Slide 1: Noble Corporation plc First Quarter 2024 Earnings Conference Call
Noble Corporation plc First Quarter 2024 Earnings Conference Call May 7, 2024
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”) within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended.
Slide 3: Summary
Summary Q1 Adjusted EBITDA of $183M, Free Cash Flow of ($38M) Quarterly Dividend Declared at $0.40 for Q2 $400M of capital returned to shareholders cumulatively Q4 2022 – Q2 2024 Approximately $215M in New Contracts Since Last Quarter Venturer, Viking, Voyager, Innovator 2024 Outlook: Guidance Uncha
Slide 4: First Quarter Financial Highlights
First Quarter Financial Highlights Adjusted EBITDA Adjusted EBITDA margin Net capital expenditures Free cash flow $183M 29% $167M ($38M) $201M 31% $123M $165M Net debt Leverage Backlog Liquidity $374M 0.5x $739M $4.4B $225M 0.3x $4.6B $903M Prior quarter figures for Q4 2023 shown below 4
Slide 5: Current Backlog Stands at $4.4 Billion
Current Backlog Stands at $4.4 Billion Backlog ($B) and Contract Coverage 75% 41% 25% 12% 1.523 2.100 1.5 1.391 1.4 Floaters 1.800 Jackups 1.500 990 1.0 1.200 900 0.4 439 600 300 0 2024 2025 2026 2027 Percentage of available days committed1 1) Committed days on total marketed fleet, excluding cold s
Slide 6: Deepwater Fleet Overview
Deepwater Fleet Overview 2024 2025 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) • Venturer: three wells (~150 days) with Trident Noble Bob Douglas (7g dual BOP) Energy in Equatorial Guinea, expected t
Slide 7: Jackup Fleet Overview
Jackup Fleet Overview 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ULTRA HARSH ENVIRONMENT Recent Highlights Noble Innovator (CJ70) • Innovator: one well extension with BP in Noble Integrator (CJ70) the UK Noble Interceptor (CJ70) Noble Intrepid (CJ70) Noble Invincible (CJ70) HARSH ENVIRONMENT Noble Reacher (C
Slide 8: Financial Overview
Financial Overview ($ millions) Quarter End Quarter End 3/31/2024 12/31/2023 Revenue 637 643 Adjusted EBITDA 183 201 margin % 29% 31% Net Income 95 150 Diluted EPS 0.66 1.03 Cash flow from operations 129 287 Cash paid for capital expenditures 167 123 Free cash flow (38) 165 Net debt 1 374 225 Levera
Slide 9: 2024 Guidance Unchanged
2024 Guidance Unchanged $ millions Revenue 2,550 - 2,700 Adjusted EBITDA 925 – 1,025 Capital Additions, net of reimbursements 400 – 440 9
Slide 10: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures Reconciliation of Adjusted EBITDA Three Months Ended March 31, Three Months Ended 2024 2023 December 31, 2023 Net income (loss) $ 95,481 $ 108,063 $ 149,700 Income tax (benefit) provision (10,213) (15,804) (4,843) Interest expense, net of amounts capitalized
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