Noble Corporation Plc A · NYSE:NE
Noble Corporation Plc A — Noble — Merger or Acquisition (March 2021)
19 slides from Noble Corporation Plc A's merger presentation, Mar 25, 2021
Slide 1: Noble Drilling Announces Combination with Pacific Drilling
Exhibit 99.2 Noble Drilling Announces Combination with Pacific Trusted Partner Company Presentation | 25 March 2021
Slide 2: Transaction Overview
Transaction Pro-Forma Approvals to tranch receive es and PACD /ï,§ Overview Closing MIP. Noble cashï,§ shareholders: balance [Graphic AlreadyatAppears approved closing 75.1%Timeline Here] by Ownership(1) majority Summary ï,§ Targeted of ï,§ PACD ï,§PACD All- closing: shareholders stock shareholders:
Slide 3: Strong Strategic Rationale
Strong Strategic Ability to integrate Rationale quickly[Graphic and realize Appears meaningful Here] cost 1 High synergies specification 5 Strengthens UDW drillship balance fleet sheet2 Shared culture of safety and operational excellence 3 Expands customer relationships and geographic footprint 4
Slide 4: High Specification UDW Drillship Fleet
High capable 12,000 BOP Specification Samsung Dual10,000 Activity UDWYearDrillship  In Service Fleet 2013 Pacific 2014 Customer(1) Drilling 2014 Fleet 2011 Note: Overview 2011Excludes Max7th Water Bora Generation Depth and Mistral – Drillships 4 (1):6th Currently Genera
Slide 5: Ability to Realize Meaningful Synergies
Ability Committed Drilling improved assets inventory into Noble tomanagement Realize quickly; to Capital The runBora rate Meaningful achieved and Mistral by Discipline will end of be 2021 divested Synergies; Capex quickly Noble synergies to[Graphic eliminate givenAppears the stacking complementary H
Slide 6: Historical and Estimated Rig Demand
Historical Rig 190 340 170 350 180 +38 0150 2016 Source: Number 0 years Demand 360 338 324 330 2017 Rystad 160 140 ofRig and 2018 rigs 155 321 Expected years Estimated Energy operated 2019 140 320 2020 to UCube; will Floater Bottom 318 2021 exceed 314 Rystad Demand 2022 in130 2021 number 129 2023 En
Slide 7: The Noble Platform
The Noble Platform
Slide 8: Unique Premium Platform
Unique 654321[Graphic (1): Premium Strategic Unwavering Cash Strong, Ideal Proplatform flow Investment Forma Appears resilient and fleet focused commitment for diverse to ofHere] and the capture 24 Opportunity offshore Pacific flexible customer value to Drilling safety balance drilling and relations
Slide 9: High Specification Fleet
High The (7) (2)   (1)    Note: 7G Premium Semisubmersible Young Contract Noble Specification Pro Floaters Forma Fleet fleet Jackups / future (4) (average for6G Fleet the contract Floaters Pacific fleet age (9) Drilling of High-Spec 8
Slide 10: Expanding Customer Relationships and Geographic Footprint
Strong 5Expanding Pacific 2US Customers 1N Region Select Noble Note: oble 2 GOM Region Pro 5Floaters Customers Select Jack-ups Customer Drilling US Malaysia Guyana Noble Far Forma / Region 2Existing Mexico GOM Select East Jack-ups Pacific Noble 4/ for Suriname Relationships, Select Region /Trinidad
Slide 11: Acquisition Enhances Backlog and Customer Relationships
Acquisition Revenue $b $1.9 $10.2 20% $1.3 $1.7 10% Pacific $1.2 $1.7b Note: demand worked 11 Rig 3% 60% Noble ofYears Drilling from 7% revenue Backlog and backlog IHSStrategic backlog Rigbase. By as Contractor ofwith Enhances emergence blue Pacific chip Customer date, Drilling’s customers backlog A
Slide 12: Track Record of Contract Awards and Utilization
Track Jack-Up 42% 380 70 7% (months) 2Fixe 13% 500 020 Noble Global 89% Note: agreed 500 0000 2014 90 (%) 10 50 Noble Average d100 10% Record Competitors Ownership contracts, Rig 6% Contract & 2015 60Utilization Modern Fleet fleet Total for total 2016 utilization 5% excluding 1Beating of500 %utiliza
Slide 13: Culture and Safety Performance
Culture [Graphic Key Invest Relationship •Core Committed Top  13Honesty Safety Environmental Respect Performance Zero Drivers Values inof Quartile our Appears Process and Operational and people driven Integrity Problem accountable Stewardship UtilizationBest Safety Here]Excellence solvers E
Slide 14: Cash Flow Focused: Cost Reductions
Cash Flow Reduced rationalized highlight optimization labor the Focused onshore 14 value costsof[Graphic through resources Noble’sstandard Appears assets,  Dispose people manning Here]of and Disciplined rigs and brand to nationalization eliminate  Disciplined Meaningfully stacking  Reduced
Slide 15: Meaningful Reduction in Breakeven Dayrates
Meaningful Years downtime, Ago Current and Dayrate allocations 2 Reduction Years for Agoshorebased in Current “Fully Burdened” burden, “Fullyinterest Burdened” Breakeven expense includes “Fully and Burdened” cash all direct taxes costs Note: Breakeven and Allocations allocations Dayrate based Dri
Slide 16: Strong Balance Sheet
Strong are Pacific Debtbeing Maturity Balance Drilling acquired $1.7 Sheet willon billion beand a in debt-free separate Ample 2025 16 basis Liquidity credit Noble silo [Graphic (1) to receive Pro Appears forma approximately forHere] PACD Best-in-Class acquisition $30 millionPro Balance in Forma cash
Slide 17: High Cash Flow Generation Potential
High 95% 90% NobleCash Lloyd EBITDA Generation Noble dayrate ~$130mm Potential is illustratively ~$520mm [Graphic ~$880mm Appears assumed Here] (1): at $300k Annual Illustrative forEBITDA all EBITDA cases.calculation 17 generation for from 11 active active floaters fleet(1) (assumes Floater 1Dayrate
Slide 18: Why Noble?
Why Noble? Premium Fleet Operational Excellence Noble is the platform for investment in offshore Cash Flow Focused drilling Strong Balance Sheet Solid Backlog, Customers 18
Slide 19: Slide 19