Noble (NBLWF) 10-K 18 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 28, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-41520
Entity Registrant Name	Noble Corporation plc
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-1644664
Entity Address, Address Line One	2101 City West Boulevard, Suite 600
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	(281)
Local Phone Number	276-6100
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 5.1
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		159,191,313
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Items 10, 11, 12, 13, and 14 of Part III of this Annual Report on Form 10-K will be incorporated by reference from the proxy statement for the 2025 Annual Meeting of Stockholders of Noble Corporation plc to be filed with the Securities and Exchange Commission.
Entity Central Index Key	0001895262
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	A Ordinary Shares, par value $0.00001 per share
Trading Symbol	NE
Security Exchange Name	NYSE
Tranche 1 Warrants
Entity Information [Line Items]
Title of 12(b) Security	Tranche 1 Warrants of Noble Corporation plc
Trading Symbol	NE WS
Security Exchange Name	NYSE
Tranche 2 Warrants
Entity Information [Line Items]
Title of 12(b) Security	Tranche 2 Warrants of Noble Corporation plc
Trading Symbol	NE WSA
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Houston, Texas
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 247,303	$ 360,794
Accounts receivable, net	796,961	548,844
Taxes receivable	56,389	39,845
Prepaid expenses and other current assets	288,211	112,265
Total current assets	1,388,864	1,061,748
Intangible assets	214	10,128
Property and equipment, at cost	6,904,731	4,591,936
Accumulated depreciation	(868,914)	(467,600)
Property and equipment, net	6,035,817	4,124,336
Other assets	539,873	311,225
Total assets	7,964,768	5,507,437
Current liabilities
Accounts payable	397,622	395,165
Accrued payroll and related costs	116,877	97,313
Taxes payable	78,900	56,420
Interest payable	36,075	10,707
Other current liabilities	310,888	82,075
Total current liabilities	940,362	641,680
Long-term debt	1,980,186	586,203
Deferred income taxes	9,202	11,416
Noncurrent contract liabilities	8,580	50,863
Other liabilities	375,052	296,035
Total liabilities	3,313,382	1,586,197
Commitments and contingencies (Note 12)
Shareholders' equity
Common stock, $0.00001 par value; 158,946,711 and 140,773,750 ordinary shares outstanding as of December 31, 2024 and 2023, respectively	1	1
Additional paid-in capital	4,236,172	3,377,048
Retained earnings	411,244	541,159
Accumulated other comprehensive income (loss)	3,969	3,032
Total shareholders' equity	4,651,386	3,921,240
Total liabilities and equity	$ 7,964,768	$ 5,507,437

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023	Oct. 03, 2022	Sep. 30, 2022
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.00001	$ 0.00001	$ 0.00001
Ordinary shares, outstanding (in shares)	158,946,711	140,773,750		70,400,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating revenues
Operating revenues	$ 3,057,818	$ 2,589,018	$ 1,413,847
Operating costs and expenses
Depreciation and amortization	428,626	301,345	146,879
General and administrative	140,499	128,413	82,177
Merger and integration costs	109,424	60,335	84,668
(Gain) loss on sale of operating assets, net	(17,357)	0	(90,230)
Hurricane losses and (recoveries), net	0	(19,703)	60
Total operating costs and expenses	2,453,835	2,014,313	1,185,077
Operating income (loss)	603,983	574,705	228,770
Other income (expense)
Interest expense, net of amounts capitalized	(94,211)	(59,139)	(42,722)
Gain (loss) on extinguishment of debt, net	0	(26,397)	(8,912)
Interest income and other, net	(17,438)	18,069	14,365
Gain on bargain purchase	0	5,005	0
Income (loss) before income taxes	492,334	512,243	191,501
Income tax benefit (provision)	(43,981)	(30,341)	(22,553)
Net income (loss)	$ 448,353	$ 481,902	$ 168,948
Basic earnings (loss) per share (usd per share)	$ 3.01	$ 3.48	$ 1.99
Diluted earnings (loss) per share (usd per share)	$ 2.96	$ 3.32	$ 1.73
Weighted Average Shares Outstanding
Basic (in shares)	148,733	138,380	85,055
Diluted (in shares)	151,639	145,197	97,607
Contract drilling services
Operating revenues
Operating revenues	$ 2,918,767	$ 2,461,715	$ 1,332,841
Operating costs and expenses
Cost of services	1,687,164	1,452,281	897,096
Reimbursables and other
Operating revenues
Operating revenues	139,051	127,303	81,006
Operating costs and expenses
Cost of services	$ 105,479	$ 91,642	$ 64,427

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 448,353	$ 481,902	$ 168,948
Other comprehensive income (loss)
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive income (loss), net of tax provision (benefit) of $(457), $(940), and $(928) for the years ended December 31, 2024, 2023, and 2022, respectively	937	(615)	(1,742)
Other comprehensive income (loss), net	937	(615)	(1,742)
Comprehensive income (loss)	$ 449,290	$ 481,287	$ 167,206

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive income (loss), tax provision (benefit)	$ (457)	$ (940)	$ (928)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income (loss)	$ 448,353	$ 481,902	$ 168,948
Adjustments to reconcile net loss to net cash flow from operating activities:
Depreciation and amortization	428,626	301,345	146,879
Amortization of intangible assets and contract liabilities, net	(60,032)	(106,776)	(5,352)
Gain on bargain purchase	0	(5,005)	0
(Gain) loss on extinguishment of debt, net	0	26,397	8,912
(Gain) loss on sale of operating assets, net	(17,357)	0	(90,230)
Deferred income taxes	(42,647)	(98,093)	(25,628)
Amortization of share-based compensation	43,797	37,680	35,251
Other costs, net	(13,964)	(8,036)	(323)
Changes in components of working capital and other operating activities:
Change in taxes receivable	(15,263)	(7,374)	23,344
Net changes in other operating assets and liabilities	(116,038)	(47,703)	19,184
Net cash provided by (used in) operating activities	655,475	574,337	280,985
Cash flows from investing activities
Capital expenditures	(575,315)	(409,581)	(174,319)
Proceeds from insurance claims	23,297	18,809	0
Cash acquired (used) in business combinations, net	(417,041)	0	166,607
Proceeds from disposal of assets, net	10,040	24,264	381,026
Other investing activities	0	0	2,458
Net cash provided by (used in) investing activities	(959,019)	(366,508)	375,772
Cash flows from financing activities
Issuance of debt	824,000	600,000	350,000
Repayments of debt	0	(673,411)	(627,323)
Borrowing on credit facilities	35,000	0	220,000
Repayments of credit facilities	(35,000)	0	(220,000)
Debt issuance costs	(10,002)	(24,914)	(641)
Debt extinguishment costs	0	(25,697)	0
Compulsory purchase payment	0	0	(69,924)
Warrant exercises	1,443	485	1,004
Share repurchases	(299,989)	(94,826)	(15,000)
Dividend payments	(277,831)	(98,804)	0
Taxes withheld employee stock transactions	(66,057)	(8,624)	(5,888)
Finance lease payments	(6,064)	0	0
Other	22,578	0	0
Net cash provided by (used in) financing activities	188,078	(325,791)	(367,772)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(115,466)	(117,962)	288,985
Cash, cash equivalents, and restricted cash, beginning of period	367,745	485,707	196,722
Cash, cash equivalents, and restricted cash, end of period	$ 252,279	$ 367,745	$ 485,707

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021		60,172,000
Beginning balance at Dec. 31, 2021	$ 1,500,627	$ 1	$ 1,393,255	$ 101,982	$ 5,389
Employee related equity activity:
Amortization of share-based compensation	35,252		35,252
Issuance of share-based compensation shares (in shares)		834,000
Shares withheld for taxes on equity transactions	(5,888)		(5,888)
Warrant exercised (in shares)		9,827,000
Warrants exercised	1,004		1,004
Share repurchases (in shares)		(407,000)
Share repurchases	(15,000)			(15,000)
Issuance of common stock for Maersk Drilling/Diamond Offshore merger (in shares)		60,107,000
Issuance of common stock for Maersk Drilling/Diamond Offshore merger	1,800,130		1,800,130
Settlement of Compulsory Purchase Interest (in shares)		4,148,000
Settlement of Compulsory Purchase Interest	123,754		123,754
Net income (loss)	168,948			168,948
Other comprehensive income (loss), net	(1,742)				(1,742)
Ending balance (in shares) at Dec. 31, 2022		134,681,000
Ending balance at Dec. 31, 2022	3,607,085	$ 1	3,347,507	255,930	3,647
Employee related equity activity:
Amortization of share-based compensation	37,680		37,680
Issuance of share-based compensation shares (in shares)		501,000
Shares withheld for taxes on equity transactions	(8,624)		(8,624)
Warrant exercised (in shares)		7,939,000
Warrants exercised	485		485
Share repurchases (in shares)		(2,347,000)
Share repurchases	(94,826)			(94,826)
Dividends	(101,847)			(101,847)
Net income (loss)	481,902			481,902
Other comprehensive income (loss), net	$ (615)				(615)
Ending balance (in shares) at Dec. 31, 2023	140,773,750	140,774,000
Ending balance at Dec. 31, 2023	$ 3,921,240	$ 1	3,377,048	541,159	3,032
Employee related equity activity:
Amortization of share-based compensation	43,797		43,797
Issuance of share-based compensation shares (in shares)		2,131,000
Shares withheld for taxes on equity transactions	(66,057)		(66,057)
Warrant exercised (in shares)		245,000
Warrants exercised	1,443		1,443
Share repurchases (in shares)		(8,443,000)
Share repurchases	(299,989)			(299,989)
Dividends	(278,279)			(278,279)
Issuance of common stock for Maersk Drilling/Diamond Offshore merger (in shares)		24,240,000
Issuance of common stock for Maersk Drilling/Diamond Offshore merger	879,941		879,941
Net income (loss)	448,353			448,353
Other comprehensive income (loss), net	$ 937				937
Ending balance (in shares) at Dec. 31, 2024	158,946,711	158,947,000
Ending balance at Dec. 31, 2024	$ 4,651,386	$ 1	$ 4,236,172	$ 411,244	$ 3,969

Organization and Significant Ac

Organization and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Significant Accounting Policies	Note 1 — Organization and Significant Accounting Policies Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble”), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. As of December 31, 2024, our fleet of 40 drilling rigs consisted of 27 floaters and 13 jackups. 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. On September 30, 2022 (the “Merger Effective Date”), pursuant to a business combination agreement, dated November 10, 2021 (as amended, the “Business Combination Agreement”), by and among Noble, Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability (“Noble Cayman”), Noble Newco Sub Limited, a Cayman Islands exempted company and a direct, wholly owned subsidiary of Noble (“Merger Sub”), and The Drilling Company of 1972 A/S, a Danish public limited liability company (“Maersk Drilling”), Noble Cayman merged with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger as a wholly owned subsidiary of Noble. As a result of the Merger, Noble became the ultimate parent of Noble Cayman and its respective subsidiaries. On October 3, 2022 (the “Closing Date”), pursuant to the Business Combination Agreement, Noble completed a voluntary tender exchange offer to Maersk Drilling’s shareholders (the “Offer” and, together with the Merger and the other transactions contemplated by the Business Combination Agreement, the “Business Combination”) and because Noble acquired more than 90% of the issued and outstanding shares of Maersk Drilling, nominal value Danish krone (“DKK”) 10 per share (“Maersk Drilling Shares”), Noble redeemed all remaining Maersk Drilling Shares not exchanged in the Offer for, at the election of the holder, either A ordinary shares, par value $0.00001 per share, of Noble (“Ordinary Shares”) or cash (or, for those holders that did not make an election, only cash), under Danish law by way of a compulsory purchase (the “Compulsory Purchase”), which was completed in early November 2022. Upon completion of the Compulsory Purchase Maersk Drilling became a wholly owned subsidiary of Noble. The Merger is accounted for as a business combination in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), where Noble is the accounting acquirer. On June 9, 2024, Noble entered into an agreement and plan of merger (the “Diamond Merger Agreement”) with Diamond Offshore Drilling, Inc. (“Diamond”), Dolphin Merger Sub 1, Inc., and Dolphin Merger Sub 2, Inc., under which Noble would acquire Diamond in a stock plus cash transaction (the “Diamond Transaction”). On September 4, 2024 (the “Diamond Closing Date”), Noble completed its acquisition of Diamond. The merger is accounted for as a business combination in accordance with FASB ASC Topic 805, where Noble is the accounting acquirer. See “Note 2 — Acquisitions and Divestitures” for additional information. As a result of the Merger, Noble became the successor issuer to Noble Cayman for purposes of and pursuant to the Securities Exchange Act of 1934, as amended (“the Exchange Act”). References in this Annual Report on Form 10-K to “Noble,” the “Company,” “we,” “us,” and “our” refer collectively to (i) Noble Cayman and its consolidated subsidiaries prior to the Merger Effective Date, (ii) Noble and its consolidated subsidiaries (including Noble Cayman) on and after the Merger Effective Date, and (iii) Noble and its consolidated subsidiaries on and after the Diamond Closing Date, as applicable. Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits with banks, and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents, and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business. Restricted Cash We classify restricted cash balances in current assets if the restriction is expected to expire or otherwise be resolved within one year and in other assets if the restriction is expected to expire or otherwise be resolved in more than one year. As of December 31, 2024 and 2023, our restricted cash balance consisted of $5.0 million and $7.0 million, respectively. All restricted cash is recorded in “Prepaid expenses and other current assets.” As of December 31, 2024, our restricted cash balance was related to cash collateral for Company rig performance guarantees and other performance obligations. Accounts Receivable We record accounts receivable at the amount we invoice our clients, net of allowance for credit losses. We provide an allowance for uncollectible accounts, as necessary. Our allowance for doubtful accounts was zero as of both December 31, 2024 and 2023. Property and Equipment Property and equipment is stated at cost, reduced by provisions to recognize economic impairment. Major replacements and improvements are capitalized. When assets are sold, retired, or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three two Interest is capitalized on long-term construction projects using the weighted average cost of debt outstanding during the period of construction. Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three We evaluate our property and equipment for impairment whenever there are changes in facts that suggest that the value of the asset is not recoverable. As part of this analysis, we make assumptions and estimates regarding future market conditions. When circumstances indicate that the carrying value of the assets may not be recoverable, management compares the carrying value to the expected undiscounted pre-tax future cash flows for the associated rig for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows are lower than the carrying value, the net capitalized costs are reduced to fair value. An impairment loss is recognized to the extent that an asset's carrying value exceeds its estimated fair value. Fair value is generally estimated using a discounted cash flow model. The expected future cash flows used for impairment assessment and related fair value measurements are typically based on judgmental assessments of, but are not limited to, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, discount rates, capital expenditures, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term, and considering all available information at the date of assessment. During the years ended December 31, 2024 and 2023, we did not identify any impairment triggers for our property and equipment. Fair Value Measurements We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three-level hierarchy, from highest to lowest level of observable inputs, are as follows: Level 1 — Valuations based on quoted prices in active markets for identical assets; Level 2 — Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar but not identical instruments; and Level 3 — Valuations based on unobservable inputs. Our cash and cash equivalents, restricted cash, accounts receivable, marketable securities, and accounts payable are by their nature short term. As a result, the carrying values included in our Consolidated Balance Sheets approximate fair value. Business Combinations In connection with our acquisitions, we apply the acquisition method of accounting. Accordingly, we record the acquired assets and assumed liabilities at fair value and recognize goodwill to the extent the consideration transferred exceeded the fair value of the net assets acquired. To the extent the fair value of the net assets acquired exceeded the consideration transferred, we recognize a bargain purchase gain. Changes in these judgments or estimates can have a material impact on the valuation of the respective assets and liabilities acquired and our results of operations in periods after acquisition. The allocation of the purchase price may be modified up to one year after the acquisition date as more information is obtained about the fair value of assets acquired and liabilities assumed. We estimate the fair values of the acquired assets and assumed liabilities as of the date of the acquisition. See “Note 2 — Acquisitions and Divestitures” for further information. Revenue Recognition The activities that primarily drive the revenue earned in our drilling contracts include (i) providing a drilling rig and the crew and supplies necessary to operate the rig, (ii) mobilizing and demobilizing the rig to and from the drill site, and (iii) performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue, and reimbursement revenue. We account for these integrated services provided within our drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which we provide drilling services. Our standard drilling contracts require that we operate the rig at the direction of the customer throughout the contract term (which is the period we estimate to benefit from the corresponding activities and generally ranges from two The amount estimated for variable consideration may be subject to interrupted or restricted rates and is only included in the transaction price to the extent that it is probable that a significant reversal of previously recognized revenue will not occur throughout the term of the contract (“constrained revenue”). When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of a potential reversal of revenue. These estimates are reassessed each reporting period as required. Dayrate Drilling Revenue. Our drilling contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the customer are typically determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term and, therefore, recognized in line with the contractual rate billed for the services provided for any given hour. Mobilization/Demobilization Revenue. We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the mobilization and demobilization of our rigs. These activities are not considered to be distinct within the context of the contract and, therefore, the associated revenue is allocated to the overall performance obligation and the associated pre-operating costs are deferred. We record a contract liability for mobilization fees received and a deferred asset for costs. Both revenue and pre-operating costs are recognized ratably over the initial term of the related drilling contract. In most contracts, there is uncertainty as to the amount of expected demobilization revenue due to contractual provisions that stipulate that certain conditions must be present at contract completion for such revenue to be received and as to the amount thereof, if any. For example, contractual provisions may require that a rig demobilize a certain distance before the demobilization revenue is payable or the amount may vary dependent upon whether or not the rig has additional contracted work within a certain distance from the wellsite. Therefore, the estimate for such revenue may be constrained, as described earlier, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. In cases where demobilization revenue is expected to be received upon contract completion, it is estimated as part of the overall transaction price at contract inception and recognized in earnings ratably over the initial term of the contract with an offset to an accretive contract asset. Contract Preparation Revenue. Some of our drilling contracts require downtime before the start of the contract to prepare the rig to meet customer requirements. At times, we may be compensated by the customer for such work (on either a fixed lump-sum or variable dayrate basis). These activities are not considered to be distinct within the context of the contract and, therefore, the related revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for contract preparation fees received, which is amortized ratably to contract drilling revenue over the initial term of the related drilling contract. Bonuses, Penalties, and Other Variable Consideration. We may receive bonus increases to revenue or penalty decreases to revenue. Based on historical data and ongoing communication with the operator/customer, we are able to reasonably estimate this variable consideration. We will record such estimated variable consideration and remeasure our estimates at each reporting date. Capital Modification Revenue. From time to time, we may receive fees from our customers for capital improvements to our rigs to meet contractual requirements (on either a fixed lump-sum or variable dayrate basis). Such revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract as these activities are integral to our drilling activities and are not considered to be a stand-alone service provided to the customer within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the term of the related drilling contract commencing when the asset is ready for its intended use. Revenues Related to Reimbursable Expenses. We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services, and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof is highly dependent on factors outside of our influence. Accordingly, reimbursable revenue is constrained revenue and not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. We are generally considered a principal in such transactions and record the associated revenue at the gross amount billed to the customer as “Reimbursables and other” in our Consolidated Statements of Operations. Such amounts are recognized ratably over the period within the contract term during which the corresponding goods and services are to be consumed. Deferred revenues from drilling contracts totaled $101.9 million and $43.1 million at December 31, 2024 and 2023, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $37.1 million and $4.4 million at December 31, 2024 and 2023, respectively, and are included in either “Prepaid expenses and other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses. Income Taxes Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable jurisdictional tax rates at year end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the deferred tax asset will not be realized in a future period. We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties, and regulations or the interpretation or enforcement thereof in the United States, UK, and any other jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the IRS or other taxing authorities do not agree with our assessment of the effects of such laws, treaties, and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. The Company has adopted an accounting policy to look through the outside basis of partnerships and all other flow-through entities and exclude these from the computation of deferred taxes. Insurance Recoveries The Company maintains insurance coverage for personal injuries, property damage, and certain other losses sustained during operations. Recoveries from insurance are recorded when a loss has been recognized and realization is probable, and are measured at the lower of the loss recognized or the probable recovery. Timing differences may occur between the loss recognized, damage costs, capital expenditures made to repair or restore properties, and recognition and receipt of insurance proceeds reflected in the Company’s financial statements. Costs, as well as insurance recoveries, related to the Hurricane Ida event in 2021 are presented in “Hurricane losses and (recoveries), net” on the Consolidated Statements of Operations. See “Note 12 — Commitments and Contingencies” for additional information. Claims Reserves We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability, and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis. Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2024, loss reserves for personal injury and protection claims totaled $164.1 million, of which $149.2 million was included in “Other current liabilities” and $14.9 million in “Other long-term liabilities” in the accompanying Consolidated Balance Sheets. At December 31, 2023, loss reserves for personal injury and protection claims totaled $63.9 million of which $21.9 million was included in “Other current liabilities” and $42.0 million in “Other long-term liabilities” in the accompanying Consolidated Balance Sheets. Earnings per Share Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the two-class method also includes the dilutive effect of potential shares issued in connection with stock warrants and options. The dilutive effect of stock warrants and options is determined using the Treasury Stock Method. The diluted earnings per share calculation is adjusted for mandatory exercise, under the Treasury Stock Method, if the condition is met at the balance sheet date. At December 31, 2024 and 2023, the Mandatory Exercise Condition (as defined in the applicable warrant agreement) set forth in the warrant agreements for the Tranche 1 Warrants and the Tranche 2 Warrants was satisfied. See “Note 4 — Income (Loss) Per Share” for additional information. Share-Based Compensation Plans We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities. The Company classified certain awards that will be settled in cash as liability awards. The fair value of a liability-classified award is determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are expensed or capitalized based on the nature of the employee’s activities over the vesting period of the award. Litigation Contingencies We are involved in legal proceedings, claims, and regulatory, tax, or government inquiries and investigations that arise in the ordinary course of business. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages. We record a liability when we believe that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss in the notes to the consolidated financial statements. We review the developments in our contingencies that could affect the amount of the provisions that has been previously recorded, and the matters and related possible losses disclosed. We make adjustments to our provisions and changes to our disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgment is required to determine both the probability and the estimated amount. Foreign Currency Although we are a UK company, our functional currency is the US dollar, and we define any non-US dollar denominated currency as “foreign currencies.” In non-US locations where the US dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities, and intercompany arrangements), local currency transaction gains and losses are included in net income or loss. Derivative Financial Instruments We have used foreign currency forward contracts and interest rate swaps in order to manage our exposure to fluctuations in currency exchange and interest rates, respectively. The contracts are not entered into for trading purposes. The Company has not designated these derivative instruments as hedges. We recognize the derivatives at fair value on the Consolidated Balance Sheets and, where applicable, such contracts covered by master netting agreements are reported net. Gross positive fair values are netted with gross negative fair values by counterparty. Realized gains and losses as well as changes in the fair values of derivative financial instruments are recognized in the income statement in “Interest income and other, net.” Accounting Pronouncements Accounting Standards Adopted. In November 2023, the FASB issued ASU No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included in a segment's reported measure of profit or loss, (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment, and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. Recently Issued Accounting Standards . In November 2024, the FASB issued ASU No. 2024-04 ("ASU 2024-04"), Debt—Debt with Conversion and Other Options (Subtopic 470-20). The Board is issuing this Update to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20, Debt— Debt with Conversion and Other Options. When the terms of a convertible debt instrument are changed to induce conversion of the instrument, current generally accepted accounting principles (GAAP) provide guidance for determining whether the transaction should be accounted for as an induced conversion (as opposed to a debt extinguishment). The induced conversion guidance was written in the context of share-settled convertible debt before cash convertible instruments became prevalent in the marketplace. The Company continues to assess the potential impact of this pronouncement. In November 2024, the FASB issued ASU No. 2024-03 ("ASU 2024-03"), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. An entity is not precluded from providing additional voluntary disclosures that may provide investors with additional decision-useful information. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company continues to assess the potential impact of this pronouncement. In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds, (ii) disclosure of the nature, effect, and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident, and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024; early adoption is permitted. The Company continues to evaluate the potential impact of this pronouncement.

