Slide 1: Third Quarter 2023 Earnings Conference Call
Noble Corporation plc Third Quarter 2023 Earnings Conference Call November 1st, 2023
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation and the conference call to which it pertains contains “forward-looking statements” about Noble Corporation plc’s (“Noble” or the “Company”) within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended.
Slide 3: Summary
Summary 33% Increase to Quarterly Dividend in Q4 2023 $0.40 per share dividend declared for Q4, up from $0.30 dividend in Q3 >$200 million capital returned via dividends and share buybacks over the past year Q3 Adjusted EBITDA of $283M, Free Cash Flow of $40M Sequential EBITDA growth from increasing
Slide 4: Third Quarter Financial Highlights
Third Quarter Financial Highlights Adjusted EBITDA Adjusted EBITDA margin 1 Capital expenditures Free cash flow $283M 41% $99M $40M $188M 29% $107M $104M Net debt Leverage Backlog Liquidity $341M 0.3x $795M $4.7B $330M 0.4x $5.0B $805M Prior quarter figures for Q2 2023 shown below 1) Adjusted EBITDA
Slide 5: Current Backlog Stands at $4.7 Billion
Current Backlog Stands at $4.7 Billion Backlog ($B) and Contract Coverage 66% 60% 35% 24% 12% 2,100 Floaters 1.8 1,781 1,800 Jackups 1,500 1.2 1,191 1,200 0.9 915 900 600 0.4 0.3 429 341 300 0 2023 2024 2025 2026 2027 Percentage of available days committed1 1) Committed days on total marketed fleet,
Slide 6: Deepwater Fleet Overview
Deepwater Fleet Overview 2023 2024 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) • Valiant: 6 months with LLOG, expected to Noble Bob Douglas (7g dual BOP) commence early Q1 2024. Noble Stanley Lafosse
Slide 7: Jackup Fleet Overview
Jackup Fleet Overview 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ULTRA HARSH ENVIRONMENT Recent Highlights Noble Innovator (CJ70) • Regina Allen: 220 days with TotalEnergies in Noble Integrator (CJ70) Argentina Noble Interceptor (CJ70) Noble Intrepid (CJ70) • Reacher: 15 months of priced options Noble Invinc
Slide 8: Financial Overview
Financial Overview ($ millions) Quarter End Quarter End 9/30/2023 6/30/2023 Revenue 697 639 Adjusted EBITDA 283 188 margin % 41% 29% Net Income 158 66 Diluted EPS 1.09 0.45 Cash flow from operations 139 211 Cash paid for capital expenditures 99 107 Free cash flow 40 104 Net debt 1 341 330 Leverage 2
Slide 9: 2023 Guidance Update
2023 Guidance Update $ millions Revenue 2,500 - 2,600 (2,350-2,550) Adjusted EBITDA 775 – 825 (725 – 825) Capital expenditures, net 325 – 365 (unchanged) (denotes prior guidance) 9
Slide 10: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures
Slide 11: Slide 11