# Oil & Gas Drilling — company-by-company sector analysis

> Oil & Gas Drilling: Patterson-UTI Energy, Inc. owns the largest revenue base; Helmerich & Payne, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Oil & Gas Drilling has outperformed S&P 500 by 34.6% over 52 weeks and 29.5% over 13 weeks. 5 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 6 of 10 beat the sector itself. Patterson-UTI Energy, Inc. leads with revenue of $4,663 million, based on 9 of 10 comparable companies through Mar 2026.

### Is the Oil & Gas Drilling sector outperforming S&P 500?

Oil & Gas Drilling has outperformed S&P 500 by 34.6% over 52 weeks and 29.5% over 13 weeks. 5 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 6 of 10 beat the sector itself.

### Which Oil & Gas Drilling company is largest by revenue?

Patterson-UTI Energy, Inc. leads with revenue of $4,663 million, based on 9 of 10 comparable companies through Mar 2026.

### Which Oil & Gas Drilling company is growing fastest?

Helmerich & Payne, Inc. has the fastest current revenue growth at 29.7%, across 9 of 10 comparable companies.

### Which Oil & Gas Drilling company has the strongest 4-Factor Sector Score?

Noble Corporation plc ranks first at 61.1/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Oil & Gas Drilling company reports the most CAPEX?

Borr Drilling Limited reports the largest latest CAPEX at $183 million, with 10 of 10 companies comparable.

### Which Oil & Gas Drilling company has the least gross debt?

Seadrill Limited has the lowest comparable gross debt at $614 million. Transocean Ltd. has the highest at $5,274 million.

### Which Oil & Gas Drilling company has the lowest comparable PEG?

Noble Corporation plc has the lowest comparable Guarded PEG at 1.47, among 1 of 10 companies that pass the metric’s comparability rules.

### How much history does this Oil & Gas Drilling comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Oil & Gas Drilling has outperformed S&P 500 by 34.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 29.5%. 5 of 10 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. Nabors Industries Ltd. is the strongest against the sector itself at +18.5%.

13-week sector return versus NIFTY 500: -30%
52-week sector return versus NIFTY 500: 35%
Stocks leading NIFTY: 5/10
Stocks leading sector: 6/10

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 10
Combined market value: ₹30.8K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Noble Corporation plc (NE): 61/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 15.7/35 | Capital efficiency 17.6/25 | Valuation 11.1/20 | Relative strength 16.7/20
   - Exact sum: 15.7 + 17.6 + 11.1 + 16.7 = 61.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 3.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Nabors Industries Ltd. (NBR): 60/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 22.3/35 | Capital efficiency 9.3/25 | Valuation 11.5/20 | Relative strength 17.0/20
   - Exact sum: 22.3 + 9.3 + 11.5 + 17 = 60.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Seadrill Limited (SDRL): 57/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 20.2/35 | Capital efficiency 12.8/25 | Valuation 8.9/20 | Relative strength 15.2/20
   - Exact sum: 20.2 + 12.8 + 8.9 + 15.2 = 57.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Transocean Ltd. (RIG): 54/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 24.5/35 | Capital efficiency 13.1/25 | Valuation 10.0/20 | Relative strength 6.2/20
   - Exact sum: 24.5 + 13.1 + 10 + 6.2 = 53.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -0.7% and the one-year return is 75.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5. Patterson-UTI Energy, Inc. (PTEN): 50/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 12.5/35 | Capital efficiency 9.3/25 | Valuation 10.4/20 | Relative strength 17.7/20
   - Exact sum: 12.5 + 9.3 + 10.4 + 17.7 = 49.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 9.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Helmerich & Payne, Inc. (HP): 45/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 11.8/35 | Capital efficiency 6.8/25 | Valuation 10.8/20 | Relative strength 15.2/20
   - Exact sum: 11.8 + 6.8 + 10.8 + 15.2 = 44.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 3.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. Valaris Limited (VAL): 41/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 7.9/35 | Capital efficiency 11.9/25 | Valuation 11.1/20 | Relative strength 10.1/20
   - Exact sum: 7.9 + 11.9 + 11.1 + 10.1 = 41
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Borr Drilling Limited (BORR): 36/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 12.9/35 | Capital efficiency 9.0/25 | Valuation 9.6/20 | Relative strength 4.0/20
   - Exact sum: 12.9 + 9 + 9.6 + 4 = 35.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Precision Drilling Corporation (PDS): 35/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 8.6/35 | Capital efficiency 13.3/25 | Valuation 8.5/20 | Relative strength 5.0/20
   - Exact sum: 8.6 + 13.3 + 8.5 + 5 = 35.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Sable Offshore Corp. (SOC): 30/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 16.8/35 | Capital efficiency 4.2/25 | Valuation 9.3/20 | Relative strength 0.0/20
   - Exact sum: 16.8 + 4.2 + 9.3 + 0 = 30.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Patterson-UTI Energy, Inc. is the scale leader at $4,663 million, 12.6% ahead of Transocean Ltd.. Helmerich & Payne, Inc.'s growth is 29.7% from a $4,002 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Patterson-UTI Energy, Inc. is the scale benchmark; Helmerich & Payne, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Patterson-UTI Energy, Inc.'s growth falls below Helmerich & Payne, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Patterson-UTI Energy, Inc. · $4,663 million | 12.6% versus #2 · Transocean Ltd. | 2/8 recent comparable periods | 9/10 companies · 173 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Patterson-UTI Energy, Inc. (PTEN): ₹4.7K Cr
2. Transocean Ltd. (RIG): ₹4.1K Cr
3. Helmerich & Payne, Inc. (HP): ₹4.0K Cr
4. Nabors Industries Ltd. (NBR): ₹3.2K Cr
5. Noble Corporation plc (NE): ₹3.2K Cr

### Revenue growth — fastest growers
1. Helmerich & Payne, Inc. (HP): 30%
2. Transocean Ltd. (RIG): 13%
3. Nabors Industries Ltd. (NBR): 10%
4. Seadrill Limited (SDRL): 7.9%
5. Borr Drilling Limited (BORR): 5.7%

### 20-quarter Revenue history
- NE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹210 Cr | Jun 2022 ₹275 Cr | Sep 2022 ₹306 Cr | Dec 2022 ₹623 Cr | Mar 2023 ₹610 Cr | Jun 2023 ₹639 Cr | Sep 2023 ₹697 Cr | Dec 2023 ₹643 Cr | Mar 2024 ₹637 Cr | Jun 2024 ₹693 Cr | Sep 2024 ₹801 Cr | Dec 2024 ₹927 Cr | Mar 2025 ₹874 Cr | Jun 2025 ₹849 Cr | Sep 2025 ₹798 Cr | Dec 2025 ₹764 Cr | Mar 2026 ₹786 Cr
- RIG: Jun 2021 ₹656 Cr | Sep 2021 ₹626 Cr | Dec 2021 ₹621 Cr | Mar 2022 ₹586 Cr | Jun 2022 ₹692 Cr | Sep 2022 ₹691 Cr | Dec 2022 ₹606 Cr | Mar 2023 ₹649 Cr | Jun 2023 ₹729 Cr | Sep 2023 ₹713 Cr | Dec 2023 ₹741 Cr | Mar 2024 ₹763 Cr | Jun 2024 ₹861 Cr | Sep 2024 ₹948 Cr | Dec 2024 ₹952 Cr | Mar 2025 ₹906 Cr | Jun 2025 ₹988 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr
- VAL: Jun 2021 — | Sep 2021 ₹327 Cr | Dec 2021 ₹306 Cr | Mar 2022 ₹318 Cr | Jun 2022 ₹413 Cr | Sep 2022 ₹437 Cr | Dec 2022 ₹434 Cr | Mar 2023 ₹430 Cr | Jun 2023 ₹415 Cr | Sep 2023 ₹455 Cr | Dec 2023 ₹484 Cr | Mar 2024 ₹525 Cr | Jun 2024 ₹610 Cr | Sep 2024 ₹643 Cr | Dec 2024 ₹584 Cr | Mar 2025 ₹621 Cr | Jun 2025 ₹615 Cr | Sep 2025 ₹596 Cr | Dec 2025 ₹537 Cr | Mar 2026 ₹465 Cr
- PTEN: Jun 2021 ₹292 Cr | Sep 2021 ₹358 Cr | Dec 2021 ₹466 Cr | Mar 2022 ₹509 Cr | Jun 2022 ₹622 Cr | Sep 2022 ₹728 Cr | Dec 2022 ₹788 Cr | Mar 2023 ₹792 Cr | Jun 2023 ₹759 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr
- HP: Jun 2021 ₹332 Cr | Sep 2021 ₹344 Cr | Dec 2021 ₹410 Cr | Mar 2022 ₹468 Cr | Jun 2022 ₹550 Cr | Sep 2022 ₹631 Cr | Dec 2022 ₹720 Cr | Mar 2023 ₹769 Cr | Jun 2023 ₹724 Cr | Sep 2023 ₹660 Cr | Dec 2023 ₹677 Cr | Mar 2024 ₹688 Cr | Jun 2024 ₹698 Cr | Sep 2024 ₹694 Cr | Dec 2024 ₹677 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹932 Cr
- SDRL: Jun 2021 ₹226 Cr | Sep 2021 ₹278 Cr | Dec 2021 ₹278 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹266 Cr | Jun 2023 ₹414 Cr | Sep 2023 ₹414 Cr | Dec 2023 ₹408 Cr | Mar 2024 ₹367 Cr | Jun 2024 ₹375 Cr | Sep 2024 ₹354 Cr | Dec 2024 ₹289 Cr | Mar 2025 ₹335 Cr | Jun 2025 ₹377 Cr | Sep 2025 ₹363 Cr | Dec 2025 ₹362 Cr | Mar 2026 ₹358 Cr
- BORR: Jun 2021 ₹55 Cr | Sep 2021 ₹73 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹149 Cr | Mar 2023 ₹172 Cr | Jun 2023 ₹188 Cr | Sep 2023 ₹192 Cr | Dec 2023 ₹221 Cr | Mar 2024 ₹234 Cr | Jun 2024 ₹272 Cr | Sep 2024 ₹242 Cr | Dec 2024 ₹263 Cr | Mar 2025 ₹217 Cr | Jun 2025 ₹268 Cr | Sep 2025 ₹277 Cr | Dec 2025 ₹259 Cr | Mar 2026 ₹247 Cr
- NBR: Jun 2021 ₹489 Cr | Sep 2021 ₹524 Cr | Dec 2021 ₹544 Cr | Mar 2022 ₹569 Cr | Jun 2022 ₹631 Cr | Sep 2022 ₹694 Cr | Dec 2022 ₹760 Cr | Mar 2023 ₹779 Cr | Jun 2023 ₹767 Cr | Sep 2023 ₹734 Cr | Dec 2023 ₹726 Cr | Mar 2024 ₹734 Cr | Jun 2024 ₹735 Cr | Sep 2024 ₹732 Cr | Dec 2024 ₹730 Cr | Mar 2025 ₹736 Cr | Jun 2025 ₹833 Cr | Sep 2025 ₹818 Cr | Dec 2025 ₹798 Cr | Mar 2026 ₹784 Cr
- PDS: Jun 2021 ₹201 Cr | Sep 2021 ₹254 Cr | Dec 2021 ₹295 Cr | Mar 2022 ₹351 Cr | Jun 2022 ₹326 Cr | Sep 2022 ₹429 Cr | Dec 2022 ₹511 Cr | Mar 2023 ₹559 Cr | Jun 2023 ₹426 Cr | Sep 2023 ₹447 Cr | Dec 2023 ₹507 Cr | Mar 2024 ₹528 Cr | Jun 2024 ₹429 Cr | Sep 2024 ₹477 Cr | Dec 2024 ₹468 Cr | Mar 2025 ₹496 Cr | Jun 2025 ₹407 Cr | Sep 2025 ₹462 Cr | Dec 2025 ₹479 Cr | Mar 2026 ₹526 Cr
- SOC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹1 Cr