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Note 2 — Acquisitions and Divestitures Business Combination with Diamond Offshore Drilling On the Diamond Closing Date, Noble completed its acquisition of Diamond. Pursuant to the terms and conditions set forth in the Diamond Merger Agreement, Diamond shareholders received 0.2316 shares of Noble, plus cash consideration of $5.65 per share for each share of Diamond. Purchase Price Allocation The Diamond Transaction has been accounted for using the acquisition method of accounting under ASC Topic 805, Business Combinations, with Noble being treated as the accounting acquirer. Under the acquisition method of accounting, the assets acquired and liabilities assumed of Diamond and its subsidiaries were recorded at their respective fair values on the Diamond Closing Date. Total consideration for the acquisition was $1.5 billion, which included $610.3 million in cash paid and $879.9 million in non-cash consideration, primarily related to Ordinary shares issued to legacy Diamond shareholders and the replacement of legacy Diamond RSUs (as defined below). Determining the fair values of the assets and liabilities of Diamond and the consideration paid required judgment and certain assumptions to be made. The most significant fair value estimates related to the valuation of Diamond’s mobile offshore drilling units and other related tangible assets, the fair value of drilling contracts, and debt. Offshore drilling units. The valuation of Diamond’s mobile offshore drilling units was determined using the discounted cash flows expected to be generated from the drilling assets over their remaining useful lives. Assumptions used in our assessment included, but were not limited to, future marketability of each unit in light of the current market conditions and its current technical specifications, timing of future contract awards and expected operating dayrates, operating costs, rig utilization rates, tax rates, discount rate, capital expenditures, synergies, market values, estimated economic useful lives of the rigs and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term. Diamond off-market contracts . The Company recorded, with the assistance of external valuation specialists, liabilities from drilling contracts that had unfavorable terms compared to the current market which were recorded on the Diamond Closing Date. The Company recognized the fair value adjustments as off-market contract liabilities recorded in “Noncurrent contract liabilities.” Diamond debt. In connection with the Diamond Transaction, the Company assumed the Diamond Second Lien Notes (as defined herein) in an outstanding principal debt amount of $550.0 million and terminated the Diamond Revolving Credit Facility in the principal amount of $300.0 million, which was scheduled to mature in April 2026. The valuation of the Diamond Second Lien Notes was based on relevant market data as of the Diamond Closing Date and the term of the Diamond Second Lien Notes. Considering that the interest rate and implied yield for the Diamond Second Lien Notes were within a range of comparable market yields (with considerations for term and seniority), a fair value adjustment was recorded relating to the Diamond Second Lien Notes. For additional information, see “Note 6 — Debt.” The following table represents the allocation of the total purchase price of Diamond to the identifiable assets acquired and the liabilities assumed based on the fair values as of the Diamond Closing Date. In connection with this acquisition, the Company incurred $84.5 million of acquisition related costs during the year ended December 31, 2024. The results of Diamond operations were included in the Company’s results of operations effective on the Diamond Closing Date. Upon completion of our assessment as of December 31, 2024, the Company concluded that no goodwill nor gain on bargain purchase should be recorded as appropriate under US GAAP. Purchase price consideration: Fair value of Ordinary Shares transferred to legacy Diamond shareholders $ 857,678 Fair value of replacement Diamond RSU Awards attributable to the purchase price 22,263 Cash paid to legacy Diamond shareholders 583,152 Cash paid to terminate the Diamond Revolving Credit Facility 308 Cash paid to settle contingent success fees 17,316 Cash paid for retention bonuses 4,422 Cash paid for short-term incentive plans 5,086 Total purchase price consideration $ 1,490,225 Assets acquired: Cash and cash equivalents $ 193,243 Accounts receivable, net 193,194 Taxes receivable 6,971 Prepaid expenses and other current assets 69,781 Total current assets 463,189 Property and equipment, net 1,817,986 Assets held for sale (1) 5,300 Other assets 193,289 Total assets acquired 2,479,764 Liabilities assumed: Accounts payable 82,805 Accrued payroll and related costs 36,791 Taxes payable 3,699 Interest payable 19,750 Other current liabilities 137,788 Total current liabilities 280,833 Long-term debt 580,250 Deferred income taxes 184 Noncurrent contract liabilities 27,663 Other liabilities 100,609 Total liabilities assumed 989,539 Net assets acquired $ 1,490,225 (1) During the third quarter of 2024, we sold the Ocean Valiant for total proceeds of $5.6 million. See “Note 5 — Property and Equipment.” Diamond Revenue and Net Income The following table represents Diamond’s revenue and earnings included in Noble’s Consolidated Statements of Operations subsequent to the Diamond Closing Date of the Diamond Transaction. Period from Revenue $ 336,542 Net income (loss) $ 24,431 Pro Forma Financial Information The following unaudited pro forma summary presents the results of operations as if the Diamond Transaction had occurred on January 1, 2023. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented. Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Revenue $ 3,081,879 $ 3,672,860 Net income (loss) $ 375,402 $ 358,549 Net income (loss) per share: Basic $ 2.26 $ 2.21 Diluted $ 2.19 $ 2.09 The pro forma results include, among others, (i) an increase to Diamond’s historically reported depreciation expense related to adjustments of property and equipment values, (ii) adjustments to reflect certain acquisition related costs incurred directly in connection with the Diamond Transaction as if it had occurred on January 1, 2023, and (iii) net adjustments to increase contract drilling services revenue related to off-market customer contract liabilities recognized in connection with the Diamond Transaction on a pro forma basis. Business Combination with Maersk Drilling On the Merger Effective Date, pursuant to the Business Combination Agreement, Noble Cayman merged with and into Merger Sub, with Merger Sub surviving the Merger as a wholly owned subsidiary of Noble, and (i) each Noble Cayman Share issued and outstanding prior to the effective time of the Merger (the “Merger Effective Time”) was converted into one newly and validly issued, fully paid, and non-assessable Ordinary Share of Noble and (ii) each Noble Cayman Warrant (as defined herein) issued and outstanding immediately prior to the Merger Effective Time was converted automatically into a warrant to acquire a number of Ordinary Shares equal to the number of Noble Cayman Shares underlying such warrant, with the same terms as were in effect immediately prior to the Merger Effective Time under the terms of the applicable Noble Cayman Warrant Agreement (as defined herein) (collectively, the “Warrants”). In addition, each award of restricted share units representing the right to receive Noble Cayman Shares, or value based on the value of Noble Cayman Shares (each, a “Noble Cayman RSU Award”), outstanding immediately prior to the Merger Effective Time ceased to represent a right to acquire Noble Cayman Shares (or value equivalent to Noble Cayman Shares) and was converted into the right to acquire, on the same terms and conditions as were applicable under the Noble Cayman RSU Award (including any vesting conditions), that number of Ordinary Shares equal to the number of Noble Cayman Shares subject to such Noble Cayman RSU Award immediately prior to the Merger Effective Time. As a result of the Merger, Noble became the ultimate parent of Noble Cayman and its respective subsidiaries effective as of the Merger Effective Time. On the Closing Date, pursuant to the Business Combination Agreement, Noble completed the Offer and because Noble acquired more than 90% of the issued and outstanding Maersk Drilling Shares, Noble redeemed all remaining Maersk Drilling Shares not exchanged in the Offer for, at the election of the holder, either Ordinary Shares or cash (or, for those holders that do not make an election, only cash), under Danish law by way of the Compulsory Purchase. The Compulsory Purchase was completed in early November 2022, at which time Maersk Drilling became a wholly owned subsidiary of Noble. After the close of the Business Combination, Maersk Drilling was contributed by Noble to Noble Finance Company, an exempted company incorporated in the Cayman Islands with limited liability (“Finco”), in a common control transaction. In connection with the Offer and the Compulsory Purchase, each Maersk Drilling Share was exchanged for either (i) 1.6137 newly and validly issued, fully paid and non-assessable Ordinary Shares (the “Exchange Ratio”) or (ii) cash consideration (payable in DKK). The Offer was subject to a cash consideration cap per Maersk Drilling shareholder of $1,000 and an aggregate cap on cash consideration payable to all Maersk Drilling shareholders of $50 million. Consequently, in relation to the Offer, Maersk Drilling shareholders who elected to receive cash consideration in the Offer received, as applicable, (i) $1,000 for the applicable portion of their Maersk Drilling Shares and the balance of Maersk Drilling Shares in Ordinary Shares in accordance with the Exchange Ratio or (ii) the amount corresponding to the total holding of their Maersk Drilling Shares if such holding of Maersk Drilling Shares represented a value equal to or less than $1,000 in the aggregate. The Compulsory Purchase was not subject to a cash consideration cap per holder or an aggregate cap for cash consideration. In addition, each Maersk Drilling restricted stock unit award (a “Maersk Drilling RSU Award”) that was outstanding immediately prior to the acceptance time of the Offer (the “Acceptance Time”) was exchanged, at the Acceptance Time, with the right to receive, on the same terms and conditions as were applicable under the Maersk Drilling RSU Long-Term Incentive Programme for Executive Management 2019 and the Maersk Drilling RSU Long-Term Incentive Programme 2019 (including any vesting conditions), that number of Ordinary Shares equal to the product of (i) the number of Maersk Drilling Shares subject to such Maersk Drilling RSU Award immediately prior to the Acceptance Time and (ii) the Exchange Ratio, with any fractional Maersk Drilling Shares rounded to the nearest whole share. Upon such exchange, Maersk Drilling RSU Awards ceased to represent a right to receive Maersk Drilling Shares (or value equivalent to Maersk Drilling Shares). In September 2021, eligible Maersk Drilling employees signed an addendum to their existing service agreements that provides for enhanced severance terms in the event of termination as well as a retention bonus (“Deal Completion Bonus”) to be paid irrespective of termination if a transaction with Noble were to close (the “Retention Addendum”). The Retention Addendum was entered into on September 20, 2021. The Deal Completion Bonus was paid on October 3, 2022, for five Maersk executives terminated immediately upon close and on October 31, 2022, for all other eligible individuals. Purchase Price Allocation The Business Combination has been accounted for using the acquisition method of accounting under ASC Topic 805, Business Combination, with Noble being treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities of Maersk Drilling and its subsidiaries were recorded at their respective fair values on the Closing Date. Total consideration for the acquisition was $2.0 billion, which included $5.6 million in net cash paid and $2.0 billion in non-cash consideration, primarily related to Ordinary Shares issued to legacy Maersk shareholders and the replacement of legacy Maersk Drilling RSU Awards. Determining the fair values of the assets and liabilities of Maersk Drilling and the consideration paid required judgment and certain assumptions to be made. The most significant fair value estimates related to the valuation of Maersk Drilling’s mobile offshore drilling units and other related tangible assets and the fair value of drilling contracts and other intangibles. Offshore Drilling Units. The valuation of Maersk Drilling’s mobile offshore drilling units was determined using either (i) the discounted cash flows expected to be generated from the drilling assets over their remaining useful lives or (ii) the cost to replace the drilling assets as adjusted by the current market for similar offshore drilling assets. Assumptions used in our assessment included, but were not limited to, future marketability of each unit in light of the current market conditions and its current technical specifications, timing of future contract awards and expected operating dayrates, operating costs, rig utilization rates, tax rates, discount rate, capital expenditures, synergies, market values, estimated economic useful lives of the rigs and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term. Compulsory Purchase. Noble redeemed all of the remaining 4.1 million shares of Maersk Drilling Shares not exchanged in the Offer for, at the election of the holder, either Ordinary Shares or cash (or, for those holders that did not make an election, only cash), as required under Danish law by way of the Compulsory Purchase. The Company recognized the Compulsory Purchase as a redeemable interest at fair value upon the closing of the Business Combination. The Company determined that the fair value of the Compulsory Purchase was $193.7 million utilizing inputs which included Noble share price and cash redemption amount as of the Closing Date. The Compulsory Purchase interest was derecognized in mid-November 2022, with a portion being offset to common stock when 4.1 million Ordinary Shares were issued, additional paid in capital of $123.8 million and the remainder being the amount paid in cash of $69.9 million. Maersk Drilling Debt. On December 22, 2022, Maersk Drilling, as borrower, Noble Corporation plc, as parent guarantor, certain subsidiaries of Maersk Drilling party thereto, as guarantors, entered into a term loan (the “DNB Credit Facility”) under a term facility agreement, dated as of December 22, 2022 (as amended or otherwise modified from time to time), with DNB Bank ASA, New York Branch, as agent and security agent, and the other lenders party thereto. In connection with the Business Combination, the Company guaranteed the DNB Credit Facility and the DSF Credit Facility. The DSF Credit Facility had a floating interest rate that fluctuated based on market rates, thus fair value approximated the carrying amount. On February 23, 2023, the remaining amount under the DSF Credit Facility was paid in full using cash on hand. On April 18, 2023, we repaid all outstanding borrowings under the DNB Credit Facility. For additional information on the credit facilities see “Note 6 — Debt.” Maersk Drilling Off-market Contracts . The Company recorded, with the assistance of external valuation specialists, intangible assets and liabilities from drilling contracts that had favorable and unfavorable terms compared to the current market which were recorded on the Closing Date. The Company recognized the fair value adjustments as off-market contract assets and liabilities recorded in “Intangible assets” and “Noncurrent contract liabilities,” respectively. The following table represents the allocation of the total purchase price of Maersk Drilling to the identifiable assets acquired and the liabilities assumed based on the fair values as of the Closing Date. In connection with this acquisition, the Company incurred $24.9 million, $34.1 million, and $33.1 million of acquisition related costs during the years ended December 31, 2024, 2023, and 2022, respectively. The results of Maersk Drilling operations were included in the Company’s results of operations effective on the Closing Date. The Business Combination resulted in a gain on bargain purchase due to the estimated fair value of the identifiable net assets acquired exceeding the purchase consideration transferred by $5.0 million and is shown as a gain on bargain purchase on Noble’s Consolidated Statement of Operations. Management reviewed the Maersk Drilling assets acquired and liabilities assumed as well as the assumptions utilized in estimating their fair values. Upon completion of our assessment as of September 30, 2023, the Company concluded that recording a gain on bargain purchase was appropriate and required under US GAAP. Purchase price consideration: Fair value of Ordinary Shares transferred to legacy Maersk shareholders $ 1,793,351 Cash paid to legacy Maersk shareholders 887 Fair value of replacement Maersk Drilling RSU Awards attributable to the purchase price 6,780 Deal Completion Bonus 6,177 Fair Value of Compulsory Purchase 193,678 Total purchase price consideration $ 2,000,873 Assets acquired: Cash and cash equivalents $ 172,205 Accounts receivable, net 250,251 Taxes receivable (1) 18,987 Prepaid expenses and other current assets (1) 43,168 Total current assets 484,611 Intangible assets 22,991 Property, plant, and equipment, net 2,756,096 Other assets (1) 94,882 Total assets acquired 3,358,580 Liabilities assumed: Current maturities of long-term debt 129,130 Accounts payable 130,273 Accrued payroll and related costs (1) 23,884 Taxes payable (1) 29,219 Interest payable 800 Other current liabilities (1) 44,253 Total current liabilities 357,559 Long-term debt 596,692 Deferred income taxes 4,071 Noncurrent contract liabilities 237,703 Other liabilities (1) 156,677 Total liabilities assumed 1,352,702 Net assets acquired 2,005,878 Gain on bargain purchase (1) (5,005) Purchase price consideration $ 2,000,873 (1) During the nine months ended September 30, 2023, the Company recorded tax adjustments, which resulted in a net decrease in current taxes receivable and current taxes payable of $1.6 million and $9.0 million, respectively, a net increase in deferred tax assets of $25.2 million, a net increase in other current liabilities of $3.0 million, a net increase in reserves for uncertain tax positions of $13.1 million, and a net decrease in other tax liabilities of $14.6 million. Other adjustments were made to remeasure certain payroll tax related balances. As a result of the aforementioned adjustments, initial goodwill recognized on the purchase was revised to a gain on bargain purchase. Maersk Drilling Revenue and Net Income The following table represents Maersk Drilling’s revenue and earnings included in Noble’s Consolidated Statements of Operations subsequent to the Closing Date of the Business Combination. Period from October 3, 2022, through December 31, 2022 Revenue $ 341,490 Net loss $ 21,690 Pro Forma Financial Information The following unaudited pro forma summary presents the results of operations as if the Business Combination had occurred on February 6, 2021. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented. Twelve Months Ended December 31, 2022 Revenue $ 2,218,117 Net income (loss) $ (19,246) Net income (loss) per share Basic $ (0.14) Diluted $ (0.14) The pro forma results include, among others, (i) a reduction to Maersk Drilling’s historically reported depreciation expense related to adjustments of property and equipment values, (ii) adjustments to reflect certain acquisition related costs incurred directly in connection with the Business Combination as if it had occurred on February 6, 2021, (iii) an adjustment to reflect the gain on sale as if the Rig Transaction (discussed below) had occurred on February 6, 2021, and (iv) net adjustments to increase contract drilling services revenue related to off-market customer contract assets and liabilities recognized in connection with the Business Combination with Maersk Drilling on a pro forma basis. Rig Transaction On June 23, 2022, Noble and Shelf Drilling (North Sea), Ltd. and Shelf Drilling, Ltd. (together “Shelf Drilling”) entered into the sale by Noble and the purchase by Shelf Drilling of five jackup rigs known as the Noble Hans Deul , Noble Houston Colbert , Noble Lloyd Noble , Noble Sam Hartley , and Noble Sam Turner and all related support and infrastructure (collectively, and together with the related offshore and onshore personnel and related operations, the “Divestment Business”). On October 5, 2022, Noble and Shelf Drilling completed the sale (the “Rig Transaction”) as part of the Business Combination. The Rig Transaction addressed the potential concerns identified by the UK Competition and Markets Authority of the Business Combination and was approved by them in September 2022. In connection with the Rig Transaction, the Divestment Business was transferred by Noble to Shelf Drilling for a purchase price of $375 million in cash which resulted in a gain of $85.1 million. As of the date of the Rig Transaction, Shelf Drilling gained control of the Noble Lloyd Noble . For a transition period following the completion of the Rig Transaction, Noble agreed to continue to operate the Noble Lloyd Noble under operating agreements with Shelf Drilling (the “NLN Charter Agreement”) and to provide certain other transition services to Shelf Drilling. Under the operating agreements, we agreed to remit the collections from our customers under the associated drilling contracts to Shelf Drilling, and Shelf Drilling agreed to reimburse us for our direct costs and expenses incurred while operating the Noble Lloyd Noble on behalf of Shelf Drilling (with certain exceptions). As of December 31, 2023, the NLN Charter Agreement is closed and the Noble Lloyd Noble is no longer operated by Noble.

Merger and Integration Costs

Merger and Integration Costs	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Merger and Integration Costs	Note 3 — Merger and Integration Costs During the years ended December 31, 2024, 2023, and 2022, the Company incurred $109.4 million, $60.3 million, and $84.7 million, respectively, of merger and integration costs directly attributable to its merger and integration activities associated with the business combinations with Diamond Offshore and Maersk Drilling. Merger and integration costs consisted primarily of transaction-related acquisition costs, costs related to integration activities, severance costs, retention costs, professional fees, and other costs such as share-based compensation charges that are directly attributable to these activities. All merger and integration costs were expensed as incurred and recorded under “Merger and integration costs.” Most merger and integration costs do not qualify for special accounting treatment as exit or disposal activities; however, during the year ended December 31, 2024, the Company incurred $4.1 million related to certain employee compensation that qualifies as exit or disposal activities. During the year ended December 31, 2022, the Company incurred $0.8 million related to certain employee compensation that qualifies as exit or disposal activities. In connection with these activities, Noble has incurred various costs associated with contractual termination benefits, including severance, accelerated vesting of share-based compensation and other expenses. These termination benefits have been accounted for under ASC 712, “Compensation - Nonretirement Post-Employment Benefits” and ASC 718, “Compensation - Stock Compensation.”

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Income (Loss) Per Share	Note 4 — Income (Loss) Per Share The following table presents the computation of basic and diluted earnings per share: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Numerator: Net income (loss) $ 448,353 $ 481,902 $ 168,948 Denominator: Weighted average shares outstanding — basic 148,733 138,380 85,055 Dilutive effect of share-based awards 1,512 3,158 3,334 Dilutive effect of warrants 1,394 3,659 8,489 Dilutive effect of compulsory purchase (1) — — 729 Weighted average shares outstanding — diluted 151,639 145,197 97,607 Per share data: Basic Net income (loss) $ 3.01 $ 3.48 $ 1.99 Diluted Net income (loss) $ 2.96 $ 3.32 $ 1.73 (1) Represents the dilutive effect on outstanding shares between when the Compulsory Purchase interest was recorded on the Closing Date and when it was derecognized in mid-November 2022. Only those items having a dilutive impact on our basic income per share are included in diluted income per share. The following table displays the share-based instruments that have been excluded from diluted income per share since the effect would have been anti-dilutive: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Warrants (1) 2,774 2,774 2,774 (1) Represents the total number of warrants outstanding which did not have a dilutive effect. In periods where the warrants are determined to be dilutive, the number of shares which will be included in the computation of diluted shares is determined using the Treasury Stock Method, adjusted for mandatory exercise provisions under the warrant agreements if applicable.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 5 — Property and Equipment Property and equipment, at cost, for Noble consisted of the following: December 31, 2024 2023 Drilling equipment and facilities $ 6,650,034 $ 4,338,229 Construction in progress 197,789 210,759 Other 56,908 42,948 Property and equipment, at cost $ 6,904,731 $ 4,591,936 Capital additions, including capitalized interest, during the years ended December 31, 2024, 2023, and 2022 totaled $520.3 million, $454.3 million, and $193.6 million, respectively. During 2024, we sold the Noble Explorer for total proceeds of $25.0 million, $21.5 million of which was received in the fourth quarter of 2023, resulting in a pre-tax gain of $17.4 million. Also, during 2024, we sold the Ocean Valiant and the Ocean Onyx for total proceeds of $5.6 million and $5.2 million, respectively. During 2022, we sold the Divestment Business as part of the Rig Transaction for total net proceeds of $366.8 million, resulting in a gain of $85.1 million, and the Noble Clyde Boudreaux for total net proceeds of $14.2 million, resulting in a gain of $6.8 million.

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Note 6 — Debt Amended and Restated Senior Secured Revolving Credit Agreement In April 2023, Noble entered into the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 18, 2023, and as amended on June 24, 2024 (the “2023 Revolving Credit Agreement”), by and among Noble Finance II LLC (“Noble Finance II”), Noble International Finance Company, Noble Drilling A/S, and certain additional subsidiaries of Noble Finance II as from time to time designated by Noble Finance II, as borrowers, the lenders and issuing banks party thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, and security trustee. The revolving credit facility under the Revolving Credit Agreement (the “2023 Revolving Credit Facility”) provides for commitments of $550.0 million with maturity in 2028. The guarantors (the “Guarantors”) under the 2023 Revolving Credit Facility are the same subsidiaries of Noble Finance II that are or will be guarantors of the 2030 Notes (as defined below). As of December 31, 2024, we had no borrowings outstanding and $24.8 million of letters of credit issued under the 2023 Revolving Credit Agreement. All obligations of the Borrowers under the 2023 Revolving Credit Agreement, certain cash management obligations, certain letter of credit obligations and certain swap obligations are unconditionally guaranteed, on a joint and several basis, by Noble Finance II and certain of its direct and indirect subsidiaries (together with the Borrowers, the “Credit Parties”), including a guarantee by each Borrower of the obligations of each other Borrower under the 2023 Revolving Credit Agreement. All such obligations, including the guarantees of the 2023 Revolving Credit Facility, are secured by senior priority liens on substantially all assets of, and the equity interests in, each Credit Party, including substantially all rigs owned by subsidiaries of Noble as of the date of the 2023 Revolving Credit Agreement, along with certain other rigs in the future such that collateral rigs shall generate at least 80% of the total revenue of all rigs owned by Noble Finance II and its restricted subsidiaries and the ratio of the aggregate rig value of the collateral rigs to the commitments under the 2023 Revolving Credit Facility is at least 5.00 to 1.00, in each case, subject to certain exceptions and limitations described in the 2023 Revolving Credit Agreement. The loans outstanding under the 2023 Revolving Credit Facility bear interest at a rate per annum equal to the applicable margin plus, at Noble Finance II’s option, either: (i) the Term SOFR Rate (as defined in the 2023 Revolving Credit Agreement) plus 0.10% (subject to a 0.00% floor); or (ii) a base rate, determined as the greatest of (x) the prime loan rate as published in the Wall Street Journal, (y) the NYFRB Rate (as defined in the 2023 Revolving Credit Agreement) plus 1/2 of 1%, and (z) the one-month Term SOFR Rate plus 0.10% (subject to a 0.00% floor) plus 1%. The applicable margin is initially 2.75% per annum for Term SOFR Rate loans and 1.75% per annum for base rate loans and will range based on the Consolidated Total Net Leverage Ratio (as defined in the 2023 Revolving Credit Agreement, which allows for certain cash netting depending on the amount of loans and letters of credit outstanding under the 2023 Revolving Credit Facility at the time of calculation), from 2.75% per annum to 3.75% per annum for Term SOFR Rate loans and 1.75% per annum to 2.75% per annum for base rate loans. The Borrowers are required to pay interest on (i) overdue principal at the rate equal to 2.00% per annum in excess of the applicable interest rate under the 2023 Revolving Credit Facility, to the extent lawful, and (ii) overdue installments of interest, if any, without regard to any applicable grace period, at 2% in excess of the interest rate applicable to base rate loans, to the extent lawful. The Borrowers are required to pay a quarterly commitment fee to each lender under the 2023 Revolving Credit Facility, which accrues at a rate per annum equal to (i) during the period from and including the effective date of the 2023 Revolving Credit Agreement to and including the third anniversary of the effective date of the 2023 Revolving Credit Agreement, 0.50% on the average daily unused portion of each lender’s commitments under the 2023 Revolving Credit Facility, (ii) during the period from the third anniversary of the effective date of the 2023 Revolving Credit Agreement to and including the fourth anniversary of the effective date of the 2023 Revolving Credit Agreement, 0.75% on the average daily unused portion of each lender’s commitments under the 2023 Revolving Credit Facility, and (iii) thereafter, 1.00% on the average daily unused portion of each lender’s commitments under the 2023 Revolving Credit Facility. The Borrowers are also required to pay customary letter of credit and fronting fees. Borrowings under the 2023 Revolving Credit Agreement may be used for working capital and other general corporate purposes. Availability of borrowings under the 2023 Revolving Credit Facility is subject to the satisfaction of certain conditions, including that, after giving effect to any such borrowings and the application of the proceeds thereof, the aggregate amount of Available Cash (as defined in the 2023 Revolving Credit Agreement) would not exceed $250.0 million. Mandatory prepayments and, under certain circumstances, commitment reductions are required under the 2023 Revolving Credit Facility in connection with certain asset sales (subject to reinvestment rights if no event of default exists). Available cash in excess of $250.0 million at the end of any month is also required to be applied to prepay loans (without a commitment reduction). The loans under the 2023 Revolving Credit Facility may be voluntarily prepaid, and the commitments thereunder voluntarily terminated or reduced, by the Borrowers at any time without premium or penalty, other than customary breakage costs. The 2023 Revolving Credit Agreement obligates Noble Finance II to comply with the following financial covenants: • as of the last day of each fiscal quarter, the Interest Coverage Ratio (as defined in the 2023 Revolving Credit Agreement) is not permitted to be less than 2.50 to 1.00; and • as of the last day of each fiscal quarter, the Consolidated Total Net Leverage Ratio is not permitted to be greater than 3.00 to 1.00. The 2023 Revolving Credit Agreement contains other affirmative and negative covenants, representations and warranties and events of default that Noble views as customary for a financing of this type. The occurrence of any event of default under the 2023 Revolving Credit Agreement would permit all obligations under the 2023 Revolving Credit Facility to be declared due and payable immediately and all commitments thereunder to be terminated. 8.000% Senior Notes due 2030 On April 18, 2023, Noble Finance II, a wholly owned subsidiary of Noble, issued the $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. The 2030 Notes were issued pursuant to an indenture, dated as of April 18, 2023 (as supplemented or otherwise modified from time to time, the “Noble Indenture”), among Noble Finance II, the subsidiaries of Noble Finance II party thereto, as guarantors, and U.S. Bank Trust Company, National Association, as trustee, paying agent, and registrar. The 2030 Notes are unconditionally guaranteed on a senior unsecured basis by the 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 Guarantors, including the 2023 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, commencing October 15, 2023, 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. At any time prior to April 15, 2026, Noble Finance II may, from time to time, redeem up to 40% of the aggregate principal amount of 2030 Notes at a redemption price of 108% of the principal amount of the 2030 Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), in an amount not greater than the net cash proceeds of one or more equity offerings by Noble Finance II, subject to certain requirements. In addition, prior to April 15, 2026, Noble Finance II may redeem the 2030 Notes at a redemption price equal to 100% of the principal amount of the 2030 Notes redeemed, plus an applicable make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time on or after April 15, 2026, Noble Finance II may redeem all or part of the 2030 Notes at fixed redemption prices (expressed as percentages of the principal amount) beginning at 104.00% and decreasing thereafter, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a Change of Control Triggering Event (as defined in the Noble Indenture) occurs, each holder of 2030 Notes may require Noble Finance II to repurchase all or any part of that holder’s 2030 Notes for cash at a price equal to 101% of the aggregate principal amount of the 2030 Notes repurchased, plus any accrued and unpaid interest thereon, if any, to, but excluding, the date on which the 2030 Notes are repurchased (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). The Noble Indenture contains customary covenants and events of default. Diamond Second Lien Notes due 2030 On September 21, 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, beginning on April 1, 2024. The Diamond Second Lien Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by Noble Offshore Drilling, Inc. (formerly known as Dolphin Merger Sub 2, Inc. and as successor by merger with Diamond Offshore Drilling, Inc.) (“NODI”) and each of its existing restricted subsidiaries (other than the Issuers) and by certain of NODI’s future restricted subsidiaries. The Diamond Second Lien Notes obligate NODI and its subsidiaries to comply with an indenture dated as of September 21, 2023 (as supplemented and otherwise modified from time to time, the “Diamond Second Lien Indenture”), among the Issuers, NODI, certain of its subsidiaries party thereto, as guarantors, and HSBC Bank USA, National Association, as trustee and collateral agent. The Diamond Second Lien Indenture contains covenants that, among other things, restrict NODI’s ability and the ability of certain of its subsidiaries to: (i) incur additional debt and issue certain preferred stock; (ii) incur or create liens; (iii) make certain dividends, distributions, investments, and other restricted payments; (iv) sell or otherwise dispose of certain assets; (v) engage in certain transactions with affiliates; and (vi) merge, consolidate, amalgamate, or sell, transfer, lease, or otherwise dispose of all, or substantially all, of the assets of NODI and such subsidiaries taken as a whole. These covenants are subject to important exceptions and qualifications. Noble Second Lien Notes On April 18, 2023, we redeemed the remaining balance of approximately $173.7 million aggregate principal amount of outstanding notes using a portion of the proceeds from the offering of the Initial 2030 Notes, and recognized a loss of approximately $25.7 million. Diamond Credit Agreement On September 4, 2024, in connection with the closing of the Diamond Transaction, Noble terminated Diamond’s $300.0 million senior secured revolving credit facility under the Diamond Credit Agreement. The revolving commitments under the Diamond Credit Agreement were scheduled to mature on April 22, 2026. At the time of the Diamond Transaction and the termination of the commitments under the Diamond Credit Agreement, Diamond had no outstanding borrowings under the Diamond Credit Agreement. DNB Credit Facility and New DNB Credit Facility Upon the Closing Date, Noble guaranteed the DNB Credit Facility and on December 22, 2022, it was terminated and replaced with the New DNB Credit Facility (“New DNB Credit Facility”). On April 18, 2023, we repaid the $347.5 million of outstanding borrowings under the New DNB Credit Facility using a portion of the proceeds from the offering of the 2030 Notes, and recognized a loss of approximately $0.7 million. DSF Credit Facility The Company guaranteed a term loan (the “DSF Credit Facility”) under a term loan facility agreement, dated as of December 10, 2018 (as amended or otherwise modified from time to time), among Maersk Drilling Holding A/S, Maersk Drilling A/S, the subsidiaries of Maersk Drilling Holding A/S, and Danmarks Skibskredit A/S, as original lender, agent, and security agent, in connection with the Business Combination with Maersk Drilling that closed on October 3, 2022. The DSF Credit Facility was repaid in full and terminated on February 23, 2023, using cash on hand. Debt Open Market Repurchases In the third and fourth quarter of 2022, we purchased $42.3 million aggregate principal amount of our Second Lien Notes for approximately $48.1 million, plus accrued interest, as open market repurchases and recognized a loss of approximately $4.6 million. Guarantees of Indebtedness On the Closing Date of the Business Combination with Maersk Drilling, Noble guaranteed all of the obligations of Maersk Drilling and certain of its subsidiaries under the DNB Credit Facility, the DSF Credit Facility, and related financing documents. On February 23, 2023, the DSF Credit Facility was repaid in full and the related Noble guarantee was terminated. On April 18, 2023, the DNB Credit Facility was repaid in full and the related Noble guarantee was terminated. 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 2023 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: December 31, 2024 2023 Carrying Estimated Fair Value Carrying Estimated Fair Value Senior secured notes 8.000% Senior Notes due April 2030 $ 1,401,214 $ 1,414,266 $ 586,203 $ 626,472 8.500% Senior Secured Second Lien Notes due October 2030 578,972 571,428 — — Credit facility Amended and Restated Senior Secured Revolving Credit Facility matures April 2028 — — — — Total debt 1,980,186 1,985,694 586,203 626,472 Less: Current maturities of long-term debt — — — — Long-term debt $ 1,980,186 $ 1,985,694 $ 586,203 $ 626,472

