Revenue and Customers

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue and Customers

Note 7 — Revenue and Customers

Disaggregation of Revenue

The following table provides information about contract drilling services revenue by rig types:

	Three Months Ended March 31,
	2025		2024
Floaters	$	693,451	$	494,467
Jackups	138,977		117,958
Total	$	832,428	$	612,425

Contract Balances

Accounts receivable 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 deferred revenue and contract costs 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. Off-market customer contract assets and liabilities have been recognized in connection with the merger, pursuant to a Business Combination Agreement, dated November 10, 2021, as amended, by and among Noble, Noble Finco Limited (n/k/a Noble Corporation plc), Noble Newco Sub Limited, the Drilling Company of 1972 A/S, a Danish public limited liability company (“Maersk Drilling”), and the other parties thereto (the “Business Combination with Maersk Drilling”) and the Diamond Transaction, and are included in “Intangible assets” and “Noncurrent contract liabilities,” respectively.

The following table provides information about contract assets and contract liabilities from contracts with customers:

	March 31, 2025		December 31, 2024
Current customer contract assets	$	24,899	$	26,049
Noncurrent customer contract assets	8,940		11,042
Total customer contract assets	33,839		37,091
Current deferred revenue	(60,578)		(61,506)
Noncurrent deferred revenue	(44,405)		(40,439)
Total deferred revenue	$	(104,983)	$	(101,945)

Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the three months ended March 31, 2025 and 2024, are as follows:

	Contract Assets		Contract Liabilities
Net balance at December 31, 2024	$	37,091	$	(101,945)
Additions to deferred costs	10,183		—
Additions to deferred revenue	—		(59,999)
Amortization of deferred costs	(13,435)		—
Amortization of deferred revenue	—		56,961
Total	(3,252)		(3,038)
Net balance at March 31, 2025	$	33,839	$	(104,983)
Net balance at December 31, 2023	$	4,416	$	(43,072)
Additions to deferred costs	3,748		—
Additions to deferred revenue	—		(23,911)
Amortization of deferred costs	(2,707)		—
Amortization of deferred revenue	—		7,208
Total	1,041		(16,703)
Net balance at March 31, 2024	$	5,457	$	(59,775)

Contract Costs

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. Certain of our contracts include capital rig enhancements used to satisfy our performance obligations.

Off-market Customer Contract Assets and Liabilities

In connection with the Business Combination with Maersk Drilling, the Company recognized additional fair value adjustments of $23.0 million. As of March 2025, these intangible assets were fully amortized as a reduction of contract drilling services revenue from the closing date of the Business Combination with Maersk Drilling through the remainder of the contracts.

In connection with the Business Combination with Maersk Drilling and the Diamond Transaction, the Company recognized fair value adjustments of $237.7 million and $27.7 million, respectively, related to certain unfavorable customer contracts

acquired. These liabilities will be amortized as an increase to contract drilling services revenue from the closing date of the Business Combination with Maersk Drilling and the Diamond Closing Date, respectively, through the remainder of the contracts.

	Unfavorable contacts		Favorable contracts
Balance at December 31, 2024	$	(8,580)	$	214
Additions	—		—
Amortization	7,664		(214)
Balance at March 31, 2025	$	(916)	$	—

Estimated future amortization over the expected remaining contract periods:

	Year Ended December 31,
	2025		Total
Unfavorable contracts	$	916	$	916
Favorable contracts	—		—
Total	$	916	$	916