### 20-quarter Revenue growth history
- NE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 190% | Jun 2023 132% | Sep 2023 128% | Dec 2023 3.2% | Mar 2024 4.4% | Jun 2024 8.5% | Sep 2024 15% | Dec 2024 44% | Mar 2025 37% | Jun 2025 23% | Sep 2025 -0.4% | Dec 2025 -18% | Mar 2026 -10%
- RIG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.5% | Sep 2022 10% | Dec 2022 -2.4% | Mar 2023 11% | Jun 2023 5.4% | Sep 2023 3.2% | Dec 2023 22% | Mar 2024 18% | Jun 2024 18% | Sep 2024 33% | Dec 2024 28% | Mar 2025 19% | Jun 2025 15% | Sep 2025 8.4% | Dec 2025 9.6% | Mar 2026 19%
- VAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 3.6% | Jun 2022 — | Sep 2022 34% | Dec 2022 42% | Mar 2023 35% | Jun 2023 0.5% | Sep 2023 4.1% | Dec 2023 12% | Mar 2024 22% | Jun 2024 47% | Sep 2024 41% | Dec 2024 21% | Mar 2025 18% | Jun 2025 0.8% | Sep 2025 -7.3% | Dec 2025 -8.1% | Mar 2026 -25%
- PTEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 113% | Sep 2022 103% | Dec 2022 69% | Mar 2023 56% | Jun 2023 22% | Sep 2023 39% | Dec 2023 101% | Mar 2024 91% | Jun 2024 78% | Sep 2024 34% | Dec 2024 -27% | Mar 2025 -15% | Jun 2025 -9.6% | Sep 2025 -13% | Dec 2025 -1.0% | Mar 2026 -13%
- HP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 66% | Sep 2022 83% | Dec 2022 76% | Mar 2023 64% | Jun 2023 32% | Sep 2023 4.6% | Dec 2023 -6.0% | Mar 2024 -11% | Jun 2024 -3.6% | Sep 2024 5.2% | Dec 2024 0.0% | Mar 2025 48% | Jun 2025 49% | Sep 2025 46% | Dec 2025 50% | Mar 2026 -8.3%
- SDRL: Jun 2021 -18% | Sep 2021 20% | Dec 2021 20% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 38% | Jun 2024 -9.4% | Sep 2024 -14% | Dec 2024 -29% | Mar 2025 -8.7% | Jun 2025 0.5% | Sep 2025 2.5% | Dec 2025 25% | Mar 2026 6.9%
- BORR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 91% | Sep 2022 48% | Dec 2022 116% | Mar 2023 110% | Jun 2023 79% | Sep 2023 78% | Dec 2023 48% | Mar 2024 36% | Jun 2024 45% | Sep 2024 26% | Dec 2024 19% | Mar 2025 -7.3% | Jun 2025 -1.5% | Sep 2025 14% | Dec 2025 -1.5% | Mar 2026 14%
- NBR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 32% | Dec 2022 40% | Mar 2023 37% | Jun 2023 22% | Sep 2023 5.8% | Dec 2023 -4.5% | Mar 2024 -5.8% | Jun 2024 -4.2% | Sep 2024 -0.3% | Dec 2024 0.6% | Mar 2025 0.3% | Jun 2025 13% | Sep 2025 12% | Dec 2025 9.3% | Mar 2026 6.5%
- PDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 62% | Sep 2022 69% | Dec 2022 73% | Mar 2023 59% | Jun 2023 31% | Sep 2023 4.2% | Dec 2023 -0.8% | Mar 2024 -5.6% | Jun 2024 0.7% | Sep 2024 6.7% | Dec 2024 -7.7% | Mar 2025 -6.1% | Jun 2025 -5.1% | Sep 2025 -3.1% | Dec 2025 2.4% | Mar 2026 6.1%

## Operating Economics & Margin Trend

What the numbers say: Noble Corporation plc leads opm at 28.7%; Transocean Ltd. leads margin change at +19.4 percentage points.

Investor read: Noble Corporation plc sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Noble Corporation plc · 28.7% | 8.3% versus #2 · Transocean Ltd. | 3/8 recent comparable periods | 9/10 companies · 172 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Noble Corporation plc (NE): 29%
2. Transocean Ltd. (RIG): 27%
3. Borr Drilling Limited (BORR): 19%
4. Nabors Industries Ltd. (NBR): 7.9%
5. Precision Drilling Corporation (PDS): 7.5%

### Margin change — fastest expanders
1. Transocean Ltd. (RIG): +19.4 pp
2. Noble Corporation plc (NE): +7.3 pp
3. Nabors Industries Ltd. (NBR): +7.0 pp
4. Seadrill Limited (SDRL): +1.3 pp
5. Patterson-UTI Energy, Inc. (PTEN): −2.6 pp

### 20-quarter OPM history
- NE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 -17% | Jun 2022 17% | Sep 2022 17% | Dec 2022 26% | Mar 2023 18% | Jun 2023 17% | Sep 2023 29% | Dec 2023 25% | Mar 2024 17% | Jun 2024 30% | Sep 2024 14% | Dec 2024 18% | Mar 2025 21% | Jun 2025 16% | Sep 2025 6.3% | Dec 2025 5.6% | Mar 2026 29%
- RIG: Jun 2021 -0.3% | Sep 2021 0.0% | Dec 2021 -6.9% | Mar 2022 -8.5% | Jun 2022 4.0% | Sep 2022 7.7% | Dec 2022 -10% | Mar 2023 -24% | Jun 2023 -5.8% | Sep 2023 -7.7% | Dec 2023 -9.6% | Mar 2024 -0.4% | Jun 2024 -6.9% | Sep 2024 -51% | Dec 2024 14% | Mar 2025 7.1% | Jun 2025 -98% | Sep 2025 -163% | Dec 2025 23% | Mar 2026 27%
- VAL: Jun 2021 — | Sep 2021 0.9% | Dec 2021 -6.6% | Mar 2022 -16% | Jun 2022 -3.8% | Sep 2022 14% | Dec 2022 91% | Mar 2023 2.0% | Jun 2023 -2.4% | Sep 2023 3.6% | Dec 2023 91% | Mar 2024 5.6% | Jun 2024 18% | Sep 2024 15% | Dec 2024 20% | Mar 2025 23% | Jun 2025 27% | Sep 2025 22% | Dec 2025 7.3% | Mar 2026 4.3%
- PTEN: Jun 2021 -38% | Sep 2021 -25% | Dec 2021 -77% | Mar 2022 -3.7% | Jun 2022 5.9% | Sep 2022 11% | Dec 2022 15% | Mar 2023 16% | Jun 2023 14% | Sep 2023 1.0% | Dec 2023 7.1% | Mar 2024 5.8% | Jun 2024 3.4% | Sep 2024 -73% | Dec 2024 -2.7% | Mar 2025 1.3% | Jun 2025 -2.4% | Sep 2025 -2.4% | Dec 2025 0.0% | Mar 2026 -1.3%
- HP: Jun 2021 -23% | Sep 2021 -28% | Dec 2021 -10% | Mar 2022 -4.8% | Jun 2022 6.1% | Sep 2022 12% | Dec 2022 20% | Mar 2023 23% | Jun 2023 21% | Sep 2023 15% | Dec 2023 18% | Mar 2024 16% | Jun 2024 16% | Sep 2024 16% | Dec 2024 13% | Mar 2025 4.1% | Jun 2025 -12% | Sep 2025 -0.1% | Dec 2025 -5.9% | Mar 2026 -4.0%
- SDRL: Jun 2021 -56% | Sep 2021 17% | Dec 2021 17% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 19% | Jun 2023 26% | Sep 2023 28% | Dec 2023 13% | Mar 2024 22% | Jun 2024 77% | Sep 2024 13% | Dec 2024 -1.0% | Mar 2025 5.4% | Jun 2025 1.6% | Sep 2025 7.2% | Dec 2025 -0.8% | Mar 2026 6.7%
- BORR: Jun 2021 -47% | Sep 2021 -12% | Dec 2021 -19% | Mar 2022 -15% | Jun 2022 -117% | Sep 2022 3.6% | Dec 2022 20% | Mar 2023 27% | Jun 2023 32% | Sep 2023 33% | Dec 2023 37% | Mar 2024 36% | Jun 2024 38% | Sep 2024 35% | Dec 2024 38% | Mar 2025 28% | Jun 2025 36% | Sep 2025 35% | Dec 2025 26% | Mar 2026 19%
- NBR: Jun 2021 -25% | Sep 2021 -14% | Dec 2021 -8.5% | Mar 2022 -20% | Jun 2022 -2.9% | Sep 2022 6.8% | Dec 2022 0.4% | Mar 2023 15% | Jun 2023 10% | Sep 2023 1.8% | Dec 2023 8.4% | Mar 2024 6.4% | Jun 2024 6.2% | Sep 2024 2.9% | Dec 2024 3.7% | Mar 2025 0.9% | Jun 2025 8.1% | Sep 2025 6.3% | Dec 2025 9.0% | Mar 2026 7.9%
- PDS: Jun 2021 -20% | Sep 2021 -9.5% | Dec 2021 -2.5% | Mar 2022 -9.0% | Jun 2022 -1.7% | Sep 2022 12% | Dec 2022 3.9% | Mar 2023 24% | Jun 2023 16% | Sep 2023 9.3% | Dec 2023 14% | Mar 2024 12% | Jun 2024 9.6% | Sep 2024 14% | Dec 2024 8.2% | Mar 2025 13% | Jun 2025 8.2% | Sep 2025 8.3% | Dec 2025 7.9% | Mar 2026 7.5%