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	Note 7 — Equity Share Capital Noble Share Capital. As of December 31, 2024 and 2023, there were approximately 158.9 million and 140.8 million Ordinary Shares outstanding, respectively. With respect to the Business Combination, at the Merger Effective Time, Noble issued 70.4 million Ordinary Shares to the former holders of Noble Cayman Shares. Further, at the Merger Effective Time, Noble issued 14.5 million Warrants exercisable for Ordinary Shares to former holders of Noble Cayman Warrants (defined wherein). In connection with the completion of the Exchange Offer, Noble issued 60.1 million Ordinary Shares to the former holders of Maersk Drilling shares. On September 4, 2024, Noble issued 24.2 million Ordinary Shares to the former shareholders of Diamond, in connection with the closing of the Diamond acquisition. Further, Noble assumed all outstanding and unexercised warrants of Diamond, which were exercisable for 90 days from the effective time of the Diamond acquisition. As of December 4, 2024, the warrants assumed from Diamond are no longer exercisable and have expired in accordance with their terms. Additional changes to share capital occurred as a result of, among other actions, the vesting of restricted stock units and performance based restricted stock units to our employees and directors, the cancellation of Ordinary Shares denoted as excess shares in the voluntary share exchange as a result of the Exchange Offer, the issuance of Ordinary Shares pursuant to the exercise of warrants, and share repurchases under the Company’s authorized share repurchase plan. In addition, as of December 31, 2024, 0.9 million Tranche 1 Warrants, 0.9 million Tranche 2 Warrants and 2.8 million Tranche 3 Warrants were outstanding and exercisable. We also have 6.8 million Ordinary Shares authorized and reserved for issuance pursuant to equity awards under the Noble Corporation plc 2022 Long-Term Incentive Plan. Our most recent quarterly dividend, totaling approximately $79.7 million (or $0.50 per share), was declared on November 5, 2024, and paid on December 19, 2024, to shareholders of record at close of business on December 5, 2024. During the years ended December 31, 2024, and 2023, we declared dividends of approximately $278.3 million and $101.8 million (or $1.80 and $0.70 per share cumulatively), respectively, and made cash dividend payments of approximately $277.8 million and $98.8 million, respectively. Approximately $3.5 million and $3.0 million was accrued related to dividend equivalent rights as of December 31, 2024 and 2023, respectively. The declaration and payment of dividends require the authorization of the Board of Directors. Such may be paid only out of Noble’s “distributable reserves” as determined by reference to relevant statutory accounts in accordance with English law. Therefore, Noble is not permitted to pay dividends out of share capital, which includes share premium. The payment of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual and indenture restrictions, and other factors deemed relevant by our Board of Directors. Share Repurchases Under English law, the Company is only permitted to purchase its own Ordinary Shares by way of an “off-market purchase” pursuant to a contract approved by shareholders (except where the purchase is for the purposes of, or pursuant to, any employees’ share scheme). Such purchases may be paid for either (i) out of Noble’s “distributable reserves” as determined by reference to relevant statutory accounts in accordance with English law or (ii) from the proceeds of a fresh issue of shares made for the purpose of financing the purchase. As of the date of this report, we have shareholder authority to repurchase up to 15% per annum of the issued share capital of the Company as of the beginning of each fiscal year for a five Warrants On the Merger Effective Date, immediately prior to the Merger Effective Time, we had outstanding 6.2 million Noble Cayman Tranche 1 Warrants, 5.6 million Noble Cayman Tranche 2 Warrants and 2.8 million Noble Cayman Tranche 3 Warrants (together with the Noble Cayman Tranche 1 Warrants and the Noble Cayman Tranche 2 Warrants, the “Noble Cayman Warrants”). At the Merger Effective Time, each Noble Cayman Warrant outstanding immediately prior to the Merger Effective Time was converted automatically into a Warrant to acquire a number of Ordinary Shares equal to the number of Noble Cayman Shares underlying such Noble Cayman Warrant, with the same terms as were in effect immediately prior to the Merger Effective Time under the terms of the applicable Noble Cayman Warrant Agreement. The Tranche 1 Warrants of Noble (the “Tranche 1 Warrants”) are exercisable for one Ordinary Share per warrant at an exercise price of $19.27 per warrant, the Tranche 2 Warrants of Noble (the “Tranche 2 Warrants”) are exercisable for one Ordinary Share per warrant at an exercise price of $23.13 per warrant, and the Tranche 3 Warrants of Noble (the “Tranche 3 Warrants”) are exercisable for one Ordinary Share per warrant at an exercise price of $124.40 per warrant (in each case as may be adjusted from time to time pursuant to the applicable Warrant Agreement). The Tranche 1 Warrants and the Tranche 2 Warrants are exercisable until 5:00 p.m., Eastern time, on February 4, 2028, and the Tranche 3 Warrants are exercisable until 5:00 p.m., Eastern time, on February 4, 2026. The Tranche 1 Warrants and the Tranche 2 Warrants have Black-Scholes protections, including in the event of a Fundamental Transaction (as defined in the applicable warrant agreement). The Tranche 1 Warrants and the Tranche 2 Warrants also provide that while the Mandatory Exercise Condition (as defined in the applicable Warrant Agreement) set forth in the applicable Warrant Agreement has occurred and is continuing, Noble or the Required Mandatory Exercise Warrantholders (as defined in the applicable Warrant Agreement) have the right and option (but not the obligation) to cause all or a portion of the Warrants to be exercised on a cashless basis. In the case of Noble, under the Mandatory Exercise Condition, all of the Tranche 1 Warrants or the Tranche 2 Warrants (as applicable) would be exercised. In the case of electing Required Mandatory Exercise Warrantholders, under the Mandatory Exercise Condition, all of their respective Tranche 1 Warrants or Tranche 2 Warrants (as applicable) would be exercised. Mandatory exercises entitle the holder of each Warrant subject thereto to (i) the number of Ordinary Shares issuable upon exercise of such Warrant on a cashless basis and (ii) an amount payable in cash, Ordinary Shares or a combination thereof (in Noble’s sole discretion) equal to the Black-Scholes Value (as defined in the applicable Warrant Agreement) with respect to the number of Ordinary Shares withheld upon exercise of such Warrant on a cashless basis. At December 31, 2024, the Mandatory Exercise Condition set forth in the Warrant Agreements for the Tranche 1 Warrants and the Tranche 2 Warrants was satisfied. In connection with the automatic conversion of the Noble Cayman Warrants into Warrants at the Merger Effective Time, (i) the Tranche 1 Warrant Agreement, dated as of February 5, 2021, by and among Noble Cayman, Computershare Inc. and Computershare Trust Company, N.A. (together, “Computershare”), (ii) the Tranche 2 Warrant Agreement, dated as of February 5, 2021, by and among Noble Cayman and Computershare, and (iii) the Tranche 3 Warrant Agreement, dated as of February 5, 2021, by and among Noble Cayman and Computershare (collectively, the “Noble Cayman Warrant Agreements”) were terminated, and Noble entered into (a) a new Tranche 1 Warrant Agreement, dated as of the Merger Effective Date, by and among Noble and Computershare, (b) a new Tranche 2 Warrant Agreement, dated as of the Merger Effective Date, by and among Noble and Computershare, and (c) a new Tranche 3 Warrant Agreement, dated as of the Merger Effective Date, by and among Noble and Computershare (collectively, the “Warrant Agreements”). The Warrant Agreements have substantially similar terms as were in effect immediately prior to the Merger Effective Time pursuant to the Noble Cayman Warrant Agreements. Share-Based Compensation Plans Stock Plans. In connection with the Merger, on the Merger Effective Date, the Company adopted the Noble Corporation plc 2022 Long-Term Incentive Plan (the “2022 LTIP”), which permits grants of options, stock appreciation rights, stock or stock unit awards, or cash awards, any of which may be structured as a performance award, from time to time to employees and non-employee directors who are to be granted awards under the 2022 LTIP, and authorized and reserved approximately 5.9 million Ordinary Shares for equity incentive awards to be granted under such plan. The Company assumed, under the 2022 LTIP, all outstanding awards as well as any rights and obligations of Noble Cayman thereunder. On the Merger Effective Date, each Noble Cayman RSU Award outstanding immediately prior to the Merger Effective Time ceased to represent a right to acquire Noble Cayman Shares (or value equivalent to Noble Cayman Shares) and was converted into the right to acquire, on the same terms and conditions as were applicable under the Noble Cayman RSU Award (including any vesting conditions), that number of Ordinary Shares equal to the number of Noble Cayman Shares subject to such Noble Cayman RSU Award immediately prior to the Merger Effective Time. The Company also approved the adoption, effective as of October 3, 2022, of (i) the Noble Corporation plc RSU Long-Term Incentive Program for Executive Management 2022 and (ii) the Noble Corporation plc RSU Long-Term Incentive Program 2022, under which the Company assumed all outstanding awards of Maersk Drilling granted under the Maersk Drilling RSU Long-Term Incentive Program for Executive Management 2019 and the Maersk Drilling RSU Long-Term Incentive Program 2019, respectively. Each Maersk Drilling RSU Award that was outstanding immediately prior to the Acceptance Time was exchanged, at the Acceptance Time, with the right to receive, on the same terms and conditions as were applicable under the Maersk Drilling RSU Long-Term Incentive Program for Executive Management 2019 and the Maersk Drilling RSU Long-Term Incentive Program 2019 (including any vesting conditions), that number of Ordinary Shares equal to the product of (i) the number of Maersk Drilling Shares subject to such Maersk Drilling RSU Award immediately prior to the Acceptance Time and (ii) the Exchange Ratio, with any fractional Maersk Drilling Shares rounded to the nearest whole share. Upon such exchange, Maersk Drilling RSU Awards ceased to represent a right to receive Maersk Drilling Shares (or value equivalent to Maersk Drilling Shares). In addition to assuming any outstanding awards granted under the plans listed in the two preceding paragraphs (including the shares underlying such awards) and the award agreements evidencing the grants of such awards, the Company assumed the remaining shares available for issuance under each applicable plan, including any awards granted to the Company’s directors or executive officers, in each case subject to adjustments to such awards in the manner set forth in the Business Combination Agreement. Effective May 21, 2024, shareholders of the Company approved an amendment to the 2022 LTIP which increased the maximum number of shares that may be issued under the 2022 LTIP to 10,688,623 Ordinary Shares. On September 4, 2024, in connection with the closing of the acquisition of Diamond, the Company assumed the Diamond Offshore Drilling, Inc. 2021 Long-Term Stock Incentive Plan (the “Diamond LTIP”) and each Diamond RSU (as defined below) outstanding thereunder. Effective November 6, 2024, the Company also assumed the remaining shares available for issuance under the Diamond LTIP which, after adjustments under the Diamond Merger Agreement, totaled 1,556,404 Ordinary Shares. Restricted Stock Units (“RSUs”). We awarded both Time Vested RSUs (“TVRSUs”) and Performance Vested RSUs (“PVRSUs”) under the 2022 LTIP. On the Merger Effective Date, each Noble Cayman RSU Award outstanding immediately prior to the Merger Effective Time ceased to represent a right to acquire Noble Cayman Shares (or value equivalent to Noble Cayman Shares) and was converted into the right to acquire, on the same terms and conditions as were applicable under the Noble Cayman RSU Award (including any vesting conditions), that number of Ordinary Shares equal to the number of Noble Cayman Shares subject to such Noble Cayman RSU Award immediately prior to the Merger Effective Time. On September 4, 2024, in connection with the closing of the acquisition of Diamond, each performance-vesting and time-vesting restricted stock unit covering shares of Diamond (together "Diamond RSUs") held by key employees were assumed by Noble and represented the right to receive shares in Noble. The Diamond RSUs were assumed by Noble on substantially the same terms and conditions (including vesting conditions) as applicable to the original Diamond RSUs prior to the closing of the acquisition. Notwithstanding the foregoing, to the extent that a Diamond RSU vested as of the acquisition (including any awards that vested as a result of a termination of employment at or immediately after the acquisition), such awards were instead settled in cash or shares of Diamond, as applicable, immediately prior to the acquisition and any such shares of Diamond were treated the same as other Diamond shares. The TVRSUs generally vest over a three-year period. The number of PVRSUs which vest will depend on the degree of achievement of specified corporate performance criteria generally over a three-year performance period. These criteria consist of market and performance-based criteria. Dividend equivalent rights are accrued and accumulated as dividends are declared, and payable upon vesting of the TVRSUs and PVRSUs. The TVRSUs are valued on the date of award at our underlying share price. The total compensation expense for units that ultimately vest is recognized on a straight-line basis over the service period. The shares and related nominal value are recorded when the RSU vests and additional paid-in capital is adjusted as the share-based compensation cost is recognized for financial reporting purposes. In 2024, 2023, and 2022, 40% of the TVRSUs granted to non-employee directors will be settled in cash and accounted for as liability awards, which were valued on the date of grant based on the estimated fair value of the Company’s share price. Under the fair value method for liability-classified awards, compensation expense is remeasured each reporting period at fair value based upon the closing price of the Company’s Ordinary Shares. Each PVRSU represents the right to receive Ordinary Shares at a future date based on our performance against specified targets. The ultimate number of shares issued and the related compensation cost recognized is based on a comparison of the final performance metrics to the specified targets. For performance-based awards, compensation expense is recognized based on the number of Ordinary Shares expected to be issued and the market price per Ordinary Share on the date of grant. Over the performance period, the number of shares expected to be issued is adjusted upward or downward based upon the probability of achievement of the performance targets. The market-based awards are valued on the date of grant based on the estimated fair value. Estimated fair value is determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance will achieve the targeted thresholds and the expected forfeiture rate. The fair value is calculated using a Monte Carlo Simulation Model. The assumptions used to value the market-based awards include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows, for the respective grant dates: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 January 26, 2024 February 3, 2023 February 3, 2022 Valuation assumptions: Expected volatility rate (1) 44.1 % 83.0 % 74.8 % Risk-free interest rate 4.16 % 3.96 % 1.42 % (1) Expected dividend yield is included in the model via its impact on the historical volatility rate, which is based on daily returns inclusive of dividends. Additionally, similar assumptions were made for each of the companies included in the defined index and the peer group of companies in order to simulate the future outcome using the Monte Carlo Simulation Model. For market-based awards, compensation expense is recognized on a straight-line basis over the vesting terms. A summary of the RSUs awarded during the periods indicated is as follows: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Equity-classified TVRSUs Units awarded 839,773 384,995 988,750 Weighted-average award date fair value $ 40.54 $ 39.54 $ 27.85 Weighted-average vesting period (years) 2.37 2.90 2.94 Liability-classified TVRSUs Units awarded 14,123 12,918 20,120 Weighted-average award date fair value $ 44.34 $ 39.58 $ 31.25 Weighted-average vesting period (years) 1.00 1.00 1.00 PVRSUs Units awarded 257,574 223,635 295,372 Weighted-average award date fair value $ 50.06 $ 45.88 $ 28.97 Three-year performance period end date December 31 2026 2025 2024 During the years ended December 31, 2024, 2023, and 2022, we awarded 21,171, 19,376, and 30,180 shares equity-classified TVRSUs and 14,123, 12,918, and 20,120 shares liability-classified TVRSUs, respectively, to our non-employee directors. A summary of the status of non-vested RSUs at December 31, 2024 and 2023, and changes for the years then ended is presented below: Equity-Classified TVRSUs Weighted PVRSUs Outstanding (1) (2) Weighted Non-vested RSUs at December 31, 2022 1,539,550 $ 20.51 1,753,214 $ 19.58 Awarded 384,995 39.54 223,635 45.88 Vested (719,871) 20.26 (1,461,236) 18.16 Forfeited (19,281) 30.93 — — Non-vested RSUs at December 31, 2023 1,185,393 $ 26.64 515,613 $ 36.19 Awarded 839,773 40.54 257,574 50.06 Vested (943,847) 25.12 (293,537) 28.97 Forfeited (47,305) 39.98 (1,835) 28.97 Non-vested RSUs at December 31, 2024 1,034,014 $ 39.05 477,815 $ 48.13 (1) For awards granted, the number of PVRSUs shown equals the shares that would vest if the “target” level of performance is achieved. The minimum number of convertible shares is zero and the “maximum” level of performance is 200% of the amounts shown. (2) For awards granted during 2022, the minimum number of convertible shares is 36,929 and the “maximum” level of performance is 179% of the amounts shown. We granted 14,123 and 12,918 liability-classified TVRSUs at a weighted average grant date fair value of $44.34 and $39.58, during the years ended December 31, 2024 and 2023, respectively. During the years ended December 31, 2024 and 2023, 12,918 and 2,672 units vested, respectively, and no units were forfeited during either period. At December 31, 2024 and 2023, we had 14,123 and 12,918 liability-classified TVRSUs outstanding with an associated total liability of $0.4 million and $0.6 million, respectively. At December 31, 2024 and 2023, there wa s $22.7 million and $14.5 million of total unrecognized compensation cost related to the equity-classified TVRSUs, to be recognized over a remaining weighted average period of 1.53 and 0.99 years, respectively. In addition, at December 31, 2024 and 2023, the immaterial amounts of unrecognized compensation cost related to the liability-classified TVRSUs are to be recognized over a remaining weighted average period of 0.11 and 0.09 years, respectively. At December 31, 2024 and 2023, there was $11.3 million and $12.6 million of total unrecognized compensation cost related to the PVRSUs, to be recognized over a remaining weighted average period of 1.54 and 1.43 years, respectively. The total potential compensation for PVRSUs is recognized over the service period regardless of whether the performance thresholds are ultimately achieved. Share-based amortization recognized during the years ended December 31, 2024 and 2023, related to all restricted stock, excluding amounts included in merger and integration costs, totaled $27.9 million ($25.4 million net of income tax) and $37.4 million ($35.2 million net of income tax), respectively.

