Noble Corp plcNE

Noble Corp plc Segments Disclosure

10-KFiled Feb 12, 20262 min read
Note 13 — Segment and Related Information
We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent, and government-owned or controlled oil and gas companies throughout the world. Our reportable segment comprises the structure used by our Chief Executive Officer, who has been determined to be our chief operating decision maker (“CODM”), for assessing performance and allocating resources. We regularly provide management reports to the CODM that include a segment revenue amount and segment contract drilling services costs. Our CODM evaluates the segment’s operating performance based on operating revenues and operating income or loss. Refer to the Company’s Consolidated Statements of Operations for additional information.
The following table presents revenues and long-lived assets by country based on the location of the service provided during the period:
RevenuesLong-Lived Assets as of
Year EndedYear EndedYear Ended
December 31, 2025December 31, 2024December 31, 2023December 31, 2025December 31, 2024
Australia$85,783 $242,721 $154,860 $80,459 $59,202 
Brazil266,405 107,014 92,022 300,962 315,084 
Colombia143,920 94,560 53,646 162,534 163,719 
Denmark10,532 75,971 88,914 186,529 333,618 
Ghana60,495 138,176 150,677 270,337 — 
Guinea Bissau
— 13,947 — — 300,962 
Guyana647,658 676,234 703,473 769,339 762,746 
Malaysia112,455 203,495 87,105 49,866 292,878 
Namibia58,892 7,537 27 — 253,652 
Nigeria96,668 135,331 143,641 70,298 73,296 
Norway310,863 236,834 249,308 959,466 487,183 
Suriname115,441 82,082 108,532 87,398 — 
United Kingdom206,412 190,804 65,710 143,465 755,712 
United States889,710 685,835 437,346 1,964,862 1,666,748 
Other280,334 167,277 253,757 517,039 684,356 
Total$3,285,568 $3,057,818 $2,589,018 $5,562,554 $6,149,156 
Included in our long-lived assets balance above is our property and equipment and right-of-use assets. We used the geographic location as of December 31, 2025 and 2024, of each drilling rig, operating lease, and finance lease for our property and equipment and right-of-use assets, respectively, for our long-lived assets geographic disclosure shown above.
Significant Customers
The following table sets forth revenues from our customers as a percentage of our consolidated operating revenues:
Year EndedYear EndedYear Ended
December 31, 2025December 31, 2024December 31, 2023
Exxon Mobil Corporation (“ExxonMobil”)19.7 %22.1 %24.5 %
BP13.2 %(1)(1)
Petrobras12.5 %(1)(1)
TotalEnergies(1)(1)10.5 %
Shell plc(1)12.3 %13.6 %
(1) Amount was less than 10% for the year presented.
No other customer accounted for more than 10% of our consolidated operating revenues in 2025, 2024, or 2023.
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About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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