### 20-quarter Margin change history
- NE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +34.1 pp | Jun 2023 −0.2 pp | Sep 2023 +11.9 pp | Dec 2023 −1.9 pp | Mar 2024 −0.7 pp | Jun 2024 +13.2 pp | Sep 2024 −14.4 pp | Dec 2024 −6.1 pp | Mar 2025 +4.5 pp | Jun 2025 −14.4 pp | Sep 2025 −8.1 pp | Dec 2025 −12.8 pp | Mar 2026 +7.3 pp
- RIG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.3 pp | Sep 2022 +7.7 pp | Dec 2022 −3.3 pp | Mar 2023 −15.7 pp | Jun 2023 −9.8 pp | Sep 2023 −15.4 pp | Dec 2023 +0.6 pp | Mar 2024 +23.8 pp | Jun 2024 −1.1 pp | Sep 2024 −43.5 pp | Dec 2024 +23.3 pp | Mar 2025 +7.5 pp | Jun 2025 −90.7 pp | Sep 2025 −111.9 pp | Dec 2025 +9.3 pp | Mar 2026 +19.4 pp
- VAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 +260.3 pp | Jun 2022 — | Sep 2022 +13.2 pp | Dec 2022 +97.6 pp | Mar 2023 +17.7 pp | Jun 2023 +1.4 pp | Sep 2023 −10.5 pp | Dec 2023 0.0 pp | Mar 2024 +3.6 pp | Jun 2024 +20.2 pp | Sep 2024 +11.2 pp | Dec 2024 −70.6 pp | Mar 2025 +17.4 pp | Jun 2025 +8.9 pp | Sep 2025 +7.1 pp | Dec 2025 −13.1 pp | Mar 2026 −18.7 pp
- PTEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +43.4 pp | Sep 2022 +35.7 pp | Dec 2022 +92.1 pp | Mar 2023 +19.6 pp | Jun 2023 +7.9 pp | Sep 2023 −9.5 pp | Dec 2023 −7.7 pp | Mar 2024 −10.1 pp | Jun 2024 −10.4 pp | Sep 2024 −74.0 pp | Dec 2024 −9.8 pp | Mar 2025 −4.5 pp | Jun 2025 −5.8 pp | Sep 2025 +70.6 pp | Dec 2025 +2.7 pp | Mar 2026 −2.6 pp
- HP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +29.4 pp | Sep 2022 +40.4 pp | Dec 2022 +30.4 pp | Mar 2023 +27.6 pp | Jun 2023 +14.4 pp | Sep 2023 +3.0 pp | Dec 2023 −1.8 pp | Mar 2024 −6.6 pp | Jun 2024 −4.2 pp | Sep 2024 +0.3 pp | Dec 2024 −4.8 pp | Mar 2025 −12.1 pp | Jun 2025 −28.6 pp | Sep 2025 −15.6 pp | Dec 2025 −19.3 pp | Mar 2026 −8.1 pp
- SDRL: Jun 2021 −24.0 pp | Sep 2021 +691.7 pp | Dec 2021 +691.7 pp | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 +50.5 pp | Sep 2024 −15.0 pp | Dec 2024 −13.7 pp | Mar 2025 −16.4 pp | Jun 2025 −75.2 pp | Sep 2025 −6.1 pp | Dec 2025 +0.2 pp | Mar 2026 +1.3 pp
- BORR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −69.4 pp | Sep 2022 +15.5 pp | Dec 2022 +38.7 pp | Mar 2023 +41.7 pp | Jun 2023 +148.7 pp | Sep 2023 +29.7 pp | Dec 2023 +16.7 pp | Mar 2024 +9.6 pp | Jun 2024 +6.5 pp | Sep 2024 +1.3 pp | Dec 2024 +1.8 pp | Mar 2025 −8.5 pp | Jun 2025 −2.4 pp | Sep 2025 +0.8 pp | Dec 2025 −12.4 pp | Mar 2026 −9.2 pp
- NBR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +22.4 pp | Sep 2022 +20.3 pp | Dec 2022 +8.9 pp | Mar 2023 +35.4 pp | Jun 2023 +13.0 pp | Sep 2023 −5.0 pp | Dec 2023 +8.0 pp | Mar 2024 −8.9 pp | Jun 2024 −3.9 pp | Sep 2024 +1.1 pp | Dec 2024 −4.7 pp | Mar 2025 −5.5 pp | Jun 2025 +1.9 pp | Sep 2025 +3.4 pp | Dec 2025 +5.3 pp | Mar 2026 +7.0 pp
- PDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +18.5 pp | Sep 2022 +21.2 pp | Dec 2022 +6.4 pp | Mar 2023 +32.6 pp | Jun 2023 +17.7 pp | Sep 2023 −2.4 pp | Dec 2023 +10.4 pp | Mar 2024 −11.3 pp | Jun 2024 −6.4 pp | Sep 2024 +4.8 pp | Dec 2024 −6.1 pp | Mar 2025 +0.3 pp | Jun 2025 −1.4 pp | Sep 2025 −5.8 pp | Dec 2025 −0.3 pp | Mar 2026 −5.1 pp

## Profit Scale & Acceleration

What the numbers say: Valaris Limited leads with $1,000 million of TTM profit, 211.5% above Nabors Industries Ltd.. Noble Corporation plc shows -67.8% growth from a $157 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Valaris Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Valaris Limited · $1,000 million | 211.5% versus #2 · Nabors Industries Ltd. | 4/8 recent comparable periods | 10/10 companies · 192 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Valaris Limited (VAL): ₹1.0K Cr
2. Nabors Industries Ltd. (NBR): ₹321 Cr
3. Noble Corporation plc (NE): ₹157 Cr
4. Borr Drilling Limited (BORR): ₹33 Cr
5. Precision Drilling Corporation (PDS): ₹-14 Cr

### Profit growth — fastest growers
1. Noble Corporation plc (NE): -68%
2. Precision Drilling Corporation (PDS): -113%
3. Helmerich & Payne, Inc. (HP): -266%

### 20-quarter Net profit history
- NE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹-37 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹135 Cr | Mar 2023 ₹108 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹158 Cr | Dec 2023 ₹145 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹195 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹124 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹-21 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹121 Cr
- RIG: Jun 2021 ₹-103 Cr | Sep 2021 ₹-130 Cr | Dec 2021 ₹-260 Cr | Mar 2022 ₹-175 Cr | Jun 2022 ₹-68 Cr | Sep 2022 ₹-28 Cr | Dec 2022 ₹-350 Cr | Mar 2023 ₹-465 Cr | Jun 2023 ₹-165 Cr | Sep 2023 ₹-220 Cr | Dec 2023 ₹-104 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹-123 Cr | Sep 2024 ₹-494 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹-79 Cr | Jun 2025 ₹-938 Cr | Sep 2025 ₹-1.9K Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹71 Cr
- VAL: Jun 2021 — | Sep 2021 ₹-53 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹-40 Cr | Jun 2022 ₹113 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹-27 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹829 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹-39 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹187 Cr | Dec 2025 ₹717 Cr | Mar 2026 ₹-18 Cr
- PTEN: Jun 2021 ₹-103 Cr | Sep 2021 ₹-83 Cr | Dec 2021 ₹-362 Cr | Mar 2022 ₹-29 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹100 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹-978 Cr | Dec 2024 ₹-51 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹-49 Cr | Sep 2025 ₹-36 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-24 Cr
- HP: Jun 2021 ₹-112 Cr | Sep 2021 ₹-79 Cr | Dec 2021 ₹-103 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹-162 Cr | Sep 2025 ₹-56 Cr | Dec 2025 ₹-95 Cr | Mar 2026 ₹-56 Cr
- SDRL: Jun 2021 ₹-303 Cr | Sep 2021 ₹9 Cr | Dec 2021 ₹9 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹43 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹253 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹-42 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-7 Cr
- BORR: Jun 2021 ₹-60 Cr | Sep 2021 ₹-33 Cr | Dec 2021 ₹-46 Cr | Mar 2022 ₹-51 Cr | Jun 2022 ₹-165 Cr | Sep 2022 ₹-55 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-29 Cr
- NBR: Jun 2021 ₹-190 Cr | Sep 2021 ₹-116 Cr | Dec 2021 ₹-109 Cr | Mar 2022 ₹-175 Cr | Jun 2022 ₹-70 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-58 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹-31 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹-9 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-33 Cr | Dec 2024 ₹-33 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹302 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹4 Cr
- PDS: Jun 2021 ₹-76 Cr | Sep 2021 ₹-38 Cr | Dec 2021 ₹-27 Cr | Mar 2022 ₹-44 Cr | Jun 2022 ₹-25 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-42 Cr | Mar 2026 ₹18 Cr
- SOC: Jun 2021 ₹-5 Cr | Sep 2021 ₹10 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹-22 Cr | Sep 2023 ₹-10 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-180 Cr | Jun 2024 ₹-165 Cr | Sep 2024 ₹-256 Cr | Dec 2024 ₹-16 Cr | Mar 2025 ₹-110 Cr | Jun 2025 ₹-128 Cr | Sep 2025 ₹-110 Cr | Dec 2025 ₹-62 Cr | Mar 2026 ₹-197 Cr

