Core Viewpoint - Benton Resources Inc. is seeking approval from the TSX Venture Exchange for the acquisition of a 100% interest in Noble Mineral Exploration Inc.'s Island Pond Property, which consists of 7 claims covering 175 hectares and is adjacent to the Company's South Pond Gold Zone in Newfoundland [1][2]. Acquisition Details - The acquisition involves a one-time cash payment of $30,000 and the issuance of 1,000,000 common shares to Noble, subject to a standard four-month hold period from the Exchange approval date [1][2]. - The Island Pond Property is subject to a 2% Net Smelter Royalty (NSR) to an original vendor and a 1% NSR to Noble, with Benton assuming rights to buy back the original 2% NSR for $1.5 million [2]. Company Overview - Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX, with a diversified property portfolio and significant equity positions in other mining companies [5]. - The company is focused on advancing its high-grade Copper-Gold Great Burnt Project in Newfoundland, which has a Mineral Resource estimate of 667,000 tonnes at 3.21% Cu Indicated and 482,000 tonnes at 2.35% Cu Inferred [6][7]. Exploration Results - The Great Burnt Project has shown promising geological potential with six known Cu-Au-Ag zones over 15 km, all open for expansion, and impressive drilling results including 25.42 m of 5.51% Cu [7]. - Drilling at the South Pond Gold Zone has confirmed a robust gold-mineralized system with results of 74.20 m of 1.43 g/t Au and 43.75 m of 1.62 g/t Au, also open for expansion [7].

Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of $21.1 million, or $(0.13) per diluted share, on operating revenues of $798.0 million, compared to a net income of $61.2 million, or $0.40 per diluted share, on operating revenues of $800.5 million for the same period in 2024[113]. - For the nine months ended September 30, 2025, net income was $130.1 million, or $0.80 per diluted share, on operating revenues of $2.5 billion, compared to net income of $351.7 million, or $2.37 per diluted share, on operating revenues of $2.1 billion for the same period in 2024[129]. - Operating income decreased by 14% to $373.0 million in 2025 from $433.0 million in 2024[130]. - Operating revenues for the nine months ended September 30, 2025, were $2.521 billion, while operating costs and expenses totaled $2.148 billion[170]. Revenue and Costs - Contract drilling services revenues for floaters increased to $630.2 million in Q3 2025 from $605.3 million in Q3 2024, primarily due to additional floaters acquired[116]. - Jackups revenue decreased to $127.3 million in Q3 2025 from $158.2 million in Q3 2024, mainly due to a $51.8 million decline from changes in operating days[117]. - Total operating costs for contract drilling services increased to $747.6 million in Q3 2025 from $685.1 million in Q3 2024, reflecting a rise in costs associated with the Diamond Transaction[115]. - Operating costs for contract drilling services increased to $2.1 billion in 2025, up 27% from $1.7 billion in 2024[130]. Utilization and Backlog - As of September 30, 2025, Noble's contract drilling services backlog totaled approximately $7.1 billion, with 61% of available days committed for floaters and 59% for jackups[107][109]. - Average rig utilization decreased to 61% in Q3 2025 from 76% in Q3 2024, with floaters at 65% and jackups at 54%[114]. - Total contract drilling services backlog as of September 30, 2025, was approximately $7.1 billion, with 61% of available days committed for the remainder of 2025[152]. Fleet and Market Conditions - The fleet consists of 36 drilling rigs, including 25 floaters and 11 jackups, following the sale of the Noble Reacher on October 6, 2025[98]. - Global rig demand has recovered to exceed pre-pandemic levels, although recent spot prices for Brent crude are in the mid to high $60s per barrel, down from an average of $80 per barrel in 2024[100]. - The majority of the jackup fleet is positioned in the North Sea, where overall activity levels remain subdued compared to historical levels[103]. - The ultra-deepwater floater market remains a focus, with customers prioritizing high-specification floaters, potentially leading to lower utilization for lower specification units[102]. Financial Position and Debt - As of September 30, 2025, total debt amounted to $1.976 billion, with total current liabilities at $779.272 million[167]. - Noble Finance II issued $600 million in 8.000% Senior Notes due 2030 in April 2023, with an additional $800 million issued in August 2024, bringing the total to $1.4 billion[157]. - The Company assumed $550 million in 8.500% Senior Secured Second Lien Notes due October 2030 as part of the Diamond Transaction[158]. - Interest expense increased to $121.0 million in 2025 from $54.5 million in 2024, primarily due to the Diamond Transaction[142]. Cash Flow and Investments - Net cash provided by operating activities increased to $764.6 million in 2025 from $519.3 million in 2024, driven by improved cash flows from operating assets[149]. - Capital additions for the nine months ended September 30, 2025, totaled $339.0 million, with