Noble Corporation (NYSE:NE) Q1 2022 Earnings Conference Call May 3, 2022 8:30 AM ET Company Participants Craig Muirhead ??? Vice President of Investor Relations and Treasurer Robert Eifler ??? President and Chief Executive Officer Richard Barker ??? Senior Vice President and Chief Financial Officer Conference Call Participants Greg Lewis ??? BTIG Samantha Hoh ??? Evercore ISI Operator Good morning. My name is Chantal, and I will be your conference operator today. At this time, I would like to welcome everyo ...

Financial Data and Key Metrics Changes - Contract drilling services revenue for Q4 2021 totaled $192 million, down from $231 million in Q3 2021, primarily due to the sale of four jack-ups in Saudi Arabia and other operational impacts [29] - Adjusted EBITDA for Q4 2021 was $12 million, down from $47 million in Q3 2021, with full-year adjusted EBITDA at $97 million, towards the low end of the previously guided range [31][33] - At year-end, net debt stood at $22 million, with cash of $194 million and debt of $216 million in second lien notes [34][35] Business Line Data and Key Metrics Changes - The decrease in contract drilling services revenue was partially offset by the start of the Noble Lloyd Noble contract in Norway [29] - Capital expenditures for full year 2021 were $170 million, slightly below previous guidance due to project delays [33] Market Data and Key Metrics Changes - The ultra-deepwater market rates grew by over 50% in the last three quarters of 2021, driven by fixtures in the U.S. Gulf of Mexico [12] - Customers' drilling budgets are generally up by double digits in 2022 compared to 2021, indicating a positive outlook for offshore rig demand [13] Company Strategy and Development Direction - The company completed a transformative year in 2021, emerging from restructuring and closing the acquisition of Pacific Drilling, with plans to combine with Maersk Drilling in mid-2022 [10][11] - The combination with Maersk Drilling is expected to create a world-class offshore driller with significant synergies and a robust balance sheet [11][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the offshore rig market, expecting continued demand improvement across all segments [27] - Inflationary pressures are a concern, particularly in North and South America, but the company is focused on controlling costs and making disciplined capital decisions [42][43] Other Important Information - The company announced the scrapping of the Noble Clyde Boudreaux due to challenging economics and low utilization prospects in Southeast Asia [42] - The revenue backlog at the end of the year stood at $41.2 billion, excluding the conditional award of 7.4 years of contract term with ExxonMobil in Guyana [35][67] Q&A Session Summary Question: Insights on rig pricing in Guyana and future revenue drivers - Management noted that specific rates cannot be disclosed but emphasized that rates are set several months in advance and reflect market conditions at that time [54][56] Question: Future of the Globetrotter I in the Gulf of Mexico - The rig is expected to enter the spot market, with ongoing bids in various locations, indicating confidence in securing continued work [59] Question: Shareholder returns post-Maersk merger - Management indicated that returning capital to shareholders will be a high priority after the merger, with a focus on dividends or share buybacks [70]

Financial Data and Key Metrics Changes - Contract drilling services revenue for Q2 2021 totaled $200 million, an increase from $159 million in the combined first quarter [33] - Adjusted EBITDA for Q2 2021 was $10 million, down from $28 million in the combined first quarter [40] - Total liquidity at June 30 was $636 million, including $161 million in cash and $475 million available under the credit facility [44] Business Line Data and Key Metrics Changes - The acquisition of Pacific Drilling contributed to increased revenue, with the Pacific Santa Ana and Pacific Sharav earning revenue during the quarter [34] - The company secured three new contracts for its ultra-deepwater rigs, adding approximately 180 operating days and a cumulative contract value of over $55 million [10][12] Market Data and Key Metrics Changes - The U.S. Gulf of Mexico ultra-deepwater market saw a five-fold increase in contract fixtures in the first half of 2021, with rig utilization rising sharply [13] - In West Africa, drillship utilization increased from 56% in Q1 to 73% in Q2, indicating a recovery in the market [18] - Global demand for ultra-deepwater rigs is expected to exceed 2020 levels by over 25% in 2022 [22] Company Strategy and Development Direction - The company is focused on integrating the Pacific Drilling acquisition and achieving $30 million in annual synergies by the end of Q3 2021 [41] - Noble is pursuing strategies to reduce fuel consumption and emissions, including power plant optimization and installation of Selective Catalytic Reduction systems [53] - The company aims to maintain cost discipline and make responsible investment decisions to enhance its value proposition [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the ultra-deepwater market and the potential for increased dayrates and contract durations [23] - The company expects to generate positive free cash flow by early 2022, supported by new contracts and improving market conditions [49] - Management acknowledged ongoing challenges in the industry but emphasized the importance of oil and gas in the global energy mix [52] Other Important Information - The company completed the disposal of two rigs, generating approximately $30 million in cash and eliminating $10 million in annual stacking costs [41] - Capital expenditures for Q2 2021 were $55 million, reflecting contract-specific projects and preparations for upcoming contracts [40] Q&A Session Summary Question: Insights on the jackup market and its recovery - Management noted that typically the jackup market leads the recovery, but recent volatility has caused a topsy-turvy situation, with the floater market currently showing more activity [61][64] Question: Technical aspects of drilling and customer demand for managed pressure drilling (MPD) - Management confirmed that MPD is gaining momentum but is not yet standard; it is a useful tool for certain wells and customers are willing to pay for it [66][68] Question: M&A strategy and potential acquisitions - Management stated that they are focused on high-spec floaters and jackups, emphasizing the importance of fleet quality and potential synergies in any future M&A activities [75][76]