### 20-quarter Profit growth history
- NE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 78% | Sep 2023 365% | Dec 2023 7.4% | Mar 2024 -12% | Jun 2024 195% | Sep 2024 -61% | Dec 2024 -14% | Mar 2025 14% | Jun 2025 -78% | Sep 2025 -134% | Dec 2025 -89% | Mar 2026 12%
- RIG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -181% | Jun 2025 — | Sep 2025 — | Dec 2025 257% | Mar 2026 —
- VAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -6.1% | Mar 2023 — | Jun 2023 -124% | Sep 2023 -78% | Dec 2023 2,574% | Mar 2024 -47% | Jun 2024 — | Sep 2024 271% | Dec 2024 -84% | Mar 2025 -250% | Jun 2025 -25% | Sep 2025 197% | Dec 2025 447% | Mar 2026 —
- PTEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 286% | Sep 2023 -100% | Dec 2023 -38% | Mar 2024 -48% | Jun 2024 -86% | Sep 2024 — | Dec 2024 -182% | Mar 2025 -98% | Jun 2025 -508% | Sep 2025 — | Dec 2025 — | Mar 2026 -2,500%
- HP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 171% | Sep 2023 70% | Dec 2023 -2.1% | Mar 2024 -48% | Jun 2024 -6.3% | Sep 2024 -3.9% | Dec 2024 -42% | Mar 2025 -96% | Jun 2025 -282% | Sep 2025 -175% | Dec 2025 -273% | Mar 2026 -1,967%
- SDRL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 40% | Jun 2024 169% | Sep 2024 -64% | Dec 2024 38% | Mar 2025 -123% | Jun 2025 -117% | Sep 2025 -134% | Dec 2025 -110% | Mar 2026 —
- BORR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3,100% | Sep 2024 — | Dec 2024 -7.1% | Mar 2025 -221% | Jun 2025 9.4% | Sep 2025 180% | Dec 2025 -104% | Mar 2026 —
- NBR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -115% | Jun 2024 -181% | Sep 2024 — | Dec 2024 -925% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -93%
- PDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -35% | Dec 2023 4,800% | Mar 2024 -61% | Jun 2024 -22% | Sep 2024 95% | Dec 2024 -90% | Mar 2025 -5.4% | Jun 2025 -24% | Sep 2025 -115% | Dec 2025 -380% | Mar 2026 -49%
- SOC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -90% | Dec 2022 — | Mar 2023 -67% | Jun 2023 -833% | Sep 2023 -1,100% | Dec 2023 — | Mar 2024 -9,100% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Borr Drilling Limited reports $183 million of CAPEX; Sable Offshore Corp. has the highest covered intensity at 2100%. Coverage is only 10 of 10 companies and 175 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Borr Drilling Limited · $183 million | 10.9% versus #2 · Nabors Industries Ltd. | 8/8 recent comparable periods | 10/10 companies · 175 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Borr Drilling Limited (BORR): ₹183 Cr
2. Nabors Industries Ltd. (NBR): ₹165 Cr
3. Patterson-UTI Energy, Inc. (PTEN): ₹117 Cr
4. Noble Corporation plc (NE): ₹104 Cr
5. Valaris Limited (VAL): ₹101 Cr

### CAPEX intensity — highest reinvestment intensity
1. Sable Offshore Corp. (SOC): 2,100%
2. Borr Drilling Limited (BORR): 74%
3. Valaris Limited (VAL): 22%
4. Nabors Industries Ltd. (NBR): 21%
5. Noble Corporation plc (NE): 13%

### 20-quarter CAPEX history
- NE: Jun 2021 — | Sep 2021 — | Dec 2021 ₹37 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹107 Cr | Sep 2023 ₹99 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹154 Cr | Sep 2024 ₹127 Cr | Dec 2024 ₹141 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹152 Cr | Mar 2026 ₹104 Cr
- RIG: Jun 2021 ₹41 Cr | Sep 2021 ₹37 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹106 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹409 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹220 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹28 Cr
- VAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹39 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹463 Cr | Mar 2024 ₹151 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹70 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹101 Cr
- PTEN: Jun 2021 ₹38 Cr | Sep 2021 ₹34 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹96 Cr | Sep 2022 ₹126 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹205 Cr | Mar 2024 ₹227 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹140 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹117 Cr
- HP: Jun 2021 ₹18 Cr | Sep 2021 ₹33 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹67 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹96 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹134 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹159 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹63 Cr
- SDRL: Jun 2021 ₹7 Cr | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹11 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹13 Cr
- BORR: Jun 2021 ₹5 Cr | Sep 2021 ₹6 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹187 Cr | Dec 2024 ₹190 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹34 Cr | Dec 2025 — | Mar 2026 ₹183 Cr
- NBR: Jun 2021 ₹77 Cr | Sep 2021 ₹62 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹77 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹101 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹143 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹127 Cr | Sep 2024 ₹128 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹179 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹162 Cr | Mar 2026 ₹165 Cr
- PDS: Jun 2021 ₹20 Cr | Sep 2021 ₹20 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹65 Cr
- SOC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹14 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹130 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹21 Cr

### 20-quarter CAPEX intensity history
- NE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 22% | Jun 2022 12% | Sep 2022 9.8% | Dec 2022 10% | Mar 2023 10% | Jun 2023 17% | Sep 2023 14% | Dec 2023 22% | Mar 2024 24% | Jun 2024 22% | Sep 2024 16% | Dec 2024 15% | Mar 2025 13% | Jun 2025 14% | Sep 2025 17% | Dec 2025 20% | Mar 2026 13%
- RIG: Jun 2021 6.3% | Sep 2021 5.9% | Dec 2021 11% | Mar 2022 18% | Jun 2022 17% | Sep 2022 13% | Dec 2022 68% | Mar 2023 13% | Jun 2023 10% | Sep 2023 7.0% | Dec 2023 30% | Mar 2024 11% | Jun 2024 9.8% | Sep 2024 6.1% | Dec 2024 3.0% | Mar 2025 6.6% | Jun 2025 2.4% | Sep 2025 1.1% | Dec 2025 2.7% | Mar 2026 2.6%
- VAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 12% | Jun 2022 15% | Sep 2022 12% | Dec 2022 12% | Mar 2023 13% | Jun 2023 17% | Sep 2023 23% | Dec 2023 96% | Mar 2024 29% | Jun 2024 18% | Sep 2024 13% | Dec 2024 19% | Mar 2025 16% | Jun 2025 11% | Sep 2025 12% | Dec 2025 20% | Mar 2026 22%
- PTEN: Jun 2021 13% | Sep 2021 9.5% | Dec 2021 16% | Mar 2022 19% | Jun 2022 15% | Sep 2022 17% | Dec 2022 15% | Mar 2023 15% | Jun 2023 17% | Sep 2023 16% | Dec 2023 13% | Mar 2024 15% | Jun 2024 9.7% | Sep 2024 13% | Dec 2024 12% | Mar 2025 13% | Jun 2025 12% | Sep 2025 12% | Dec 2025 12% | Mar 2026 11%
- HP: Jun 2021 5.4% | Sep 2021 9.6% | Dec 2021 12% | Mar 2022 14% | Jun 2022 14% | Sep 2022 13% | Dec 2022 13% | Mar 2023 11% | Jun 2023 14% | Sep 2023 17% | Dec 2023 20% | Mar 2024 17% | Jun 2024 19% | Sep 2024 15% | Dec 2024 16% | Mar 2025 16% | Jun 2025 9.3% | Sep 2025 6.3% | Dec 2025 6.7% | Mar 2026 6.8%
- SDRL: Jun 2021 3.1% | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.1% | Jun 2023 3.4% | Sep 2023 6.8% | Dec 2023 12% | Mar 2024 6.3% | Jun 2024 12% | Sep 2024 15% | Dec 2024 13% | Mar 2025 13% | Jun 2025 6.1% | Sep 2025 5.2% | Dec 2025 6.4% | Mar 2026 3.6%
- BORR: Jun 2021 9.1% | Sep 2021 8.2% | Dec 2021 7.2% | Mar 2022 8.5% | Jun 2022 15% | Sep 2022 19% | Dec 2022 27% | Mar 2023 17% | Jun 2023 14% | Sep 2023 13% | Dec 2023 16% | Mar 2024 8.1% | Jun 2024 4.8% | Sep 2024 77% | Dec 2024 72% | Mar 2025 12% | Jun 2025 4.9% | Sep 2025 12% | Dec 2025 — | Mar 2026 74%
- NBR: Jun 2021 16% | Sep 2021 12% | Dec 2021 9.9% | Mar 2022 15% | Jun 2022 12% | Sep 2022 16% | Dec 2022 13% | Mar 2023 15% | Jun 2023 19% | Sep 2023 20% | Dec 2023 19% | Mar 2024 14% | Jun 2024 17% | Sep 2024 18% | Dec 2024 29% | Mar 2025 22% | Jun 2025 22% | Sep 2025 26% | Dec 2025 20% | Mar 2026 21%
- PDS: Jun 2021 10% | Sep 2021 7.9% | Dec 2021 9.5% | Mar 2022 10% | Jun 2022 12% | Sep 2022 12% | Dec 2022 11% | Mar 2023 9.1% | Jun 2023 10% | Sep 2023 12% | Dec 2023 16% | Mar 2024 11% | Jun 2024 8.9% | Sep 2024 13% | Dec 2024 13% | Mar 2025 12% | Jun 2025 13% | Sep 2025 15% | Dec 2025 17% | Mar 2026 12%
- SOC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2,100%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Seadrill Limited has the clearest covered balance-sheet capacity with $310 million and gross debt of $614 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Seadrill Limited · $614 million | 16.1% versus #2 · Precision Drilling Corporation | 1/8 recent comparable periods | 10/10 companies · 192 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Seadrill Limited (SDRL): ₹614 Cr
2. Precision Drilling Corporation (PDS): ₹732 Cr
3. Sable Offshore Corp. (SOC): ₹956 Cr
4. Valaris Limited (VAL): ₹1.1K Cr
5. Patterson-UTI Energy, Inc. (PTEN): ₹1.3K Cr

