Noble Corp PLC's stock soared 5.15% during intraday trading on Monday.

The offshore drilling contractor reported first-quarter revenue and profit that topped analyst expectations, driven by higher fleet utilization and lower operating costs. The company's Q1 revenue reached $786 million, beating the consensus estimate of $732.66 million, while adjusted EPS came in at $0.26 versus the expected $0.25.

Improved utilization of marketed rigs and new contract awards adding approximately $565 million in value contributed to the strong performance. The company also maintained its 2026 revenue and adjusted EBITDA guidance while slightly raising its capital expenditures outlook.