Noble Corporation plc (NYSE:NE) Q1 2021 Earnings Conference Call May 5, 2021 9:00 AM ET Company Participants Craig Muirhead - VP, IR and Treasurer Robert Eifler - President and CEO Richard Barker - SVP and CFO Conference Call Participants Operator Craig Muirhead Okay. Thank you and welcome everyone to Noble Corporation's First Quarter 2021 Earnings Conference Call. We appreciate your continued interest in the company. You can find a copy of Noble's earnings report issued yesterday evening along with the sup ...

Noble Corporation PLC (NYSE:NE) Q3 2020 Earnings Conference Call November 5, 2020 9:00 AM ET Company Participants Craig Muirhead - VP, IR & Treasurer Robert Eifler - President, CEO & Director Richard Barker - SVP & CFO Conference Call Participants Operator Ladies and gentlemen, thank you for standing by, and welcome to the Noble Corporation plc Third Quarter 2020 Results Conference Call. [Operator Instructions]. I would now like to turn the call over to Craig Muirhead, VP of Investor Relations and Treasurer ...

Noble Corporation plc (NYSE:NE) Q2 2020 Earnings Conference Call August 6, 2020 9:00 AM ET Company Participants Craig Muirhead - VP, IR and Treasurer Richard Barker - SVP and CFO Robert Eifler - President and CEO Conference Call Participants Operator Ladies and gentlemen, thank you for standing by. And welcome to the Noble Corporation plc Second Quarter 2020 Results. At this time all participants are in a listen-only mode. [Operator Instructions] I will now like to turn the conference over to your speaker f ...

Noble Corporation plc (NYSE:NE) Q1 2020 Results Earnings Conference Call May 7, 2020 9:00 AM ET Company Participants Craig Muirhead - Vice President, IR and Treasurer Julie Robertson - Chairman, President and CEO Richard Barker - Senior Vice President and CFO Robert Eifler - Senior Vice President, Commercial Conference Call Participants Sean Meakim - JPMorgan Operator Ladies and gentlemen, thank you for standing by. And welcome to the Noble Corporation Plc First Quarter 2020 Results Conference Call. [Operat ...

Noble Corporation plc (NYSE:NE) Q4 2019 Results Earnings Conference Call February 20, 2020 9:00 AM ET Company Participants Jeff Chastain - Vice President, Investor Relations Julie Robertson - Chairman, President and CEO Robert Eifler - Senior Vice President, Commercial Stephen Butz - Chief Financial Officer Conference Call Participants Greg Lewis - BTIG Sean Meakim - JPMorgan Ian Macpherson - Simmons Taylor Zurcher - Tudor, Pickering, Holt Operator Ladies and gentlemen, thank you for standing by. And welcom ...

Noble Corporation plc (NYSE:NE) Q3 2019 Earnings Conference Call October 31, 2019 9:00 AM ET Company Participants Jeffrey Chastain - VP, IR Julie Robertson - Chairman, President and CEO Laura Campbell - VP and Controller Craig Muirhead - VP and Treasurer Robert Eifler - SVP, Commercial Conference Call Participants Kurt Hallead - RBC Sean Meakim - JPMorgan Taylor Zurcher - Tudor, Pickering, Holt Greg Lewis - BTIG Ian MacPherson - Simmons Mike Savella - Bank of America JB Lowe - Citi David Smith - Heikkinen E ...

Noble Corporation Plc (NYSE:NE) Q2 2019 Results Earnings Conference Call August 2, 2019 9:00 AM ET Company Participants Jeffrey Chastain - Vice President Investor Relations Julie Robertson - Chairman, President and Chief Executive Officer Adam Peakes - Senior Vice President and Chief Financial Officer Robert Eifler - Senior Vice President Marketing and Contracts Conference Call Participants Ian Macpherson - Simmons Sean Meakim - J.P. Morgan Taylor Zurcher - Tudor, Pickering, Holt Kurt Hallead - RBC Mike Sab ...