Noble Corporation Plc A · NYSE:NE
Noble Corporation Plc A — Noble — Investor Presentation (February 2025)
15 slides from Noble Corporation Plc A's investor presentation, Feb 24, 2025
Slide 1: Investor Update February 2025
Investor Update February 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 2/21/25 based on diluted shares of 162 million. 2) Backlog as of 2/17/2025 fleet status report. 3) See net debt reconciliation in Appendix. 4) Based on $2.00 annualized dividend, divided by 2/21/25 closing stock price of $26.92. 3 $1.7B Net Debt3
Slide 4: Globally Scaled, High Specification Fleet
8 4 3 4 1 2 10 1 1 Globally Scaled, High Specification Fleet 6 2 1 25 Floaters13 Jackups Americas, WAfr, APacNorway, North Sea Main Regions 4 As of February 2025, excludes drillships Meltem and Scirocco which are planned for retirement. Ultra Harsh Environment Jackups Harsh Environment Jackups Semis
Slide 5: Current Backlog Stands at $5.8 Billion
Current Backlog Stands at $5.8 Billion 2025 2026 2027 2028 Floaters Jackups 58% 37% 9%21% Percentage of available days committed1 Backlog ($B) and Contract Coverage 5 2.4 1.9 1.0 0.5 1) Committed days on total marketed fleet of 38 rigs, excluding two retired rigs, per 2/17/2025 fleet status report 2
Slide 6: Recent Contract Awards
6 Noble’s average UDW dayrates ($k)405 Noble’s avg Tier-1 drillship dayrates ($k)460 Rig Years of Backlog Awarded Last 12 Months (44% Win Share for Noble, ex Brazil + Norway) Venturer 360 days with Tullow in Ghana Developer 200 days with Petronas in Suriname 180 days with Shell in the Americas Globe
Slide 7: Marketed Floater Fleet is 93% Contracted
Marketed Floater Fleet is 93% Contracted 90% including 7G sideline capacity with significant reactivation costs and lead times Sources: Noble, Petrodata February 2025 7 ($100-200M entry cost) Deepwater Apollo Deepwater Athena Deepwater Mylos Dorado Draco Libra Meltem Valaris DS-11 Valaris DS-13 Vala
Slide 8: Global UDW Demand Snapshot
Asia Pac – 5 Rigs 3 drillships 2 semis South America – 42 Rigs Brazil 35 drillships & semis Guyana 5 drillships Colombia & Suriname 2 semis West Africa – 12 Rigs Angola 6 drillships Namibia 3 drillships & semis Others 3 drillships Med & Black Sea – 9 Rigs 6 drillships 3 semis Norway & UKNS – 7 Rigs
Slide 9: Fleet Rationalization
Meltem and Scirocco • cold stacked drillships (legacy Pacific Drilling) • retirements announced Feb 3rd 2025 Ocean Onyx and Ocean Valiant • cold stacked semis (legacy Diamond Offshore) • scrapped Q4 2024 – Q1 2025 Globetrotter I and Globetrotter II • effectively removed from competitive drilling mar
Slide 10: Return of Capital Track Record
Return of Capital Track Record >$935M Dividends + Buybacks to Date1 $0.50 Quarterly Dividend per Share $1.7B Net Debt2 1) Includes total share repurchases since Q4 2022 through 12/31/24, including $70M associated with the Maersk Drilling squeeze-out, and including Q1 2025 announced dividend. 2) See
Slide 11: Full Year 2025 Guidance
Full Year 2025 Guidance Revenue 3,250 – 3,450 Adjusted EBITDA 1,050 – 1,150 Capital Expenditures, net of reimbursements 375 – 425 $ millions 11
Slide 12: 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 12 Technical leadership in drilling performance and business innovation Deep relationships with lead
Slide 13: Appendix
Appendix
Slide 14: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures 14 Reconciliation of Adjusted EBITDA Three Months Ended Twelve Months Ended December 31, 2024 September 30, 2024 December 31, 2024 Net income (loss) $ 96,648 $ 61,216 $ 448,353 Income tax (benefit) provision 27,814 31,608 43,981 Interest expense, net of amou
Slide 15: Thank you
Thank you