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v3.26.1

Debt | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | 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 11, 2026, among Noble Finance II, the subsidiaries of Noble Finance II party thereto, as guarantors, and the trustee, paying agent, and registrar. The 2034 Notes are unconditionally guaranteed on a senior unsecured basis by the above guarantors and will be unconditionally guaranteed on the same basis by certain of Noble Finance II’s future subsidiaries that guarantee certain indebtedness of Noble Finance II and the above guarantors, including the Revolving Credit Facility. The 2034 Notes will mature on June 15, 2034, and interest on the 2034 Notes is payable semi-annually in arrears on each June 15 and December 15, commencing December 15, 2026, to holders of record on the June 1 and December 1 immediately preceding the related interest payment date, at a rate of 6.250% per annum. 8.000% Senior Notes due 2030 In 2023, Noble Finance II issued $600.0 million in aggregate principal amount of its 8.000% Senior Notes due 2030 (the “Initial 2030 Notes”). On August 22, 2024, Noble Finance II issued an additional $800.0 million in aggregate principal amount of its 8.000% Senior Notes due 2030 (the “Additional 2030 Notes” and, together with the Initial 2030 Notes, the “2030 Notes”) at a premium of 103% bringing the total outstanding principal amount to $1.4 billion. On June 11, 2026, Noble Finance II redeemed $300.0 million aggregate principal amount of the 2030 Notes for $312.0 million bringing the total outstanding principal amount to $1.1 billion. The 2030 Notes were issued pursuant to an indenture, dated as of April 18, 2023, among Noble Finance II, the subsidiaries of Noble Finance II party thereto, as guarantors, and the trustee, paying agent, and registrar. The 2030 Notes are unconditionally guaranteed on a senior unsecured basis by the above guarantors and will be unconditionally guaranteed on the same basis by certain of Noble Finance II’s future subsidiaries that guarantee certain indebtedness of Noble Finance II and the above guarantors, including the Revolving Credit Facility. The 2030 Notes will mature on April 15, 2030, and interest on the 2030 Notes is payable semi-annually in arrears on each April 15 and October 15, to holders of record on the April 1 and October 1 immediately preceding the related interest payment date, at a rate of 8.000% per annum. 8.500% Senior Secured Second Lien Notes due 2030 In 2023, Diamond Foreign Asset Company and Diamond Finance, LLC (collectively referred to as the “Issuers”) issued $550.0 million aggregate principal amount of 8.500% Senior Secured Second Lien Notes due October 2030 (the “Diamond Second Lien Notes”) with interest payable semi-annually in arrears on April 1 and October 1 of each year. On March 27, 2026, Diamond Foreign Asset Company redeemed $55.0 million aggregate principal amount of the Diamond Second Lien Notes for $56.7 million. On June 11, 2026, Diamond Foreign Asset Company redeemed the remaining $495.0 million aggregate principal amount of the Diamond Second Lien Notes for $522.1 million. Noble Finance II Financial Information The indentures governing the 2030 Notes and the 2034 Notes contain covenants that require Noble Finance II to furnish to holders of the 2030 Notes and the 2034 Notes certain financial information relating to Noble Finance II and its restricted subsidiaries. The obligation to furnish such information may be satisfied by providing financial information of Noble along with a description of the differences between such information and the financial information of Noble Finance II and its restricted subsidiaries on a standalone basis. As a result of Noble conducting substantially all of its business through Noble Finance II, the financial position and results of operations for Noble Finance II are the same as the information presented for Noble in all material respects. For the three and six months ended June 30, 2026, Noble Finance II’s operating income (loss) was $10.9 million and $20.5 million higher, respectively, than that of Noble. The operating income (loss) difference is primarily a result of expenses related to corporate professional and legal costs and administration charges attributable to Noble for operations support and stewardship-related services. Fair Value of Debt Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our debt instruments was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). The fair value of the Revolving Credit Facility approximates its respective carrying amount as its interest rate is variable and reflective of market rates. The following table presents the carrying value, net of unamortized debt issuance costs and discounts or premiums, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively:
|  | June 30, 2026 |  | December 31, 2025
|  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Senior secured notes |  |  |  |  |  |  |  |
8.000% Senior Notes due April 2030 |  | $ | 1,100,694 |  |  | $ | 1,140,007 |  |  | $ | 1,400,983 |  |  | $ | 1,454,656 |
8.500% Senior Secured Second Lien Notes due October 2030 |  | — |  |  | — |  |  | 574,808 |  |  | 583,775 |
6.250% Senior Notes due June 2034 |  | 787,736 |  |  | 784,000 |  |  | — |  |  | — |
Credit facility |  |  |  |  |  |  |  |
Amended and Restated Senior Secured Revolving Credit Facility |  | — |  |  | — |  |  | — |  |  | — |
Total debt |  | 1,888,430 |  |  | 1,924,007 |  |  | 1,975,791 |  |  | 2,038,431 |
Less: Current maturities of long-term debt |  | — |  |  | — |  |  | — |  |  | — |
Long-term debt |  | $ | 1,888,430 |  |  | $ | 1,924,007 |  |  | $ | 1,975,791 |  |  | $ | 2,038,431 |

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