Noble Corporation Plc A · NYSE:NE
Noble Corporation Plc A — Noble — Howard Weil's 39th Annual Energy Conference 2011
26 slides from Noble Corporation Plc A's conference presentation, Mar 28, 2011
Slide 1: Howard Weil's 39th Annual Energy Conference
Howard Weil's 39th annualEnergy ConferenceNew Orleans, LouisianaMarch 27-31, 2011 David W. WilliamsChairman, President & Chief Executive Officer
Slide 2: Forward Looking Statement
2 Forward Looking Statement This presentation contains "forward-looking statements" about Noble's business, financial performance, contracts and prospects. Statements regarding contract backlog, benefits, opportunities, financial performance, anticipated timing and cost of newbuild rigs, growth into
Slide 3: Why Own Noble?
3 Why Own Noble? Strong, high value backlogFleet modernization underwayTop tier safety performanceCompelling value and growth story
Slide 4: Noble's Global Footprint
4 Noble's Global Footprint 14 - Semisubmersibles13 - Drillships 47 - Jackups 2 - Submersibles 1 - Platform 1 - FPSO 76 Total Rigs + FPSO + Platform Operation Source: Noble
Slide 5: Noble's Strategy
5 Noble's Strategy Vision To be the preferred offshore drilling contractor GoalsTo operate in a manner that provides the highest focus on safety and the environmentTo maintain top tier margins and provide shareholders with a competitive investment vehicleTo deliver exceptional customer service via a
Slide 6: Second Largest Industry Backlog
6 Second Largest Industry Backlog As of February 28, 2011 Transocean Noble Seadrill* Diamond Pride ENSCO Atwood * Seadrill backlog includes 75% of the backlog, or approximately $2.2 billion, associated with Seadrill's equity ownership in North Atlantic Drilling Note: Rig types include Arctic, Drills
Slide 7: Using the Backlog and Balance Sheet to Modernize the Fleet
PP&E increase during 2010 reflects Frontier acquisition and newbuild program 7 Pro Forma Balance Sheet includes:February 2011 debt offering of $1.1 billionRepayment of Bully JV debtRepayment of outstanding revolver balance Using the Backlog and Balance Sheet to Modernize the Fleet ($ Millions) 7 Sou
Slide 8: Backlog Extends Into 2020's
8 8 Backlog Extends Into 2020's As of February 28, 2011 2011Remaining 2012 2013 2014 2015 2016 -2023 Note: Rig types include Arctic, Drillship, Jackup, Semisubmersible, Submersible, Tender. Noble backlog includes 75% performance bonus potential on rigs with bonus provisions. Includes paid shipyard t
Slide 9: Noble's Floating Fleet Growth Focused on Dynamically Positioned Vessels
9 Noble's Floating Fleet Growth Focused on Dynamically Positioned Vessels Floating Rig Count Noble Clyde Boudreaux Frontier AcquisitionNoble Danny AdkinsNoble Dave BeardNoble Jim Day Noble Bully INoble Bully IINoble Globetrotter I HHI IHHI IINoble Globetrotter II HHI III Source: Noble DP Moored
Slide 10: Newbuild Ultra-Deepwater Drillships
10 3 Newbuild Ultra-Deepwater Drillships1 option (expires 8/31/11)Yard deliveries 2Q13, 4Q13, 2Q14$605 mm all-in cost on first two, $615 on thirdProven design and turn-key construction by established shipyard- Hyundai Heavy Industries Co. Ltd.1st Newbuild with Letter of Intent with Shell at $410k/da
Slide 11: Bully Construction Progress Update
11 Bully Construction Progress Update Bully I due to leave shipyard late JulyOverall completion: ~97%Commissioning: ~74%Bully II due to leave shipyard late SeptemberOverall completion: ~85%Commissioning: ~25%Sponson fabrication underway 11 Source: Noble
Slide 12: Noble Ultra-deepwater Floater Fleet Comparison vs. Competitors
12 Noble Ultra-deepwater Floater Fleet Comparison vs. Competitors Noble Transocean Diamond Pride Seadrill* Ensco Total floaters 27 73 35 19 18 8 Ultra-deepwaterfloaters(UDW^ 7,500') 13 27 8 5 16 8 UDW average age* (years) 2.4 7.3 15.1 0.4 2.2 2.3 No. of UDW rigs with 2,500,000 pound hook load 5 5 2
Slide 13: Noble Ultra-deepwater Floater Fleet Comparison vs. Competitors
13 Noble Ultra-deepwater Floater Fleet Comparison vs. Competitors Noble Transocean Diamond Ensco/ Pride Seadrill* Total floaters 27 73 35 27 18 Ultra-deepwaterfloaters(UDW^ 7,500') 13 27 8 13 16 UDW average age* (years) 2.4 7.3 15.1 1.5 2.2 No. of UDW rigs with 2,500,000 pound hook load 5 5 2 1 6 *
