Noble Corp swings to a Q2 loss and slashes 2026 guidance after Brazil rig suspensions

summarizeSummary

Noble Corp posted a Q2 loss of $37 million and lowered 2026 Adjusted EBITDA guidance to $850-$925 million, citing suspended operations in Brazil. The company maintained its $0.50 quarterly dividend and added $200 million in new contracts.

check_boxKey Events · Earnings and Guidance · NE

• Q2 Loss of $37 Million

  Driven by a $43 million impact from suspended operations in Brazil, Noble swung to a net loss of $37 million, or $0.23 per share, from a $43 million profit a year ago.

• Full-Year Guidance Cut

  Primarily due to the Brazil rig suspensions, 2026 Adjusted EBITDA guidance was reduced to $850-$925 million from $940-$1,020 million, and revenue guidance narrowed to $2.8-$2.9 billion.

• Operational Suspensions in Brazil

  Both rigs operating in Brazil were suspended, costing $43 million in Q2 and driving the guidance reduction; the outcome of administrative discussions remains uncertain.

• $200M in New Contracts, Backlog at $6.8B

  Approximately $200 million in new contract value was added, including a 6-well deal for the Noble Viking and a 3-well contract for the Noble Claus Bachmann, with total backlog standing at $6.8 billion.

auto_awesomeAnalysis · NE · Energy & Transportation

A $37 million Q2 loss reversed last year's profit, and full-year Adjusted EBITDA guidance was cut by roughly 10% at the midpoint. The operational suspension of two rigs in Brazil cost $43 million in the quarter and is the primary driver of the reduced outlook. While the company secured $200 million in new contracts and maintained its dividend, the near-term earnings hit and guidance cut signal meaningful headwinds that will pressure the stock.