Slide 1: Second Quarter 2025 Earnings Conference Call
Noble Corporation plc Second Quarter 2025 Earnings Conference Call August 6, 2025
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: Summary
Summary Approximately $380M in New Contracts(1) Globetrotter I, Innovator, Intrepid, Resilient, Stanley Lafosse, Viking Q2 Adjusted EBITDA of $282M, Free Cash Flow of $107M Integration progressing well with synergy milestones effectively delivered Consistent Return of Capital Program >$1.1B returned
Slide 4: Second Quarter Financial Highlights
Second Quarter Financial Highlights Capital expenditures, net of insurance Free cash flow Adjusted EBITDA Adjusted EBITDA margin proceeds $282M 33% $110M $107M $338M 39% $173M $98M Net debt Net Leverage Liquidity Backlog $1,640M 1.3x $870M $6.9B $1,675M 1.4x $834M $7.5B Prior quarter figures for Q1
Slide 5: Current Backlog Stands at $6.9 Billion
Current Backlog Stands at $6.9 Billion Backlog ($B) and Contract Coverage 62% 49% 36% 20% 5% 2.3 Floaters Jackups 1.6 1.1 1.0 0.9 2025 2026 2027 2028 2029-2031 Percentage of available days committed1 1) Committed days on total marketed fleet of 35 rigs, excluding three rigs planned for retirement, p
Slide 6: Drillship Fleet Overview
Drillship Fleet Overview 2025 2026 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Noble Faye Kozack (7g dual BOP) Recent Highlights Noble Stanley Lafosse (7g dual BOP) Noble Valiant (7g dual BOP) • Stanley Lafosse: five-well option exercised by current customer in US Gulf extending rig Noble Venturer (7g
Slide 7: Semisubmersible Fleet Overview
Semisubmersible Fleet Overview 2025 2026 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Noble Deliverer (6g) Recent Highlights Noble Developer (6g) • Developer: commenced Petronas Noble Discoverer (6g) Suriname contract (July). Ocean GreatWhite (HE 6g) Noble Courage (6g) Ocean Apex (5g) Noble Endeavor (HE
Slide 8: Jackup Fleet Overview
Jackup Fleet Overview 2025 2026 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ULTRA HARSH ENVIRONMENT Recent Highlights Noble Innovator (CJ70) • Innovator: six wells (min 387 days) in Noble Integrator (CJ70) UK (Q3 2026). Plus two option wells. Noble Interceptor (CJ70) • Intrepid: two wells (~160 days) i
Slide 9: Financial Overview
Financial Overview ($ millions) Quarter End Quarter End 6/30/2025 3/31/2025 Revenue 849 874 Adjusted EBITDA 282 338 margin % 33% 39% Net Income 43 108 Diluted EPS 0.27 0.67 Cash flow from operations 216 271 Cash paid for capital expenditures, net of proceeds 110 98 from insurance claims Free cash fl
Slide 10: Full Year 2025 Guidance Update
Full Year 2025 Guidance Update $ millions Revenue 3,200 – 3,300 3,250 – 3,450 Adjusted EBITDA 1,075 – 1,150 1,050 – 1,150 Capital Additions, net of reimbursements 400 – 450 375 - 425 Denotes prior guidance 10
Slide 11: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures Three Months Reconciliation of Adjusted EBITDA Three Months Ended June 30, Ended 2025 2024 March 31, 2025 Net income (loss) $ 42,872 $ 195,008 $ 108,303 Income tax (benefit) provision 57,096 (5,228) 40,406 Interest expense, net of amounts capitalized 39,997
Slide 12: First Choice Offshore™
First Choice Offshore™