Noble shares fell more than 5% on Tuesday after third-quarter results showed revenue of $729 million, down 9% year over year, and an adjusted net loss of $91.5 million ($0.57 per share), versus a profit of more than $30 million a year earlier. Revenue beat the average estimate of slightly under $714 million, but the adjusted loss compared with analysts' modeled profit of $0.24 per share. The company said several rigs transitioning to new contracts weighed on the quarter, while its two Brazil rigs resumed operations. Noble now projects 2026 adjusted EBITDA of $850 million to $900 million, with the top end lowered from $925 million, and raised capital expenditures to $680 million to $705 million from $615 million to $665 million, mainly due to customer-reimbursable expenses. Backlog grew $560 million to $6.7 billion, with $2.6 billion set to convert next year.
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