Slide 1: Noble Corporation plc Third Quarter 2025 Earnings Conference Call
Noble Corporation plc Third Quarter 2025 Earnings Conference Call October 28, 2025
Slide 2: Disclaimer: Forward-Looking Statements
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 Fleet Rationalization Recently completed: Highlander, Reacher | Planned: Globetrotter II Approximately $740M in New Contracts(1) BlackLion, BlackHornet, Venturer, Developer, Resolute, Interceptor 2025 Guidance Narrowed Revised guidance ranges detailed on page 10 Q3 Adjusted EBITDA of $254M,
Slide 4: Third Quarter Financial Highlights
Third Quarter Financial Highlights Adjusted EBITDA $254M $282M Capital expenditures, net of insurance proceeds $138M $110M Free cash flow $139M $107M Net debt $1,499M $1,640M Backlog $7.0B $6.9B Adjusted EBITDA margin 32% 33% Net Leverage 1.3x 1.3x 4 Prior quarter figures for Q2 2025 shown below Liq
Slide 5: Current Backlog Stands at $7.0 Billion
Current Backlog Stands at $7.0 Billion 2025 2026 2027 2028 Floaters Jackups 63% 57% 24%41% Percentage of available days committed1 Backlog ($B) and Contract Coverage 5 0.5 2.4 1.9 1.3 1) Committed days on total marketed fleet of 35 rigs, per 10/27/2025 fleet status report. 2029-2031 0.9 6%
Slide 6: Drillships Fleet Overview
6 Drillships Fleet Overview Recent Highlights • BlackHornet: 2-yr extension with bp in the U.S. Gulf • BlackLion: 2-yr extension with bp in the U.S. Gulf • Venturer: 1-well contract with Amni in Ghana Firm contract period Options As of 10/27/25 fleet status 2025 2026 2027 J F M A M J J A S O N D J F
Slide 7: Semisubmersible Fleet Overview
7 Semisubmersible Fleet Overview Firm contract period Options As of 10/27/25 fleet status 2025 2026 2027 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 Deliverer Noble Developer Noble Discoverer Ocean GreatWhite Noble Courage Ocean Apex Noble Endeavor Noble Patriot Rec
Slide 8: Jackup Fleet Overview
8 Jackup Fleet Overview Recent Highlights • Resolute: 1-yr contract with Eni in Dutch North Sea, plus options • Interceptor: 150-days accommodation scope with Aker BP in Norway • Mick O’Brien: extended duration (~7 months) of wells-in-progress Firm contract period Options As of 10/27/25 fleet status
Slide 9: Financial Overview
Financial Overview Quarter End 6/30/2025 Quarter End 9/30/2025 ($ millions) 849798Revenue 282254Adjusted EBITDA 33%32%margin % 43(21)Net Income (Loss) 0.27(0.13)Diluted EPS 216274Cash flow from operations 110138Cash paid for capital expenditures, net of proceeds from insurance claims 107139Free cash
Slide 10: Full Year 2025 Guidance Update
Revenue 3,225 – 3,275 3,200 – 3,300 Adjusted EBITDA 1,100 – 1,125 1,075 – 1,150 Capital Additions, net of reimbursements 425 – 450 400 - 450 Full Year 2025 Guidance Update $ millions 10 Denotes prior guidance
Slide 11: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures 11
Slide 12: First Choice Offshore”
First Choice Offshore”