Noble is an offshore drilling contractor that owns and operates a fleet of mobile offshore drilling rigs, deploying them worldwide to drill oil and gas wells for oil companies. Noble's core business is leasing drillships and semisubmersible rigs to customers for deepwater and ultra-deepwater drilling, typically in 5,000–12,000 feet of water depth, as well as operating a fleet of jackup rigs for shallower harsh-environment drilling in Norway and the UK North Sea. Noble's customers include large integrated oil companies, national oil companies, and independents; top customers include ExxonMobil, BP, and Petrobras. Noble's fleet consists of 25 floaters and 6 jackups, with 15 seventh-generation drillships serving as the primary earnings engine. Noble earns revenue on a dayrate basis — a fixed daily fee for the duration of a contract — with tier-one drillships currently contracting at around $400K/day. Profitability is driven by utilization, dayrate levels, and contract duration. Noble maintains a $7.5B backlog, providing multi-year earnings visibility. Noble completed the acquisition of Diamond Offshore in 2024, adding deepwater capacity and delivering $100M in annual cost synergies. Noble's strategy focuses on concentrating its fleet on the highest-specification deepwater and harsh-environment rigs, retiring or selling lower-spec units to reduce idle costs, and investing in rig upgrades tied to long-term contracts with premium customers.