Slide 14: Gulf of Mexico Update
14 Gulf of Mexico Update Noble Clyde Boudreaux has arrived in BrazilNoble Danny Adkins on standby-now expect mid-May return to full rateNoble Jim Thompson on standby- Shell's exploration plan approved by BOEMRE, permit phase nextNoble Jim Day on standbyNoble Driller in shipyard, COC expected before
Slide 15: Newbuild JU3000N HDHE Jackups
15 4 Newbuild JU3000N HDHE jackups2 remaining options expire 1/1/12Yard deliveries 4Q12, 2Q13, 4Q13, 2Q14Two rigs at $220 mm all-in cost; two at $235 mm all-inTurn-key construction by Jurong Shipyard 15 Noble's Latest JackupsUltra-premium Capabilities JU3000N Noble Scott Marks(JU2000E) Skeie N-Class
Slide 16: Examining Divestitures as Part of High-Grading
16 Examining Divestitures as Part of High- Grading Have undertaken an exercise to identify core vs. non-core jackups and floaters for potential divestitureForce ranking assets in terms of technical capability, age, marketability, and profitabilityExpect decisions on some assets in 2011
Slide 17: Regional Updates: Mexico and Brazil
17 Regional Updates MexicoRecently awarded 6 contracts + 1 extensionNoble Bill Jennings and Noble Leonard Jones have both commenced contractsBelieve additional tenders forthcoming including fast-tracks for up to two additional Noble rigsDiscussing extensions for Noble Max Smith and Noble Roy Butler
Slide 18: Regional Updates: North Sea/West Africa
18 Regional Updates North Sea/West AfricaNoble Homer Ferrington commenced farm-out March 18 North Sea interest for JU3000NsBelieve North Sea jackups will be fully utilized with rates tighteningNigerian petroleum law problematic with respect to 50% Nigerian content requirements Source: Noble
Slide 19: 2011 Guidance Updated
19 19 Previous~$2.1 billion~120 million$50 - $60 million Source: Noble 2011 Guidance Updated 19 Current~$2.4 billion~$140 million$30 - $40 million Capital, including capitalized interestCapitalized interestInterest Expense, net of capitalized interest Causes of changesAdditional newbuild drillship,
Slide 20: Safety Matters Now More Than Ever
20 20 Recordable Incident RatesNoble vs. IADC Source: Noble and the IADC Noble IADC "Safety is a paradigm of the organization and must not be compromised." Safety Matters Now More Than Ever 20
Slide 21: Leading Safety: More Than Just the Numbers
Leading Safety More Than Just the Numbers The only drilling contractor to:Win the ExxonMobil sponsored Robert W. Campbell Award for HSE excellenceWin the U.S. Minerals Management Service National SAFE Award for three consecutive years (2006, 2007, 2008) Produce an annual sustainability report and be
Slide 22: Additional Focus Area: Leading Safety to the Next Frontier
22 Additional Focus Area Leading Safety to the Next Frontier 22
Slide 23: Upcoming Potential Catalysts
23 23 Upcoming Potential Catalysts Noble Jim Day contractedMexico tenders expected to resolved by ~4/1/11Six tenders won so farNoble Homer Ferrington returns to payroll mid-March 2011Noble Clyde Boudreaux expected to return to payroll mid-AprilPermitting resumes in the U.S. GulfPermit submitted on t
Slide 24: Save the Date!
24 Save the Date! What: Shipyard visit to meet with Noble Management and tour Noble Bully IWhere: Keppel Shipyard, SingaporeWhen: 17-18 May 2011Tentative AgendaDinner with ManagementNoble Business UpdateNoble Project Review and PhilosophyNoble Bully I overviewNoble Bully I Rig Tour More details to c
Slide 25: Noble: One of the Best Values in the Space
25 25 Noble: One of the Best Values in the Space Noble has and continues to renew the fleet18 new units delivered 2007-20143 drillships to be delivered in 2011~$8.3 BN in backlog for new fleet additionsEvaluating existing fleet for high- gradingBalance sheet remains strongDebt to total capital after
Slide 26: Dorfstrasse 19a6340 BaarSwitzerlandwww.noblecorp.com Investor contact:Lee M. AhlstromVice President IR & Planning281-…
Dorfstrasse 19a6340 BaarSwitzerlandwww.noblecorp.com Investor contact:Lee M. AhlstromVice President IR & Planning281-276-6440
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