Revenue and Customers

Revenue and Customers	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Customers	Note 8 — Revenue and Customers Disaggregation of Revenue The following table provides information about contract drilling revenue by rig types: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Floaters $ 2,349,644 $ 2,010,113 $ 997,819 Jackups 569,123 451,602 335,022 Total $ 2,918,767 $ 2,461,715 $ 1,332,841 Contract Balances Accounts receivable are recognized when the right to 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 Consolidated Balance Sheets. Off-market customer contract assets and liabilities have been recognized in connection with our emergence from Chapter 11 and the Business Combination with Maersk Drilling 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: December 31, 2024 December 31, 2023 Current customer contract assets $ 26,049 $ 4,208 Noncurrent customer contract assets 11,042 208 Total customer contract assets 37,091 4,416 Current deferred revenue (61,506) (19,679) Noncurrent deferred revenue (40,439) (23,393) Total deferred revenue $ (101,945) $ (43,072) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the year ended December 31, 2024 and 2023, are as follows: Contract Assets Contract Liabilities Net balance at December 31, 2021 $ 5,744 $ (27,755) Additions to deferred costs 34,187 — Additions to deferred revenue — (108,971) Amortization of deferred costs (19,875) — Amortization of deferred revenue — 55,521 Reclassification to held for sale and subsequent derecognition (8,519) 21,408 Total 5,793 (32,042) Net balance at December 31, 2022 $ 11,537 $ (59,797) Additions to deferred costs 19,575 — Additions to deferred revenue — (60,430) Amortization of deferred costs (26,696) — Amortization of deferred revenue — 77,155 Total (7,121) 16,725 Net balance at December 31, 2023 $ 4,416 $ (43,072) Additions to deferred costs 55,323 — Additions to deferred revenue — (134,359) Amortization of deferred costs (22,648) — Amortization of deferred revenue — 75,486 Total 32,675 (58,873) Net balance at December 31, 2024 $ 37,091 $ (101,945) 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. Future Amortization of Deferred Revenue The following table reflects revenue expected to be recognized in the future related to deferred revenue, by rig type, at the end of the reporting period: Year Ended December 31, 2025 2026 2027 2028 Total Floaters $ 54,747 $ 15,170 $ 11,522 $ 5,532 $ 86,971 Jackups 6,759 4,708 3,499 8 14,974 Total $ 61,506 $ 19,878 $ 15,021 $ 5,540 $ 101,945 The revenue included above consists of expected mobilization, demobilization, and upgrade revenue for unsatisfied performance obligations. The amounts are derived from the specific terms within drilling contracts that contain such provisions, and the expected timing for recognition of such revenue is based on the estimated start date and duration of each respective contract based on information known at December 31, 2024. The actual timing of recognition of such amounts may vary due to factors outside of our control. We have taken the optional exemption, permitted by accounting standards, to exclude disclosure of the estimated transaction price related to the variable portion of unsatisfied performance obligations at the end of the reporting period, as our transaction price is based on a single performance obligation consisting of a series of distinct hourly, or more frequent, periods, the variability of which will be resolved at the time of the future services. Off-market Customer Contract Assets and Liabilities Upon emergence from Chapter 11 bankruptcy, the Company recognized fair value adjustments of $113.4 million related to intangible assets for certain favorable customer contracts, which were fully amortized as of August 2023. In addition, in connection with the Business Combination with Maersk Drilling, the Company recognized additional fair value adjustments of $23.0 million, related to intangible assets for certain favorable customer contracts. These intangible assets will be amortized as a reduction of contract drilling services revenue from the Closing Date through the remainder of the contracts. In connection with the Business Combination with Maersk Drilling and the Diamond Transaction, the Company recognized a 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 and the Diamond Closing Date through the remainder of the contracts. Unfavorable contacts Favorable Balance at December 31, 2021 $ — $ 61,849 Additions (237,703) 22,991 Amortization 55,820 (50,468) Balance at December 31, 2022 $ (181,883) $ 34,372 Additions — — Amortization 131,020 (24,244) Balance at December 31, 2023 $ (50,863) $ 10,128 Additions (27,663) — Amortization 69,946 (9,914) Balance at December 31, 2024 $ (8,580) $ 214 Estimated future amortization over the expected remaining contract periods: Year Ended December 31, 2025 Total Unfavorable contracts $ 8,580 $ 8,580 Favorable contracts (214) (214) Total $ 8,366 $ 8,366

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Note 9 — Leases Leases We determine if an arrangement is a lease at inception. Our lease agreements are primarily for real estate, equipment, storage, dock space, and automobiles and are included within “Other assets”, “Other current liabilities”, and “Other liabilities” on our Consolidated Balance Sheets. In connection with the Diamond Transaction, the Company assumed several leases entered into by Diamond consisting of operating leases for corporate and shorebases offices, office and information technology equipment, employee housing, onshore storage yards, and certain rig equipment and tools as well as finance leases for well control equipment used on the drillships. The finance leases commenced in 2016 and also include an option to purchase the leased equipment at the end of the respective lease term. As most of our leases do not provide an explicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Certain of our lease agreements include options to extend or terminate the lease, which we do not include in our minimum lease terms unless management is reasonably certain to exercise. Supplemental balance sheet information related to leases was as follows: December 31, 2024 December 31, 2023 Operating leases Right-of-use assets $ 78,993 $ 24,528 Current lease liabilities $ 14,844 $ 10,581 Long-term lease liabilities $ 65,981 $ 15,082 Weighted average remaining lease term (years) 7.49 4.34 Weighted average discount rate 6.6 % 7.6 % Finance leases (1) Right-of-use assets $ 34,346 $ — Current lease liabilities $ 22,722 $ — Long-term lease liabilities $ 11,270 $ — Weighted average remaining lease term (years) 1.47 — Weighted average discount rate 5.8 % — % (1) Includes finance leases acquired in the Diamond Transaction. The components of lease cost were as follows: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Operating lease cost $ 31,162 $ 12,615 $ 6,095 Finance lease cost: Amortization of right-of-use assets 7,766 — — Interest on lease liabilities 734 — — Short-term lease cost 3,819 6,185 5,741 Variable lease cost 675 928 948 Total lease cost $ 44,156 $ 19,728 $ 12,784 Supplemental cash flow information related to leases was as follows: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Operating leases Operating cash flows used $ 20,857 $ 13,369 $ 6,676 Right-of-use assets obtained in exchange for a lease liability (1) 45,313 9,614 19,841 Finance leases Operating cash flows used $ 560 $ — $ — Financing cash flows used 6,064 — — Right-of-use assets obtained in exchange for a lease liability (1) 42,113 — — (1) Includes right-of-use assets acquired in business combinations. Maturities of lease liabilities as of December 31, 2024, were as follows: Operating Leases Finance Leases 2025 $ 17,850 $ 24,049 2026 16,720 11,430 2027 14,629 — 2028 10,905 — 2029 7,403 — Thereafter 43,025 — Total lease payments 110,532 35,479 Less: Interest (29,707) (1,487) Present value of lease liability $ 80,825 $ 33,992

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 10 — Income Taxes Noble is a tax resident in the UK and, as such, is subject to UK corporation tax on its taxable profits and gains. Noble Cayman was incorporated in the Cayman Islands and, therefore, not subject to tax in any jurisdiction. With respect to Noble, a UK tax exemption is available in respect of qualifying dividends income and capital gains related to the sale of qualifying participations. We operate in various countries throughout the world, including the United States. The income or loss of the non-UK subsidiaries of Noble is not subject to UK corporation tax. Consequently, we have taken account of the above exemption and provided for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we, or our subsidiaries, have a taxable presence for income tax purposes. The components of the net deferred taxes are as follows: December 31, 2024 December 31, 2023 Deferred tax assets United States: Net operating loss carry forwards $ 65,686 $ 2,338 Excess of net tax basis over remaining book basis 14,418 18,527 Disallowed interest deduction carryforwards 66,632 — Tax credits carryover 2,606 — Deferred pension plan amounts 1,065 356 Accrued expenses not currently deductible 21,208 6,613 Unfavorable contract value 936 — Other 3,066 — Non-United States: Net operating loss carry forwards 1,683,210 1,407,964 Excess of net tax basis over remaining book basis 456,302 305,840 Tax credits carryover 341 15,274 Transition attribute 959,985 956,187 Disallowed interest deduction carryforwards 30,427 30,982 Unfavorable contract value 1,858 3,081 Accrued expenses not currently deductible 8,701 — Other 1,952 1,669 Deferred tax assets 3,318,393 2,748,831 Less: valuation allowance (2,964,740) (2,512,571) Net deferred tax assets $ 353,653 $ 236,260 Deferred tax liabilities United States: Excess of net book basis over remaining tax basis $ — $ — Favorable contract value — — Deferred revenue (7,218) (11,423) Other (3,019) (1,809) Non-United States: Excess of net book basis over remaining tax basis — (10,137) Favorable contract value — (1,573) Other (4,255) (4,495) Deferred tax liabilities (14,492) (29,437) Net deferred tax assets (liabilities) $ 339,161 $ 206,823 Income (loss) before income taxes consists of the following: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 United States $ 51,948 $ 17,619 $ (43,381) Non-United States 440,386 494,624 234,882 Total $ 492,334 $ 512,243 $ 191,501 Income tax provision (benefit) consists of the following: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Current- United States $ 9,061 $ 2,940 $ 1,058 Current- Non-United States 77,567 125,494 47,123 Deferred- United States 2,559 3,703 (2,886) Deferred- Non-United States (45,206) (101,796) (22,742) Total $ 43,981 $ 30,341 $ 22,553 The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Gross balance at beginning of period $ 134,934 $ 132,979 $ 63,443 Additions based on tax positions related to current year 1,439 25,363 1,296 Additions for tax positions of prior years 41,961 10,087 69,163 Reductions for tax positions of prior years (20,960) (29,113) (687) Expiration of statutes (310) — (236) Tax settlements (42,296) (4,382) — Gross balance at end of period 114,768 134,934 132,979 Related tax benefits (3,705) (78) (384) Net reserve at end of period $ 111,063 $ 134,856 $ 132,595 The liabilities related to our reserve for uncertain tax positions, included in “Other liabilities” on our Consolidated Balance Sheets, are comprised of the following: December 31, 2024 December 31, 2023 Reserve for uncertain tax positions, excluding interest and penalties $ 111,063 $ 134,856 Interest and penalties 86,804 67,455 Reserve for uncertain tax positions, including interest and penalties $ 197,867 $ 202,311 At December 31, 2024 and 2023, the reserves for uncertain tax positions totaled $197.9 million (net of related tax benefits of $3.7 million) and $202.3 million (net of related tax benefits of $0.1 million), respectively. If a portion or all of the December 31, 2024 and 2023, reserves listed above are not realized, the provision for income taxes could be reduced by up to $196.0 million and $188.0 million, respectively. It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may fluctuate in the next 12 months primarily due to the completion of open audits or the expiration of statutes of limitation. We include, as a component of our “Income tax benefit (provision)”, potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties resulted in an income tax expense of $5.9 million, $24.1 million, and $2.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. During the year ended December 31, 2024, our tax provision included a net tax benefit of $123.6 million related to releases of valuation allowances primarily in Luxembourg, and a net tax benefit of $20.2 million related to changes in uncertain tax positions. Such tax benefits were offset by various recurring quarterly accruals of $187.8 million primarily in Guyana, Nigeria, the United States, Switzerland, and Luxembourg. During the year ended December 31, 2023, our tax provision included tax benefits of $187.2 million related to releases of valuation allowances in Luxembourg, Guyana, Switzerland, and Norway, and a tax benefit of $6.8 million related to uncertain tax position releases. Such tax benefits were offset by tax expenses related to uncertain tax positions of $20.9 million in various countries, contract fair value amortization of $23.7 million, and various recurring quarterly accruals of $179.6 million primarily in Guyana, Switzerland, and Luxembourg. During the year ended December 31, 2022, our tax provision included tax benefits of $42.1 million related to releases of valuation allowances in Guyana and Luxembourg, $1.3 million related primarily to other deferred tax adjustments, and $6.6 million related to a reduction in legacy Maersk tax contingencies primarily due to favorable foreign exchange movements. Such tax benefits were offset by tax expenses of $2.3 million related to the sale of the Remedy Rigs, $10.8 million related to contract fair value amortization, and various recurring items comprised of Guyana excess withholding tax on gross revenue of $34.7 million and annual current and deferred tax expense accruals of $24.9 million primarily in Luxembourg, Switzerland, US, Norway, and Ghana. Our gross deferred tax asset balance at year-end reflects the application of our income tax accounting policies and is based on management’s estimates, judgments, and assumptions regarding realizability. If it is more likely than not that a portion of the deferred tax assets will not be realized in a future period, the deferred tax assets will be reduced by a valuation allowance based on management’s estimates. In deriving the $123.6 million change in valuation allowance, where applicable we relied on sources of income attributable to the reversal of taxable temporary differences in the same periods as the relevant tax attributes and projected taxable income for the period covered by our relevant existing drilling contracts based on the assumption that the relevant rigs will be owned by the current rig owners during the relevant existing drilling contract periods. Given the mobile nature of our assets, we are not able to reasonably forecast the jurisdiction of our taxable income from future drilling contracts. We also have limited objective positive evidence in historical periods. Accordingly, in determining the amount of deferred tax benefits to recognize, we did not consider projected book income beyond the conclusion of existing drilling contracts with the exception of interest income projected to be generated over a finite period beyond the conclusion of the relevant existing drilling contracts. As new drilling contracts are executed, we will reassess the amount of deferred tax assets that are realizable. Finally, once we have established sufficient objective positive evidence for historical periods, we may consider reliance on forecasted taxable income from future drilling contracts. Our tax benefits related to transition attributes in Switzerland are scheduled to expire by 2036. Our net operating losses in Switzerland are scheduled to expire between 2027 and 2031. Our net operating losses in Luxembourg are scheduled to expire between 2033 and 2038; however, a portion of the tax losses has no expiration date. We conduct business globally and, as a result, we file numerous income tax returns in the US and in non-US jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world, including, but not limited to, jurisdictions such as Egypt, Ghana, Guyana, Mexico, and the United Kingdom. We are no longer subject to US Federal income tax examinations for years before 2021 and non-US income tax examinations for years before 2000. In Denmark, prior to the Merger, Maersk Drilling was subject to a mandatory joint taxation scheme with all other Danish entities under the common control of A.P. Møller Holding A/S. To the extent Maersk Drilling incurred tax losses in Denmark until the Merger, such losses may be utilized by other jointly taxed entities. Noble may be compensated through a joint taxation contribution when such losses are utilized. In the event that A.P. Møller Holding A/S or any jointly taxed entity is subject to audits for years and periods prior to and until the Merger and such audits result in adjustments to relevant tax returns, adjustments to the prior year joint tax contributions may be required. This could result in additional compensation to Noble or refunds payable by Noble to A.P. Møller Holding A/S or to any previous joint taxation group administration company of previously received joint taxation contributions. Since the Merger and through December 31, 2024, Noble has recognized a benefit for tax contribution payments of approximately $21.1 million from A.P. Møller Holding A/S and an expense for a tax contribution repayment of $4.0 million to A.P. Møller Holding A/S under this arrangement. For the years ended December 31, 2024 and 2023, an expense of $4.0 million and net benefits of approximately $19.1 million, respectively, are included in “Interest income and other, net” on our Consolidated Statements of Operations. Additionally, for the year ended December 31, 2023, approximately $2.0 million is recorded and included as a benefit in “Income tax benefit (provision)” on our Consolidated Statement of Operations. UK earnings are taxable in the United Kingdom at the UK statutory rate of 19%. Noble Cayman was incorporated in the Cayman Islands and, therefore, not subject to tax in any jurisdiction. Following the Business Combination with Maersk Drilling, Noble is a public limited company incorporated under the laws of England and Wales. The income or loss of our non-UK subsidiaries is not subject to UK income tax. UK earnings are taxable in the United Kingdom at the UK statutory rate of 19% and 25% through March 31, 2023, and beginning on April 1, 2023, respectively. A reconciliation of tax rates outside of the United Kingdom to our Noble effective rate for 2024 is shown below: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Effect of: Tax rates which are different than UK or Cayman rates 37.3 % 37.6 % 34.9 % Tax impact of valuation allowance (25.0) % (36.1) % (22.0) % Resolution of (reserve for) tax authority audits (3.4) % 4.4 % (1.1) % Total 8.9 % 5.9 % 11.8 % At December 31, 2024 and 2023, the Company asserts that its unremitted earnings and/or book/tax outside basis differences in certain of its subsidiaries are either permanently reinvested or are not expected to result in a material taxable event in the foreseeable future. Therefore, no material deferred taxes have been recorded related to such earnings and/or investments.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Note 11 — Employee Benefit Plans Defined Benefit Plans Noble Drilling (Land Support) Limited (“NDLS”), an indirect, wholly-owned subsidiary of Noble, maintains a pension plan that covers all of its salaried, non-union employees, whose most recent date of employment is prior to April 1, 2014 (referred to as our ‘non-US plan’). Since May 2022, the NDLS pension trustees and covenant advisors have been communicating with Noble to understand the impact of the Rig Transaction and merger with Maersk Drilling and to negotiate appropriate mitigation including buyout of the Scheme to cover the pension obligations. The Pension Regulators advised on December 15, 2022 that it did not intend to investigate the transaction unless Noble and the pension trustees were unable to agree on mitigation or there was a material change to circumstances. Noble has provided a company guarantee from Noble Corporation plc to cover the full section 75 debts of NDLS and Noble Resources Limited (“NRL”), the two sponsoring entities of the pension scheme, and believes this is an appropriate mitigation to support the pension liabilities. In addition to the non-US plan discussed above, we have a US noncontributory defined benefit pension plan that covers certain salaried employees and a US noncontributory defined benefit pension plan that covers certain hourly employees, whose initial date of employment is prior to August 1, 2004 (collectively referred to as our “qualified US plans”). These plans are governed by the Noble Drilling Employees’ Retirement Trust (the “Trust”). The benefits from these plans are based primarily on years of service and, for the salaried plan, employees' compensation near retirement. These plans are designed to qualify under the Employee Retirement Income Security Act of 1974 (“ERISA”), and our funding policy is consistent with funding requirements of ERISA and other applicable laws and regulations. We make cash contributions, or utilize credits available to us, for the qualified US plans when required. The benefit amount that can be covered by the qualified US plans is limited under ERISA and the Internal Revenue Code of 1986. Therefore, we maintain an unfunded, non-qualified excess benefit plan designed to maintain benefits for specified employees at the formula level in the qualified salaried US plan. We refer to the qualified US plans and the excess benefit plan collectively as the “US plans.” During the fourth quarter of 2016, we approved amendments, effective as of December 31, 2016, to our non-US and US defined benefit plans. With these amendments, employees and alternate payees will accrue no future benefits under the plans after December 31, 2016. However, these amendments will not affect any benefits earned through that date. A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-US and US plans is as follows: December 31, 2024 December 31, 2023 Non-US US Non-US US Benefit obligation at beginning of period $ 36,329 $ 179,346 $ 36,975 $ 176,438 Interest cost 2,062 8,751 2,356 8,992 Actuarial loss (gain) (2,738) (9,872) (2,571) 6,642 Benefits paid (2,257) (11,388) (2,481) (10,619) Settlements and curtailments — — — (2,107) Foreign exchange rate changes (279) — 2,050 — Benefit obligation at end of period $ 33,117 $ 166,837 $ 36,329 $ 179,346 A reconciliation of the changes in fair value of plan assets is as follows: December 31, 2024 December 31, 2023 Non-US US Non-US US Fair value of plan assets at beginning of period $ 43,245 $ 172,793 $ 40,642 $ 173,738 Actual return on plan assets (2,403) 2,389 2,749 11,594 Employer contributions — 50 — 187 Benefits paid (2,257) (11,388) (2,481) (10,619) Plan participants’ contributions — — — (2,107) Foreign exchange rate changes (313) — 2,335 — Fair value of plan assets at end of period $ 38,272 $ 163,844 $ 43,245 $ 172,793 The funded status of the plans is as follows: December 31, 2024 December 31, 2023 Non-US US Non-US US Funded status $ 5,155 $ (2,993) $ 6,916 $ (6,553) Amounts recognized in the Consolidated Balance Sheets consist of: December 31, 2024 December 31, 2023 Non-US US Non-US US Other assets (noncurrent) $ 5,155 $ — $ 6,916 $ — Other liabilities (current) — (59) — (66) Other liabilities (noncurrent) — (2,934) — (6,487) Net amount recognized $ 5,155 $ (2,993) $ 6,916 $ (6,553) Amounts recognized in AOCI consist of: December 31, 2024 December 31, 2023 Non-US US Non-US US Net actuarial (gain) loss $ 7,761 $ (12,390) $ 5,857 $ (9,371) Deferred income tax (asset) liability (1,942) 2,602 (1,486) 1,968 Accumulated other comprehensive (income) loss $ 5,819 $ (9,788) $ 4,371 $ (7,403) Pension costs include the following components: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Non-US US Non-US US Non-US US Interest cost $ 2,062 $ 8,751 $ 2,356 $ 8,992 $ 1,368 $ 6,753 Return on plan assets (2,291) (9,243) (1,871) (9,579) (1,431) (12,581) Amortization of prior service cost — — 238 — — — Recognized net actuarial loss 99 — — (231) — (22) Settlement and curtailment (gain) loss — — — 70 — (121) Net pension benefit cost (gain) loss $ (130) $ (492) $ 723 $ (748) $ (63) $ (5,971) There are zero estimated net actuarial losses and prior service costs for the non-US plan and the US plans that will be amortized from AOCI into net periodic pension cost in 2025. During the years ended December 31, 2024, 2023, and 2022, we adopted the Retirement Plan mortality tables with the Mortality Projection scale as issued by the Society of Actuaries for each of the respective years. The Retirement Plan 2024, 2023, and 2022 mortality tables represent the new standard for defined benefit mortality assumptions due to adjusted life expectancies. There were no increases in our pension liability on our US plans resulting from the adoption of these tables for the years ended December 31, 2024, 2023, and 2022, respectively. Defined Benefit Plans—Disaggregated Plan Information Disaggregated information regarding our non-US and US plans is summarized below: December 31, 2024 December 31, 2023 Non-US US Non-US US Projected benefit obligation $ 33,117 $ 166,837 $ 36,329 $ 179,346 Accumulated benefit obligation 33,117 166,837 36,329 179,346 Fair value of plan assets 38,272 163,844 43,245 172,793 The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2024 and 2023. The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016. December 31, 2024 December 31, 2023 Non-US US Non-US US Projected benefit obligation $ — $ 166,837 $ — $ 179,346 Fair value of plan assets — 163,844 — 172,793 The PBO for the unfunded excess benefit plan was $0.7 million at December 31, 2024, as compared to $0.8 million at December 31, 2023, and is included under “US” in the above tables. The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2024 and 2023. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016. December 31, 2024 December 31, 2023 Non-US US Non-US US Accumulated benefit obligation $ — $ 166,837 $ — $ 179,346 Fair value of plan assets — 163,844 — 172,793 The ABO for the unfunded excess benefit plan was $0.7 million at December 31, 2024, as compared to $0.8 million at December 31, 2023, and is included under “US” in the above tables. Defined Benefit Plans—Key Assumptions The key assumptions for the plans are summarized below: December 31, 2024 December 31, 2023 Non-US US Non-US US Weighted-average assumptions used to determine benefit obligations: Discount Rate 5.50% 5.50% - 5.63% 4.80% 4.95% - 5.04% Rate of compensation increase N/A N/A N/A N/A Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Non-US Non-US Non-US Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 5.50% 5.00% 1.80% Expected long-term return on assets 4.80% 4.60% 1.20% Rate of compensation increase N/A N/A N/A Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 US US US Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 4.95% - 5.04% 5.17% - 5.27% 2.63% - 2.89% Expected long-term return on assets 5.00% - 5.60% 5.00% - 5.80% 5.00% - 5.80% Rate of compensation increase N/A N/A N/A The discount rates used to calculate the net present value of future benefit obligations for our US plans is based on the average of current rates earned on long-term bonds that receive a Moody’s rating of “Aa” or better. We have determined that the timing and amount of expected cash outflows on our plans reasonably match this index. For our non-US plan, the discount rate used to calculate the net present value of future benefit obligations is determined by using a yield curve of high quality bond portfolios with an average maturity approximating that of the liabilities. In developing the expected long-term rate of return on assets, we considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets for the portfolio. To assist us with this analysis, we employ third-party consultants for our US and non-US plans that use a portfolio return model. Defined Benefit Plans—Plan Assets Non-US Plan. As of December 31, 2024, the NDLS pension Scheme targets an asset allocation of 13.5% return-seeking securities (growth) and 86.5% in debt securities (matching) and adopts a de-risking strategy whereby the level of investment risk reduces as the Scheme’s funding level improves. The overall investment objective of the Scheme, as adopted by the Scheme’s Trustees, is to reach a fully funded position on the agreed de-risking basis of gilts -0.0% per annum. The objectives within the Scheme’s overall investment strategy is to outperform the cash + 4% per annum long term objective for growth assets and to sufficiently hedge interest rate and inflation risk within the matching portfolio in relation to the Scheme’s liabilities. By achieving these objectives, the Trustees believe the Scheme will be able to avoid significant volatility in the contribution rate and provide sufficient assets to cover the Scheme’s benefit obligations. To achieve this the Trustees have given Mercer, the appointed investment manager, full discretion in the day-to-day management of the Scheme’s assets and implementation of the de-risking strategy, who in turn invests in multiple underlying investment managers where appropriate. The Trustees meet with Mercer periodically to review and discuss their investment performance. The actual fair values of the non-US plan are as follows: December 31, 2024 Estimated Fair Value Measurements Carrying Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 340 $ 340 $ — $ — Equity securities: International companies 2,820 2,820 — — Fixed income securities: Corporate bonds 35,112 35,112 — — Total $ 38,272 $ 38,272 $ — $ — December 31, 2023 Estimated Fair Value Measurements Carrying Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 247 $ 247 $ — $ — Equity securities: International companies 5,560 5,560 — — Fixed income securities: Corporate bonds 37,438 37,438 — — Total $ 43,245 $ 43,245 $ — $ — US Plans. The fundamental objective of the US plan is to provide the capital assets necessary to meet the financial obligations made to plan participants. In order to meet this objective, the Investment Policy Statement depicts how the investment assets of the plan are to be managed in accordance with the overall target asset allocation of approximately 75.0% equity securities, 6.0% fixed income securities, and 19.0% in strategic opportunities. The target asset allocation is intended to generate sufficient capital to meet plan obligations and provide a portfolio rate of return equal to or greater than the return realized using appropriate blended, market benchmark over a full market cycle (usually a five For investments in mutual funds, the assets of the Trust are subject to the guidelines and limits imposed by such mutual fund’s prospectus and the other governing documentation at the fund level. No Ordinary Shares of Noble were included in equity securities at either December 31, 2024 or 2023. The actual fair values of US plan assets are as follows: December 31, 2024 Estimated Fair Value Measurements Carrying Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 4,164 $ 4,164 $ — $ — Equity securities: United States 38,317 1,726 36,591 — Fixed income securities: Corporate bonds 91,129 86,991 4,138 Treasury bonds 30,234 30,234 — — Total $ 163,844 $ 123,115 $ 40,729 $ — December 31, 2023 Estimated Fair Value Measurements Carrying Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 4,388 $ 4,388 $ — $ — Equity securities: United States 36,857 — 36,857 — Fixed income securities: Corporate bonds 100,377 96,373 4,004 Treasury bonds 31,171 31,171 — — Total $ 172,793 $ 131,932 $ 40,861 $ — Defined Benefit Plans—Cash Flows In 2024, 2023, and 2022, we made no contributions to our non-US plan and contributions of $0.1 million, $0.2 million, and $0.4 million to our US plans, respectively. We expect our aggregate minimum contributions to our non-US and US plans in 2025, subject to applicable law, to be zero and $0.1 million, respectively. We continue to monitor and evaluate funding options based upon market conditions and may increase contributions at our discretion. The following table summarizes our estimated benefit payments at December 31, 2024: Payments by Period Total 2025 2026 2027 2028 2029 Thereafter Estimated benefit payments Non-US plans $ 25,709 $ 2,282 $ 2,331 $ 2,423 $ 2,499 $ 2,578 $ 13,596 US plans 114,653 10,733 10,989 11,215 11,378 11,548 58,790 Total estimated benefit payments $ 140,362 $ 13,015 $ 13,320 $ 13,638 $ 13,877 $ 14,126 $ 72,386 Other Benefit Plans. We sponsored a 401(k) Restoration Plan, which is a nonqualified, unfunded employee benefit plan under which specified employees may elect to defer compensation in excess of amounts deferrable under our 401(k) savings plan. At December 31, 2021, our liability for the 401(k) Restoration Plan was $2.8 million, and is included in “Accrued payroll and related costs.” In early 2022, the Noble Services Company LLC Board of Directors approved the termination of the 401(k) Restoration Plan, following which Noble distributed all benefits of the plan during the second quarter of 2022. No liabilities remained in the plan as of December 31, 2022. We do not provide post-retirement benefits (other than pensions) or any post-employment benefits to our employees. In 2005, we enacted a profit sharing plan, the Noble Services Company LLC Profit Sharing Plan, which covers eligible employees, as defined in the plan. Participants in the plan become fully vested in the plan after one year of service. On January 1, 2019, the 401(k) savings plan and the profit sharing plan were merged into the Noble Drilling Services LLC 401(k) and Profit Sharing Plan. Effective January 1, 2025, the profit-sharing plan was removed and there will be no future profit-sharing contributions made into the plan. We sponsor other retirement, health, and welfare plans, a 401(k) savings plan, and international savings plans for the benefit of our employees. The contributions to these plans aggregated approximately $32.0 million, $34.0 million, and $34.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. Profit sharing contributions were discretionary, required Board of Directors approval, and were made in the form of cash. No contributions were made for the years ended December 31, 2024, 2023, and 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12 — Commitments and Contingencies Tax Matters Audit claims of approximately $359.3 million at December 31, 2024, attributable to income and other business taxes remain outstanding and are under continued objection by Noble. Such audit claims are mostly attributable to Brazil, Egypt, Ghana, and Guyana. This remains under continued monitoring and evaluation on a quarterly basis as facts change and as audits and/or litigation continue to progress. We intend to vigorously defend our reported positions and currently believe the ultimate resolution of the audit claims will not have a material adverse effect on our consolidated financial statements. We operate in numerous countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We recognize uncertain tax positions that we believe have a greater than 50% likelihood of being sustained upon challenge by a tax authority. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments. Hurricane Ida Personal Injury Claims In preparation for Hurricane Ida in the United States Gulf of America, also known as the United States Gulf of Mexico ( the “US Gulf”), in August 2021, the Noble Globetrotter II successfully secured the well it was drilling and detached from the blowout preventer without incident. However, during transit, the lower marine riser package and a number of riser joints separated from the rig, and certain other damage occurred. Due to the environmental conditions, a number of crew members were treated for injuries and released from medical care. We have had multiple parties, some of which are subject to a third-party contractual indemnity to our benefit, who have filed answers to the Limitation of Liability Action in the United States District Court Western District of Louisiana seeking damages related to physical and emotional harm allegedly suffered as a result of the Hurricane Ida incident. We are defending ourselves vigorously against these claims, although there is inherent risk in litigation, and we cannot predict or provide assurance as to the ultimate outcome of this lawsuit. As claims progress, the Company’s estimated loss could change from time to time, and any such change individually or in the aggregate could be material. We have insurance for such claims with a deductible of $5.0 million, in addition to contractual indemnity owed to us for a portion of the third-party claims; however, these protections may not adequately cover our losses and related claims, which could adversely affect our business. Timing differences are likely to exist between any losses incurred and the recognition and receipt of insurance proceeds reflected in the Company’s financial statements. Costs, as well as insurance recoveries, are presented in “Hurricane losses and (recoveries), net” on the Consolidated Statement of Operations. Services Agreement In February 2016, Diamond entered into a ten-year agreement with a subsidiary of Baker Hughes Company (formerly named Baker Hughes, a GE company) to provide services with respect to certain blowout preventer and related well control equipment on our drillships. Such services include management of maintenance, certification, and reliability with respect to such equipment. Future commitments under the contractual services agreements are estimated to be approximately $24.7 million annually. Total future commitments are projected to be $67.6 million in the aggregate over the remaining term of the agreement, including a $37.0 million commitment for the purchase of consumables and capital spare parts owned and controlled by the vendor at the end of the service arrangement. Letters of Credit and Surety Bonds As of December 31, 2024, we had $24.8 million of letters of credit issued under the 2023 Revolving Credit Facility and an additional $126.8 million in letters of credit and surety bonds issued under bilateral arrangements which guarantee our performance as it relates to our drilling contracts, contract bidding, tax appeals, customs duties, and other obligations in various jurisdictions. We expect to comply with the underlying performance requirements and we expect obligations under these letters of credit and surety bonds will not be called. Other Contingencies We are a defendant in certain other claims and litigation arising out of operations in the ordinary course of business, including personal injury claims, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations, or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims. Subsequent Event Total current liabilities and total current assets as of December 31, 2024, include an accrual for an expected settlement of certain litigation and a related insurance recovery, which balances had previously been reflected as lesser, and non-current, amounts.