### Net debt — lowest net debt
1. Seadrill Limited (SDRL): ₹310 Cr
2. Valaris Limited (VAL): ₹509 Cr
3. Precision Drilling Corporation (PDS): ₹691 Cr
4. Sable Offshore Corp. (SOC): ₹904 Cr
5. Patterson-UTI Energy, Inc. (PTEN): ₹932 Cr

### 20-quarter Gross debt history
- NE: Jun 2021 — | Sep 2021 ₹1.2K Cr | Dec 2021 ₹216 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹735 Cr | Dec 2022 ₹673 Cr | Mar 2023 ₹521 Cr | Jun 2023 ₹585 Cr | Sep 2023 ₹586 Cr | Dec 2023 ₹586 Cr | Mar 2024 ₹587 Cr | Jun 2024 ₹622 Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.9K Cr
- RIG: Jun 2021 ₹7.5K Cr | Sep 2021 ₹7.3K Cr | Dec 2021 ₹7.2K Cr | Mar 2022 ₹7.0K Cr | Jun 2022 ₹7.2K Cr | Sep 2022 ₹7.2K Cr | Dec 2022 ₹7.3K Cr | Mar 2023 ₹7.6K Cr | Jun 2023 ₹7.4K Cr | Sep 2023 ₹7.4K Cr | Dec 2023 ₹7.4K Cr | Mar 2024 ₹7.3K Cr | Jun 2024 ₹7.3K Cr | Sep 2024 ₹7.0K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹6.6K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.3K Cr
- VAL: Jun 2021 — | Sep 2021 ₹545 Cr | Dec 2021 ₹545 Cr | Mar 2022 ₹546 Cr | Jun 2022 ₹546 Cr | Sep 2022 ₹542 Cr | Dec 2022 ₹542 Cr | Mar 2023 ₹543 Cr | Jun 2023 ₹682 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr
- PTEN: Jun 2021 ₹925 Cr | Sep 2021 ₹924 Cr | Dec 2021 ₹877 Cr | Mar 2022 ₹877 Cr | Jun 2022 ₹905 Cr | Sep 2022 ₹879 Cr | Dec 2022 ₹856 Cr | Mar 2023 ₹846 Cr | Jun 2023 ₹844 Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr
- HP: Jun 2021 ₹481 Cr | Sep 2021 ₹1.0K Cr | Dec 2021 ₹542 Cr | Mar 2022 ₹542 Cr | Jun 2022 ₹542 Cr | Sep 2022 ₹543 Cr | Dec 2022 ₹543 Cr | Mar 2023 ₹543 Cr | Jun 2023 ₹545 Cr | Sep 2023 ₹545 Cr | Dec 2023 ₹545 Cr | Mar 2024 ₹545 Cr | Jun 2024 ₹546 Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr
- SDRL: Jun 2021 ₹546 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹355 Cr | Jun 2023 ₹355 Cr | Sep 2023 ₹610 Cr | Dec 2023 ₹608 Cr | Mar 2024 ₹609 Cr | Jun 2024 ₹609 Cr | Sep 2024 ₹610 Cr | Dec 2024 ₹610 Cr | Mar 2025 ₹611 Cr | Jun 2025 ₹612 Cr | Sep 2025 ₹612 Cr | Dec 2025 ₹613 Cr | Mar 2026 ₹614 Cr
- BORR: Jun 2021 ₹1.9K Cr | Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.3K Cr
- NBR: Jun 2021 ₹2.8K Cr | Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.1K Cr
- PDS: Jun 2021 ₹1.2K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹992 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹920 Cr | Sep 2024 ₹861 Cr | Dec 2024 ₹888 Cr | Mar 2025 ₹869 Cr | Jun 2025 ₹750 Cr | Sep 2025 ₹754 Cr | Dec 2025 ₹744 Cr | Mar 2026 ₹732 Cr
- SOC: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹771 Cr | Jun 2024 ₹790 Cr | Sep 2024 ₹814 Cr | Dec 2024 ₹834 Cr | Mar 2025 ₹855 Cr | Jun 2025 ₹876 Cr | Sep 2025 ₹897 Cr | Dec 2025 ₹922 Cr | Mar 2026 ₹956 Cr

### 20-quarter Net debt history
- NE: Jun 2021 — | Sep 2021 ₹948 Cr | Dec 2021 ₹22 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹554 Cr | Dec 2022 ₹197 Cr | Mar 2023 ₹335 Cr | Jun 2023 ₹330 Cr | Sep 2023 ₹341 Cr | Dec 2023 ₹225 Cr | Mar 2024 ₹375 Cr | Jun 2024 ₹459 Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.3K Cr
- RIG: Jun 2021 ₹6.5K Cr | Sep 2021 ₹6.4K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.5K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹6.9K Cr | Jun 2023 ₹6.6K Cr | Sep 2023 ₹6.8K Cr | Dec 2023 ₹6.7K Cr | Mar 2024 ₹6.8K Cr | Jun 2024 ₹6.8K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹6.3K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹6.2K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹4.9K Cr
- VAL: Jun 2021 — | Sep 2021 ₹-64 Cr | Dec 2021 ₹-64 Cr | Mar 2022 ₹-32 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹-84 Cr | Dec 2022 ₹-182 Cr | Mar 2023 ₹-280 Cr | Jun 2023 ₹-105 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹458 Cr | Mar 2024 ₹586 Cr | Jun 2024 ₹683 Cr | Sep 2024 ₹703 Cr | Dec 2024 ₹715 Cr | Mar 2025 ₹643 Cr | Jun 2025 ₹581 Cr | Sep 2025 ₹422 Cr | Dec 2025 ₹487 Cr | Mar 2026 ₹509 Cr
- PTEN: Jun 2021 ₹708 Cr | Sep 2021 ₹733 Cr | Dec 2021 ₹759 Cr | Mar 2022 ₹829 Cr | Jun 2022 ₹885 Cr | Sep 2022 ₹836 Cr | Dec 2022 ₹718 Cr | Mar 2023 ₹689 Cr | Jun 2023 ₹694 Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹859 Cr | Mar 2026 ₹932 Cr
- HP: Jun 2021 ₹-77 Cr | Sep 2021 ₹-91 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹191 Cr | Jun 2022 ₹209 Cr | Sep 2022 ₹194 Cr | Dec 2022 ₹195 Cr | Mar 2023 ₹298 Cr | Jun 2023 ₹252 Cr | Sep 2023 ₹194 Cr | Dec 2023 ₹247 Cr | Mar 2024 ₹268 Cr | Jun 2024 ₹256 Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr
- SDRL: Jun 2021 ₹118 Cr | Sep 2021 ₹-293 Cr | Dec 2021 ₹-293 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-57 Cr | Jun 2023 ₹-57 Cr | Sep 2023 ₹-227 Cr | Dec 2023 ₹-89 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹-226 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹207 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹274 Cr | Mar 2026 ₹310 Cr
- BORR: Jun 2021 ₹1.9K Cr | Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.1K Cr
- NBR: Jun 2021 ₹2.4K Cr | Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr
- PDS: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹986 Cr | Dec 2023 ₹938 Cr | Mar 2024 ₹983 Cr | Jun 2024 ₹872 Cr | Sep 2024 ₹837 Cr | Dec 2024 ₹814 Cr | Mar 2025 ₹841 Cr | Jun 2025 ₹703 Cr | Sep 2025 ₹716 Cr | Dec 2025 ₹658 Cr | Mar 2026 ₹691 Cr
- SOC: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 — | Mar 2024 ₹562 Cr | Jun 2024 ₹678 Cr | Sep 2024 ₹526 Cr | Dec 2024 ₹534 Cr | Mar 2025 ₹666 Cr | Jun 2025 ₹629 Cr | Sep 2025 ₹855 Cr | Dec 2025 ₹824 Cr | Mar 2026 ₹904 Cr

