Noble Corporation Plc A · NYSE:NE
Noble Corporation Plc A — Noble — Investor Presentation (September 2025)
18 slides from Noble Corporation Plc A's investor presentation, Sep 2, 2025
Slide 1: Investor Presentation September 2025
Investor Presentation September 2025
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: Key Financial Figures
Key Financial Figures 1) Market capitalization as of 8/28/25 based on diluted shares of 162 million. 2) Backlog as of 8/5/2025 fleet status report. 3) See net debt reconciliation in Appendix. 4) Based on $2.00 annualized dividend, divided by 8/28/25 stock price of $28.59. 3 $1.6B Net Debt 3 7% Divid
Slide 4: Globally Scaled, High Specification Fleet
7 4 3 4 1 2 7 1 1 Globally Scaled, High Specification Fleet 6 2 1 24 Floaters11 Jackups Americas, WAfr, APacNorway, North Sea Main Regions 4 As of 08/5/25 fleet status report. Excludes three rigs held for sale: Noble Highlander, Noble Reacher and Noble Globetrotter II. 3 17G Drillships 6G Drillships
Slide 5: Industry Leading MPD Capabilities with 12+ Years of Operating Experience
Industry Leading MPD Capabilities with 12+ Years of Operating Experience >100 deepwater wells drilled utilizing MPD over last 4 years 15 Owned(1) deepwater MPD/CML systems 2 MPD-ready floaters 1) Includes 2 x CML systems to be installed for recently announced Shell (US) contracts. 5 Rented jackup sy
Slide 6: Industry Leadership in Shareholder Capital Returns
$0.30 $0.40 $0.40 $0.40 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 0 200 400 600 800 1,000 1,200 1,400 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Buybacks Dividends Cumulative Capital ($M) Quarterly DPS Eclipsing $1.1B in Total Dividends & Buybacks 6 Industry Leader
Slide 7: Premium Dividend Yield vs. U.S. Listed Energy Sector
Premium Dividend Yield vs. U.S. Listed Energy Sector 7 1) Annualized dividend yields as of 8/28/25 2) Majors: BP, COP, CVX, SHEL, TTE, XOM 3) E&P: CRGY, CTRA, DVN, EOG, EQT, EXE, FANG, MUR, NOG, OXY, PR, TALO 4) OFS: ACDC, AESI, BKR, FTI, HAL, HLX, HP, LBRT, NOV, OII, PDS, PTEN, PUMP, SLB, TDW, TS,
Slide 8: Extensive Contracting Success Over the Past Year
8 Noble’s avg booked 7G drillship rates ($k/d) 1 Rig Years of UDW Backlog Awarded Extensive Contracting Success Over the Past Year 1) Reflects approximately 40% assumed performance revenue realized on a combined basis under the recently announced Shell (US) and Total (Suriname) contracts. 23.91 8.77
Slide 9: Current Backlog Stands at $6.9 Billion
Current Backlog Stands at $6.9 Billion 2025 2026 2027 2028 Floaters Jackups 62% 49% 20%36% Percentage of available days committed1 Backlog ($B) and Contract Coverage 9 1.1 2.3 1.6 1.0 1) Committed days on total marketed fleet of 35 rigs, excluding three rigs planned for retirement, per 8/5/2025 flee
Slide 10: Fleet Rationalization Strategy and Actions
Fleet Rationalization Strategy and Actions Pacific Scirocco & Meltem legacy Pacific Drilling 6G-7G drillships permanently retired from drilling operation, disposed for $41 million Noble Highlander stacked jackup under agreement to be sold for $65 million Noble Globetrotter II stacked 6G drillship id
Slide 11: Global UDW Demand Snapshot
Asia Pac – 4 Rigs 2 drillships 2 semis South America – 43 Rigs Brazil 35 drillships & semis Guyana 5 drillships Col. / Sur. 3 drillships and semis West Africa – 12 Rigs Angola 6 drillships Others 6 drillships Med & Black Sea – 8 Rigs 6 drillships 2 semis Norway & UKNS – 7 Rigs 7 semis U.S. Gulf – 23
Slide 12: Marketed Floater Fleet
Marketed Floater Fleet Moderate oversupply of approximately 15 units over the near term Sources: Noble, Petrodata August 2025 12 ($100-$300M entry cost) 4-6 units10 units Current Demand Contracted Warm / Idle Cold / Shipyard 7G Drillships Other floaters 24 6g harsh semis 19 Other benign UDW 50 Tier
Slide 13: Increasing Applications for Carbon Abatement Projects
Increasing Applications for Carbon Abatement Projects Inch Cape Offshore Wind (Resilient) CCS - Northern Endurance Partnership (Intrepid and Innovator) Field Decommissioning (Resolve) Soft Drilling Demand for Harsh (JU3000 and CJ50) Jackups Persists • North Sea market hampered by fiscal and policy c
Slide 14: First Choice Offshore
First Choice Offshore Industry leading FCF generation and return of capital, anchored by strong balance sheet Globally scaled, top tier fleet supported by world class crews and organizational breadth 14 Technical leadership in drilling performance and business innovation Deep relationships with lead
Slide 15: Appendix
Appendix
Slide 16: Reconciliation of Adjusted EBITDA and Free Cash Flow
Twelve Months Ended Three Months EndedThree Months Ended June 30,Reconciliation of Adjusted EBITDA June 30, 2025March 31, 202520242025 $ 309,039$ 108,303$ 195,008$ 42,872Net income (loss) 156,92440,406(5,228)57,096Income tax (benefit) provision 145,13540,46711,99639,997Interest expense, net of amoun
Slide 17: Appendix: Fleet Contract Overview
2025 2026 2027 2028 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Noble Sam Croft (7g dual BOP) Noble Don Taylor (7g dual BOP) Noble Bob Douglas (7g dual BOP) Noble BlackHawk (7g dual BOP) Noble Venturer (7g dual BOP) Noble BlackHornet (7g dual BOP) Noble BlackLion (7g dual BOP) Noble Stanley Lafo
Slide 18: Thank you
Thank you First Choice Offshore”