Noble Corporation Plc A · NYSE:NE
Noble Corporation Plc A — Noble — Investor Presentation (September 2024)
22 slides from Noble Corporation Plc A's investor presentation, Sep 3, 2024
Slide 1: Investor Presentation September 2024
Investor Presentation September 2024
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking Statements This presentation 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 histor
Slide 3: Key Financial Figures
Key Financial Figures 1) Market capitalization as of 8/30/24 based on combined diluted shares of 170M upon expected close of Diamond acquisition. 2) Combined backlog as of 7/31/2024 Noble fleet status report and 8/6/24 Diamond fleet status report. 3) See combined net debt reconciliation in Appendix.
Slide 4: 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 4 Technical leadership in drilling performance and business innovation Deep relationships with leadi
Slide 5: Consistent and Growing Return of Capital
Consistent and Growing Return of Capital >$500M Dividends + Buybacks to Date1 $0.50 Quarterly Dividend per Share $1.5B Combined Net Debt2 1) Includes total share repurchases since Q4 2022 through 8/31/24, including $70M associated with the Maersk Drilling squeeze-out; and including Q3 2024 dividend
Slide 6: Strength Through Consolidation
Strength Through Consolidation 2020 2021 2022 2024 4 7 11 15 7G dual BOP drillships comprise ~65% of 2024 Adj EBITDA 61) 15 7G dual activity drillships anticipated on a combined basis upon closing of Diamond acquisition 1
Slide 7: Diamond Acquisition Highlights
Diamond Acquisition Highlights 7 Highly complementary fleets and customer coverage Cultural commonality: safety, operational excellence and service posture Robust combined backlog1 of $6.2B provides enhanced cash flow coverage Anticipated cost synergies of $100 million; targeting 75% within one year
Slide 8: Globally Scaled, High Specification Fleet
8 4 3 4 1 3 10 1 1 Globally Scaled, High Specification Fleet 5 5 1 28 Floaters13 Jackups Americas, WAfr, APacNorway, North Sea Main Regions 8As of Q3 2024. Includes anticipated Diamond Offshore Drilling fleet including four 7G drillships and six semisubmersibles 15 49 5 8 28 13 Ultra Harsh Environme
Slide 9: Combined Backlog Stands at $6.2 Billion
Combined Backlog Stands at $6.2 Billion 2024 2025 2026 2027 NE Floaters Jackups DO Floaters 78% 53% 15%32% Percentage of available days committed1 Backlog ($B) and Contract Coverage 9 1.3 2.5 1.7 0.7 1) Committed days on total marketed fleet, excluding cold stacked rigs, per 7/31/2024 Noble fleet st
Slide 10: Robust Combined Backlog Supported by Strong Customer Relationships
Diamond’s customer lineup is anticipated to be highly complementary 10 Robust Combined Backlog Supported by Strong Customer Relationships Current Diamond customers as of September 2024
Slide 11: World's First Green Methanol Rig Design
11 World’s First Green Methanol Rig Design Conceptual design of a jackup rig powered by green methanol completed. Using green methanol in place of traditional diesel fuel on a jackup rig can potentially result in up to 95% CO₂ emission reductions. Energy Efficient Insight (EEI) Implemented EEI energ
Slide 12: Foundations for an extended upcycle
Foundations for an extended upcycle Deepwater production growth is increasingly critical to global energy supply. Offshore sanctioning is ramping significantly – exceeding prior decade highs. 12 Dayrates and Free Cash Flow are poised for continued expansion. UDW rig utilization is >90%, limited side
Slide 13: Harsh Environment Jackups
Harsh Environment Jackups Current Jackups Utilization Snapshot All Jackups Harsh Jackups Ultra Harsh Jackups Total Supply 502 95 16 Marketed Supply 442 90 16 Demand 410 82 14 Total Utilization 82% 86% 88% Marketed Utilization 93% 91% 88% Source: Petrodata August 2024 13 ➢Global jackup demand stable
Slide 14: Deepwater Spend Expected to Inflect
Source: Rystad UCube, August 2024, UDW (1,000+m) capex forecast 14 Deepwater Spend Expected to Inflect ~20% forecasted increase for 2026-27 compared to 2023-25 levels Global Deepwater O&G Capex by Year ($B) 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 52 48 39 40 47 64 66 67 76 82 2023-25 Avera
Slide 15: Open Demand for Floaters Continues to Build
Open Demand for Floaters Continues to Build Indicating large pent up backlog potential Source: Petrodata August 2024 – open demand for total floaters including tenders and pre-tenders 70 67 89 94 101 12011 11 13 14 18 21 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q1 2023 Q3 2024 Total Rig Years of Open Demand
Slide 16: Marketed Floater Fleet is 93% Contracted
Marketed Floater Fleet is 93% Contracted 88% including 7G sideline capacity with significant reactivation costs and lead times Sources: Petrodata August 2024, Noble 16 ($100-350M entry cost) Deepwater Apollo Deepwater Athena Deepwater Mylos Dorado Draco Libra Meltem Valaris DS-11 Valaris DS-13 Valar
Slide 17: First Choice Offshore
First Choice Offshore Industry leading FCF generation and return of capital, anchored by strong balance sheet Globally scaled, top tier fleet supported by world class crews and organizational breadth 17 Technical leadership in drilling performance and business innovation Deep relationships with lead
Slide 18: Appendix
Appendix
Slide 19: Appendix: Fleet Contract Coverage
2024 2025 2026 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Noble Globetrotter I Noble Faye Kozack JACKUPS Noble Globetrotter II Noble Stanley Lafosse Noble Valiant Noble Gerry de Souza Pacific Meltem (stacked) Noble Integrator Noble Interceptor Pacific Scirocco (stacked)
Slide 20: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures ($ thousands) 20
Slide 21: Appendix: Combined Net Debt Reconciliation
Appendix: Combined Net Debt Reconciliation ($ thousands) 21
Slide 22: Thank you
Thank you