## Return On Capital Employed

What the numbers say: Noble Corporation plc leads ROCE at 3.3%, 1.5 percentage points above Transocean Ltd.. Transocean Ltd. has the strongest latest improvement at +1.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Noble Corporation plc sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Noble Corporation plc · 3.3% | 83.3% versus #2 · Transocean Ltd. | 2/8 recent comparable periods | 10/10 companies · 188 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Noble Corporation plc (NE): 3.3%
2. Transocean Ltd. (RIG): 1.8%
3. Precision Drilling Corporation (PDS): 1.6%
4. Nabors Industries Ltd. (NBR): 1.5%
5. Borr Drilling Limited (BORR): 1.4%

### ROCE change — fastest improvers
1. Transocean Ltd. (RIG): +1.4 pp
2. Nabors Industries Ltd. (NBR): +1.3 pp
3. Seadrill Limited (SDRL): +0.2 pp
4. Noble Corporation plc (NE): +0.1 pp
5. Borr Drilling Limited (BORR): −0.6 pp

### 20-quarter ROCE history
- NE: Jun 2021 — | Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 1.7% | Dec 2022 5.1% | Mar 2023 4.6% | Jun 2023 4.7% | Sep 2023 5.3% | Dec 2023 3.3% | Mar 2024 2.3% | Jun 2024 4.4% | Sep 2024 1.9% | Dec 2024 2.9% | Mar 2025 3.2% | Jun 2025 2.3% | Sep 2025 0.7% | Dec 2025 0.6% | Mar 2026 3.3%
- RIG: Jun 2021 — | Sep 2021 0.0% | Dec 2021 -0.2% | Mar 2022 -0.3% | Jun 2022 0.1% | Sep 2022 0.3% | Dec 2022 -0.3% | Mar 2023 -0.8% | Jun 2023 -0.2% | Sep 2023 -0.3% | Dec 2023 -0.4% | Mar 2024 0.0% | Jun 2024 -0.3% | Sep 2024 -2.6% | Dec 2024 0.7% | Mar 2025 0.4% | Jun 2025 -5.5% | Sep 2025 -11% | Dec 2025 1.5% | Mar 2026 1.8%
- VAL: Jun 2021 — | Sep 2021 0.0% | Dec 2021 -0.3% | Mar 2022 -0.7% | Jun 2022 -1.4% | Sep 2022 2.7% | Dec 2022 17% | Mar 2023 0.4% | Jun 2023 -0.4% | Sep 2023 0.7% | Dec 2023 15% | Mar 2024 1.0% | Jun 2024 3.5% | Sep 2024 3.0% | Dec 2024 3.3% | Mar 2025 3.9% | Jun 2025 4.4% | Sep 2025 3.5% | Dec 2025 0.9% | Mar 2026 0.5%
- PTEN: Jun 2021 — | Sep 2021 -3.0% | Dec 2021 -13% | Mar 2022 -0.7% | Jun 2022 1.4% | Sep 2022 2.9% | Dec 2022 4.6% | Mar 2023 4.9% | Jun 2023 4.0% | Sep 2023 0.2% | Dec 2023 2.5% | Mar 2024 2.0% | Jun 2024 1.0% | Sep 2024 -17% | Dec 2024 -0.6% | Mar 2025 0.3% | Jun 2025 -0.5% | Sep 2025 -0.6% | Dec 2025 0.0% | Mar 2026 -0.3%
- HP: Jun 2021 — | Sep 2021 -2.2% | Dec 2021 -1.0% | Mar 2022 -0.5% | Jun 2022 0.8% | Sep 2022 1.9% | Dec 2022 3.6% | Mar 2023 4.4% | Jun 2023 3.8% | Sep 2023 2.5% | Dec 2023 3.1% | Mar 2024 2.8% | Jun 2024 2.9% | Sep 2024 2.3% | Dec 2024 1.9% | Mar 2025 0.8% | Jun 2025 -2.5% | Sep 2025 0.0% | Dec 2025 -1.1% | Mar 2026 -0.6%
- SDRL: Jun 2021 — | Sep 2021 164% | Dec 2021 164% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 2.8% | Jun 2023 5.9% | Sep 2023 5.9% | Dec 2023 2.7% | Mar 2024 2.1% | Jun 2024 7.6% | Sep 2024 1.2% | Dec 2024 -0.1% | Mar 2025 0.5% | Jun 2025 0.2% | Sep 2025 0.7% | Dec 2025 -0.1% | Mar 2026 0.7%
- BORR: Jun 2021 — | Sep 2021 -0.3% | Dec 2021 -0.4% | Mar 2022 -0.4% | Jun 2022 -5.9% | Sep 2022 0.2% | Dec 2022 1.1% | Mar 2023 1.8% | Jun 2023 3.2% | Sep 2023 3.3% | Dec 2023 3.2% | Mar 2024 3.1% | Jun 2024 3.8% | Sep 2024 3.0% | Dec 2024 3.5% | Mar 2025 2.0% | Jun 2025 3.3% | Sep 2025 3.2% | Dec 2025 2.1% | Mar 2026 1.4%
- NBR: Jun 2021 — | Sep 2021 -1.4% | Dec 2021 -0.9% | Mar 2022 -2.5% | Jun 2022 -0.4% | Sep 2022 1.1% | Dec 2022 0.1% | Mar 2023 2.8% | Jun 2023 1.9% | Sep 2023 0.3% | Dec 2023 1.5% | Mar 2024 1.2% | Jun 2024 1.2% | Sep 2024 0.5% | Dec 2024 0.7% | Mar 2025 0.2% | Jun 2025 1.6% | Sep 2025 1.3% | Dec 2025 1.9% | Mar 2026 1.5%
- PDS: Jun 2021 — | Sep 2021 -0.9% | Dec 2021 -0.3% | Mar 2022 -1.2% | Jun 2022 -0.2% | Sep 2022 2.0% | Dec 2022 0.8% | Mar 2023 5.2% | Jun 2023 2.8% | Sep 2023 1.6% | Dec 2023 2.8% | Mar 2024 2.4% | Jun 2024 1.6% | Sep 2024 2.6% | Dec 2024 1.5% | Mar 2025 2.5% | Jun 2025 1.3% | Sep 2025 1.5% | Dec 2025 1.5% | Mar 2026 1.6%
- SOC: Jun 2021 — | Sep 2021 -0.1% | Dec 2021 -0.3% | Mar 2022 -0.1% | Jun 2022 -0.1% | Sep 2022 -0.4% | Dec 2022 -1.4% | Mar 2023 -0.6% | Jun 2023 -12% | Sep 2023 -0.6% | Dec 2023 -2.4% | Mar 2024 -25% | Jun 2024 -9.9% | Sep 2024 -7.7% | Dec 2024 -4.7% | Mar 2025 -4.5% | Jun 2025 -14% | Sep 2025 -12% | Dec 2025 -9.2% | Mar 2026 -12%

### 20-quarter ROCE change history
- NE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 +5.1 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +3.6 pp | Dec 2023 −1.8 pp | Mar 2024 −2.3 pp | Jun 2024 −0.3 pp | Sep 2024 −3.4 pp | Dec 2024 −0.4 pp | Mar 2025 +0.9 pp | Jun 2025 −2.1 pp | Sep 2025 −1.2 pp | Dec 2025 −2.3 pp | Mar 2026 +0.1 pp
- RIG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.1 pp | Mar 2023 −0.5 pp | Jun 2023 −0.3 pp | Sep 2023 −0.6 pp | Dec 2023 −0.1 pp | Mar 2024 +0.8 pp | Jun 2024 −0.1 pp | Sep 2024 −2.3 pp | Dec 2024 +1.1 pp | Mar 2025 +0.4 pp | Jun 2025 −5.2 pp | Sep 2025 −7.9 pp | Dec 2025 +0.8 pp | Mar 2026 +1.4 pp
- VAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.7 pp | Dec 2022 +17.7 pp | Mar 2023 +1.1 pp | Jun 2023 +1.0 pp | Sep 2023 −2.0 pp | Dec 2023 −2.6 pp | Mar 2024 +0.6 pp | Jun 2024 +3.9 pp | Sep 2024 +2.3 pp | Dec 2024 −11.5 pp | Mar 2025 +2.9 pp | Jun 2025 +0.9 pp | Sep 2025 +0.5 pp | Dec 2025 −2.4 pp | Mar 2026 −3.4 pp
- PTEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.9 pp | Dec 2022 +17.6 pp | Mar 2023 +5.6 pp | Jun 2023 +2.6 pp | Sep 2023 −2.7 pp | Dec 2023 −2.1 pp | Mar 2024 −2.9 pp | Jun 2024 −3.0 pp | Sep 2024 −17.4 pp | Dec 2024 −3.1 pp | Mar 2025 −1.7 pp | Jun 2025 −1.5 pp | Sep 2025 +16.6 pp | Dec 2025 +0.6 pp | Mar 2026 −0.6 pp
- HP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.1 pp | Dec 2022 +4.6 pp | Mar 2023 +4.9 pp | Jun 2023 +3.0 pp | Sep 2023 +0.6 pp | Dec 2023 −0.5 pp | Mar 2024 −1.6 pp | Jun 2024 −0.9 pp | Sep 2024 −0.2 pp | Dec 2024 −1.2 pp | Mar 2025 −2.0 pp | Jun 2025 −5.4 pp | Sep 2025 −2.3 pp | Dec 2025 −3.0 pp | Mar 2026 −1.4 pp
- SDRL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −163.8 pp | Dec 2022 −163.8 pp | Mar 2023 +2.8 pp | Jun 2023 +5.9 pp | Sep 2023 +5.9 pp | Dec 2023 +2.7 pp | Mar 2024 −0.7 pp | Jun 2024 +1.7 pp | Sep 2024 −4.7 pp | Dec 2024 −2.8 pp | Mar 2025 −1.6 pp | Jun 2025 −7.4 pp | Sep 2025 −0.5 pp | Dec 2025 0.0 pp | Mar 2026 +0.2 pp
- BORR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +1.5 pp | Mar 2023 +2.2 pp | Jun 2023 +9.1 pp | Sep 2023 +3.1 pp | Dec 2023 +2.1 pp | Mar 2024 +1.3 pp | Jun 2024 +0.6 pp | Sep 2024 −0.3 pp | Dec 2024 +0.3 pp | Mar 2025 −1.1 pp | Jun 2025 −0.5 pp | Sep 2025 +0.2 pp | Dec 2025 −1.4 pp | Mar 2026 −0.6 pp
- NBR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 +1.0 pp | Mar 2023 +5.3 pp | Jun 2023 +2.3 pp | Sep 2023 −0.8 pp | Dec 2023 +1.4 pp | Mar 2024 −1.6 pp | Jun 2024 −0.7 pp | Sep 2024 +0.2 pp | Dec 2024 −0.8 pp | Mar 2025 −1.0 pp | Jun 2025 +0.4 pp | Sep 2025 +0.8 pp | Dec 2025 +1.2 pp | Mar 2026 +1.3 pp
- PDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.9 pp | Dec 2022 +1.1 pp | Mar 2023 +6.4 pp | Jun 2023 +3.0 pp | Sep 2023 −0.4 pp | Dec 2023 +2.0 pp | Mar 2024 −2.8 pp | Jun 2024 −1.2 pp | Sep 2024 +1.0 pp | Dec 2024 −1.3 pp | Mar 2025 +0.1 pp | Jun 2025 −0.3 pp | Sep 2025 −1.1 pp | Dec 2025 0.0 pp | Mar 2026 −0.9 pp
- SOC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −1.1 pp | Mar 2023 −0.5 pp | Jun 2023 −12.2 pp | Sep 2023 −0.2 pp | Dec 2023 −1.0 pp | Mar 2024 −24.1 pp | Jun 2024 +2.4 pp | Sep 2024 −7.1 pp | Dec 2024 −2.3 pp | Mar 2025 +20.2 pp | Jun 2025 −3.7 pp | Sep 2025 −4.5 pp | Dec 2025 −4.5 pp | Mar 2026 −7.0 pp

