |
| &nbsp;&nbsp;Noble Leasing V (Switzerland) GmbH | &nbsp;&nbsp;Switzerland |
| &nbsp;&nbsp;Noble Mexico Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Mexico Services Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble NDC Holding (Cyprus) Limited | &nbsp;&nbsp;Cyprus |
| &nbsp;&nbsp;Noble NDUS Holdings UK Limited | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Noble NDUS UK Leasing Limited | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Noble NDUS UK Ltd | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Noble NEC Holdings Limited | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Noble Newco Sub Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble North Africa Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Offshore (Ireland) Limited | &nbsp;&nbsp; Ireland |
| &nbsp;&nbsp;Noble Offshore (North Sea) Ltd. | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Offshore Contracting Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Offshore Crew Management (Guernsey) Limited | &nbsp;&nbsp;Guernsey |
| &nbsp;&nbsp;Noble Offshore Drilling (UK) Ltd | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;Noble Offshore Drilling, Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Offshore Mexico Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Offshore Services de Mexico, S. de R.L. de C.V. | &nbsp;&nbsp;Mexico |
| &nbsp;&nbsp;Noble Resources Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Rigworld Ghana Limited | &nbsp;&nbsp;Ghana |
| &nbsp;&nbsp;Noble SA Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noble Services Company LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Noble Services International Limited | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Noblecorp Drilling Holdings Singapore Pte. Ltd. | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;Offshore Drilling Services (Netherlands) B.V. | &nbsp;&nbsp;Netherlands |
| &nbsp;&nbsp;Offshore Drilling Services of Mexico S. de R.L. de C.V. | &nbsp;&nbsp;Mexico |
| &nbsp;&nbsp;Pacific Deepwater Construction Ltd | &nbsp;&nbsp;BVI |

---

------

**EXHIBIT 21.1**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Pacific Drilling Administrator Limited | &nbsp;&nbsp;BVI |
| &nbsp;&nbsp;Pacific Drilling Company LLC | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Pacific Drilling do Brasil Investimentos Ltda. | &nbsp;&nbsp;Brazil |
| &nbsp;&nbsp;Pacific Drilling do Brasil Serviços de Perfurção Ltda. | &nbsp;&nbsp;Brazil |
| &nbsp;&nbsp;Pacific Drilling Ghana Ltd | &nbsp;&nbsp;Ghana |
| &nbsp;&nbsp;Pacific Drilling Holding (Gibraltar) Limited | &nbsp;&nbsp;Gibraltar |
| &nbsp;&nbsp;Pacific Drilling International Ltd | &nbsp;&nbsp;BVI |
| &nbsp;&nbsp;Pacific Drilling Manpower Ltd. | &nbsp;&nbsp;BVI |
| &nbsp;&nbsp;Pacific Drilling N.V. | &nbsp;&nbsp;Netherlands Antilles |
| &nbsp;&nbsp;Pacific Drilling Netherlands Coöperatief U.A. | &nbsp;&nbsp;Netherlands |
| &nbsp;&nbsp;Pacific Drilling Operations Limited | &nbsp;&nbsp;BVI |
| &nbsp;&nbsp;Pacific Drilling Operations, Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Pacific Drilling S.A. | &nbsp;&nbsp;Luxembourg |
| &nbsp;&nbsp;Pacific Drilling South America 1 Limited | &nbsp;&nbsp;BVI |
| &nbsp;&nbsp;Pacific Drilling South America 2 Limited | &nbsp;&nbsp;BVI |
| &nbsp;&nbsp;Pacific Drilling V Limited | &nbsp;&nbsp;BVI |
| &nbsp;&nbsp;Pacific Drilling VII Limited | &nbsp;&nbsp;BVI |
| &nbsp;&nbsp;Pacific Drilling VIII Limited | &nbsp;&nbsp;BVI |
| &nbsp;&nbsp;Pacific Drilling, LLC | &nbsp;&nbsp;New York |
| &nbsp;&nbsp;Pacific Drillship México, S. de R.L. de C.V. | &nbsp;&nbsp;Mexico |
| &nbsp;&nbsp;Pacific Drillship Nigeria Limited | &nbsp;&nbsp;BVI |
| &nbsp;&nbsp;Pacific International Drilling West Africa Limited | &nbsp;&nbsp;Nigeria |
| &nbsp;&nbsp;Pacific Menergy Ghana Ltd | &nbsp;&nbsp;Ghana |
| &nbsp;&nbsp;Pacific Santa Ana Limited | &nbsp;&nbsp;BVI |
| &nbsp;&nbsp;Pacific Scirocco Ltd. | &nbsp;&nbsp;Liberia |
| &nbsp;&nbsp;PMD Viking Ghana Ltd. | &nbsp;&nbsp;Ghana |
| &nbsp;&nbsp;PT Aqza Dharma | &nbsp;&nbsp;Indonesia |
| &nbsp;&nbsp;Sedco Dubai LLC | &nbsp;&nbsp;Dubai |
| &nbsp;&nbsp;Storm Nigeria Limited | &nbsp;&nbsp;Nigeria |
| &nbsp;&nbsp;The Drilling Company of 1972 A/S | &nbsp;&nbsp;Denmark |
| &nbsp;&nbsp;Triton Engineering Services Company LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Triton Engineering Services Company, S.A. | &nbsp;&nbsp;Venezuela |
| &nbsp;&nbsp;Triton International de Mexico S.A. De C.V. | &nbsp;&nbsp;Mexico |
| &nbsp;&nbsp;Triton International LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Z North Sea, LLC | &nbsp;&nbsp;Delaware |

