Noble Corporation Plc A · NYSE:NE
Noble Corporation Plc A — Noble — Investor Presentation (March 2026)
17 slides from Noble Corporation Plc A's investor presentation, March 2026
Slide 1: Investor Presentation March 2026
Investor Presentation March, 2026
Slide 2: Disclaimer
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: Noble at a Glance - Key Financial Figures
Noble at a Glance - Key Financial Figures Market Cap 1 Backlog 2 YE 2025 Adj EBITDA $7.2B $7.5B $1.1B Net Debt 3 Dividend Yield 4 YE 2025 Adj EBITDA margin $1.5B 4.4% 34% 1) Market capitalization as of 2/27/26 based on diluted shares of 161 million. 2) Backlog as of 2/11/26 earnings report. 3) See n
Slide 4: Resilient UDW Demand vs. Oil Price Volatility
Resilient UDW Demand vs. Oil Price Volatility 140 UDW Demand Brent ($/bbl) 120 Limited UDW demand variance since 100 2022 oil price peak (>$100 Brent) 80 10-year Brent avg <$70/bbl 60 10-year UDW count avg ~100 rigs 40 Current UDW demand of 105 matches 20 Recent 2023-24 peak levels despite Significa
Slide 5: Resurgent FID Pipeline and Open Floater Demand
Resurgent FID Pipeline and Open Floater Demand Upstream Project Sanctioning ($B) 140 Avg $130B → Avg $117B → 120 ➢ Offshore project sanctioning forecasted to increase 100 Avg $97B → meaningfully in 2027-28 versus 2025-26. 80 60 ➢ >95% of anticipated offshore FIDs have <$40 per barrel 40 Deepwa
Slide 6: Bifurcated Utilization Poised to Normalize
Bifurcated Utilization Poised to Normalize Present vs total contracted utilization NE’s backlog inflection supports differential expanded during the early meaningful utilization improvement over stage of backlog recovery in 2025 the next 12-18 months 100% Contracted UDW Utilization 105 total $7.5B 7
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 5-8 units 10 units 11 units Current Demand 141 units Deepwater Apollo Deepwater Athena 141 contracted floaters sits Deepwater Mylos between 2024 peak (147) and 2025 Tier 1 d
Slide 8: Noble's Globally Scaled UDW and Harsh Environment Fleet
Noble’s Globally Scaled UDW and Harsh Environment Fleet 24 Floaters 5 Jackups Americas, WAfr, APac Main Regions Norway, UK 5 Ultra Harsh Environment Jackups 2 1 5 6 High Spec Drillships 4 1 2 15 6 9 4 2 Other Floaters 4 24 Rig locations of 1/13/26 fleet status report. Excludes rigs held for sale: No
Slide 9: High Specification Assets With Leading Technical Capabilities
High Specification Assets With Leading Technical Capabilities 15 High Spec Drillships 9 Other Floaters 5 Ultra Harsh Jackups 15x MPD / CML equipped (owned systems) 3x Elite benign UDW semis (D rigs) Preferred NCS jackup class 14x Dual BOP equipped 1x Tier-1 Norway semi (GreatWhite) 4x CJ70 rigs deli
Slide 10: Extensive Contracting Success Over the Past Year
Extensive Contracting Success Over the Past Year Industry-leading 31 rig years of floater awards • 19 rig years of 7G drillship awards (avg $416 k/d) 1 • 12 rig years of other floater awards (avg $384 k/d) 1 1) Reflects approximately 40% assumed performance revenue realized on a combined basis under
Slide 11: Backlog Stands at $7.5 Billion
Backlog Stands at $7.5 Billion Backlog ($B) and Contract Coverage 66% 61% 41% 9% 2.3 2.3 Floaters Jackups 1.7 1.2 2026 2027 2028 2029-2031 Percentage of available days committed1 1) Committed days on total marketed fleet of 29 rigs, as of 2/11/2026. 11
Slide 12: Industry Leadership in Shareholder Capital Returns
Industry Leadership in Shareholder Capital Returns $1.3B in Total Dividends & Buybacks Over Past 3 Years Cumulative Capital ($M) Quarterly DPS 1,400 0.55 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 1,200 Committed to returning $0.40 $0.40 $0.40 0.45 essentially all FCF via buybacks & dividends 1
Slide 13: First Choice Offshore
First Choice Offshore Globally scaled, top tier fleet supported by world class crews and organizational breadth Technical leadership in drilling performance and business innovation Deep relationships with leading upstream operators – customer centric service posture Industry leading FCF generation a
Slide 14: Appendix: Full Year 2026 Guidance
Appendix: Full Year 2026 Guidance $ millions Revenue 2,800 – 3,000 Adjusted EBITDA 940 – 1,020 Capital Expenditures 590 – 640 1) Guidance as of 2/11/2026. 2) Includes 50% of the estimated $160 million project capital for the Noble GreatWhite, as well as approximately $25 million of reimbursable cape
Slide 15: Appendix: Recent Financial Metrics
Appendix: Recent Financial Metrics ($ millions) Quarter End Quarter End Year End Year End 12/31/2025 9/30/2025 12/31/2025 12/31/2024 Revenue 764 798 3,286 3,058 Adjusted EBITDA 232 254 1,107 1,065 Margin % 30% 32% 34% 35% Net Income (Loss) 87 (21) 217 448 Diluted EPS 0.54 (0.13) 1.35 2.96 Cash flow
Slide 16: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures $ millions 16
Slide 17: Thank you
Thank you First Choice Offshore