Segment and Related Information

Segment and Related Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment and Related Information	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 (loss). Refer to the Company’s Consolidated Statements of Operations for additional information. As of December 31, 2024, our contract drilling services segment conducted drilling operations in Africa, Far East Asia, the Middle East, the North Sea, Oceania, South America, and the US Gulf. Included in our long-lived assets balance below is our property and equipment and right-of-use assets. We used the geographic location as of December 31, 2024 and 2023, 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 below. The following table presents revenues and long-lived assets by country based on the location of the service provided during the period: Revenues Long-Lived Assets as of Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2024 December 31, 2023 Australia $ 242,721 $ 154,860 $ 78,899 $ 59,202 $ 83,162 Brazil 107,014 92,022 33,208 315,084 114 Colombia 94,560 53,646 — 163,719 98,979 Denmark 75,971 88,914 40,806 333,618 508,715 Ghana 138,176 150,677 35,018 — 241,132 Guinea Bissau 13,947 — — 300,962 — Guyana 676,234 703,473 469,267 762,746 733,803 Malaysia 203,495 87,105 32,227 292,878 234,469 Mexico — 139,595 30,788 — — Namibia 7,537 27 19 253,652 — Netherlands 42,107 36,510 13,378 75,421 134,887 Nigeria 135,331 143,641 — 73,296 67,495 Norway 236,834 249,308 154,406 487,183 498,845 Suriname 82,082 108,532 133,680 — — Trinidad and Tobago — 2,135 35,101 78,396 382,369 United Kingdom 190,804 65,710 55,632 755,712 353,656 United States 685,835 437,346 266,176 1,666,748 575,960 Other 125,170 75,517 35,242 530,539 235,881 Total $ 3,057,818 $ 2,589,018 $ 1,413,847 $ 6,149,156 $ 4,149,467 Significant Customers The following table sets forth revenues from our customers as a percentage of our consolidated operating revenues: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Exxon Mobil Corporation (“ExxonMobil”) 22.1 % 24.5 % 32.3 % Shell plc 12.3 % 13.6 % 12.0 % TotalEnergies 6.3 % 10.5 % 9.7 % No other customer accounted for more than 10% of our consolidated operating revenues in 2024, 2023, or 2022.

Supplemental Financial Informat

Supplemental Financial Information	12 Months Ended
	Dec. 31, 2024
Supplemental Financial Information [Abstract]
Supplemental Financial Information	Note 14 — Supplemental Financial Information Consolidated Statements of Cash Flows Information Operating cash activities. The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Accounts receivable $ (54,923) $ (80,042) $ (18,133) Other current assets (108,044) (42,532) 21,271 Other assets 40,146 (27,177) 16,861 Accounts payable (32,437) 59,757 20,430 Other current liabilities 103,326 9,679 (36,713) Other liabilities (64,106) 32,612 15,468 Total net change in other assets and liabilities $ (116,038) $ (47,703) $ 19,184 Non-cash investing and financing activities. Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of December 31, 2024, 2023 and 2022 were $66.0 million, $114.7 million, and $70.0 million, respectively. On October 3, 2022, Noble completed the Business Combination with Maersk Drilling, issuing 60.1 million Ordinary Shares valued at $1.8 billion, in exchange for $2.0 billion net assets acquired. Also in connection with the Business Combination, in mid-November 2022, the Compulsory Purchase interest was settled when 4.1 million Ordinary Shares were issued, resulting an increase in additional paid in capital of $123.8 million, and the remainder paid in cash of $69.9 million. See “Note 2 — Acquisitions and Divestitures” for additional information. On September 4, 2024, Noble completed its acquisition of Diamond issuing 24.2 million Ordinary Shares valued at $879.9 million, in exchange for $1.5 billion net assets acquired. See “Note 2 — Acquisitions and Divestitures” for additional information. Additional cash flow information is as follows: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Cash paid during the period for: Interest, net of amounts capitalized $ 106,845 $ 52,361 $ 35,543 Income taxes paid (refunded), net (1) 108,664 105,446 58,386 (1) The net income taxes paid for the years ended December 31, 2024, 2023, and 2022, includes withholding tax in Guyana of $48.9 million, $52.3 million, and $34.7 million on gross revenue, respectively. Excluding such withholding tax, the total tax payments would be $59.7 million, $53.1 million, and $23.7 million, respectively.

Information about Noble Finance

Information about Noble Finance II	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Information about Noble Finance II	Note 15 — Information about Noble Finance II 8.000% Senior Notes due 2030 Noble Finance II, a wholly-owned, indirect subsidiary of Noble, is the issuer of the 2030 Notes and, one or more 100% wholly-owned, direct and indirect subsidiaries of Noble Finance II are the unconditional guarantors, or are otherwise obligated as of December 31, 2024, with respect to the 2030 Notes. See “Note 6 — Debt” for additional information. The Noble Indenture contains a covenant that requires Noble Finance II to furnish to holders of the 2030 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. The summarized financial information below reflects the consolidated accounts of Noble Finance II: December 31, 2024 Balance Sheet Cash and cash equivalents $ 131,703 Total current assets 1,683,839 Total current liabilities 694,321 Total debt 1,401,214 Total shareholders' equity 4,535,081 Twelve Months Ended December 31, 2024 Statement of Operations Operating revenues $ 2,721,156 Operating costs and expenses 2,010,731 Depreciation and amortization 379,551 Statement of Cash Flows Net cash provided by (used in) operating activities $ 792,859 Capital expenditures (536,658) Proceeds from disposal of assets, net (690) Dividend payments —

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 448,353	$ 481,902	$ 168,948

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy Cyber security risk management at Noble, along with all enterprise risks, is part of the Company’s Enterprise Risk Management Program and risks from cyber security threats are assessed, identified, and managed by our Information Security Team. The Information Security Team reports to the Chief Information Officer (“CIO”). The Information Security Team is composed of the Director of Information Security, managers, and security analysts. The Information Security Team is responsible for all of Noble’s cyber security-related activities such as advising on governance requirements, setting cyber security policies, standards, and procedures, reporting, determining current risk appetite, setting security posture, evaluating security maturity, and ensuring compliance to cyber security frameworks. The team monitors both internal and external threats, potential compromising internet-based attacks, phishing activities, and aims to adapt with protective measures. The Director of Information Security and information security managers carry broad manager level cyber security certifications, and the technical teams carry relevant specific technical certifications related to both Information Technology and Operational Technology security. Noble’s cyber security program encompasses mandatory cyber training, awareness, phishing exercises, and cyber security incident response plan testing to assist with our cyber security risk management process and ensure various applicable implemented cyber controls are working as intended. Noble works with various third-party partners to help execute and advise on cyber security and evaluate maturity assessments as needed. Noble has a process of monitoring all third parties with direct access into the Noble network via various implemented security tools that act as both detective and preventive controls. All third parties with such direct access are also monitored via procurement processes and are subject to specific legal terms and conditions. Noble also engages with various third-party partners in order to share intelligence regarding external threats. For any cyber incidents, Noble may engage applicable third-party partners for forensic purposes. Noble also engages with various cyber security service providers, such as Crowdstrike, Fortinet, NTT, and Microsoft, which share applicable reports with Noble. In the last fiscal year, Noble has not identified any known cyber security threats, incidents, or exposures that have materially affected Noble’s business strategy, results of operations, or financial condition, but Noble faces certain ongoing cyber security risks that, if realized, could materially and adversely affect Noble. This does not guarantee that future incidents or threats will not have a material impact or that we are not currently the subject of an undetected incident or threat that may have such an impact. Potential cyber security risks to Noble are shared in Part I, Item 1A, “Risk Factors,” which should be read in conjunction with the foregoing information.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cyber security risk management at Noble, along with all enterprise risks, is part of the Company’s Enterprise Risk Management Program and risks from cyber security threats are assessed, identified, and managed by our Information Security Team. The Information Security Team reports to the Chief Information Officer (“CIO”). The Information Security Team is composed of the Director of Information Security, managers, and security analysts.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee of the Board provides oversight of the Company’s cyber security program. The Information Security Team keeps management informed about initiatives, threats, incidents, training, and best practices on an on-going basis via circulated memos or meetings. In addition to reporting through the Audit Committee and Enterprise Risk Management Program, the Board may periodically include cyber security as an independent agenda item and engages with the CIO and Information Security Team as well as external experts on cyber security matters. The Information Security Team advises the CIO via cyber reports on prevention, detection, mitigation, and remediation of cyber security incidents. The CIO is responsible for the Information Security Team risk strategy, assessment, exceptions, risk acceptance, and management of the Company’s material risks from cyber security risk appetites. Ongoing assessments cover applicable information technology and operations technology systems, applications, and software used to support Noble’s corporate and rig operations. The outcome of these various assessments influences the IT risk appetite and risk identification, and acceptance is discussed and shared with the CIO, executive management, the Audit Committee, and the Board of Directors. The CIO has extensive cyber security knowledge and skills gained from over ten years of relevant work experience at Noble including two years as Deputy CIO as well as Director, IT prior to the merger with Maersk Drilling with responsibility for cyber security. The CIO has multiple years of experience managing OT data and secure remote access for data management on and offshore. Prior to serving as Director, IT the CIO was the Manager, Business Systems responsible for application management and Enterprise Architecture. The Information Security Team advises the CIO on prevention, detection, mitigation, and remediation of cyber security incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board provides oversight of the Company’s cyber security program. The Information Security Team keeps management informed about initiatives, threats, incidents, training, and best practices on an on-going basis via circulated memos or meetings. In addition to reporting through the Audit Committee and Enterprise Risk Management Program, the Board may periodically include cyber security as an independent agenda item and engages with the CIO and Information Security Team as well as external experts on cyber security matters.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board provides oversight of the Company’s cyber security program. The Information Security Team keeps management informed about initiatives, threats, incidents, training, and best practices on an on-going basis via circulated memos or meetings. In addition to reporting through the Audit Committee and Enterprise Risk Management Program, the Board may periodically include cyber security as an independent agenda item and engages with the CIO and Information Security Team as well as external experts on cyber security matters.
Cybersecurity Risk Role of Management [Text Block]	The Audit Committee of the Board provides oversight of the Company’s cyber security program. The Information Security Team keeps management informed about initiatives, threats, incidents, training, and best practices on an on-going basis via circulated memos or meetings. In addition to reporting through the Audit Committee and Enterprise Risk Management Program, the Board may periodically include cyber security as an independent agenda item and engages with the CIO and Information Security Team as well as external experts on cyber security matters. The Information Security Team advises the CIO via cyber reports on prevention, detection, mitigation, and remediation of cyber security incidents. The CIO is responsible for the Information Security Team risk strategy, assessment, exceptions, risk acceptance, and management of the Company’s material risks from cyber security risk appetites. Ongoing assessments cover applicable information technology and operations technology systems, applications, and software used to support Noble’s corporate and rig operations. The outcome of these various assessments influences the IT risk appetite and risk identification, and acceptance is discussed and shared with the CIO, executive management, the Audit Committee, and the Board of Directors. The CIO has extensive cyber security knowledge and skills gained from over ten years of relevant work experience at Noble including two years as Deputy CIO as well as Director, IT prior to the merger with Maersk Drilling with responsibility for cyber security. The CIO has multiple years of experience managing OT data and secure remote access for data management on and offshore. Prior to serving as Director, IT the CIO was the Manager, Business Systems responsible for application management and Enterprise Architecture. The Information Security Team advises the CIO on prevention, detection, mitigation, and remediation of cyber security incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Audit Committee of the Board provides oversight of the Company’s cyber security program. The Information Security Team keeps management informed about initiatives, threats, incidents, training, and best practices on an on-going basis via circulated memos or meetings. In addition to reporting through the Audit Committee and Enterprise Risk Management Program, the Board may periodically include cyber security as an independent agenda item and engages with the CIO and Information Security Team as well as external experts on cyber security matters. The Information Security Team advises the CIO via cyber reports on prevention, detection, mitigation, and remediation of cyber security incidents. The CIO is responsible for the Information Security Team risk strategy, assessment, exceptions, risk acceptance, and management of the Company’s material risks from cyber security risk appetites. Ongoing assessments cover applicable information technology and operations technology systems, applications, and software used to support Noble’s corporate and rig operations. The outcome of these various assessments influences the IT risk appetite and risk identification, and acceptance is discussed and shared with the CIO, executive management, the Audit Committee, and the Board of Directors. The CIO has extensive cyber security knowledge and skills gained from over ten years of relevant work experience at Noble including two years as Deputy CIO as well as Director, IT prior to the merger with Maersk Drilling with responsibility for cyber security. The CIO has multiple years of experience managing OT data and secure remote access for data management on and offshore. Prior to serving as Director, IT the CIO was the Manager, Business Systems responsible for application management and Enterprise Architecture. The Information Security Team advises the CIO on prevention, detection, mitigation, and remediation of cyber security incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CIO has extensive cyber security knowledge and skills gained from over ten years of relevant work experience at Noble including two years as Deputy CIO as well as Director, IT prior to the merger with Maersk Drilling with responsibility for cyber security. The CIO has multiple years of experience managing OT data and secure remote access for data management on and offshore.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Information Security Team advises the CIO via cyber reports on prevention, detection, mitigation, and remediation of cyber security incidents. The CIO is responsible for the Information Security Team risk strategy, assessment, exceptions, risk acceptance, and management of the Company’s material risks from cyber security risk appetites. Ongoing assessments cover applicable information technology and operations technology systems, applications, and software used to support Noble’s corporate and rig operations.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits with banks, and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents, and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business.
Restricted Cash	Restricted Cash
Accounts Receivable	Accounts Receivable
Property and Equipment	Property and Equipment Property and equipment is stated at cost, reduced by provisions to recognize economic impairment. Major replacements and improvements are capitalized. When assets are sold, retired, or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three two Interest is capitalized on long-term construction projects using the weighted average cost of debt outstanding during the period of construction. Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three We evaluate our property and equipment for impairment whenever there are changes in facts that suggest that the value of the asset is not recoverable. As part of this analysis, we make assumptions and estimates regarding future market conditions. When circumstances indicate that the carrying value of the assets may not be recoverable, management compares the carrying value to the expected undiscounted pre-tax future cash flows for the associated rig for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows are lower than the carrying value, the net capitalized costs are reduced to fair value. An impairment loss is recognized to the extent that an asset's carrying value exceeds its estimated fair value. Fair value is generally estimated using a discounted cash flow model. The expected future cash flows used for impairment assessment and related fair value measurements are typically based on judgmental assessments of, but are not limited to, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, discount rates, capital expenditures, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to
Fair Value Measurements	Fair Value Measurements We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three-level hierarchy, from highest to lowest level of observable inputs, are as follows: Level 1 — Valuations based on quoted prices in active markets for identical assets; Level 2 — Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar but not identical instruments; and Level 3 — Valuations based on unobservable inputs. Our cash and cash equivalents, restricted cash, accounts receivable, marketable securities, and accounts payable are by their nature short term. As a result, the carrying values included in our Consolidated Balance Sheets approximate fair value.
Business Combinations	Business Combinations
Revenue Recognition	Revenue Recognition The activities that primarily drive the revenue earned in our drilling contracts include (i) providing a drilling rig and the crew and supplies necessary to operate the rig, (ii) mobilizing and demobilizing the rig to and from the drill site, and (iii) performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue, and reimbursement revenue. We account for these integrated services provided within our drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which we provide drilling services. Our standard drilling contracts require that we operate the rig at the direction of the customer throughout the contract term (which is the period we estimate to benefit from the corresponding activities and generally ranges from two The amount estimated for variable consideration may be subject to interrupted or restricted rates and is only included in the transaction price to the extent that it is probable that a significant reversal of previously recognized revenue will not occur throughout the term of the contract (“constrained revenue”). When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of a potential reversal of revenue. These estimates are reassessed each reporting period as required. Dayrate Drilling Revenue. Our drilling contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the customer are typically determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term and, therefore, recognized in line with the contractual rate billed for the services provided for any given hour. Mobilization/Demobilization Revenue. We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the mobilization and demobilization of our rigs. These activities are not considered to be distinct within the context of the contract and, therefore, the associated revenue is allocated to the overall performance obligation and the associated pre-operating costs are deferred. We record a contract liability for mobilization fees received and a deferred asset for costs. Both revenue and pre-operating costs are recognized ratably over the initial term of the related drilling contract. In most contracts, there is uncertainty as to the amount of expected demobilization revenue due to contractual provisions that stipulate that certain conditions must be present at contract completion for such revenue to be received and as to the amount thereof, if any. For example, contractual provisions may require that a rig demobilize a certain distance before the demobilization revenue is payable or the amount may vary dependent upon whether or not the rig has additional contracted work within a certain distance from the wellsite. Therefore, the estimate for such revenue may be constrained, as described earlier, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. In cases where demobilization revenue is expected to be received upon contract completion, it is estimated as part of the overall transaction price at contract inception and recognized in earnings ratably over the initial term of the contract with an offset to an accretive contract asset. Contract Preparation Revenue. Some of our drilling contracts require downtime before the start of the contract to prepare the rig to meet customer requirements. At times, we may be compensated by the customer for such work (on either a fixed lump-sum or variable dayrate basis). These activities are not considered to be distinct within the context of the contract and, therefore, the related revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for contract preparation fees received, which is amortized ratably to contract drilling revenue over the initial term of the related drilling contract. Bonuses, Penalties, and Other Variable Consideration. We may receive bonus increases to revenue or penalty decreases to revenue. Based on historical data and ongoing communication with the operator/customer, we are able to reasonably estimate this variable consideration. We will record such estimated variable consideration and remeasure our estimates at each reporting date. Capital Modification Revenue. From time to time, we may receive fees from our customers for capital improvements to our rigs to meet contractual requirements (on either a fixed lump-sum or variable dayrate basis). Such revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract as these activities are integral to our drilling activities and are not considered to be a stand-alone service provided to the customer within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the term of the related drilling contract commencing when the asset is ready for its intended use. Revenues Related to Reimbursable Expenses. We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services, and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof is highly dependent on factors outside of our influence. Accordingly, reimbursable revenue is constrained revenue and not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. We are generally considered a principal in such transactions and record the associated revenue at the gross amount billed to the customer as “Reimbursables and other” in our Consolidated Statements of Operations. Such amounts are recognized ratably over the period within the contract term during which the corresponding goods and services are to be consumed. Deferred revenues from drilling contracts totaled $101.9 million and $43.1 million at December 31, 2024 and 2023, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $37.1 million and $4.4 million at December 31, 2024 and 2023, respectively, and are included in either “Prepaid expenses and other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses.
Income Taxes	Income Taxes Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable jurisdictional tax rates at year end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the deferred tax asset will not be realized in a future period. We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties, and regulations or the interpretation or enforcement thereof in the United States, UK, and any other jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the IRS or other taxing authorities do not agree with our assessment of the effects of such laws, treaties, and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. The Company has adopted an accounting policy to look through the outside basis of partnerships and all other flow-through entities and exclude these from the computation of deferred taxes.
Insurance Recoveries	Insurance Recoveries
Claims Reserves	Claims Reserves We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability, and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis.
Earnings per Share	Earnings per Share
Share-Based Compensation Plans	Share-Based Compensation Plans We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities. The Company classified certain awards that will be settled in cash as liability awards. The fair value of a liability-classified award is determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are expensed or capitalized based on the nature of the employee’s activities over the vesting period of the award.
Litigation Contingencies	Litigation Contingencies We are involved in legal proceedings, claims, and regulatory, tax, or government inquiries and investigations that arise in the ordinary course of business. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages. We record a liability when we believe that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss in the notes to the consolidated financial statements. We review the developments in our contingencies that could affect the amount of the provisions that has been previously recorded, and the matters and related possible losses disclosed. We make adjustments to our provisions and changes to our disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgment is required to determine both the probability and the estimated amount.
Foreign Currency	Foreign Currency Although we are a UK company, our functional currency is the US dollar, and we define any non-US dollar denominated currency as “foreign currencies.” In non-US locations where the US dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities, and intercompany arrangements), local currency transaction gains and losses are included in net income or loss.
Derivative Financial Instruments	Derivative Financial Instruments We have used foreign currency forward contracts and interest rate swaps in order to manage our exposure to fluctuations in currency exchange and interest rates, respectively. The contracts are not entered into for trading purposes. The Company has not designated these derivative instruments as hedges. We recognize the derivatives at fair value on the Consolidated Balance Sheets and, where applicable, such contracts covered by master netting agreements are reported net. Gross positive fair values are netted with gross negative fair values by counterparty. Realized gains and losses as well as changes in the fair values of derivative financial instruments are recognized in the income statement in “Interest income and other, net.”
Accounting Pronouncements	Accounting Pronouncements Accounting Standards Adopted. In November 2023, the FASB issued ASU No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included in a segment's reported measure of profit or loss, (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment, and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. Recently Issued Accounting Standards . In November 2024, the FASB issued ASU No. 2024-04 ("ASU 2024-04"), Debt—Debt with Conversion and Other Options (Subtopic 470-20). The Board is issuing this Update to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20, Debt— Debt with Conversion and Other Options. When the terms of a convertible debt instrument are changed to induce conversion of the instrument, current generally accepted accounting principles (GAAP) provide guidance for determining whether the transaction should be accounted for as an induced conversion (as opposed to a debt extinguishment). The induced conversion guidance was written in the context of share-settled convertible debt before cash convertible instruments became prevalent in the marketplace. The Company continues to assess the potential impact of this pronouncement. In November 2024, the FASB issued ASU No. 2024-03 ("ASU 2024-03"), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. An entity is not precluded from providing additional voluntary disclosures that may provide investors with additional decision-useful information. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company continues to assess the potential impact of this pronouncement. In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds, (ii) disclosure of the nature, effect, and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident, and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024; early adoption is permitted. The Company continues to evaluate the potential impact of this pronouncement.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Identifiable Assets Acquired and Liabilities Assumed Based on the Fair Values	The following table represents the allocation of the total purchase price of Diamond to the identifiable assets acquired and the liabilities assumed based on the fair values as of the Diamond Closing Date. In connection with this acquisition, the Company incurred $84.5 million of acquisition related costs during the year ended December 31, 2024. The results of Diamond operations were included in the Company’s results of operations effective on the Diamond Closing Date. Upon completion of our assessment as of December 31, 2024, the Company concluded that no goodwill nor gain on bargain purchase should be recorded as appropriate under US GAAP. Purchase price consideration: Fair value of Ordinary Shares transferred to legacy Diamond shareholders $ 857,678 Fair value of replacement Diamond RSU Awards attributable to the purchase price 22,263 Cash paid to legacy Diamond shareholders 583,152 Cash paid to terminate the Diamond Revolving Credit Facility 308 Cash paid to settle contingent success fees 17,316 Cash paid for retention bonuses 4,422 Cash paid for short-term incentive plans 5,086 Total purchase price consideration $ 1,490,225 Assets acquired: Cash and cash equivalents $ 193,243 Accounts receivable, net 193,194 Taxes receivable 6,971 Prepaid expenses and other current assets 69,781 Total current assets 463,189 Property and equipment, net 1,817,986 Assets held for sale (1) 5,300 Other assets 193,289 Total assets acquired 2,479,764 Liabilities assumed: Accounts payable 82,805 Accrued payroll and related costs 36,791 Taxes payable 3,699 Interest payable 19,750 Other current liabilities 137,788 Total current liabilities 280,833 Long-term debt 580,250 Deferred income taxes 184 Noncurrent contract liabilities 27,663 Other liabilities 100,609 Total liabilities assumed 989,539 Net assets acquired $ 1,490,225 (1) During the third quarter of 2024, we sold the Ocean Valiant for total proceeds of $5.6 million. See “Note 5 — Property and Equipment.” The following table represents the allocation of the total purchase price of Maersk Drilling to the identifiable assets acquired and the liabilities assumed based on the fair values as of the Closing Date. In connection with this acquisition, the Company incurred $24.9 million, $34.1 million, and $33.1 million of acquisition related costs during the years ended December 31, 2024, 2023, and 2022, respectively. The results of Maersk Drilling operations were included in the Company’s results of operations effective on the Closing Date. The Business Combination resulted in a gain on bargain purchase due to the estimated fair value of the identifiable net assets acquired exceeding the purchase consideration transferred by $5.0 million and is shown as a gain on bargain purchase on Noble’s Consolidated Statement of Operations. Management reviewed the Maersk Drilling assets acquired and liabilities assumed as well as the assumptions utilized in estimating their fair values. Upon completion of our assessment as of September 30, 2023, the Company concluded that recording a gain on bargain purchase was appropriate and required under US GAAP. Purchase price consideration: Fair value of Ordinary Shares transferred to legacy Maersk shareholders $ 1,793,351 Cash paid to legacy Maersk shareholders 887 Fair value of replacement Maersk Drilling RSU Awards attributable to the purchase price 6,780 Deal Completion Bonus 6,177 Fair Value of Compulsory Purchase 193,678 Total purchase price consideration $ 2,000,873 Assets acquired: Cash and cash equivalents $ 172,205 Accounts receivable, net 250,251 Taxes receivable (1) 18,987 Prepaid expenses and other current assets (1) 43,168 Total current assets 484,611 Intangible assets 22,991 Property, plant, and equipment, net 2,756,096 Other assets (1) 94,882 Total assets acquired 3,358,580 Liabilities assumed: Current maturities of long-term debt 129,130 Accounts payable 130,273 Accrued payroll and related costs (1) 23,884 Taxes payable (1) 29,219 Interest payable 800 Other current liabilities (1) 44,253 Total current liabilities 357,559 Long-term debt 596,692 Deferred income taxes 4,071 Noncurrent contract liabilities 237,703 Other liabilities (1) 156,677 Total liabilities assumed 1,352,702 Net assets acquired 2,005,878 Gain on bargain purchase (1) (5,005) Purchase price consideration $ 2,000,873 (1) During the nine months ended September 30, 2023, the Company recorded tax adjustments, which resulted in a net decrease in current taxes receivable and current taxes payable of $1.6 million and $9.0 million, respectively, a net increase in deferred tax assets of $25.2 million, a net increase in other current liabilities of $3.0 million, a net increase in reserves for uncertain tax positions of $13.1 million, and a net decrease in other tax liabilities of $14.6 million. Other adjustments were made to remeasure certain payroll tax related balances. As a result of the aforementioned adjustments, initial goodwill recognized on the purchase was revised to a gain on bargain purchase.
Schedule of Revenue and Net Income of Acquiree subsequent to the Closing of Merger	The following table represents Diamond’s revenue and earnings included in Noble’s Consolidated Statements of Operations subsequent to the Diamond Closing Date of the Diamond Transaction. Period from Revenue $ 336,542 Net income (loss) $ 24,431 The following table represents Maersk Drilling’s revenue and earnings included in Noble’s Consolidated Statements of Operations subsequent to the Closing Date of the Business Combination. Period from October 3, 2022, through December 31, 2022 Revenue $ 341,490 Net loss $ 21,690
Schedule of Pro Forma Financial Information	The following unaudited pro forma summary presents the results of operations as if the Diamond Transaction had occurred on January 1, 2023. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented. Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Revenue $ 3,081,879 $ 3,672,860 Net income (loss) $ 375,402 $ 358,549 Net income (loss) per share: Basic $ 2.26 $ 2.21 Diluted $ 2.19 $ 2.09 The following unaudited pro forma summary presents the results of operations as if the Business Combination had occurred on February 6, 2021. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented. Twelve Months Ended December 31, 2022 Revenue $ 2,218,117 Net income (loss) $ (19,246) Net income (loss) per share Basic $ (0.14) Diluted $ (0.14)

