Noble’s restricted cash balance as of September 30, 2026, and December 31, 2025, was $0.2 million and $8.6 million, respectively. All restricted cash is recorded in “Prepaid expenses and other current assets.”

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 Condensed Consolidated Balance Sheets. In connection with the Diamond Transaction, the Company assumed several finance leases for well control equipment used on the drillships that included an option to purchase the leased equipment at the end of the respective lease term.

During the first quarter of 2026, Noble exercised the option to purchase the leased equipment and entered into a purchase and sale agreement with EFS BOP, LLC, as seller, for the purchase of four blowout preventer (“BOP”) systems. The aggregate purchase price for the equipment is $73.0 million. As of September 30, 2026, we had purchased three of the four BOP systems, which were reclassified to “Property and equipment” from “Other assets” on our Condensed Consolidated Balance Sheet. The closing for the lone remaining BOP system is due to occur during the fourth quarter of 2026 consistent with the remaining lease term.

On December 8, 2025, Borr Drilling Limited ("Borr”) and Noble entered into a Sale and Purchase Agreement (which was amended on January 5, 2026, the "SPA"), pursuant to which Borr agreed to buy and Noble has agreed to sell five jackup rigs (the "Purchased Rigs") for $360.0 million.

In relation to the SPA, Noble provided a $150.0 million loan to Borr (the "Loan"), with three out of the five Purchased Rigs (Noble Tom Prosser, Noble Regina Allen, and Noble Resilient) used as collateral. The Loan has the seniority of Subordinated Secured obligation and matures on January 7, 2032, with the interest rate of the Loan changing over time (ranging from 7.5% to 15.0%). Furthermore, interest through the third interest payment may be paid in kind at Borr’s election and the Loan can be prepaid at any time without premium or penalty, with certain provisions mandating prepayment. We initially

recorded notes receivable equal to the fair value of the Loan estimated through the use of a discounted cash flow model. In July 2026, Borr exercised the first payment-in-kind interest option, resulting in approximately $5.2 million of accrued interest being capitalized and added to the carrying value of the notes receivable.

In September 2026, the notes receivable met the criteria for classification as held for sale and, thus, the carrying value of the notes receivable was moved to “Prepaid expenses and other current assets.” We adjusted the notes receivable to fair value based on observable market data on similar instruments representative of Level 2 fair value measurements.


	Nine Months Ended September 30,
	2026		2025
Accounts receivable	$	(22,384)	$	118,675
Taxes receivable	13,296		709
Other current assets	(4,963)		140,519
Other assets	(3,064)		16,452
Accounts payable	44,944		(68,154)
Other current liabilities	(22,788)		(3,855)
Other liabilities	15,368		3,151
Total net change in operating assets and liabilities	$	20,409	$	207,497

Non-cash investing and financing activities excluded from unaudited Condensed Consolidated Statements of Cash Flows are as follows:


	Nine Months Ended September 30,
	2026		2025
Accrued capital expenditures at period end	$	63,789	$	41,509
Purchase of property and equipment via exchange of lease right-of-use assets	59,087		—
Derecognition of right-of-use assets	(59,087)		—