## Valuation Against Growth & Quality

What the numbers say: Noble Corporation plc has the lowest comparable Guarded PEG at 1.47×. Only 1 of 10 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Noble Corporation plc · 1.47× | Not enough peers | 0/8 recent comparable periods | 1/10 companies · 5 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Noble Corporation plc (NE): 1.5

### P/E — lowest P/E
1. Nabors Industries Ltd. (NBR): 6.7
2. Valaris Limited (VAL): 6.9
3. Helmerich & Payne, Inc. (HP): 11.9
4. Patterson-UTI Energy, Inc. (PTEN): 33.4
5. Noble Corporation plc (NE): 34.3

### 20-quarter Guarded PEG history
- NE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.5 | Jun 2024 — | Sep 2024 1.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- PTEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- HP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SDRL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- NE: Jun 2021 — | Sep 2021 — | Dec 2021 16.4 | Mar 2022 — | Jun 2022 20.3 | Sep 2022 14.6 | Dec 2022 21.8 | Mar 2023 15.7 | Jun 2023 16.4 | Sep 2023 15.8 | Dec 2023 14.5 | Mar 2024 15.0 | Jun 2024 10.8 | Sep 2024 10.5 | Dec 2024 10.6 | Mar 2025 7.9 | Jun 2025 13.8 | Sep 2025 20.2 | Dec 2025 20.9 | Mar 2026 34.3
- VAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69.3 | Sep 2022 21.1 | Dec 2022 29.0 | Mar 2023 18.9 | Jun 2023 39.8 | Sep 2023 97.4 | Dec 2023 6.0 | Mar 2024 6.6 | Jun 2024 5.4 | Sep 2024 3.8 | Dec 2024 8.6 | Mar 2025 9.2 | Jun 2025 11.0 | Sep 2025 8.7 | Dec 2025 3.6 | Mar 2026 6.9
- PTEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 24.1 | Mar 2023 9.0 | Jun 2023 7.5 | Sep 2023 10.5 | Dec 2023 12.3 | Mar 2024 17.6 | Jun 2024 33.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- HP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 739.4 | Dec 2022 34.4 | Mar 2023 11.8 | Jun 2023 9.3 | Sep 2023 10.1 | Dec 2023 8.6 | Mar 2024 12.1 | Jun 2024 10.5 | Sep 2024 8.9 | Dec 2024 10.6 | Mar 2025 11.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SDRL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11.5 | Mar 2024 12.5 | Jun 2024 8.1 | Sep 2024 6.9 | Dec 2024 6.1 | Mar 2025 4.7 | Jun 2025 23.4 | Sep 2025 65.7 | Dec 2025 — | Mar 2026 —
- BORR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 81.8 | Mar 2024 40.3 | Jun 2024 22.2 | Sep 2024 16.6 | Dec 2024 12.2 | Mar 2025 11.5 | Jun 2025 8.7 | Sep 2025 10.0 | Dec 2025 23.7 | Mar 2026 38.5
- NBR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 4.2 | Dec 2025 3.1 | Mar 2026 6.7
- PDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 11.5 | Jun 2023 6.8 | Sep 2023 10.2 | Dec 2023 3.7 | Mar 2024 5.9 | Jun 2024 6.3 | Sep 2024 5.2 | Dec 2024 11.3 | Mar 2025 9.5 | Jun 2025 9.7 | Sep 2025 20.5 | Dec 2025 703.5 | Mar 2026 —
- SOC: Jun 2021 — | Sep 2021 — | Dec 2021 69.4 | Mar 2022 34.8 | Jun 2022 19.2 | Sep 2022 44.7 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Nabors Industries Ltd. leads ev/ebitda at 4.18×; Transocean Ltd. leads p/bv at 0.9×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Nabors Industries Ltd. · 4.18× | 19.3% versus #2 · Precision Drilling Corporation | 0/8 recent comparable periods | 9/10 companies · 146 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Nabors Industries Ltd. (NBR): 4.2
2. Precision Drilling Corporation (PDS): 5.2
3. Patterson-UTI Energy, Inc. (PTEN): 5.9
4. Noble Corporation plc (NE): 8.8
5. Borr Drilling Limited (BORR): 9.0

### P/BV — lowest P/BV
1. Transocean Ltd. (RIG): 0.9
2. Seadrill Limited (SDRL): 1.0
3. Precision Drilling Corporation (PDS): 1.1
4. Patterson-UTI Energy, Inc. (PTEN): 1.3
5. Helmerich & Payne, Inc. (HP): 1.4

### 20-quarter EV/EBITDA history
- NE: Jun 2021 — | Sep 2021 — | Dec 2021 10.1 | Mar 2022 — | Jun 2022 — | Sep 2022 25.9 | Dec 2022 14.0 | Mar 2023 10.3 | Jun 2023 9.0 | Sep 2023 8.6 | Dec 2023 8.0 | Mar 2024 8.2 | Jun 2024 6.8 | Sep 2024 7.7 | Dec 2024 6.5 | Mar 2025 4.6 | Jun 2025 5.1 | Sep 2025 5.3 | Dec 2025 6.0 | Mar 2026 8.8
- RIG: Jun 2021 — | Sep 2021 10.2 | Dec 2021 9.4 | Mar 2022 10.9 | Jun 2022 10.6 | Sep 2022 9.2 | Dec 2022 12.1 | Mar 2023 16.4 | Jun 2023 19.3 | Sep 2023 26.5 | Dec 2023 25.0 | Mar 2024 19.4 | Jun 2024 20.0 | Sep 2024 75.3 | Dec 2024 29.5 | Mar 2025 24.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- VAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 24.3 | Mar 2023 2.9 | Jun 2023 2.9 | Sep 2023 3.6 | Dec 2023 — | Mar 2024 6.4 | Jun 2024 4.0 | Sep 2024 2.2 | Dec 2024 8.1 | Mar 2025 7.3 | Jun 2025 5.4 | Sep 2025 5.4 | Dec 2025 6.4 | Mar 2026 14.0
- PTEN: Jun 2021 — | Sep 2021 16.2 | Dec 2021 15.0 | Mar 2022 17.8 | Jun 2022 12.0 | Sep 2022 6.7 | Dec 2022 6.2 | Mar 2023 3.7 | Jun 2023 3.5 | Sep 2023 7.6 | Dec 2023 5.2 | Mar 2024 5.0 | Jun 2024 4.2 | Sep 2024 9.3 | Dec 2024 15.1 | Mar 2025 25.1 | Jun 2025 38.3 | Sep 2025 3.4 | Dec 2025 3.5 | Mar 2026 5.9
- HP: Jun 2021 — | Sep 2021 — | Dec 2021 73.7 | Mar 2022 27.6 | Jun 2022 17.1 | Sep 2022 9.1 | Dec 2022 8.5 | Mar 2023 4.8 | Jun 2023 4.1 | Sep 2023 4.6 | Dec 2023 4.1 | Mar 2024 5.1 | Jun 2024 4.6 | Sep 2024 5.3 | Dec 2024 5.3 | Mar 2025 5.9 | Jun 2025 5.6 | Sep 2025 6.4 | Dec 2025 8.5 | Mar 2026 10.9
- SDRL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.1 | Mar 2024 7.3 | Jun 2024 4.7 | Sep 2024 4.1 | Dec 2024 4.8 | Mar 2025 3.3 | Jun 2025 7.0 | Sep 2025 8.0 | Dec 2025 8.5 | Mar 2026 10.2
- BORR: Jun 2021 — | Sep 2021 178.8 | Dec 2021 69.1 | Mar 2022 39.2 | Jun 2022 — | Sep 2022 — | Dec 2022 182.7 | Mar 2023 49.7 | Jun 2023 13.4 | Sep 2023 10.5 | Dec 2023 9.4 | Mar 2024 8.2 | Jun 2024 7.1 | Sep 2024 6.7 | Dec 2024 5.9 | Mar 2025 5.1 | Jun 2025 5.0 | Sep 2025 5.2 | Dec 2025 6.4 | Mar 2026 9.0
- NBR: Jun 2021 — | Sep 2021 12.7 | Dec 2021 10.0 | Mar 2022 13.8 | Jun 2022 10.2 | Sep 2022 7.1 | Dec 2022 7.6 | Mar 2023 5.1 | Jun 2023 4.0 | Sep 2023 5.0 | Dec 2023 4.2 | Mar 2024 4.7 | Jun 2024 4.6 | Sep 2024 4.6 | Dec 2024 4.8 | Mar 2025 5.0 | Jun 2025 5.0 | Sep 2025 4.4 | Dec 2025 3.8 | Mar 2026 4.2
- PDS: Jun 2021 — | Sep 2021 10.0 | Dec 2021 8.9 | Mar 2022 14.1 | Jun 2022 10.8 | Sep 2022 7.8 | Dec 2022 8.2 | Mar 2023 4.5 | Jun 2023 3.4 | Sep 2023 4.0 | Dec 2023 3.2 | Mar 2024 4.2 | Jun 2024 4.3 | Sep 2024 3.7 | Dec 2024 3.9 | Mar 2025 3.4 | Jun 2025 3.1 | Sep 2025 3.6 | Dec 2025 4.6 | Mar 2026 5.2

