Slide 1: First Quarter 2023 Earnings Conference Call
Noble Corporation plc First Quarter 2023 Earnings Conference Call May 4th, 2023
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking Statements This presentation and the conference call to which it pertains contains “forward-looking statements” about Noble Corporation plc’s (“Noble” or the “Company”) business, financial performance and position, contracts and prospects. Words such as "anticipate," "beli
Slide 3: Summary
Summary Strong start to 2023, with Q1 Adjusted EBITDA of $138M (despite further delays to Globetrotter I’s contract start in Mexico, now expected mid-May) Global Refinancing successfully completed in April $600M of new 8.0% senior unsecured notes due 2030 and $550M revolver commitments maturing 2028
Slide 4: First Quarter Financial Highlights
First Quarter Financial Highlights Adjusted EBITDA Adjusted EBITDA margin 1 Capital expenditures Free cash flow $138M 23% $63M ($126M) $157M 25% $65M $106M Net debt Leverage Backlog Liquidity $334M 0.6x $736M $4.6B $197M 0.3x $3.9B $1.1B Prior quarter figures for Q4 2022 shown below 1) Adjusted EBIT
Slide 5: Current Backlog Stands at $4.6 Billion
Current Backlog Stands at $4.6 Billion Backlog ($M) and Contract Coverage 72% 44% 27% 22% 12% 1,500 1,320 Floaters 1,264 Jackups 1,200 900 856 785 600 423 300 0 2023 2024 2025 2026 2027 Percentage of available days committed1 1) Committed days on total marketed fleet, excluding cold stacked rigs, pe
Slide 6: Deepwater Fleet Overview
Deepwater Fleet Overview 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DRILLSHIPS Recent Highlights Noble Tom Madden (7g dual BOP) Noble Sam Croft (7g dual BOP) Noble Don Taylor (7g dual BOP) • Tom Madden, Sam Croft, Don Taylor, and Bob Noble Bob Douglas (7g dual BOP) Douglas: 6.3 years of total backlog added u
Slide 7: Jackup Fleet Overview
Jackup Fleet Overview 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ULTRA HARSH ENVIRONMENT Recent Highlights Noble Innovator (CJ70) • Tom Prosser: two new contracts in Malaysia Noble Integrator (CJ70) representing an estimated 650 total days.. Noble Interceptor (CJ70) Noble Intrepid (CJ70) Noble Invincible (CJ
Slide 8: Financial Overview
Financial Overview ($ millions) Quarter End 3/31/2023 Quarter End 12/31/2022 Revenue 610 623 Adjusted EBITDA 138 157 margin % 23% 25% Net Income 108 135 Diluted EPS 0.74 0.92 Cash flow from operations (63) 171 Cash paid for capital expenditures 63 65 Free cash flow (126) 106 Net debt 1 334 197 Lever
Slide 9: 2023 Guidance (unchanged)
2023 Guidance (unchanged) $ millions Revenue 2,350 - 2,550 Adjusted EBITDA 725 - 825 Capital expenditures, net 325 - 365 9
Slide 10: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures 10
Slide 11: Slide 11