Noble Corp PLC shares experienced a sharp 6.31% decline in the 24-hour session, driven by a disappointing second-quarter earnings report and a downward revision to the company's full-year financial outlook.

The offshore drilling contractor reported adjusted earnings of just $0.01 per share, significantly missing the analyst consensus estimate of $0.18 per share. The results were heavily impacted by a $43 million charge related to the operational suspension of two rigs in Brazil. The company also swung to a GAAP net loss of $37 million, or $0.23 per share, compared to a profit in the same quarter last year. While quarterly revenue of $720 million did beat expectations, it fell 15.2% from a year ago.

Compounding the negative sentiment, Noble lowered its full-year 2026 revenue guidance to a range of $2.80 billion to $2.90 billion, down from a prior top-end of $3.0 billion and below the FactSet estimate of $2.94 billion. The company also cut its adjusted EBITDA forecast to $850 million to $925 million, citing near-term revenue headwinds from the Brazil rig suspensions and a re-sequencing of its backlog. Management expressed optimism for the market outlook in 2027 and beyond, but the immediate guidance cut weighed heavily on the stock.