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table presents the computation of basic and diluted earnings per share: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Numerator: Net income (loss) $ 448,353 $ 481,902 $ 168,948 Denominator: Weighted average shares outstanding — basic 148,733 138,380 85,055 Dilutive effect of share-based awards 1,512 3,158 3,334 Dilutive effect of warrants 1,394 3,659 8,489 Dilutive effect of compulsory purchase (1) — — 729 Weighted average shares outstanding — diluted 151,639 145,197 97,607 Per share data: Basic Net income (loss) $ 3.01 $ 3.48 $ 1.99 Diluted Net income (loss) $ 2.96 $ 3.32 $ 1.73 (1) Represents the dilutive effect on outstanding shares between when the Compulsory Purchase interest was recorded on the Closing Date and when it was derecognized in mid-November 2022.
Schedule of Antidilutive Securities Excluded from Dilutive Income (Loss) Per Share	Only those items having a dilutive impact on our basic income per share are included in diluted income per share. The following table displays the share-based instruments that have been excluded from diluted income per share since the effect would have been anti-dilutive: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Warrants (1) 2,774 2,774 2,774 (1) Represents the total number of warrants outstanding which did not have a dilutive effect. In periods where the warrants are determined to be dilutive, the number of shares which will be included in the computation of diluted shares is determined using the Treasury Stock Method, adjusted for mandatory exercise provisions under the warrant agreements if applicable.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, at Cost	Property and equipment, at cost, for Noble consisted of the following: December 31, 2024 2023 Drilling equipment and facilities $ 6,650,034 $ 4,338,229 Construction in progress 197,789 210,759 Other 56,908 42,948 Property and equipment, at cost $ 6,904,731 $ 4,591,936

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	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: December 31, 2024 2023 Carrying Estimated Fair Value Carrying Estimated Fair Value Senior secured notes 8.000% Senior Notes due April 2030 $ 1,401,214 $ 1,414,266 $ 586,203 $ 626,472 8.500% Senior Secured Second Lien Notes due October 2030 578,972 571,428 — — Credit facility Amended and Restated Senior Secured Revolving Credit Facility matures April 2028 — — — — Total debt 1,980,186 1,985,694 586,203 626,472 Less: Current maturities of long-term debt — — — — Long-term debt $ 1,980,186 $ 1,985,694 $ 586,203 $ 626,472

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Performance-Vested Restricted Stock Awards, Validation Assumptions	The assumptions used to value the market-based awards include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows, for the respective grant dates: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 January 26, 2024 February 3, 2023 February 3, 2022 Valuation assumptions: Expected volatility rate (1) 44.1 % 83.0 % 74.8 % Risk-free interest rate 4.16 % 3.96 % 1.42 % (1) Expected dividend yield is included in the model via its impact on the historical volatility rate, which is based on daily returns inclusive of dividends.
Schedule of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	A summary of the RSUs awarded during the periods indicated is as follows: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Equity-classified TVRSUs Units awarded 839,773 384,995 988,750 Weighted-average award date fair value $ 40.54 $ 39.54 $ 27.85 Weighted-average vesting period (years) 2.37 2.90 2.94 Liability-classified TVRSUs Units awarded 14,123 12,918 20,120 Weighted-average award date fair value $ 44.34 $ 39.58 $ 31.25 Weighted-average vesting period (years) 1.00 1.00 1.00 PVRSUs Units awarded 257,574 223,635 295,372 Weighted-average award date fair value $ 50.06 $ 45.88 $ 28.97 Three-year performance period end date December 31 2026 2025 2024 A summary of the status of non-vested RSUs at December 31, 2024 and 2023, and changes for the years then ended is presented below: Equity-Classified TVRSUs Weighted PVRSUs Outstanding (1) (2) Weighted Non-vested RSUs at December 31, 2022 1,539,550 $ 20.51 1,753,214 $ 19.58 Awarded 384,995 39.54 223,635 45.88 Vested (719,871) 20.26 (1,461,236) 18.16 Forfeited (19,281) 30.93 — — Non-vested RSUs at December 31, 2023 1,185,393 $ 26.64 515,613 $ 36.19 Awarded 839,773 40.54 257,574 50.06 Vested (943,847) 25.12 (293,537) 28.97 Forfeited (47,305) 39.98 (1,835) 28.97 Non-vested RSUs at December 31, 2024 1,034,014 $ 39.05 477,815 $ 48.13 (1) For awards granted, the number of PVRSUs shown equals the shares that would vest if the “target” level of performance is achieved. The minimum number of convertible shares is zero and the “maximum” level of performance is 200% of the amounts shown. (2) For awards granted during 2022, the minimum number of convertible shares is 36,929 and the “maximum” level of performance is 179% of the amounts shown.

Revenue and Customers (Tables)

Revenue and Customers (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Rig Types	The following table provides information about contract drilling revenue by rig types: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Floaters $ 2,349,644 $ 2,010,113 $ 997,819 Jackups 569,123 451,602 335,022 Total $ 2,918,767 $ 2,461,715 $ 1,332,841
Schedule of Contract Assets and Contract Liabilities	The following table provides information about contract assets and contract liabilities from contracts with customers: December 31, 2024 December 31, 2023 Current customer contract assets $ 26,049 $ 4,208 Noncurrent customer contract assets 11,042 208 Total customer contract assets 37,091 4,416 Current deferred revenue (61,506) (19,679) Noncurrent deferred revenue (40,439) (23,393) Total deferred revenue $ (101,945) $ (43,072) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the year ended December 31, 2024 and 2023, are as follows: Contract Assets Contract Liabilities Net balance at December 31, 2021 $ 5,744 $ (27,755) Additions to deferred costs 34,187 — Additions to deferred revenue — (108,971) Amortization of deferred costs (19,875) — Amortization of deferred revenue — 55,521 Reclassification to held for sale and subsequent derecognition (8,519) 21,408 Total 5,793 (32,042) Net balance at December 31, 2022 $ 11,537 $ (59,797) Additions to deferred costs 19,575 — Additions to deferred revenue — (60,430) Amortization of deferred costs (26,696) — Amortization of deferred revenue — 77,155 Total (7,121) 16,725 Net balance at December 31, 2023 $ 4,416 $ (43,072) Additions to deferred costs 55,323 — Additions to deferred revenue — (134,359) Amortization of deferred costs (22,648) — Amortization of deferred revenue — 75,486 Total 32,675 (58,873) Net balance at December 31, 2024 $ 37,091 $ (101,945) Unfavorable contacts Favorable Balance at December 31, 2021 $ — $ 61,849 Additions (237,703) 22,991 Amortization 55,820 (50,468) Balance at December 31, 2022 $ (181,883) $ 34,372 Additions — — Amortization 131,020 (24,244) Balance at December 31, 2023 $ (50,863) $ 10,128 Additions (27,663) — Amortization 69,946 (9,914) Balance at December 31, 2024 $ (8,580) $ 214 Estimated future amortization over the expected remaining contract periods: Year Ended December 31, 2025 Total Unfavorable contracts $ 8,580 $ 8,580 Favorable contracts (214) (214) Total $ 8,366 $ 8,366
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The following table reflects revenue expected to be recognized in the future related to deferred revenue, by rig type, at the end of the reporting period: Year Ended December 31, 2025 2026 2027 2028 Total Floaters $ 54,747 $ 15,170 $ 11,522 $ 5,532 $ 86,971 Jackups 6,759 4,708 3,499 8 14,974 Total $ 61,506 $ 19,878 $ 15,021 $ 5,540 $ 101,945

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Supplemental Financial Information and Lease Cost	Supplemental balance sheet information related to leases was as follows: December 31, 2024 December 31, 2023 Operating leases Right-of-use assets $ 78,993 $ 24,528 Current lease liabilities $ 14,844 $ 10,581 Long-term lease liabilities $ 65,981 $ 15,082 Weighted average remaining lease term (years) 7.49 4.34 Weighted average discount rate 6.6 % 7.6 % Finance leases (1) Right-of-use assets $ 34,346 $ — Current lease liabilities $ 22,722 $ — Long-term lease liabilities $ 11,270 $ — Weighted average remaining lease term (years) 1.47 — Weighted average discount rate 5.8 % — % (1) Includes finance leases acquired in the Diamond Transaction. The components of lease cost were as follows: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Operating lease cost $ 31,162 $ 12,615 $ 6,095 Finance lease cost: Amortization of right-of-use assets 7,766 — — Interest on lease liabilities 734 — — Short-term lease cost 3,819 6,185 5,741 Variable lease cost 675 928 948 Total lease cost $ 44,156 $ 19,728 $ 12,784 Supplemental cash flow information related to leases was as follows: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Operating leases Operating cash flows used $ 20,857 $ 13,369 $ 6,676 Right-of-use assets obtained in exchange for a lease liability (1) 45,313 9,614 19,841 Finance leases Operating cash flows used $ 560 $ — $ — Financing cash flows used 6,064 — — Right-of-use assets obtained in exchange for a lease liability (1) 42,113 — — (1) Includes right-of-use assets acquired in business combinations.
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of December 31, 2024, were as follows: Operating Leases Finance Leases 2025 $ 17,850 $ 24,049 2026 16,720 11,430 2027 14,629 — 2028 10,905 — 2029 7,403 — Thereafter 43,025 — Total lease payments 110,532 35,479 Less: Interest (29,707) (1,487) Present value of lease liability $ 80,825 $ 33,992

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Net Deferred Taxes	The components of the net deferred taxes are as follows: December 31, 2024 December 31, 2023 Deferred tax assets United States: Net operating loss carry forwards $ 65,686 $ 2,338 Excess of net tax basis over remaining book basis 14,418 18,527 Disallowed interest deduction carryforwards 66,632 — Tax credits carryover 2,606 — Deferred pension plan amounts 1,065 356 Accrued expenses not currently deductible 21,208 6,613 Unfavorable contract value 936 — Other 3,066 — Non-United States: Net operating loss carry forwards 1,683,210 1,407,964 Excess of net tax basis over remaining book basis 456,302 305,840 Tax credits carryover 341 15,274 Transition attribute 959,985 956,187 Disallowed interest deduction carryforwards 30,427 30,982 Unfavorable contract value 1,858 3,081 Accrued expenses not currently deductible 8,701 — Other 1,952 1,669 Deferred tax assets 3,318,393 2,748,831 Less: valuation allowance (2,964,740) (2,512,571) Net deferred tax assets $ 353,653 $ 236,260 Deferred tax liabilities United States: Excess of net book basis over remaining tax basis $ — $ — Favorable contract value — — Deferred revenue (7,218) (11,423) Other (3,019) (1,809) Non-United States: Excess of net book basis over remaining tax basis — (10,137) Favorable contract value — (1,573) Other (4,255) (4,495) Deferred tax liabilities (14,492) (29,437) Net deferred tax assets (liabilities) $ 339,161 $ 206,823
Schedule of Income (Loss) from Continuing Operations Before Income Taxes	Income (loss) before income taxes consists of the following: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 United States $ 51,948 $ 17,619 $ (43,381) Non-United States 440,386 494,624 234,882 Total $ 492,334 $ 512,243 $ 191,501
Schedule of Income Tax Provision for Continuing Operations	Income tax provision (benefit) consists of the following: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Current- United States $ 9,061 $ 2,940 $ 1,058 Current- Non-United States 77,567 125,494 47,123 Deferred- United States 2,559 3,703 (2,886) Deferred- Non-United States (45,206) (101,796) (22,742) Total $ 43,981 $ 30,341 $ 22,553
Schedule of Uncertain Tax Positions	The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Gross balance at beginning of period $ 134,934 $ 132,979 $ 63,443 Additions based on tax positions related to current year 1,439 25,363 1,296 Additions for tax positions of prior years 41,961 10,087 69,163 Reductions for tax positions of prior years (20,960) (29,113) (687) Expiration of statutes (310) — (236) Tax settlements (42,296) (4,382) — Gross balance at end of period 114,768 134,934 132,979 Related tax benefits (3,705) (78) (384) Net reserve at end of period $ 111,063 $ 134,856 $ 132,595 The liabilities related to our reserve for uncertain tax positions, included in “Other liabilities” on our Consolidated Balance Sheets, are comprised of the following: December 31, 2024 December 31, 2023 Reserve for uncertain tax positions, excluding interest and penalties $ 111,063 $ 134,856 Interest and penalties 86,804 67,455 Reserve for uncertain tax positions, including interest and penalties $ 197,867 $ 202,311
Schedule of Effective Tax Rate Reconciliation	A reconciliation of tax rates outside of the United Kingdom to our Noble effective rate for 2024 is shown below: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Effect of: Tax rates which are different than UK or Cayman rates 37.3 % 37.6 % 34.9 % Tax impact of valuation allowance (25.0) % (36.1) % (22.0) % Resolution of (reserve for) tax authority audits (3.4) % 4.4 % (1.1) % Total 8.9 % 5.9 % 11.8 %

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Schedule of Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans	A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-US and US plans is as follows: December 31, 2024 December 31, 2023 Non-US US Non-US US Benefit obligation at beginning of period $ 36,329 $ 179,346 $ 36,975 $ 176,438 Interest cost 2,062 8,751 2,356 8,992 Actuarial loss (gain) (2,738) (9,872) (2,571) 6,642 Benefits paid (2,257) (11,388) (2,481) (10,619) Settlements and curtailments — — — (2,107) Foreign exchange rate changes (279) — 2,050 — Benefit obligation at end of period $ 33,117 $ 166,837 $ 36,329 $ 179,346
Schedule of Reconciliation of Changes in Fair Value of Plan Assets	A reconciliation of the changes in fair value of plan assets is as follows: December 31, 2024 December 31, 2023 Non-US US Non-US US Fair value of plan assets at beginning of period $ 43,245 $ 172,793 $ 40,642 $ 173,738 Actual return on plan assets (2,403) 2,389 2,749 11,594 Employer contributions — 50 — 187 Benefits paid (2,257) (11,388) (2,481) (10,619) Plan participants’ contributions — — — (2,107) Foreign exchange rate changes (313) — 2,335 — Fair value of plan assets at end of period $ 38,272 $ 163,844 $ 43,245 $ 172,793
Schedule of Funded Status of Plans	The funded status of the plans is as follows: December 31, 2024 December 31, 2023 Non-US US Non-US US Funded status $ 5,155 $ (2,993) $ 6,916 $ (6,553)
Schedule of Amounts Recognized in Balance Sheet	Amounts recognized in the Consolidated Balance Sheets consist of: December 31, 2024 December 31, 2023 Non-US US Non-US US Other assets (noncurrent) $ 5,155 $ — $ 6,916 $ — Other liabilities (current) — (59) — (66) Other liabilities (noncurrent) — (2,934) — (6,487) Net amount recognized $ 5,155 $ (2,993) $ 6,916 $ (6,553)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss	Amounts recognized in AOCI consist of: December 31, 2024 December 31, 2023 Non-US US Non-US US Net actuarial (gain) loss $ 7,761 $ (12,390) $ 5,857 $ (9,371) Deferred income tax (asset) liability (1,942) 2,602 (1,486) 1,968 Accumulated other comprehensive (income) loss $ 5,819 $ (9,788) $ 4,371 $ (7,403)
Schedule of Pension Costs	Pension costs include the following components: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Non-US US Non-US US Non-US US Interest cost $ 2,062 $ 8,751 $ 2,356 $ 8,992 $ 1,368 $ 6,753 Return on plan assets (2,291) (9,243) (1,871) (9,579) (1,431) (12,581) Amortization of prior service cost — — 238 — — — Recognized net actuarial loss 99 — — (231) — (22) Settlement and curtailment (gain) loss — — — 70 — (121) Net pension benefit cost (gain) loss $ (130) $ (492) $ 723 $ (748) $ (63) $ (5,971)
Schedule of Disaggregated Plan Information	Disaggregated information regarding our non-US and US plans is summarized below: December 31, 2024 December 31, 2023 Non-US US Non-US US Projected benefit obligation $ 33,117 $ 166,837 $ 36,329 $ 179,346 Accumulated benefit obligation 33,117 166,837 36,329 179,346 Fair value of plan assets 38,272 163,844 43,245 172,793
Schedule of Plans in which PBO Exceeded Fair Value	The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2024 and 2023. The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016. December 31, 2024 December 31, 2023 Non-US US Non-US US Projected benefit obligation $ — $ 166,837 $ — $ 179,346 Fair value of plan assets — 163,844 — 172,793
Schedule of Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets	The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2024 and 2023. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016. December 31, 2024 December 31, 2023 Non-US US Non-US US Accumulated benefit obligation $ — $ 166,837 $ — $ 179,346 Fair value of plan assets — 163,844 — 172,793
Schedule of Defined Benefit Plans Key Assumptions	The key assumptions for the plans are summarized below: December 31, 2024 December 31, 2023 Non-US US Non-US US Weighted-average assumptions used to determine benefit obligations: Discount Rate 5.50% 5.50% - 5.63% 4.80% 4.95% - 5.04% Rate of compensation increase N/A N/A N/A N/A Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Non-US Non-US Non-US Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 5.50% 5.00% 1.80% Expected long-term return on assets 4.80% 4.60% 1.20% Rate of compensation increase N/A N/A N/A Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 US US US Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 4.95% - 5.04% 5.17% - 5.27% 2.63% - 2.89% Expected long-term return on assets 5.00% - 5.60% 5.00% - 5.80% 5.00% - 5.80% Rate of compensation increase N/A N/A N/A
Schedule of Actual Fair Values of Defined Benefit Plans	The actual fair values of the non-US plan are as follows: December 31, 2024 Estimated Fair Value Measurements Carrying Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 340 $ 340 $ — $ — Equity securities: International companies 2,820 2,820 — — Fixed income securities: Corporate bonds 35,112 35,112 — — Total $ 38,272 $ 38,272 $ — $ — December 31, 2023 Estimated Fair Value Measurements Carrying Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 247 $ 247 $ — $ — Equity securities: International companies 5,560 5,560 — — Fixed income securities: Corporate bonds 37,438 37,438 — — Total $ 43,245 $ 43,245 $ — $ — The actual fair values of US plan assets are as follows: December 31, 2024 Estimated Fair Value Measurements Carrying Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 4,164 $ 4,164 $ — $ — Equity securities: United States 38,317 1,726 36,591 — Fixed income securities: Corporate bonds 91,129 86,991 4,138 Treasury bonds 30,234 30,234 — — Total $ 163,844 $ 123,115 $ 40,729 $ — December 31, 2023 Estimated Fair Value Measurements Carrying Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 4,388 $ 4,388 $ — $ — Equity securities: United States 36,857 — 36,857 — Fixed income securities: Corporate bonds 100,377 96,373 4,004 Treasury bonds 31,171 31,171 — — Total $ 172,793 $ 131,932 $ 40,861 $ —
Schedule of Estimated Benefit Payments	The following table summarizes our estimated benefit payments at December 31, 2024: Payments by Period Total 2025 2026 2027 2028 2029 Thereafter Estimated benefit payments Non-US plans $ 25,709 $ 2,282 $ 2,331 $ 2,423 $ 2,499 $ 2,578 $ 13,596 US plans 114,653 10,733 10,989 11,215 11,378 11,548 58,790 Total estimated benefit payments $ 140,362 $ 13,015 $ 13,320 $ 13,638 $ 13,877 $ 14,126 $ 72,386

Segment and Related Informati_2

Segment and Related Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Revenues and Identifiable Assets by Country Based on the Location of the Service Provided	The following table presents revenues and long-lived assets by country based on the location of the service provided during the period: Revenues Long-Lived Assets as of Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2024 December 31, 2023 Australia $ 242,721 $ 154,860 $ 78,899 $ 59,202 $ 83,162 Brazil 107,014 92,022 33,208 315,084 114 Colombia 94,560 53,646 — 163,719 98,979 Denmark 75,971 88,914 40,806 333,618 508,715 Ghana 138,176 150,677 35,018 — 241,132 Guinea Bissau 13,947 — — 300,962 — Guyana 676,234 703,473 469,267 762,746 733,803 Malaysia 203,495 87,105 32,227 292,878 234,469 Mexico — 139,595 30,788 — — Namibia 7,537 27 19 253,652 — Netherlands 42,107 36,510 13,378 75,421 134,887 Nigeria 135,331 143,641 — 73,296 67,495 Norway 236,834 249,308 154,406 487,183 498,845 Suriname 82,082 108,532 133,680 — — Trinidad and Tobago — 2,135 35,101 78,396 382,369 United Kingdom 190,804 65,710 55,632 755,712 353,656 United States 685,835 437,346 266,176 1,666,748 575,960 Other 125,170 75,517 35,242 530,539 235,881 Total $ 3,057,818 $ 2,589,018 $ 1,413,847 $ 6,149,156 $ 4,149,467
Schedules of Significant Customers	The following table sets forth revenues from our customers as a percentage of our consolidated operating revenues: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Exxon Mobil Corporation (“ExxonMobil”) 22.1 % 24.5 % 32.3 % Shell plc 12.3 % 13.6 % 12.0 % TotalEnergies 6.3 % 10.5 % 9.7 %

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Financial Information [Abstract]
Schedule of Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities	The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Accounts receivable $ (54,923) $ (80,042) $ (18,133) Other current assets (108,044) (42,532) 21,271 Other assets 40,146 (27,177) 16,861 Accounts payable (32,437) 59,757 20,430 Other current liabilities 103,326 9,679 (36,713) Other liabilities (64,106) 32,612 15,468 Total net change in other assets and liabilities $ (116,038) $ (47,703) $ 19,184
Schedule of Additional Cash Flow Information	Additional cash flow information is as follows: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Cash paid during the period for: Interest, net of amounts capitalized $ 106,845 $ 52,361 $ 35,543 Income taxes paid (refunded), net (1) 108,664 105,446 58,386 (1) The net income taxes paid for the years ended December 31, 2024, 2023, and 2022, includes withholding tax in Guyana of $48.9 million, $52.3 million, and $34.7 million on gross revenue, respectively. Excluding such withholding tax, the total tax payments would be $59.7 million, $53.1 million, and $23.7 million, respectively.

