Noble Corporation Plc A · NYSE:NE
Noble Corporation Plc A — Noble — Q3 2024 Earnings Presentation
12 slides from Noble Corporation Plc A's earnings presentation, Nov 6, 2024
Slide 1: Third Quarter 2024 Earnings Conference Call
Noble Corporation plc Third Quarter 2024 Earnings Conference Call November 6, 2024
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking Statements This communication includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this communication are forward
Slide 3: Summary
Summary Robust Return of Capital Program $250M in Q3 buybacks, additional $400M buyback authorization (first $400M authorization 90% complete), >6% dividend yield Diamond Integration Progressing on Track $100M synergies (75% in year one) on track; transaction immediately accretive to FCF per share Q
Slide 4: Third Quarter Financial Highlights
Third Quarter Financial Highlights Adjusted EBITDA Adjusted EBITDA margin Net capital expenditures Free cash flow $291M 36% $119M $165M $271M 39% $133M ($26)M Net debt Leverage Backlog Liquidity $1,590M 1.4x $918M $6.2B $459M 0.4x $4.2B $656M Prior quarter figures for Q2 2024 shown below 4
Slide 5: Current Backlog Stands at $6.2 Billion
Current Backlog Stands at $6.2 Billion Backlog ($B) and Contract Coverage 75% 56% 31% 21% 7% 2.6 Legacy NE Floaters Jackups 1.7 Legacy DO Floaters 1.0 0.5 0.4 2024 2025 2026 2027 2028 Percentage of available days committed1 1) Committed days on total marketed fleet of 38 rigs, excluding three cold s
Slide 6: Drillship Fleet Overview
Drillship Fleet Overview 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Noble Faye Kozack (7g dual BOP) Noble Stanley Lafosse (7g dual BOP) Recent Highlights Noble Valiant (7g dual BOP) • Guyana: 4.8 additional rig years of backlog Noble Venturer (7g dual BOP) awarded to Tom Madden, Sam Croft, D
Slide 7: Semisubmersible Fleet Overview
Semisubmersible Fleet Overview 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Noble Deliverer (6g) Recent Highlights Noble Developer (6g) • Ocean Endeavor: 130-day extension Noble Discoverer (6g) with Shell in the UK North Sea, Ocean GreatWhite (HE 6g) March-July 2025 Ocean Courage (6g) Ocean Ap
Slide 8: Jackup Fleet Overview
Jackup Fleet Overview 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ULTRA HARSH ENVIRONMENT Noble Innovator (CJ70) Noble Integrator (CJ70) Noble Interceptor (CJ70) Noble Intrepid (CJ70) Noble Invincible (CJ70) HARSH ENVIRONMENT Noble Reacher (CJ50) Noble Resilient (CJ50) Noble Resolute (CJ50) N
Slide 9: Financial Overview
Financial Overview ($ millions) Quarter End Quarter End 9/30/2024 6/30/2024 Revenue 801 693 Adjusted EBITDA 291 271 margin % 36% 39% Net Income 61 195 Diluted EPS 0.40 1.34 Cash flow from operations 284 107 Cash paid for capital expenditures, net 119 133 Free cash flow 165 (26) Net debt 1 1,590 459
Slide 10: Q4 2024 Guidance
Q4 2024 Guidance $ millions Revenue 850 - 890 Adjusted EBITDA 275 – 305 Capital Additions, net of reimbursements 105 – 135 10
Slide 11: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures Three Months Reconciliation of Adjusted EBITDA Three Months Ended September 30, Ended 2024 2023 June 30, 2024 Net income (loss) $ 61,216 $ 158,323 $ 195,008 Income tax (benefit) provision 31,608 51,659 (5,228) Interest expense, net of amounts capitalized 24,
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