Offshore drilling contractor Noble reported a net loss of $37 million for the second quarter of 2026 after operational suspensions involving two rigs in Brazil reduced revenue and fleet utilisation.
The result compared with net income of $121 million in the first quarter. Contract drilling services revenue fell to $679 million from $743 million in the previous quarter.
Noble attributed the decline mainly to the suspension of the Noble Faye Kozack and Noble Courage in Brazil, together with the end of the Noble Globetrotter I contract in the Black Sea.
The 2013-built drillship Noble Faye Kozack and the 2009-built semisub Noble Courage had both been working for Petrobras. Before the suspensions, the Noble Faye Kozack was contracted until January 2027, while the Noble Courage had a contract scheduled to continue until December 2030.
Utilisation across Noble’s 29 marketed rigs declined to 64% during the quarter from 68% in the first quarter.
Noble president and CEO Robert Eifler said the operational suspension of the two rigs in Brazil had a $43 million adverse impact on the second-quarter result. He said operational and financial performance across the rest of the business remained strong.
The company said the offshore drilling market remained strong, particularly for high-specification drillships. Tighter availability had moved leading-edge dayrates into the mid-$400,000-per-day range.
During the quarter, Noble added around $200 million in new contract value. The awards included a six-well contract for the Noble Viking and a three-well programme for the Noble Claus Bachmann.
The company’s total contract backlog stood at $6.8 billion at the end of the quarter.