Information about Noble Finan_2

Information about Noble Finance II (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Financial Information	The summarized financial information below reflects the consolidated accounts of Noble Finance II: December 31, 2024 Balance Sheet Cash and cash equivalents $ 131,703 Total current assets 1,683,839 Total current liabilities 694,321 Total debt 1,401,214 Total shareholders' equity 4,535,081 Twelve Months Ended December 31, 2024 Statement of Operations Operating revenues $ 2,721,156 Operating costs and expenses 2,010,731 Depreciation and amortization 379,551 Statement of Cash Flows Net cash provided by (used in) operating activities $ 792,859 Capital expenditures (536,658) Proceeds from disposal of assets, net (690) Dividend payments —

Organization and Significant _3

Organization and Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) floater segment jackup rig $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Oct. 03, 2022 $ / shares	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of drilling rigs | rig	40
Number of floaters | floater	27
Number of jackups | jackup	13
Number of reportable segments | segment	1
Common stock, par value (usd per share) | $ / shares	$ 0.00001	$ 0.00001		$ 0.00001
Restricted cash	$ 5,000,000	$ 7,000,000
Allowance for credit losses	$ 0	0
Period for incurring maintenance costs, minimum	3 years
Period for incurring maintenance costs, maximum	5 years
Deferred revenues	$ 101,945,000	43,072,000	$ 59,797,000		$ 27,755,000
Deferred expenses under drilling contracts	37,100,000	4,400,000
Loss reserves for personal injury and protection claims	164,100,000	63,900,000
Other Current Liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loss reserves for personal injury and protection claims	149,200,000	21,900,000
Other Noncurrent Liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loss reserves for personal injury and protection claims	$ 14,900,000	$ 42,000,000
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard drilling contracts, term (in months)	2 months
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard drilling contracts, term (in months)	60 months
Drilling Equipment | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum useful life of property plant and equipment (in years)	3 years
Drilling Equipment | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum useful life of property plant and equipment (in years)	30 years
Other | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum useful life of property plant and equipment (in years)	2 years
Other | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum useful life of property plant and equipment (in years)	40 years
Maersk Drilling
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock, par value (usd per share) | $ / shares				$ 10
Maersk Drilling Merger
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Business combination, percentage of issued and outstanding shares acquired (more than)				90%

Acquisitions and Divestitures -

Acquisitions and Divestitures - Business Combination: Diamond Offshore Drilling (Details) - Diamond Offshore Drilling, Inc. $ / shares in Units, $ in Thousands	Sep. 04, 2024 USD ($) $ / shares shares
Business Acquisition [Line Items]
Per share equity consideration (in shares) | shares	0.2316
Cash consideration per share (in dollars per share) | $ / shares	$ 5.65
Business combination, consideration transferred	$ 1,490,225
Cash paid to acquire business	610,300
Non-cash consideration to acquire business	879,900
Long-term debt	580,250
Revolving Credit Facility | Line of Credit
Business Acquisition [Line Items]
Credit facility of maximum borrowing capacity	300,000
Diamond Principal Debt
Business Acquisition [Line Items]
Long-term debt	$ 550,000

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Allocation of Purchase Price: Diamond Offshore Drilling (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Sep. 04, 2024	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Acquisition related costs			$ 109,424	$ 60,335	$ 84,668
Liabilities assumed:
Proceeds from sale of property, plant, and equipment					$ 14,200
Rig - Ocean Valiant
Liabilities assumed:
Proceeds from sale of property, plant, and equipment		$ 5,600	5,600
Diamond Offshore Drilling, Inc.
Business Acquisition [Line Items]
Acquisition related costs			$ 84,500
Fair value of Ordinary Shares transferred to legacy Diamond shareholders	$ 857,678
Fair value of replacement Diamond RSU Awards attributable to the purchase price	22,263
Cash paid to legacy Diamond shareholders	583,152
Cash paid to terminate the Diamond Revolving Credit Facility	308
Cash paid to settle contingent success fees	17,316
Cash paid for retention bonuses	4,422
Cash paid for short-term incentive plans	5,086
Total purchase price consideration	1,490,225
Assets acquired:
Cash and cash equivalents	193,243
Accounts receivable, net	193,194
Taxes receivable	6,971
Prepaid expenses and other current assets	69,781
Total current assets	463,189
Property and equipment, net	1,817,986
Assets held for sale	5,300
Other assets	193,289
Total assets acquired	2,479,764
Liabilities assumed:
Accounts payable	82,805
Accrued payroll and related costs	36,791
Taxes payable	3,699
Interest payable	19,750
Other current liabilities	137,788
Total current liabilities	280,833
Long-term debt	580,250
Deferred income taxes	184
Noncurrent contract liabilities	27,663
Other liabilities	100,609
Total liabilities assumed	989,539
Net assets acquired	1,490,225
Diamond Offshore Drilling, Inc. | Diamond Principal Debt
Liabilities assumed:
Long-term debt	$ 550,000

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Revenue and Earnings of Acquiree Subsequent to the Closing of Merger (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended
	Dec. 31, 2022	Dec. 31, 2024
Diamond Offshore Drilling, Inc.
Business Acquisition [Line Items]
Revenue		$ 336,542
Net loss		$ 24,431
Maersk Drilling Merger
Business Acquisition [Line Items]
Revenue	$ 341,490
Net loss	$ 21,690

Acquisitions and Divestitures_4

Acquisitions and Divestitures - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Diamond Offshore Drilling, Inc.
Business Acquisition [Line Items]
Revenue	$ 3,081,879	$ 3,672,860
Net income (loss)	$ 375,402	$ 358,549
Net income per share, basic (usd per share)	$ 2.26	$ 2.21
Net income per share, diluted (usd per share)	$ 2.19	$ 2.09
Maersk Drilling Merger
Business Acquisition [Line Items]
Revenue			$ 2,218,117
Net income (loss)			$ (19,246)
Net income per share, basic (usd per share)			$ (0.14)
Net income per share, diluted (usd per share)			$ (0.14)

Acquisitions and Divestitures_5

Acquisitions and Divestitures - Business Combination: Maersk Drilling (Details) $ / shares in Thousands, $ in Thousands, shares in Millions			12 Months Ended
	Nov. 15, 2022 USD ($)	Oct. 03, 2022 USD ($) executive $ / shares shares	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Settlement of Compulsory Purchase Interest			$ 123,754
Additional Paid-in Capital
Business Acquisition [Line Items]
Settlement of Compulsory Purchase Interest			$ 123,754
Maersk Drilling Merger
Business Acquisition [Line Items]
Business combination, percentage of issued and outstanding shares acquired (more than)		90%
Business combination, shares exchange ratio		1.6137
Business combination, consideration in cash election per share (usd per share) | $ / shares		$ 1
Business combination, consideration in cash election amount		$ 50,000
Business combination, number of executives terminated | executive		5
Total purchase price consideration		$ 2,000,873
Cash paid to acquire business		5,600
Non-cash consideration to acquire business		$ 2,000,000
Settlement of compulsory purchase interest, number of shares redeemed (in shares) | shares		4.1
Fair Value of Compulsory Purchase		$ 193,678
Compulsory purchase, cash payment	$ 69,900
Maersk Drilling Merger | Additional Paid-in Capital
Business Acquisition [Line Items]
Settlement of Compulsory Purchase Interest	$ 123,800

Acquisitions and Divestitures_6

Acquisitions and Divestitures - Allocation of Purchase Price: Maersk Drilling (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Oct. 03, 2022	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Acquisition related costs			$ 109,424	$ 60,335	$ 84,668
Gain on bargain purchase			0	5,005	0
Liabilities assumed:
Gain on bargain purchase			0	5,005	0
Maersk Drilling Merger
Business Acquisition [Line Items]
Acquisition related costs			24,900	$ 34,100	$ 33,100
Gain on bargain purchase	$ 5,005		5,000
Fair value of Ordinary Shares transferred to legacy Maersk shareholders	1,793,351
Cash paid to legacy Maersk shareholders	887
Fair value of replacement Maersk Drilling RSU Awards attributable to the purchase price	6,780
Deal Completion Bonus	6,177
Fair Value of Compulsory Purchase	193,678
Total purchase price consideration	2,000,873
Assets acquired:
Cash and cash equivalents	172,205
Accounts receivable, net	250,251
Taxes receivable	18,987
Prepaid expenses and other current assets	43,168
Total current assets	484,611
Intangible assets	22,991
Property, plant, and equipment, net	2,756,096
Other assets	94,882
Total assets acquired	3,358,580
Liabilities assumed:
Current maturities of long-term debt	129,130
Accounts payable	130,273
Accrued payroll and related costs	23,884
Taxes payable	29,219
Interest payable	800
Other current liabilities	44,253
Total current liabilities	357,559
Long-term debt	596,692
Deferred income taxes	4,071
Noncurrent contract liabilities	237,703
Other liabilities	156,677
Total liabilities assumed	1,352,702
Net assets acquired	2,005,878
Gain on bargain purchase	5,005		$ 5,000
Purchase price consideration	$ 2,000,873
Net decrease in current taxes receivable		$ 1,600
Net decrease in current taxes payable		9,000
Net increase to deferred tax assets		25,200
Net increase in other current liabilities		3,000
Net increase to reserves for uncertain tax positions		13,100
Net decrease to other tax liabilities		$ 14,600

Acquisitions and Divestitures_7

Acquisitions and Divestitures - Rig Transaction (Details) $ in Millions	Oct. 05, 2022 USD ($)	Jun. 23, 2022 jackup
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) On Disposal Statement Of Income Extensible List, Not Disclosed Flag	gain
Held-for-sale | October 2022 Divestment Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of jackup rigs disposed | jackup		5
Disposal group, consideration	$ 375
Gain on disposal	$ 85.1

Merger and Integration Costs (D

Merger and Integration Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Merger and integration costs	$ 109,424	$ 60,335	$ 84,668
Maersk Drilling
Business Acquisition [Line Items]
Merger and integration costs	109,400	$ 60,300	84,700
Employee compensation that qualifies exit or disposal activities	$ 4,100		$ 800

Income (Loss) Per Share - Compu

Income (Loss) Per Share - Computation of Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss)	$ 448,353	$ 481,902	$ 168,948
Denominator:
Weighted average shares outstanding — basic (in shares)	148,733	138,380	85,055
Dilutive effect of share-based awards (in shares)	1,512	3,158	3,334
Dilutive effect of warrants (in shares)	1,394	3,659	8,489
Dilutive effect of compulsory purchase	0	0	729
Weighted average shares outstanding — diluted (in shares)	151,639	145,197	97,607
Basic
Net income (loss) (usd per share)	$ 3.01	$ 3.48	$ 1.99
Diluted
Net income (loss) (usd per share)	$ 2.96	$ 3.32	$ 1.73

Income (Loss) Per Share - Antid

Income (Loss) Per Share - Antidilutive Securities Excluded from Diluted Income (Loss) Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,774,000	2,774,000	2,774,000

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, at Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 6,904,731	$ 4,591,936
Drilling equipment and facilities
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	6,650,034	4,338,229
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	197,789	210,759
Other
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 56,908	$ 42,948

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Oct. 05, 2022	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Capital expenditures, including capitalized interest				$ 520.3	$ 454.3	$ 193.6
Proceeds from sale of property, plant, and equipment						14.2
Gain on disposition of property plant equipment						$ 6.8
Held-for-sale | October 2022 Divestment Business
Property, Plant and Equipment [Line Items]
Proceeds from divestiture of businesses	$ 366.8
Gain on disposal	$ 85.1
Rig - Noble Explorer
Property, Plant and Equipment [Line Items]
Proceeds from sale of property, plant, and equipment			$ 21.5	25
Gain on disposition of property plant equipment				17.4
Rig - Ocean Valiant
Property, Plant and Equipment [Line Items]
Proceeds from sale of property, plant, and equipment		$ 5.6		5.6
Rig - Ocean Onyx
Property, Plant and Equipment [Line Items]
Proceeds from sale of property, plant, and equipment				$ 5.2

Debt - Amended and Restated Sen

Debt - Amended and Restated Senior Secured Revolving Credit Agreement (Details) - 2023 Revolving Credit Agreement - Revolving Credit Facility - USD ($)		1 Months Ended
	Apr. 18, 2023	Apr. 30, 2023	Dec. 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding amount			$ 24,800,000
Line of Credit
Debt Instrument [Line Items]
Credit facility of maximum borrowing capacity		$ 550,000,000
Total debt			$ 0
Debt covenant, revenue from collateral rigs to revenue of all rigs, threshold percentage		80%
Debt covenant, ratio of aggregated value from collateral rigs to the commitment (at least)		5
Debt, interest rate on overdue principal (in percent)		2%
Debt, excess interest rate (in percent)		2%
Debt mandatory prepayments term, available cash benchmark		$ 250,000,000
Debt covenant, interest coverage ratio		2.50
Debt covenant, leverage ratio (no greater than)		3
Line of Credit | Period from and including the Effective Date to and including the third anniversary of the Effective Date
Debt Instrument [Line Items]
Debt commitment fee (in percent)		0.50%
Line of Credit | Thereafter
Debt Instrument [Line Items]
Debt commitment fee (in percent)		0.75%
Line of Credit | Period from the third anniversary of the Effective Date to and including the fourth anniversary of the Effective Date
Debt Instrument [Line Items]
Debt commitment fee (in percent)		1%
Line of Credit | Variable Rate Component One
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)		0%
Line of Credit | Variable Rate Component Two
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)		0%
Line of Credit | SOFR
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)		2.75%
Line of Credit | SOFR | Maximum
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)		3.75%
Line of Credit | SOFR | Variable Rate Component One
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)		0.10%
Line of Credit | SOFR | Variable Rate Component Two
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)		0.10%
Additional basis spread on variable rate (in percent)		1%
Line of Credit | Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)		1.75%
Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)		2.75%
Line of Credit | NYFRB Rate | Variable Rate Component Two
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)	0.50%

Debt - 8.000% Senior Notes due

Debt - 8.000% Senior Notes due 2030 (Details) - 8.000% Senior Notes due April 2030 - Senior Notes - USD ($) $ in Millions	Apr. 18, 2023	Aug. 22, 2024
Debt Instrument [Line Items]
Interest rate on senior notes (in percent)	8%
Debt instrument, face amount	$ 600	$ 800
Debt instrument, premium (in percent)		103%
Total debt		$ 1,400
Any time prior to April 15, 2026
Debt Instrument [Line Items]
Debt, maximum percentage of principal amount can be redeemed	40%
Principal amount redeemed (in percent)	108%
Addition prior to April 15, 2026
Debt Instrument [Line Items]
Principal amount redeemed (in percent)	100%
After April 15, 2026
Debt Instrument [Line Items]
Principal amount redeemed (in percent)	104%
Change of Control Triggering Event
Debt Instrument [Line Items]
Principal amount redeemed (in percent)	101%

Debt - Diamond Second Lien Note

Debt - Diamond Second Lien Notes due 2030 (Details) - Diamond Second Lien Notes due 2030 - Senior Notes $ in Millions	Sep. 21, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 550
Interest rate on senior notes (in percent)	8.50%

Debt - Noble Second Lien Notes

Debt - Noble Second Lien Notes (Details) - Second Lien Notes - Secured Debt - USD ($) $ in Millions		6 Months Ended
	Apr. 18, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt repurchase amount	$ 173.7	$ 48.1
Gain (loss) on repurchase of debt instrument	$ (25.7)	$ (4.6)

Debt - Diamond Credit Agreement

Debt - Diamond Credit Agreement (Details) - Diamond Offshore Drilling, Inc. - Revolving Credit Facility - Line of Credit	Sep. 04, 2024 USD ($)
Debt Instrument [Line Items]
Credit facility of maximum borrowing capacity	$ 300,000,000
Total debt	$ 0

Debt - DNB Credit Facility and

Debt - DNB Credit Facility and New DNB Credit Facility (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 18, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Repayments of credit facilities		$ 35,000	$ 0	$ 220,000
Gain (loss) on extinguishment of debt, net		$ 0	$ (26,397)	$ (8,912)
New DNB Credit Facility | Line of Credit
Debt Instrument [Line Items]
Repayments of credit facilities	$ 347,500
Gain (loss) on extinguishment of debt, net	$ (700)

Debt - Debt Open Market Repurch

Debt - Debt Open Market Repurchases (Details) - Second Lien Notes - Secured Debt - USD ($) $ in Millions		6 Months Ended
	Apr. 18, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Aggregate principal amount of debt repurchased		$ 42.3
Debt repurchase amount	$ 173.7	48.1
Gain (loss) on repurchase of debt instrument	$ (25.7)	$ (4.6)

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 1,980,186	$ 586,203
Carrying Value
Debt Instrument [Line Items]
Total debt	1,980,186	586,203
Less: Current maturities of long-term debt	0	0
Long-term debt	1,980,186	586,203
Estimated Fair Value
Debt Instrument [Line Items]
Total debt	1,985,694	626,472
Less: Current maturities of long-term debt	0	0
Long-term debt	1,985,694	626,472
Line of Credit | Carrying Value | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	0	0
Line of Credit | Estimated Fair Value | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	$ 0	0
8.000% Senior Notes due April 2030 | Secured Debt
Debt Instrument [Line Items]
Debt, stated interest rate (in percent)	8%
8.000% Senior Notes due April 2030 | Secured Debt | Carrying Value
Debt Instrument [Line Items]
Total debt	$ 1,401,214	586,203
8.000% Senior Notes due April 2030 | Secured Debt | Estimated Fair Value
Debt Instrument [Line Items]
Total debt	$ 1,414,266	626,472
8.500% Senior Secured Second Lien Notes due October 2030 | Secured Debt
Debt Instrument [Line Items]
Debt, stated interest rate (in percent)	8.50%
8.500% Senior Secured Second Lien Notes due October 2030 | Secured Debt | Carrying Value
Debt Instrument [Line Items]
Total debt	$ 578,972	0
8.500% Senior Secured Second Lien Notes due October 2030 | Secured Debt | Estimated Fair Value
Debt Instrument [Line Items]
Total debt	$ 571,428	$ 0

Equity - Share Capital (Details

Equity - Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Dec. 19, 2024	Sep. 04, 2024	Oct. 03, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 21, 2024	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares, outstanding (in shares)				158,946,711	140,773,750			70,400,000
Payments of dividends	$ 79,700			$ 277,831	$ 98,804	$ 0
Common stock dividends paid (usd per share)	$ 0.50			$ 1.80	$ 0.70
Declared dividends				$ 278,300	$ 101,800
Accrued dividends				$ 3,500	$ 3,000
2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares issuable under incentive plan (in shares)				6,800,000			10,688,623	5,900,000
Tranche 1 Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding (in shares)				900,000				6,200,000
Tranche 2 Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding (in shares)				900,000				5,600,000
Tranche 3 Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding (in shares)				2,800,000				2,800,000
Maersk Drilling
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received by acquiree (in shares)			60,100,000
Diamond Offshore Drilling, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received by acquiree (in shares)		24,200,000
Noble Corp
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding (in shares)								14,500,000

Equity - Share Repurchases (Det

Equity - Share Repurchases (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Shareholder authority to repurchase, percentage of issued share capital	15%
Shareholder authority to repurchase, period	5 years
Share repurchase authorized (in shares)	20.6
Stock repurchased and cancelled during period (in shares)	8.4	2.3

Equity - Warrants (Details)

Equity - Warrants (Details) - $ / shares	Dec. 31, 2024	Sep. 30, 2022
Tranche 1 Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding (in shares)	900,000	6,200,000
Warrants converted into rights (in shares)		1
Exercise price of warrants (usd per share)		$ 19.27
Tranche 2 Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding (in shares)	900,000	5,600,000
Warrants converted into rights (in shares)		1
Exercise price of warrants (usd per share)		$ 23.13
Tranche 3 Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding (in shares)	2,800,000	2,800,000
Warrants converted into rights (in shares)		1
Exercise price of warrants (usd per share)		$ 124.40

Equity - Share-Based Compensati

Equity - Share-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 04, 2024	May 21, 2024	Sep. 30, 2022
PVRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded (in shares)	257,574	223,635	295,372
Awarded (usd per share)	$ 50.06	$ 45.88	$ 28.97
Vested (in shares)	293,537	1,461,236
Forfeited (in shares)	1,835	0
Nonvested (in shares)	477,815	515,613	1,753,214
Total unrecognized compensation cost	$ 11.3	$ 12.6
Period for recognizing unrecognized compensation cost	1 year 6 months 14 days	1 year 5 months 4 days
Equity-classified TVRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average vesting period (years)	2 years 4 months 13 days	2 years 10 months 24 days	2 years 11 months 8 days
Awarded (in shares)	839,773	384,995	988,750
Awarded (usd per share)	$ 40.54	$ 39.54	$ 27.85
Vested (in shares)	943,847	719,871
Forfeited (in shares)	47,305	19,281
Nonvested (in shares)	1,034,014	1,185,393	1,539,550
Total unrecognized compensation cost	$ 22.7	$ 14.5
Period for recognizing unrecognized compensation cost	1 year 6 months 10 days	11 months 26 days
Equity-classified TVRSUs | Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded (in shares)	21,171	19,376	30,180
Liability-classified TVRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average vesting period (years)	1 year	1 year	1 year
Awarded (in shares)	14,123	12,918	20,120
Awarded (usd per share)	$ 44.34	$ 39.58	$ 31.25
Vested (in shares)	12,918	2,672
Forfeited (in shares)	0	0
Nonvested (in shares)	14,123	12,918
Liability-classified awards outstanding amount	$ 0.4	$ 0.6
Period for recognizing unrecognized compensation cost	1 month 9 days	1 month 2 days
Liability-classified TVRSUs | Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded (in shares)	14,123	12,918	20,120
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized	$ 27.9	$ 37.4
Compensation cost recognized net of tax	$ 25.4	$ 35.2
2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares issuable under incentive plan (in shares)	6,800,000				10,688,623	5,900,000
Remaining number of shares available for grants (in shares)				1,556,404
2021 LTIP | Equity-classified TVRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average vesting period (years)	3 years
Percentage of awards accounted for as liability awards	40%	40%	40%
2021 LTIP | PVRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance period	3 years

Equity - Assumptions used to Va

Equity - Assumptions used to Value the Performance-Vested Restricted Stock Units (Details) - PVRSUs	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
January 26, 2024
Valuation assumptions:
Expected volatility rate	44.10%
Risk-free interest rate	4.16%
February 3, 2023
Valuation assumptions:
Expected volatility rate		83%
Risk-free interest rate		3.96%
February 3, 2022
Valuation assumptions:
Expected volatility rate			74.80%
Risk-free interest rate			1.42%

Equity - Summary of RSUs Awarde

Equity - Summary of RSUs Awarded During Period (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity-classified TVRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units awarded (in shares)	839,773	384,995	988,750
Weighted-average award date fair value (usd per share)	$ 40.54	$ 39.54	$ 27.85
Weighted-average vesting period (years)	2 years 4 months 13 days	2 years 10 months 24 days	2 years 11 months 8 days
Liability-classified TVRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units awarded (in shares)	14,123	12,918	20,120
Weighted-average award date fair value (usd per share)	$ 44.34	$ 39.58	$ 31.25
Weighted-average vesting period (years)	1 year	1 year	1 year
PVRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units awarded (in shares)	257,574	223,635	295,372
Weighted-average award date fair value (usd per share)	$ 50.06	$ 45.88	$ 28.97

Equity - Summary of Status of N

Equity - Summary of Status of Non-Vested RSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity-classified TVRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Liability-Classified Award, beginning balance (in shares)	1,185,393	1,539,550
Awarded (in shares)	839,773	384,995	988,750
Vested (in shares)	(943,847)	(719,871)
Forfeited (in shares)	(47,305)	(19,281)
Non-vested Liability-Classified Award (in shares)	1,034,014	1,185,393	1,539,550
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Non-vested Liability-Classified Award, beginning balance (usd per share)	$ 26.64	$ 20.51
Awarded (usd per share)	40.54	39.54	$ 27.85
Vested (usd per share)	25.12	20.26
Forfeited (usd per share)	39.98	30.93
Non-vested Liability-Classified Award, ending balance (usd per share)	$ 39.05	$ 26.64	$ 20.51
PVRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Liability-Classified Award, beginning balance (in shares)	515,613	1,753,214
Awarded (in shares)	257,574	223,635	295,372
Vested (in shares)	(293,537)	(1,461,236)
Forfeited (in shares)	(1,835)	0
Non-vested Liability-Classified Award (in shares)	477,815	515,613	1,753,214
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Non-vested Liability-Classified Award, beginning balance (usd per share)	$ 36.19	$ 19.58
Awarded (usd per share)	50.06	45.88	$ 28.97
Vested (usd per share)	28.97	18.16
Forfeited (usd per share)	28.97	0
Non-vested Liability-Classified Award, ending balance (usd per share)	$ 48.13	$ 36.19	$ 19.58
Minimum number of performance vested units (in shares)	0		36,929
Maximum level of performance, percent	200%		179%

Revenue and Customers - Disaggr

Revenue and Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Operating revenues	$ 3,057,818	$ 2,589,018	$ 1,413,847
Contract drilling services
Disaggregation of Revenue [Line Items]
Operating revenues	2,918,767	2,461,715	1,332,841
Floaters
Disaggregation of Revenue [Line Items]
Operating revenues	2,349,644	2,010,113	997,819
Jackups
Disaggregation of Revenue [Line Items]
Operating revenues	$ 569,123	$ 451,602	$ 335,022

Revenue and Customers - Additio

Revenue and Customers - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 03, 2022	Dec. 31, 2024
Maersk Drilling
Disaggregation of Revenue [Line Items]
Favorable customer contracts, fair value adjustments	$ 23
Unfavorable customer contracts, fair value adjustment	237.7
Diamond Offshore Drilling, Inc.
Disaggregation of Revenue [Line Items]
Unfavorable customer contracts, fair value adjustment	27.7
Chapter 11 Bankruptcy
Disaggregation of Revenue [Line Items]
Favorable customer contracts, fair value adjustments	$ 113.4
Minimum
Disaggregation of Revenue [Line Items]
Payment term (in days)		30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment term (in days)		60 days

Revenue and Customers - Contrac

Revenue and Customers - Contract Assets, and Contract Liabilities with Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Current customer contract assets	$ 26,049	$ 4,208
Noncurrent customer contract assets	11,042	208
Total customer contract assets	37,091	4,416	$ 11,537	$ 5,744
Current deferred revenue	(61,506)	(19,679)
Noncurrent deferred revenue	(40,439)	(23,393)
Total deferred revenue	$ (101,945)	$ (43,072)	$ (59,797)	$ (27,755)

