Noble Corporation Plc A · NYSE:NE
Noble Corporation Plc A — Noble — Q2 2024 Earnings Presentation
11 slides from Noble Corporation Plc A's earnings presentation, Aug 1, 2024
Slide 1: Second Quarter 2024 Earnings Conference Call
Noble Corporation plc Second Quarter 2024 Earnings Conference Call August 1, 2024
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking Statements This communication includes “forward-looking statements” about Noble Corporation plc ("Noble" or the "Company") 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 histo
Slide 3: Summary
Summary Acquisition of Diamond Offshore Bolsters Deepwater Leadership Position Combination significantly accretive to FCF per share, on track to close by Q1 2025 Q2 Adjusted EBITDA of $271M, Free Cash Flow of ($26M) 48% sequential increase in Adjusted EBITDA driven by key contract startups Quarterly
Slide 4: Second Quarter Financial Highlights
Second Quarter Financial Highlights Adjusted EBITDA Adjusted EBITDA margin Net capital expenditures Free cash flow $271M 39% $133M ($26M) $183M 29% $167M ($38)M Net debt Leverage Backlog Liquidity $459M 0.4x $656M $4.2B $374M 0.5x $4.4B $739M Prior quarter figures for Q1 2024 shown below 4
Slide 5: Current Backlog Stands at $4.2 Billion
Current Backlog Stands at $4.2 Billion Backlog ($B) and Contract Coverage 76% 48% 26% 12% 1.7 Floaters Jackups 1.1 1.0 0.5 2024 2025 2026 2027 Percentage of available days committed1 1) Committed days on total marketed fleet, excluding cold stacked rigs, per 7/31/2024 fleet status 5
Slide 6: Deepwater Fleet Overview
Deepwater Fleet Overview 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DRILLSHIPS Recent Highlights Noble Tom Madden (7g dual BOP) Noble Sam Croft (7g dual BOP) Noble Don Taylor (7g dual BOP) • Stanley Lafosse: five additional wells option Noble Bob Douglas (7g dual BOP) exercised (~1 year) with Murphy in the G
Slide 7: Jackup Fleet Overview
Jackup Fleet Overview 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Recent Highlights ULTRA HARSH ENVIRONMENT Noble Innovator (CJ70) • Innovator: exercise of priced options with Noble Integrator (CJ70) BP in the UK North Sea for an estimated Noble Interceptor (CJ70) duration of approximately 8 months Noble Intr
Slide 8: Financial Overview
Financial Overview ($ millions) Quarter End Quarter End 6/30/2024 3/31/2024 Revenue 693 637 Adjusted EBITDA 271 183 margin % 39% 29% Net Income 195 95 Diluted EPS 1.34 0.66 Cash flow from operations 107 129 Cash paid for capital expenditures, net 133 167 Free cash flow (26) (38) Net debt 1 459 374 L
Slide 9: 2024 Guidance Update
2024 Guidance Update $ millions Revenue 2,650 - 2,750 2,550 - 2,700 Adjusted EBITDA 950 – 1,000 925 – 1,025 Capital Additions, net of reimbursements 400 – 440 400 - 440 Denotes prior guidance Guidance excludes any consideration of Diamond acquisition 9
Slide 10: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures Reconciliation of Adjusted EBITDA Three Months Ended June 30, Three Months Ended 2024 2023 March 31, 2024 Net income (loss) $ 195,008 $ 65,816 $ 95,481 Income tax (benefit) provision (5,228) (671) (10,213) Interest expense, net of amounts capitalized 11,996
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