Slide 1: First Quarter 2026 Earnings Conference Call
Noble Corporation plc First Quarter 2026 Earnings Conference Call April 27, 2026
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 Approximately $600M in New Contracts1, Backlog at $7.5B Courage, Deliverer, Developer, BlackRhino, GreatWhite, Viking 2026 Outlook: Revenue and Adjusted EBITDA Guidance Maintained Capital Expenditures range increased by $25M due to Deliverer Reactivation Q1 Adjusted EBITDA of $277M, Free Cas
Slide 4: First Quarter Financial Highlights
First Quarter Financial Highlights Adjusted EBITDA $277M $232M Capital expenditures $104M $152M Free cash flow $169M $35M Net debt $1,255M $1,504M Backlog $7.5B $7.5B Adjusted EBITDA margin 35% 30% Net Leverage 1.1x 1.4x 4 Prior quarter figures for Q4 2025 shown below. Liquidity $1,206M $1,015M
Slide 5: Current Backlog Stands at $7.5 Billion
Current Backlog Stands at $7.5 Billion 2026 2027 2028 Floaters Jackups 65% 43%62% Percentage of available days committed (1) Backlog ($B) and Contract Coverage 5 1.8 2.4 1.8 1) Committed days on total marketed fleet of 29 rigs as of 4/26/2026. 2029-2031 1.5 11%
Slide 6: Drillships Overview
6 Drillships Overview Recent Highlights • Viking: one well contract in Malaysia. • BlackRhino: one option well exercised by Beacon in the U.S. Gulf. Firm contract period Options Fleet status report as of 4/26/2026. 2026 2027 2028 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N
Slide 7: Semisubmersibles and Jackups Overview
7 Semisubmersibles and Jackups Overview Firm contract period Options Fleet status report as of 4/26/2026. 2026 2027 2028 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Noble Discoverer Noble Patriot Jackups Noble Developer Noble Innovator Noble Integrator Ocean GreatWhite Se
Slide 8: Financial Overview
Financial Overview ($ millions) Quarter End 3/31/2026 Quarter End 12/31/2025 Revenue 786 764 Adjusted EBITDA 277 232 Margin % 35% 30% Net Income (Loss) 121 87 Diluted EPS 0.75 0.54 Cash flow from operations 273 187 Capital expenditures 104 152 Free cash flow 169 35 Net debt (1) 1,255 1,504 Net Lever
Slide 9: 2026 Guidance Update
Revenue 2,800 – 3,000 Adjusted EBITDA 940 – 1,020 Capital Expenditures (1) 615 – 665 2026 Guidance Update $ millions 9 1) Includes 50% of the estimated $160 million project capital for the Noble GreatWhite, as well as approximately $25 million of reimbursable Capex. Capex range has been increased by
Slide 10: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures $ millions 10
Slide 11: First Choice Offshore
First Choice Offshore