Revenue and Customers - Signifi

Revenue and Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract Assets
Contract assets, beginning balance	$ 4,416	$ 11,537	$ 5,744
Additions to deferred costs	55,323	19,575	34,187
Amortization of deferred costs	(22,648)	(26,696)	(19,875)
Reclassification to held for sale and subsequent derecognition			(8,519)
Total	32,675	(7,121)	5,793
Contract assets, ending balance	37,091	4,416	11,537
Contract Liabilities
Contract liabilities, beginning balance	(43,072)	(59,797)	(27,755)
Additions to deferred revenue	(134,359)	(60,430)	(108,971)
Amortization of deferred revenue	75,486	77,155	55,521
Reclassification to held for sale and subsequent derecognition			21,408
Total	(58,873)	16,725	(32,042)
Contract liabilities, ending balance	$ (101,945)	$ (43,072)	$ (59,797)

Revenue and Customers - Remaini

Revenue and Customers - Remaining Performance Obligations (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 101,945
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 61,506
Performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 19,878
Performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 15,021
Performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 5,540
Performance obligation, expected timing of satisfaction	1 year
Floaters
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 86,971
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 54,747
Performance obligation, expected timing of satisfaction	1 year
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 15,170
Performance obligation, expected timing of satisfaction	1 year
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 11,522
Performance obligation, expected timing of satisfaction	1 year
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 5,532
Performance obligation, expected timing of satisfaction	1 year
Jackups
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 14,974
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 6,759
Performance obligation, expected timing of satisfaction	1 year
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 4,708
Performance obligation, expected timing of satisfaction	1 year
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 3,499
Performance obligation, expected timing of satisfaction	1 year
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 8
Performance obligation, expected timing of satisfaction	1 year

Revenue and Customers - Favorab

Revenue and Customers - Favorable and Unfavorable contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unfavorable contacts
Beginning balance	$ (50,863)
Ending balance	(8,580)	$ (50,863)
Maersk Drilling
Unfavorable contacts
Beginning balance	(50,863)	(181,883)	$ 0
Additions	(27,663)	0	(237,703)
Amortization	69,946	131,020	55,820
Ending balance	(8,580)	(50,863)	(181,883)
Maersk Drilling | Favorable contracts
Favorable contracts
Beginning balance	10,128	34,372	61,849
Additions	0	0	22,991
Amortization	(9,914)	(24,244)	(50,468)
Ending balance	$ 214	$ 10,128	$ 34,372

Revenue and Customers - Estimat

Revenue and Customers - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unfavorable contracts
Noncurrent contract liabilities	$ 8,580	$ 50,863
Maersk Drilling
Unfavorable contracts
2025	8,580
Noncurrent contract liabilities	8,580	50,863	$ 181,883	$ 0
Total
2025	8,366
Total	8,366
Maersk Drilling | Favorable contracts
Favorable contracts
2025	(214)
Favorable contracts	$ (214)	$ (10,128)	$ (34,372)	$ (61,849)

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating leases
Right-of-use assets	$ 78,993	$ 24,528
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Current lease liabilities	$ 14,844	$ 10,581
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Long-term lease liabilities	$ 65,981	$ 15,082
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Weighted average remaining lease term (years)	7 years 5 months 26 days	4 years 4 months 2 days
Weighted average discount rate	6.60%	7.60%
Finance lease
Right-of-use assets	$ 34,346	$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Current lease liabilities	$ 22,722	$ 0
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Long-term lease liabilities	$ 11,270	$ 0
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Weighted average remaining lease term (years)	1 year 5 months 19 days
Weighted average discount rate	5.80%	0%

Leases - Components of Lease Co

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 31,162	$ 12,615	$ 6,095
Amortization of right-of-use assets	7,766	0	0
Interest on lease liabilities	734	0	0
Short-term lease cost	3,819	6,185	5,741
Variable lease cost	675	928	948
Total lease cost	$ 44,156	$ 19,728	$ 12,784

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating leases
Operating cash flows used	$ 20,857	$ 13,369	$ 6,676
Right-of-use assets obtained in exchange for a lease liability	45,313	9,614	19,841
Finance leases
Operating cash flows used	560	0	0
Financing cash flows used	6,064	0	0
Right-of-use assets obtained in exchange for a lease liability	$ 42,113	$ 0	$ 0

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 17,850
2026	16,720
2027	14,629
2028	10,905
2029	7,403
Thereafter	43,025
Total lease payments	110,532
Less: Interest	(29,707)
Present value of lease liability	80,825
Finance Leases
2025	24,049
2026	11,430
2027	0
2028	0
2029	0
Thereafter	0
Total lease payments	35,479
Less: Interest	(1,487)
Present value of lease liability	$ 33,992

Income Taxes - Components of Ne

Income Taxes - Components of Net Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Deferred tax assets	$ 3,318,393	$ 2,748,831
Less: valuation allowance	(2,964,740)	(2,512,571)
Net deferred tax assets	353,653	236,260
Deferred tax liabilities
Deferred tax liabilities	(14,492)	(29,437)
Net deferred tax assets (liabilities)	339,161	206,823
United States:
Deferred tax assets
Net operating loss carry forwards	65,686	2,338
Excess of net tax basis over remaining book basis	14,418	18,527
Disallowed interest deduction carryforwards	66,632	0
Tax credits carryover	2,606	0
Deferred pension plan amounts	1,065	356
Accrued expenses not currently deductible	21,208	6,613
Unfavorable contract value	936	0
Other	3,066	0
Deferred tax liabilities
Excess of net book basis over remaining tax basis	0	0
Favorable contract value	0	0
Deferred revenue	(7,218)	(11,423)
Other	(3,019)	(1,809)
Non-United States:
Deferred tax assets
Net operating loss carry forwards	1,683,210	1,407,964
Excess of net tax basis over remaining book basis	456,302	305,840
Disallowed interest deduction carryforwards	30,427	30,982
Tax credits carryover	341	15,274
Accrued expenses not currently deductible	8,701	0
Unfavorable contract value	1,858	3,081
Other	1,952	1,669
Transition attribute	959,985	956,187
Deferred tax liabilities
Excess of net book basis over remaining tax basis	0	(10,137)
Favorable contract value	0	(1,573)
Other	$ (4,255)	$ (4,495)

Income Taxes - Loss Before Inco

Income Taxes - Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ 51,948	$ 17,619	$ (43,381)
Non-United States	440,386	494,624	234,882
Income (loss) before income taxes	$ 492,334	$ 512,243	$ 191,501

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Current- United States	$ 9,061	$ 2,940	$ 1,058
Current- Non-United States	77,567	125,494	47,123
Deferred- United States	2,559	3,703	(2,886)
Deferred- Non-United States	(45,206)	(101,796)	(22,742)
Total	$ 43,981	$ 30,341	$ 22,553

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Gross balance at beginning of period	$ 134,934	$ 132,979	$ 63,443
Additions based on tax positions related to current year	1,439	25,363	1,296
Additions for tax positions of prior years	41,961	10,087	69,163
Reductions for tax positions of prior years	(20,960)	(29,113)	(687)
Expiration of statutes	(310)	0	(236)
Tax settlements	(42,296)	(4,382)	0
Gross balance at end of period	114,768	134,934	132,979
Related tax benefits	(3,705)	(78)	(384)
Net reserve at end of period	$ 111,063	$ 134,856	$ 132,595

Income Taxes - Liabilities Rela

Income Taxes - Liabilities Related to Reserve for Uncertain Tax Positions (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Reserve for uncertain tax positions, excluding interest and penalties	$ 111,063	$ 134,856	$ 132,595
Interest and penalties	86,804	67,455
Reserve for uncertain tax positions, including interest and penalties	$ 197,867	$ 202,311

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended			27 Months Ended
	Oct. 01, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Components Of Deferred Tax Assets And Liabilities [Line Items]
Reserves for uncertain tax positions		$ 197,867	$ 202,311		$ 197,867
Related tax benefits		3,705	78	$ 384	3,705
Unrecognized tax benefits that would impact effective tax rate		196,000	188,000		196,000
Interest and penalties resulted in an income tax expense		5,900	24,100	2,700
Deferred tax expenses related to contract fair value amortization			23,700
Tax benefits related to release of valuation allowance				42,100
Tax benefit related to deferred tax adjustments				1,300
Tax benefits related to reduction of tax contingencies				6,600
Tax expenses (benefits) related to sale of remedy rigs				2,300
Tax expenses (benefits) related to contract fair value amortization				10,800
Tax expenses related to various recurring items, excess withholding tax on gross revenue				34,700
Tax expenses related to various recurring items, annual current and deferred tax expense accrual				$ 24,900
Additional compensation from tax adjustments	$ 4,000				$ 21,100
Interest Income And Other, Net
Components Of Deferred Tax Assets And Liabilities [Line Items]
Additional compensation from tax adjustments		19,100
Income Tax Benefit (Provision)
Components Of Deferred Tax Assets And Liabilities [Line Items]
Additional compensation from tax adjustments			2,000
Foreign Tax Jurisdiction | Luxembourg
Components Of Deferred Tax Assets And Liabilities [Line Items]
Release of valuation allowance		123,600
Foreign Tax Jurisdiction | Ghana
Components Of Deferred Tax Assets And Liabilities [Line Items]
Tax expense (benefit) related to uncertain tax position		(20,200)	(6,800)
Foreign Tax Jurisdiction | Guyana, Nigeria, United States, Switzerland, And Luxembourg
Components Of Deferred Tax Assets And Liabilities [Line Items]
Tax expenses related to various recurring items		$ 187,800
Foreign Tax Jurisdiction | Guyana, Norway, Switzerland And Luxembourg
Components Of Deferred Tax Assets And Liabilities [Line Items]
Release of valuation allowance			187,200
Foreign Tax Jurisdiction | Mexico
Components Of Deferred Tax Assets And Liabilities [Line Items]
Tax expense (benefit) related to uncertain tax position			20,900
Foreign Tax Jurisdiction | Guyana, Switzerland And Luxembourg
Components Of Deferred Tax Assets And Liabilities [Line Items]
Tax expenses related to various recurring items			$ 179,600

Income Taxes - Effective Tax Re

Income Taxes - Effective Tax Reconciliation (Details) - Foreign Tax Jurisdiction	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Tax rates which are different than UK or Cayman rates	37.30%	37.60%	34.90%
Tax impact of valuation allowance	(25.00%)	(36.10%)	(22.00%)
Resolution of (reserve for) tax authority audits	(3.40%)	4.40%	(1.10%)
Total	8.90%	5.90%	11.80%

Employee Benefit Plans - Reconc

Employee Benefit Plans - Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-US
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of period	$ 36,329	$ 36,975
Interest cost	2,062	2,356	$ 1,368
Actuarial loss (gain)	(2,738)	(2,571)
Benefits paid	(2,257)	(2,481)
Settlements and curtailments	0	0
Foreign exchange rate changes	(279)	2,050
Benefit obligation at end of period	33,117	36,329	36,975
US plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of period	179,346	176,438
Interest cost	8,751	8,992	6,753
Actuarial loss (gain)	(9,872)	6,642
Benefits paid	(11,388)	(10,619)
Settlements and curtailments	0	(2,107)
Foreign exchange rate changes	0	0
Benefit obligation at end of period	$ 166,837	$ 179,346	$ 176,438

Employee Benefit Plans - Reco_2

Employee Benefit Plans - Reconciliation of Changes in Fair Value of Plan Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-US
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	$ 43,245,000	$ 40,642,000
Actual return on plan assets	(2,403,000)	2,749,000
Employer contributions	0	0	$ 0
Benefits paid	(2,257,000)	(2,481,000)
Plan participants’ contributions	0	0
Foreign exchange rate changes	(313,000)	2,335,000
Fair value of plan assets at end of period	38,272,000	43,245,000	40,642,000
US plans
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	172,793,000	173,738,000
Actual return on plan assets	2,389,000	11,594,000
Employer contributions	50,000	187,000	400,000
Benefits paid	(11,388,000)	(10,619,000)
Plan participants’ contributions	0	(2,107,000)
Foreign exchange rate changes	0	0
Fair value of plan assets at end of period	$ 163,844,000	$ 172,793,000	$ 173,738,000

Employee Benefit Plans - Funded

Employee Benefit Plans - Funded Status of Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Non-US
Defined Benefit Plan Disclosure [Line Items]
Funded status	$ 5,155	$ 6,916
US plans
Defined Benefit Plan Disclosure [Line Items]
Funded status	$ (2,993)	$ (6,553)

Employee Benefit Plans - Amount

Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Non-US
Defined Benefit Plan Disclosure [Line Items]
Other assets (noncurrent)	$ 5,155	$ 6,916
Other liabilities (current)	0	0
Other liabilities (noncurrent)	0	0
Net amount recognized	5,155	6,916
US plans
Defined Benefit Plan Disclosure [Line Items]
Other assets (noncurrent)	0	0
Other liabilities (current)	(59)	(66)
Other liabilities (noncurrent)	(2,934)	(6,487)
Net amount recognized	$ (2,993)	$ (6,553)

Employee Benefit Plans - Amou_2

Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Non-US
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	$ 7,761	$ 5,857
Deferred income tax (asset) liability	(1,942)	(1,486)
Accumulated other comprehensive (income) loss	5,819	4,371
US plans
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	(12,390)	(9,371)
Deferred income tax (asset) liability	2,602	1,968
Accumulated other comprehensive (income) loss	$ (9,788)	$ (7,403)

Employee Benefit Plans - Pensio

Employee Benefit Plans - Pension Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-US
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 2,062	$ 2,356	$ 1,368
Return on plan assets	(2,291)	(1,871)	(1,431)
Amortization of prior service cost	0	238	0
Recognized net actuarial loss	99	0	0
Settlement and curtailment (gain) loss	0	0	0
Net pension benefit cost (gain) loss	(130)	723	(63)
US plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost	8,751	8,992	6,753
Return on plan assets	(9,243)	(9,579)	(12,581)
Amortization of prior service cost	0	0	0
Recognized net actuarial loss	0	(231)	(22)
Settlement and curtailment (gain) loss	0	70	(121)
Net pension benefit cost (gain) loss	$ (492)	$ (748)	$ (5,971)

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Expected amortization in next fiscal year	$ 0
Market cycle minimum period in which objective should be met over (in years)	5 years
Market cycle maximum period in which objective should be met over (in years)	7 years
Number of shares included in equity securities	0	0
Costs for maintaining contribution plans	$ 32,000,000	$ 34,000,000	$ 34,200,000
Restoration Plan
Defined Benefit Plan Disclosure [Line Items]
Liability under the restoration plan			0	$ 2,800,000
Noble Drilling Corporation Profit Sharing Plan
Defined Benefit Plan Disclosure [Line Items]
Term of service for the participants in the plan to become fully vested (in years)	1 year
Plan participants’ contributions	$ 0	0	0
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Company's overall investments (in percent)	75%
Debt security
Defined Benefit Plan Disclosure [Line Items]
Company's overall investments (in percent)	6%
Cash holdings
Defined Benefit Plan Disclosure [Line Items]
Company's overall investments (in percent)	19%
Non-US
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 0	0
Accumulated benefit obligation	$ 0	0
Defined benefit plan, investment within plan asset category, de-risking basis of gilts (in percent)	0%
Defined benefit plan, investment within plan asset category, minimum outperformance versus cash (in percent)	4%
Employer contributions	$ 0	0	0
Expected contribution to non-U.S. and U.S pension plans	$ 0
Non-US | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Company's overall investments (in percent)	13.50%
Non-US | Debt security
Defined Benefit Plan Disclosure [Line Items]
Company's overall investments (in percent)	86.50%
US plans
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in pension liability	$ 0	0	0
Projected benefit obligation	166,837,000	179,346,000
Accumulated benefit obligation	166,837,000	179,346,000
Employer contributions	50,000	187,000	$ 400,000
Expected contribution to non-U.S. and U.S pension plans	100,000
US plans | Unfunded excess benefit plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	700,000	800,000
Accumulated benefit obligation	$ 700,000	$ 800,000

Employee Benefit Plans - Disagg

Employee Benefit Plans - Disaggregated Plan Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-US
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 33,117	$ 36,329	$ 36,975
Accumulated benefit obligation	33,117	36,329
Fair value of plan assets	38,272	43,245	40,642
US plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	166,837	179,346	176,438
Accumulated benefit obligation	166,837	179,346
Fair value of plan assets	$ 163,844	$ 172,793	$ 173,738

Employee Benefit Plans - Plans

Employee Benefit Plans - Plans in which PBO Exceeded Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Non-US
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 0	$ 0
Fair value of plan assets	0	0
US plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	166,837	179,346
Fair value of plan assets	$ 163,844	$ 172,793

Employee Benefit Plans - Plan_2

Employee Benefit Plans - Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Non-US
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 0	$ 0
Fair value of plan assets	0	0
US plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	166,837	179,346
Fair value of plan assets	$ 163,844	$ 172,793

Employee Benefit Plans - Define

Employee Benefit Plans - Defined Benefit Plans Key Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-US
Weighted-average assumptions used to determine benefit obligations:
Discount Rate	5.50%	4.80%
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate	5.50%	5%	1.80%
Expected long-term return on assets	4.80%	4.60%	1.20%
US plans | Minimum
Weighted-average assumptions used to determine benefit obligations:
Discount Rate	5.50%	4.95%
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate	4.95%	5.17%	2.63%
Expected long-term return on assets	5%	5%	5%
US plans | Maximum
Weighted-average assumptions used to determine benefit obligations:
Discount Rate	5.63%	5.04%
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate	5.04%	5.27%	2.89%
Expected long-term return on assets	5.60%	5.80%	5.80%

Employee Benefit Plans - Actual

Employee Benefit Plans - Actual Fair Values of Pension Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-US
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 38,272	$ 43,245	$ 40,642
Non-US | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	38,272	43,245
Non-US | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Non-US | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
US plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	163,844	172,793	$ 173,738
US plans | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	123,115	131,932
US plans | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	40,729	40,861
US plans | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents | Non-US
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	340	247
Cash and cash equivalents | Non-US | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	340	247
Cash and cash equivalents | Non-US | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents | Non-US | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents | US plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,164	4,388
Cash and cash equivalents | US plans | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,164	4,388
Cash and cash equivalents | US plans | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents | US plans | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Equity securities | Non-US
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,820	5,560
Equity securities | Non-US | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,820	5,560
Equity securities | Non-US | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Equity securities | Non-US | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Corporate bonds | Non-US
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	35,112	37,438
Corporate bonds | Non-US | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	35,112	37,438
Corporate bonds | Non-US | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Corporate bonds | Non-US | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Corporate bonds | US plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	91,129	100,377
Corporate bonds | US plans | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	86,991	96,373
Corporate bonds | US plans | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,138	4,004
Corporate bonds | US plans | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | US plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	38,317	36,857
United States | US plans | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,726	0
United States | US plans | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36,591	36,857
United States | US plans | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Treasury bonds | US plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	30,234	31,171
Treasury bonds | US plans | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	30,234	31,171
Treasury bonds | US plans | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Treasury bonds | US plans | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0

Employee Benefit Plans - Estima

Employee Benefit Plans - Estimated Benefit Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
Total	$ 140,362
2025	13,015
2026	13,320
2027	13,638
2028	13,877
2029	14,126
Thereafter	72,386
Non-US plans
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
Total	25,709
2025	2,282
2026	2,331
2027	2,423
2028	2,499
2029	2,578
Thereafter	13,596
US plans
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
Total	114,653
2025	10,733
2026	10,989
2027	11,215
2028	11,378
2029	11,548
Thereafter	$ 58,790

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 29, 2016	Dec. 31, 2024
Revolving Credit Facility | Unsecured Debt
Other Commitments [Line Items]
Letters of credit outstanding amount		$ 126.8
Revolving Credit Facility | 2023 Revolving Credit Agreement
Other Commitments [Line Items]
Letters of credit outstanding amount		24.8
Replacement Parts
Other Commitments [Line Items]
Total remaining payments due under service agreement		37
Hurricane Ida Personal Injury Claims
Other Commitments [Line Items]
Claim insurance deductible amount		$ 5
Minimum
Other Commitments [Line Items]
Uncertain tax positions likelihood of being sustained (in percent)		50%
Service Agreements
Other Commitments [Line Items]
Maturity of service arrangement (in years)	10 years
Annual payments due under service agreement		$ 24.7
Total remaining payments due under service agreement		67.6
Non-United States: | Customs and Other Business Taxes
Other Commitments [Line Items]
Approximate audit claims assessed		$ 359.3

Segment and Related Informati_3

Segment and Related Information - Revenues and Identifiable Assets by Country (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Revenues From External Customers And Long Lived Assets [Line Items]
Number of reportable segments | segment	1
Revenues	$ 3,057,818	$ 2,589,018	$ 1,413,847
Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	3,057,818	2,589,018	1,413,847
Long-Lived Assets	6,149,156	4,149,467
Australia | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	242,721	154,860	78,899
Long-Lived Assets	59,202	83,162
Brazil | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	107,014	92,022	33,208
Long-Lived Assets	315,084	114
Colombia | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	94,560	53,646	0
Long-Lived Assets	163,719	98,979
Denmark | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	75,971	88,914	40,806
Long-Lived Assets	333,618	508,715
Ghana | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	138,176	150,677	35,018
Long-Lived Assets	0	241,132
Guinea Bissau | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	13,947	0	0
Long-Lived Assets	300,962	0
Guyana | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	676,234	703,473	469,267
Long-Lived Assets	762,746	733,803
Malaysia | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	203,495	87,105	32,227
Long-Lived Assets	292,878	234,469
Mexico | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	0	139,595	30,788
Long-Lived Assets	0	0
Namibia | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	7,537	27	19
Long-Lived Assets	253,652	0
Netherlands | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	42,107	36,510	13,378
Long-Lived Assets	75,421	134,887
Nigeria | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	135,331	143,641	0
Long-Lived Assets	73,296	67,495
Norway | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	236,834	249,308	154,406
Long-Lived Assets	487,183	498,845
Suriname | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	82,082	108,532	133,680
Long-Lived Assets	0	0
Trinidad and Tobago | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	0	2,135	35,101
Long-Lived Assets	78,396	382,369
United Kingdom | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	190,804	65,710	55,632
Long-Lived Assets	755,712	353,656
United States | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	685,835	437,346	266,176
Long-Lived Assets	1,666,748	575,960
Other | Reportable Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	125,170	75,517	$ 35,242
Long-Lived Assets	$ 530,539	$ 235,881

Segment and Related Informati_4

Segment and Related Information - Significant Customers (Details) - Revenue Benchmark - Customer Concentration Risk - Reportable Segment	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Exxon Mobil Corporation (“ExxonMobil”)
Segment Reporting Information [Line Items]
Concentration risk (in percent)	22.10%	24.50%	32.30%
Shell plc
Segment Reporting Information [Line Items]
Concentration risk (in percent)	12.30%	13.60%	12%
TotalEnergies
Segment Reporting Information [Line Items]
Concentration risk (in percent)	6.30%	10.50%	9.70%

Supplemental Financial Inform_3

Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid during the period for:
Accounts receivable	$ (54,923)	$ (80,042)	$ (18,133)
Other current assets	(108,044)	(42,532)	21,271
Other assets	40,146	(27,177)	16,861
Accounts payable	(32,437)	59,757	20,430
Other current liabilities	103,326	9,679	(36,713)
Other liabilities	(64,106)	32,612	15,468
Total net change in other assets and liabilities	$ (116,038)	$ (47,703)	$ 19,184

Supplemental Financial Inform_4

Supplemental Financial Information - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions				12 Months Ended
	Sep. 04, 2024	Nov. 15, 2022	Oct. 03, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Financial Information [Line Items]
Capital expenditures incurred but not yet paid				$ 66,000	$ 114,700	$ 70,000
Settlement of Compulsory Purchase Interest						123,754
Additional Paid-in Capital
Supplemental Financial Information [Line Items]
Settlement of Compulsory Purchase Interest						$ 123,754
Maersk Drilling Merger
Supplemental Financial Information [Line Items]
Number of shares received by acquiree (in shares)			60.1
Fair value of Ordinary Shares transferred to legacy Diamond shareholders			$ 1,793,351
Business combination, recognized identifiable assets acquired and liabilities assumed, net			$ 2,005,878
Settlement of compulsory purchase interest, number of shares redeemed (in shares)			4.1
Compulsory purchase, cash payment		$ 69,900
Non-cash consideration to acquire business			$ 2,000,000
Maersk Drilling Merger | Additional Paid-in Capital
Supplemental Financial Information [Line Items]
Settlement of Compulsory Purchase Interest		$ 123,800
Diamond Offshore Drilling, Inc.
Supplemental Financial Information [Line Items]
Number of shares received by acquiree (in shares)	24.2
Fair value of Ordinary Shares transferred to legacy Diamond shareholders	$ 857,678
Business combination, recognized identifiable assets acquired and liabilities assumed, net	1,490,225
Non-cash consideration to acquire business	$ 879,900

Supplemental Financial Inform_5

Supplemental Financial Information - Additional Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid during the period for:
Interest, net of amounts capitalized	$ 106,845	$ 52,361	$ 35,543
Income taxes paid (refunded), net	108,664	105,446	58,386
Income taxes payment, excluding tax withholding	59,700	53,100	23,700
Guyana
Cash paid during the period for:
Income tax paid, tax withholding	$ 48,900	$ 52,300	$ 34,700

Information about Noble Finan_3

Information about Noble Finance II - Additional Information (Details)	Apr. 18, 2023
8.000% Senior Notes due April 2030 | Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes (in percent)	8%

Information about Noble Finan_4

Information about Noble Finance II - Schedule of Financial Information Below Reflects the Consolidated Accounts of Noble Finance II (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 19, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents		$ 247,303	$ 360,794
Total current assets		1,388,864	1,061,748
Total current liabilities		940,362	641,680
Total shareholders' equity		4,651,386	3,921,240	$ 3,607,085	$ 1,500,627
Condensed Income Statements, Captions [Line Items]
Operating revenues		3,057,818	2,589,018	1,413,847
Operating costs and expenses		2,453,835	2,014,313	1,185,077
Depreciation and amortization		428,626	301,345	146,879
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		655,475	574,337	280,985
Capital expenditures		(575,315)	(409,581)	(174,319)
Proceeds from disposal of assets, net		10,040	24,264	381,026
Dividend payments	$ (79,700)	(277,831)	$ (98,804)	$ 0
Subsidiaries
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents		131,703
Total current assets		1,683,839
Total current liabilities		694,321
Total debt		1,401,214
Total shareholders' equity		4,535,081
Condensed Income Statements, Captions [Line Items]
Operating revenues		2,721,156
Operating costs and expenses		2,010,731
Depreciation and amortization		379,551
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		792,859
Capital expenditures		(536,658)
Proceeds from disposal of assets, net		(690)
Dividend payments		$ 0