Noble Corporation Analysis update Feb. 12th, 2026
ISIN GB00BMXNWH07 NYSE Symbol NE
This is not a recommendation or proposal to do anything. The data written in this article is not guaranteed. It is my private personal opinion. I`m not independent as I own a position of Noble Corp. shares.
Noble is an Offshore Oil Service Provider with revenues of about 3 bn$ annually. It owns some 35 vessels that are rented to the oil majors. It was formed in its current position by a merger with Maersk Drilling in 2022- and Diamond Offshore Drilling in 2024.
It has sold five jackup rigs to the Borr Drilling Limited (NYSE: BORR, "Borr") for $360 million in January 2026 reducing its vessels to 29.
Integration of acquired companies
The main challenge is the integration of the acquired companies and the dilution of the shares.
Opportunities and Risks
The business of Noble fluctuates with the capex of the major oil producers. It is more or less an amplifier of the oil price. The back log of 7.5 bn$ (q4/25) or more than 2 years of revenues calms the fluctuation of the Noble company.
Share price 44$ (Oct. 28th, 2025) is equivalent to a company value of 7 bn$. The PE putting a profit of perhaps 300 M$ in 2025 in consideration is about 16. Noble is not very expensive.
With an annual 2$ dividend it is a >6.6% dividend yield.
Noble plans to divest 6 Jack-ups. It will reduce the number of Jack-ups to 5 and the total fleet to 29. December 8, 2025
Observations
Integration of Diamond Drilling in Q3/24 
Some Numbers
News
Feb. 4th 2025 Noble announces plans to divest the cold stacked drillships Pacific Meltem and Pacific Scirocco in order to eliminate costs related to these units
Sept. 5th 2024 Noble Corporation today announces the completion of its acquisition of Diamond Offshore Drilling, Inc ("Diamond").
Shareholders
Name Shares %
A.P. Møller Holding A/S 31m 19.5 %
Vanguard Fiduciary Trust Co. 14m 8.8 %
First Eagle Investment Management LLC 11m 7.5 %
BlackRock Advisors LLC 9,8m 6.2 %
Holdings
BlackRock's holdings of shares and voting rights in Noble as well as other financial instruments corresponded to 7,294K shares or 6.66% the total share capital (dec. 11,2024).
Some News
Some References
- Sept. 5th 2024 https://noblecorp.com/investors/news/news-details/2024/Noble-Corporation-plc-announces-closing-of-Diamond-acquisition-and-new-appointment-to-the-board-of-directors/default.aspx