Slide 1: Second Quarter 2023 Earnings Conference Call
Noble Corporation plc Second Quarter 2023 Earnings Conference Call August 3rd, 2023
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 Amplified Return of Capital with Initiation of Quarterly Dividend $0.30 dividend payable 9/14/23 to shareholders of record as of 8/17/23 $60M of share repurchases in Q2, approximately $160M since November 2022 Committed to returning significant majority of FCF to shareholders over time via d
Slide 4: Second Quarter Financial Highlights
Second Quarter Financial Highlights Adjusted EBITDA Adjusted EBITDA margin 1 Capital expenditures Free cash flow $188M 29% $107M $104M $138M 23% $63M ($126M) Net debt Leverage Backlog Liquidity $330M 0.5x $805M $5.0B $334M 0.6x $4.6B $736M Prior quarter figures for Q1 2023 shown below 1) Adjusted EB
Slide 5: Current Backlog Stands at $5.0 Billion
Current Backlog Stands at $5.0 Billion Backlog ($M) and Contract Coverage 67% 51% 33% 24% 12% 1,800 1,588 Floaters 1,500 Jackups 1,179 1,200 855 905 900 600 428 300 0 2023 2024 2025 2026 2027 Percentage of available days committed1 1) Committed days on total marketed fleet, excluding cold stacked ri
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) • Faye Kozack: 2.5 years with Petrobras, expected to Noble Bob Douglas (7g dual BOP) commence Q1 2024. Noble Stanley Laf
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) • Intrepid: 10 months accommodation contract Noble Integrator (CJ70) with Harbour Energy expected to commence Noble Interceptor (CJ70) in Q4 2023. Noble Intrepid (CJ70) Noble Invi
Slide 8: Financial Overview
Financial Overview ($ millions) Quarter End Quarter End 6/30/2023 3/31/2023 Revenue 639 610 Adjusted EBITDA 188 138 margin % 29% 23% Net Income 66 108 Diluted EPS 0.45 0.74 Cash flow from operations 211 (63) Cash paid for capital expenditures 107 63 Free cash flow 104 (126) Net debt 1 330 334 Levera
Slide 9: 2023 Guidance (unchanged)
2023 Guidance (unchanged) $ millions Revenue 2,350 - 2,550 Adjusted EBITDA 725 - 825 Capital expenditures, net 325 - 365 9
Slide 10: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures Reconciliation of Adjusted EBITDA Three Months Ended June 30, Three Months Ended 2023 2022 March 31, 2023 Net income (loss) $ 65,816 $ 37,057 $ 108,063 Income tax (benefit) provision (671) 3,908 (15,804) Interest expense, net of amounts capitalized 14,662 7,
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