### 20-quarter P/BV history
- NE: Jun 2021 — | Sep 2021 0.7 | Dec 2021 1.0 | Mar 2022 — | Jun 2022 — | Sep 2022 1.0 | Dec 2022 1.4 | Mar 2023 1.5 | Jun 2023 1.5 | Sep 2023 1.9 | Dec 2023 1.7 | Mar 2024 1.8 | Jun 2024 1.6 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.7
- RIG: Jun 2021 — | Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.3 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.6 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.4 | Dec 2025 0.6 | Mar 2026 0.9
- VAL: Jun 2021 — | Sep 2021 2.4 | Dec 2021 2.5 | Mar 2022 3.8 | Jun 2022 2.8 | Sep 2022 3.0 | Dec 2022 3.9 | Mar 2023 3.7 | Jun 2023 3.7 | Sep 2023 4.6 | Dec 2023 2.5 | Mar 2024 2.7 | Jun 2024 2.5 | Sep 2024 1.9 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 2.2
- PTEN: Jun 2021 — | Sep 2021 1.0 | Dec 2021 1.1 | Mar 2022 2.1 | Jun 2022 2.2 | Sep 2022 1.6 | Dec 2022 2.2 | Mar 2023 1.5 | Jun 2023 1.5 | Sep 2023 1.2 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 0.9 | Sep 2024 0.8 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.7 | Mar 2026 1.3
- HP: Jun 2021 — | Sep 2021 1.0 | Dec 2021 0.9 | Mar 2022 1.7 | Jun 2022 1.7 | Sep 2022 1.4 | Dec 2022 1.9 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.5 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.3 | Sep 2024 1.0 | Dec 2024 1.1 | Mar 2025 0.9 | Jun 2025 0.6 | Sep 2025 0.8 | Dec 2025 1.1 | Mar 2026 1.4
- SDRL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 1.0
- BORR: Jun 2021 — | Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.6 | Jun 2022 1.0 | Sep 2022 0.8 | Dec 2022 1.3 | Mar 2023 2.1 | Jun 2023 2.0 | Sep 2023 1.9 | Dec 2023 1.9 | Mar 2024 1.8 | Jun 2024 1.6 | Sep 2024 1.4 | Dec 2024 1.0 | Mar 2025 0.5 | Jun 2025 0.4 | Sep 2025 0.7 | Dec 2025 1.0 | Mar 2026 1.5
- NBR: Jun 2021 — | Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 2.6 | Jun 2022 2.8 | Sep 2022 — | Dec 2022 4.0 | Mar 2023 2.9 | Jun 2023 2.2 | Sep 2023 3.4 | Dec 2023 2.4 | Mar 2024 2.9 | Jun 2024 2.7 | Sep 2024 3.2 | Dec 2024 4.0 | Mar 2025 — | Jun 2025 1.3 | Sep 2025 1.0 | Dec 2025 1.3 | Mar 2026 2.2
- PDS: Jun 2021 — | Sep 2021 0.5 | Dec 2021 0.5 | Mar 2022 1.1 | Jun 2022 1.0 | Sep 2022 0.8 | Dec 2022 1.1 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.9 | Dec 2023 0.6 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 0.6 | Dec 2025 0.8 | Mar 2026 1.1
- SOC: Jun 2021 — | Sep 2021 -28.1 | Dec 2021 -27.0 | Mar 2022 -54.2 | Jun 2022 -94.5 | Sep 2022 -77.1 | Dec 2022 -19.7 | Mar 2023 -7.9 | Jun 2023 -10.4 | Sep 2023 -2.4 | Dec 2023 0.2 | Mar 2024 2.6 | Jun 2024 8.0 | Sep 2024 11.1 | Dec 2024 5.3 | Mar 2025 8.1 | Jun 2025 4.9 | Sep 2025 5.0 | Dec 2025 2.5 | Mar 2026 5.9

## Market action

Nabors Industries Ltd. has the strongest one-year price move in Oil & Gas Drilling at +150.3%. It also leads on Mansfield relative strength against the S&P 500 at +13.6%. 5 of 10 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-29.

### Strongest one-year price performers
1. Nabors Industries Ltd. (NBR): 150%
2. Helmerich & Payne, Inc. (HP): 114%
3. Borr Drilling Limited (BORR): 105%
4. Transocean Ltd. (RIG): 76%
5. Patterson-UTI Energy, Inc. (PTEN): 68%

### Strongest relative strength versus NIFTY 500
1. Nabors Industries Ltd. (NBR): 14%
2. Patterson-UTI Energy, Inc. (PTEN): 9.3%
3. Helmerich & Payne, Inc. (HP): 3.8%
4. Noble Corporation plc (NE): 3.5%
5. Seadrill Limited (SDRL): 2.6%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Noble Corporation plc (NE) — market value ₹6.5K Cr; latest fundamentals Mar 2026
- Transocean Ltd. (RIG) — market value ₹5.5K Cr; latest fundamentals Mar 2026
- Valaris Limited (VAL) — market value ₹5.1K Cr; latest fundamentals Mar 2026
- Patterson-UTI Energy, Inc. (PTEN) — market value ₹3.5K Cr; latest fundamentals Mar 2026
- Helmerich & Payne, Inc. (HP) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- Seadrill Limited (SDRL) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Borr Drilling Limited (BORR) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Nabors Industries Ltd. (NBR) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Precision Drilling Corporation (PDS) — market value ₹931 Cr; latest fundamentals Mar 2026
- Sable Offshore Corp. (SOC) — market value ₹836 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-29.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Oil & Gas Drilling company is the biggest?

Patterson-UTI Energy, Inc. is the largest, with trailing-twelve-month revenue of $4,663 million, ahead of Transocean Ltd. at $4,140 million. That covers 9 of 10 companies with comparable reporting through Mar 2026.

### Which Oil & Gas Drilling company is growing fastest?

Helmerich & Payne, Inc. has the fastest revenue growth at 29.7% year on year, across 9 of 10 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Oil & Gas Drilling company has the best profit margins?

Noble Corporation plc has the highest operating margin at 28.7%, from 9 of 10 comparable companies. Transocean Ltd. shows the biggest recent improvement, at +19.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Oil & Gas Drilling company makes the most profit?

Valaris Limited earns the most, at $1,000 million of trailing-twelve-month net profit, from 10 of 10 comparable companies. Noble Corporation plc has the fastest profit growth at -67.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Oil & Gas Drilling company earns the highest return on capital?

Noble Corporation plc leads on return on capital employed at 3.3%, across 10 of 10 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Oil & Gas Drilling stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Noble Corporation plc screens cheapest at 1.47×. Only 1 of 10 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Oil & Gas Drilling company has the strongest balance sheet?

Seadrill Limited carries the lowest comparable gross debt at $614 million, from 10 of 10 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Oil & Gas Drilling company is investing most in new capacity?

Borr Drilling Limited reports the largest capital spending at $183 million, across 10 of 10 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Oil & Gas Drilling sector beating the market?

Oil & Gas Drilling has outperformed S&P 500 by 34.6% over the last 52 weeks and 29.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 10 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Oil & Gas Drilling stock has the strongest price momentum?

Nabors Industries Ltd. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Oil & Gas Drilling company scores highest for research priority?

Noble Corporation plc scores 61.1 out of 100 with 86.2% evidence confidence, from 15.7 points on growth and earnings, 17.6 on capital efficiency, 11.1 on valuation and 16.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Oil & Gas Drilling companies does this comparison cover, and over what period?

It compares 10 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Oil & Gas Drilling sector?

The 10 Oil & Gas Drilling companies on this page carry $30,806 million of combined market value. Noble Corporation plc is the largest at $6,547 million, about 21% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Oil & Gas Drilling sector's P/E ratio?

The median price-to-earnings ratio across the 10 Oil & Gas Drilling companies on this page is 34.3×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Oil & Gas Drilling sector performing?

5 of the 10 covered Oil & Gas Drilling companies are beating S&P 500 on Mansfield relative strength. The sector itself is 34.6% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### How many Oil & Gas Drilling stocks are listed in the US?

This comparison covers 10 listed Oil & Gas Drilling companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/oil-gas-drilling