Offshore Drilling Giant Loses $520 Million in Market Value in One Day

Noble Corporation PLC (NYSE: NE) shares fell 5.0% on the New York Stock Exchange on the 17th, closing at $46.06.

The decline wiped out about $351 million (roughly ₩520 billion) of market capitalization, leaving the company with a market cap of approximately $7.3 billion (around ₩10.8 trillion). Trading volume reached about 1.2 million shares.

Investment bank Citi recently maintained its “Neutral” rating on Noble while raising its price target to $50, citing valuation headwinds that warrant a conservative stance.

In its February release of fourth-quarter 2025 results, Noble reported adding roughly $1.3 billion (about ₩1.9 trillion) in new contracts since October, bringing its contract backlog to $7.5 billion (approximately ₩11 trillion), and reaffirmed its quarterly dividend of $0.50 per share.

Headquartered in Sugar Land, Texas, Noble is an offshore drilling contractor operating ultra-deepwater and high-specification jackup rigs for major global oil and gas companies. In 2024, its acquisition of Diamond Offshore added around $2 billion (about ₩3 trillion) to the backlog and expanded its fleet of seventh-generation drillships, further strengthening its position in the offshore drilling market.