Noble Corporation Plc A · NYSE:NE
Noble Corporation Plc A — Noble — Q4 2023 Earnings Presentation
11 slides from Noble Corporation Plc A's earnings presentation, Feb 23, 2024
Slide 1: Fourth Quarter 2023 Earnings Conference Call
Noble Corporation plc Fourth Quarter 2023 Earnings Conference Call February 23rd, 2024
Slide 2: Disclaimer: Forward-Looking Statements
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 Q4 Adjusted EBITDA of $201M, Free Cash Flow of $165M Full Year 2023 Adjusted EBITDA of $810M near top end of guidance range Maintaining Return of Capital Discipline $337M of capital returned to shareholders Q4 2022 - Q1 2024 Over $500M in New Contracts Since Last Quarter Discoverer, Voyager,
Slide 4: Fourth Quarter Financial Highlights
Fourth Quarter Financial Highlights Adjusted EBITDA Adjusted EBITDA margin Net capital expenditures Free cash flow $201M 31% $123M $165M $283M 41% $99M $40M Net debt Leverage Backlog Liquidity $225M 0.3x $903M $4.6B $341M 0.3x $4.7B $795M Prior quarter figures for Q3 2023 shown below 4
Slide 5: Current Backlog Stands at $4.6 Billion
Current Backlog Stands at $4.6 Billion Backlog ($B) and Contract Coverage 68% 35% 24% 11% 2.100 1.9 1.943 Floaters 1.800 Jackups 1.500 1.3 1.282 1.200 1.0 981 900 600 0.4 432 300 0 2024 2025 2026 2027 Percentage of available days committed1 1) Committed days on total marketed fleet, excluding cold s
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) • Valiant: 6 months extension with LLOG, Noble Bob Douglas (7g dual BOP) expected to commence Q3 2024 Noble Stanley Lafo
Slide 7: Jackup Fleet Overview
Jackup Fleet Overview 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ULTRA HARSH ENVIRONMENT Recent Highlights Noble Innovator (CJ70) • Innovator: 90 day extension with BP Noble Integrator (CJ70) Noble Interceptor (CJ70) • Intrepid: option exercised by Harbour in the Noble Intrepid (CJ70) U.K. North Sea Noble In
Slide 8: Financial Overview
Financial Overview ($ millions) Quarter End Quarter End 12/31/2023 9/30/2023 Revenue 643 697 Adjusted EBITDA 201 283 margin % 31% 41% Net Income 150 158 Diluted EPS 1.03 1.09 Cash flow from operations 287 139 Cash paid for capital expenditures 123 99 Free cash flow 165 40 Net debt 1 225 341 Leverage
Slide 9: 2024 Guidance
2024 Guidance $ millions Revenue 2,550 - 2,700 Adjusted EBITDA 925 – 1,025 Capital Additions, net of reimbursements 400 – 440 9
Slide 10: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures Reconciliation of Adjusted EBITDA Three Months Ended Twelve Months Ended December 31, 2023 September 30, 2023 December 31, 2023 Net income (loss) $ 149,700 $ 158,323 $ 481,902 Income tax (benefit) provision (4,843) 51,659 30,341 Interest expense, net of amou
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