Noble Corporation (85V1) AI Stock Analysis

Company Guidance

Noble narrowed full-year 2026 guidance for total revenue to between $2.85 billion and $2.9 billion, compared with $2.8 billion and $2.9 billion previously, and Adjusted EBITDA to between $850 million and $900 million, compared with $850 million and $925 million previously, with Q4 expected to be slightly lower compared to Q3; capital expenditure guidance increased to $680 million-$705 million, compared with $615 million-$665 million previously, including roughly $65 million of customer reimbursable capital expenditures versus $25 million previously. For 2027, Adjusted EBITDA is expected to be broadly similar to Q4 2026 in the first quarter and then build meaningfully higher each quarter, with approximately 20% more capacity under contract in the second half of the year compared to the first half; normalized net CapEx is expected in the high $300 million-$400 million range, with normalized CapEx at the high end of that range, so call it in that $400 million area type context, excluding the Claus Bachmann, and just over half of the Claus Bachmann CapEx is expected to be spent in 2027. The Viking could perhaps get up to in the 50% type range on utilization next year, while a great year for the Globetrotter I would be around 300 days and an average would probably be halfway in between 150 and 300, so just over 200, low 200s per year.