Slide 1: Fourth Quarter 2025 Earnings Conference Call
Noble Corporation plc Fourth Quarter 2025 Earnings Conference Call February 12, 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 Jackup Sales – Unlocking Capital and Sharpening Focus $360M Borr Drilling transaction closed in January | $64M Ocean Oilfield transaction pending close in Q3 (2) $1.3B in New Contracts and Strategic Entry into NCS Floater Market (1) GreatWhite, Gerry de Souza, CEA extension, Endeavor, Develo
Slide 4: Fourth Quarter Financial Highlights
Fourth Quarter Financial Highlights Adjusted EBITDA $232M $254M Capital expenditures $152M $138M Free cash flow $35M $139M Net debt $1,504M $1,499M Backlog $7.5B $7.0B Adjusted EBITDA margin 30% 32% Net Leverage 1.4x 1.3x 4 Prior quarter figures for Q3 2025 shown below. Liquidity $1,015M $1,010M
Slide 5: Current Backlog Stands at $7.5 Billion
Current Backlog Stands at $7.5 Billion 2026 2027 2028 Floaters Jackups 66% 41%61% Percentage of available days committed (1) Backlog ($B) and Contract Coverage 5 2.3 2.3 1.7 1) Committed days on total marketed fleet of 29 rigs, as of 2/11/2026. 2029-2031 1.2 9%
Slide 6: Drillships Overview
6 Drillships Overview Recent Highlights • Gerry de Souza: 2-year contract with ExxonMobil in Nigeria • BlackHawk: 1-well plus option with Beacon in the U.S. Gulf • CEA: four Guyana rigs extended by 6 months each to Feb-29 Firm contract period Options As of 1/26/2026 fleet status report. 2026 2027 20
Slide 7: Semisubmersibles and Jackups Overview
7 Semisubmersibles and Jackups Overview Firm contract period Options As of 1/26/2026 fleet status report. 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 Integrator Noble Interceptor Noble Discoverer Noble Invincible Ocean GreatWhite Semisubmersibles Nobl
Slide 8: Financial Overview
Financial Overview Year End 12/31/2024 Year End 12/31/2025 Quarter End 9/30/2025 Quarter End 12/31/2025 ($ millions) 3,0583,286798764Revenue 1,0651,107254232Adjusted EBITDA 35%34%32%30%Margin % 448217(21)87Net Income (Loss) 2.961.35(0.13)0.54Diluted EPS 655952277187Cash flow from operations 57552013
Slide 9: Full Year 2026 Guidance
Revenue 2,800 – 3,000 Adjusted EBITDA 940 – 1,020 Capital Expenditures (1) 590 – 640 Full Year 2026 Guidance $ 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.
Slide 10: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures $ millions 10
Slide 11: First Choice Offshore”
First Choice Offshore”