---

## Exhibit 23.1

**EXHIBIT 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Post Effective Amendment No. 1 on Form S-8 to Registration Statement on Form S-4 (No. 333-280726), the Registration Statement on Form S-3ASR (No. 333-267941) and the Registration Statements on Form S-8 (Nos. 333-267698, 333-279586 and 333-283029) of Noble Corporation plc of our report dated February 12, 2026 relating to the financial statements and the effectiveness of internal control over financial reporting of Noble Corporation plc, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 12, 2026

## Exhibit 31.1

**EXHIBIT 31.1**

**Noble Corporation plc**, an England and Wales company

I, Robert W. Eifler, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 10-K of Noble Corporation plc;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| /s/ Robert W. Eifler | February 12, 2026 |
| Robert W. Eifler | Date |
| President and Chief Executive Officer (Principal Executive Officer) of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales | |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**Noble Corporation plc**, an England and Wales company

I, Richard B. Barker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 10-K of Noble Corporation plc;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| /s/ Richard B. Barker | February 12, 2026 |
| Richard B. Barker | Date |
| Executive Vice President and Chief Financial Officer (Principal Financial Officer) of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales | |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**Noble Corporation plc**, an England and Wales company

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Noble Corporation plc, an England and Wales company (the "Company") on Form 10-K for the period ended December 31, 2025, as filed with the United States Securities and Exchange Commission on the date hereof (the "Report"), I, Robert W. Eifler, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| /s/ Robert W. Eifler | February 12, 2026 |
| Robert W. Eifler | Date |
| President and Chief Executive Officer (Principal Executive Officer) of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales | |

---

## Exhibit 32.2

**EXHIBIT 32.2**

**Noble Corporation plc**, an England and Wales company

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Noble Corporation plc, an England and Wales company (the "Company") on Form 10-K for the period ended December 31, 2025, as filed with the United States Securities and Exchange Commission on the date hereof (the "Report"), I, Richard B. Barker, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| /s/ Richard B. Barker | February 12, 2026 |
| Richard B. Barker | Date |
| Executive Vice President and Chief Financial Officer (Principal Financial Officer) of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales | |

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