Noble Corporation Plc A · NYSE:NE
Noble Corporation Plc A — Noble — Merger or Acquisition (September 2022)
18 slides from Noble Corporation Plc A's merger presentation, Sep 7, 2022
Slide 1: Investor Presentation September 2022
Investor Presentation September 2022 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements” about Noble Corporation’s (“Noble” or the “Company”) business, financial performance and position, contracts and prospects. Words such as anticipate, believe, could, estimate, expect, intend, may, might, pl
Slide 3: Maersk Drilling Merger Update
Maersk Drilling Merger Update Strategic Rationale 3 Major Milestones to Closing Regulatory approvals Create a World-class Offshore Driller Noble shareholder vote Enhance the Customer Experience Danish tender offer Create Value for All Shareholders Anticipated Closing Date Build a Platform for Cash F
Slide 4: Anticipated Key Financial Statistics at Closing
Anticipated Key Financial Statistics at Closing 2H22 Annualized (1) Market Cap (2) Adj. EBITDA ~$4.2 bn $0.8 – 0.9 bn (4) Net Debt / 2H22 (3) Backlog (2) Annualized Adj. EBITDA ~$4.1 bn ~0.5x nd (1): Based on share price as of September 2 , 2022 ; illustratively assumes $50 million cash election is
Slide 5: Asset Mix Focused on Modern Floaters and Harsh Jackups
Asset Mix Focused on Modern Floaters and Harsh Jackups Noble + Maersk comprises a young and high-spec fleet, strategically positioned in key markets Floaters Jackups Harsh Environment Drillships Semisubmersibles Ultra-Harsh Environment Rig count 15 3 5 8 S.E. Asia, W. Africa GOM, W. Africa & Norway,
Slide 6: Modern Fleet has Scale and Utilization
Modern Fleet has Scale and Utilization Noble’s fleet does not require major reactivation capital 1 (1) Contracted Future Contracted 1 40 28 22 1 12 Contracted 8 1 1 2 2 2 2 5 Stacked 9 11 Warm Stacked Cold Stacked (2) Offshore Driller Peer 1 Peer 2 Peer 3 Peer 4 Total Fleet 31 52 39 14 12 (3) Utiliz
Slide 7: Consistent Contracting Success for Noble's UDW Assets
Consistent Contracting Success for Noble’s UDW Assets (1) Proportion of UDW Drillship Years Awarded …Our high-spec drillship fleet has consistently contracted at market shares in excess of our nominal rig count. Source: S&P Global Petrodata 7 (1): pro forma for Noble and Maersk Drilling as of August
Slide 8: Leading the Way in Sustainability & Innovation
Leading the Way in Sustainability & Innovation Utilizing best-in-class innovation to drive sustainability and long-term differentiation Hybrid Upgrades on Norwegian Jackups ▪ Combining hybrid power, data intelligence and cleaning technology (SCR), the company’s hybrid jackups will push the boundarie
Slide 9: Offshore Macro Setup is Strongest in Years
Offshore Macro Setup is Strongest in Years Offshore is essential to global energy supply Global liquids production by source ▪ Deepwater currently produces ~10% of the global oil Million barrels per day 77 87 94 103 supply, with forecasted growth of 3 MMB/D by 2030 100% 3% 3% 1% Oil Sands 8% 11% 14%
Slide 10: Offshore Barrels Have Low Breakevens
Offshore Barrels Have Low Breakevens Offshore projects have more stringent approval hurdles – resulting in lower breakevens & higher margins Sanctioned Projects Forecasted Projects Project Breakevens Since 2019 Through 2027 Forecasted projects through 2027 2% 5% $170 billion 17% Breakeven Ranges $48
Slide 11: Offshore Barrels Have Low Carbon Intensity
Offshore Barrels Have Low Carbon Intensity Energy investments with the lowest carbon emissions footprint should be prioritized Emissions Intensity by Source Offshore Emissions Intensity by Location kg CO2 / barrel of equivalent kg CO2 / barrel of equivalent 19 Deepwater 27 16 17 16 10 9 7 6 12 US GO
Slide 12: Offshore Sanctioning is Forecasted to Ramp Up
Offshore Sanctioning is Forecasted to Ramp Up Project approvals are expected to reach levels unseen since 2012 Capital committed for offshore greenfield by year 100% allocated to the approval year Forward Estimates $143 $145 billion $138 $133 Project approvals $38 $54 $74 $75 Jackups $95 drive capit
Slide 13: Significant Improvements in Floater Market
Significant Improvements in Floater Market Floater Supply / Demand Dynamics Current Snapshot of Floater Supply & Demand UDW Floater Utilization & Supply Drillships & semisubmersibles designed for >7,500 ft of water Shown on Chart 145 All UDW Tier 1 99% 99% Total 96% Floaters Floaters Drillships Supp
Slide 14: All Floaters in the Industry Are Not Created Equal
All Floaters in the Industry Are Not Created Equal Noble’s UDW floater fleet is highly concentrated around Tier 1 Drillships Leading-edge Tier 1 UDW dayrates are $375-$425 k/d ▪ Improvements have outpaced recent forecasts and continue to trend positively 140 Contracted Noble + Maersk Drilling have 1
Slide 15: Harsh & Ultra-Harsh Jackup Markets Are Tightening
Harsh & Ultra-Harsh Jackup Markets Are Tightening Harsh & Ultra-Harsh Jackup Supply / Demand Dynamics Current Snapshot of Jackup Supply & Demand Harsh Jackup Rig Utilization & Supply Jackups designed for cold climates & extreme marine conditions Shown on Chart 108 All Harsh Ultra Total 96% 95% 95% S
Slide 16: Highly Attractive FCF Potential from Currently Active Fleet
Highly Attractive FCF Potential from Currently Active Fleet Illustrative EBITDA and FCF sensitivity Dayrate Scenario A B C EBITDA 2.0 Dual BOP floaters $375k $425k $475k FCF (ten x Tier-1 drillships) 1.5 1.4 Other floaters $275k $335k $400k (six x UDW semis and drillships) 0.8 0.9 billion Ultra hars
Slide 17: The Noble Platform - Leading the Way
The Noble Platform - Leading the Way A new and dynamic leader in offshore drilling Leader in sustainability & innovation High-spec, highly utilized fleet Global scale with diversification Conservative & flexible balance sheet Increasingly favorable market conditions Attractive FCF with a priority to
Slide 18: www.noblecorp.com
www.noblecorp.com