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Revenue and Customers | 9 Months Ended
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Sep. 30, 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 September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Floaters |  | $ | 630,154 |  |  | $ | 605,327 |  |  | 2,007,925 |  |  | 1,617,538 |
Jackups |  | 127,251 |  |  | 158,216 |  |  | 393,985 |  |  | 419,140 |
Total |  | $ | 757,405 |  |  | $ | 763,543 |  |  | $ | 2,401,910 |  |  | $ | 2,036,678 |
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 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 are recognized as incurred during the demobilization process. Certain of our contracts also include capital rig enhancements used to satisfy our performance obligations. Payments for these modifications are initially recognized as a contract liability and ratably as contract drilling revenue over the initial term of the related drilling contract. The costs are capitalized in accordance with our existing property and equipment accounting policy and depreciated over the estimated useful life of the improvement. The following table provides information about contract assets and contract liabilities from contracts with customers:
|  | September 30, 2025 |  | December 31, 2024
Current customer contract assets |  | $ | 26,280 |  |  | $ | 26,049 |
Noncurrent customer contract assets |  | 3,907 |  |  | 11,042 |
Total customer contract assets |  | 30,187 |  |  | 37,091 |
Current deferred revenue |  | (47,053) |  |  | (61,506) |
Noncurrent deferred revenue |  | (36,013) |  |  | (40,439) |
Total deferred revenue |  | $ | (83,066) |  |  | $ | (101,945) |
Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the nine months ended September 30, 2025 and 2024, are as follows:
|  | Contract Assets |  | Contract Liabilities
Net balance at December 31, 2024 |  | $ | 37,091 |  |  | $ | (101,945) |
Additions to deferred costs |  | 33,833 |  |  | — |
Additions to deferred revenue |  | — |  |  | (103,678) |
Amortization of deferred costs |  | (40,737) |  |  | — |
Amortization of deferred revenue |  | — |  |  | 122,557 |
Total |  | (6,904) |  |  | 18,879 |
Net balance at September 30, 2025 |  | $ | 30,187 |  |  | $ | (83,066) |
Net balance at December 31, 2023 |  | $ | 4,416 |  |  | $ | (43,072) |
Additions to deferred costs |  | 43,597 |  |  | — |
Additions to deferred revenue |  | — |  |  | (97,208) |
Amortization of deferred costs |  | (17,088) |  |  | — |
Amortization of deferred revenue |  | — |  |  | 54,411 |
Total |  | 26,509 |  |  | (42,797) |
Net balance at September 30, 2024 |  | $ | 30,925 |  |  | $ | (85,869) |
Off-market Customer Contract Assets and Liabilities Off-market customer contract assets and liabilities were 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 “Other assets” and “Noncurrent contract liabilities,” respectively. 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. As of June 2025, these liabilities were fully 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 |  |
Amortization |  | 8,580 |  |  | (214) |  |
Balance at September 30, 2025 |  | $ | — |  |  | $ | — |  |
Balance at December 31, 2023 |  | $ | (50,863) |  |  | $ | 10,128 |  |
Additions |  | (27,663) |  |  | — |  |
Amortization |  | 55,129 |  |  | (8,549) |  |
Balance at September 30, 2024 |  | $ | (23,397) |  |  | $ | 1,579 |  |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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