Financial Analysis

Note 8 Commitments and Contingencies Tax Matters Audit claims of approximately $11.5 million at June 30, 2026, attributable to income and other business taxes, remain outstanding and are under continued objection by Noble. Such audit claims remain under continued monitoring and evaluation on a quarterly basis as facts change and as audits and/or litigation continue to progress. We intend to vigorously defend our reported positions and currently believe the ultimate resolution of the audit claims will not have a material adverse effect on our consolidated financial statements. We operate in numerous countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We recognize uncertain tax positions that we believe have a greater than 50% likelihood of being sustained upon challenge by a tax authority. We cannot predict nor provide assurance as to the ultimate outcome of any existing or future assessments. Letters of Credit and Surety Bonds As of June 30, 2026, we had $6.7 million of letters of credit issued under the Revolving Credit Facility and an additional $42.5 million in letters of credit and surety bonds issued under bilateral arrangements which guarantee our performance as it relates to our drilling contracts, contract bidding, tax appeals, customs duties, and other obligations in various jurisdictions. We expect to comply with the underlying performance requirements an …

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Note 5 Debt Redemption of Debt Principal On June 11, 2026, we redeemed $495.0 million aggregate principal amount of our 8.500% Senior Secured Second Lien Notes due 2030 for $522.1 million, plus accrued interest, and recognized a loss of approximately $6.5 million. Also, on June 11, 2026, we redeemed $300.0 million aggregate principal amount of our 8.000% Senior Notes due 2030 for $312.0 million, plus accrued interest, and recognized a loss of approximately $11.8 million. Secured Revolving Credit Agreement On May 29, 2026, we amended the Amended and Restated Senior Secured Revolving Credit Agreement, dated April 18, 2023, and as previously amended on June 24, 2024, and December 16, 2025 (the Revolving Credit Facility). The amendment to the Revolving Credit Facility increased the commitments to $650.0 million and extended the maturity date to May 2031. The guarantors under the Revolving Credit Facility are the same subsidiaries of Noble Finance II LLC, a wholly-owned, indirect subsidiary of Noble (Noble Finance II), that are or will be guarantors of the 2030 Notes and the 2034 Notes (each as defined below). As of June 30, 2026, we had no borrowings outstanding and $6.7 million of letters of credit issued under the Revolving Credit Facility. 6.250% Senior Notes due 2034 On June 11, 2026, Noble Finance II issued $800.0 million in aggregate principal amount of its 6.250% Senior Notes due 2034 (the 2034 Notes). The 2034 Notes were issued pursuant to an indenture, dated as of June 1 …

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The following table provides information about contract drilling services revenue by rig types: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Floaters $ 550,926 $ 684,320 1,171,482 1,377,771 Jackups 128,518 127,757 250,515 266,734 Total $ 679,444 $ 812,077 $ 1,421,997 $ 1,644,505

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Note 7 Income Taxes During the three months ended June 30, 2026, the Company recognized additional discrete deferred tax benefits of $23.0 million related to releases and adjustments of valuation allowance for deferred tax benefits primarily in Switzerland and Nigeria. During the six months ended June 30, 2026, the Company recognized additional net discrete deferred tax benefits of $37.7 million primarily related to releases and adjustments of valuation allowance for deferred tax benefits primarily in Luxembourg, Switzerland, and Nigeria. During the three months ended June 30, 2025, the Company recognized additional discrete deferred tax benefits of $22.3 million related to releases and adjustments of valuation allowance for deferred tax benefits in Luxembourg. During the six months ended June 30, 2025, the Company recognized additional discrete deferred tax benefits of $78.9 million related to releases and adjustments of valuation allowance for deferred tax benefits in Luxembourg. In deriving the above net deferred tax benefits, the Company relied on sources of income attributable to the projected taxable income for the period covered by the Companys relevant existing drilling contracts based on the assumption that the relevant rigs will be owned by the relevant rig owners during the relevant existing drilling contract periods. Given the mobile nature of the Companys assets, we are not able to reasonably forecast the jurisdictions in which taxable income from future drilling …

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Accounting Standards Adopted There have been no new accounting standards adopted during the current quarter. Recently Issued Accounting Standards In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements. This ASU includes amendments that clarify or improve various areas within the Accounting Standards Codification. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This ASU clarifies the application of interim reporting guidance and certain interim disclosure requirements. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities, and after December 15, 2028, for entities other than public business entities. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements . This ASU clarifies certain aspects of the hedge accounting guidance and addresses incremental hedge accounting issues arising from …

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Note 6 Revenue and Customers Disaggregation of Revenue The following table provides information about contract drilling services revenue by rig types: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Floaters $ 550,926 $ 684,320 1,171,482 1,377,771 Jackups 128,518 127,757 250,515 266,734 Total $ 679,444 $ 812,077 $ 1,421,997 $ 1,644,505 Contract Balances Accounts receivables are recognized when the right to the consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 to 60 days. Customer contract assets and liabilities generally consist of contract costs and deferred revenue resulting from past transactions related to the provision of services under contracts with customers. Current contract asset and liability balances are included in Prepaid expenses and other current assets and Other current liabilities, respectively, and noncurrent contract assets and liabilities are included in Other assets and Other liabilities, respectively, on our Condensed Consolidated Balance Sheets. Certain direct and incremental costs incurred for upfront preparation, initial rig mobilization, and modifications are costs of fulfilling a contract and are recoverable. These recoverable costs are deferred and amortized ratably to contract drilling expense as services are rendered over the initial term of the related drilling contract. Costs incurred for the demobilization of rigs at contract completion ar …

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