an estimated range of $425.0 million to $450.0 million for the full year[152]. - Capital expenditures for the same period were $(367.776) million, indicating significant investment in operations[170]. Impairments and Expenses - The company recorded a loss on impairment of $60.7 million in Q3 2025, with no impairments noted in Q3 2024[124]. - Depreciation and amortization rose to $147.3 million in Q3 2025 from $109.9 million in Q3 2024, primarily due to the Diamond Transaction[120]. - General and administrative expenses decreased to $33.3 million in Q3 2025 from $43.6 million in Q3 2024, attributed to reductions in corporate charges[121]. Shareholder Returns - The most recent quarterly dividend declared was approximately $79.4 million, or $0.50 per share, with an interim dividend of $0.50 per share expected to be paid on December 18, 2025[160]. - Noble's Board of Directors authorized an increased share repurchase program of up to $400 million, with approximately $370 million remaining as of October 2024[163].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $254 million for Q3 2025, with a free cash flow of $139 million and a cash balance of $478 million, up $140 million from the previous quarter [4][14][15] - Contract drilling services revenue for Q3 totaled $798 million, with an adjusted EBITDA margin of 32% [14] - The total backlog as of October 27 stands at $7 billion, with approximately $2.4 billion and $1.9 billion scheduled for revenue conversion in 2026 and 2027, respectively [15][16] Business Line Data and Key Metrics Changes - The company achieved operational uptime and HSE performance, with significant achievements in well construction and completion activities in Guyana and the U.S. Gulf [5][6] - The backlog increased to $7 billion, supported by key contract awards, including extensions for the Noble Black Lion and Noble Black Hornet rigs [7][10] Market Data and Key Metrics Changes - The committed UDW rig count is approximately 100 rigs, with marketed utilization slightly up to low 90% [10] - Deepwater contracting momentum is on an uptrend, with an average of 18 UDW rig years per quarter fixed in Q2 and Q3, up 10% compared to the preceding two years [10] Company Strategy and Development Direction - The company is focused on maintaining a robust return of capital program and a prudent balance sheet position, with expectations for a healthy EBITDA and cash flow inflection late next year [19] - The management emphasized the importance of deepwater in the global upstream supply stack, indicating a strategic long-term focus on deepwater exploration [22][67] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the tightening of the deepwater market, with expectations for increased activity in late 2026 and 2027 [21][43] - The company is closely monitoring customer budget announcements, which have been less inspiring, but noted the resiliency of rig contracting activity despite macroeconomic challenges [22][66] Other Important Information - The company plans to provide 2026 guidance in the next quarter's earnings call [16] - The management is focused on cost management and optimizing cash flow, with ongoing discussions around contract opportunities for available rigs [12][76] Q&A Session Summary Question: Thoughts on improving utilization for high-spec floater fleet - Management indicated that discussions are ongoing for rigs like the Noble Viking, Jerry DeSouza, and Black Rhino, with a target of achieving 90 to 100% utilization by the second half of 2026 [25][31] Question: Details on Diamond Offshore BOP leases - Management explained the termination of the service agreement and the lease agreement, with a total cash outlay of up to $135 million expected, offset by annual savings of approximately $45 million [26][27] Question: Expectations for first half of 2026 - Management noted that there is limited work expected in the first half of 2026, with a more favorable outlook for the second half of the year [40][41] Question: Confidence in deepwater utilization recovery - Management expressed cautious optimism based on existing contracts and market tightening, indicating that day rates may have bottomed [43] Question: Demand in West Africa and macroeconomic sentiment - Management acknowledged that West Africa is a long-cycle region and noted a mix of firm and delayed project timelines, with overall demand expected to improve in late 2026 and 2027 [71][72]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $254 million, with a margin of 32%, reflecting a sequential decline due to several rigs rolling off contract [14][16] - Free cash flow for Q3 was $139 million, excluding $87 million in disposal proceeds from the sale of rigs [14][15] - The cash balance at the end of the quarter increased to $478 million, up $140 million from the previous quarter [14][15] Business Line Data and Key Metrics Changes - Contract drilling services revenue for Q3 totaled $798 million, which was lower sequentially [14] - The backlog increased to $7 billion, with significant contributions from contract extensions and new awards [7][15] Market Data and Key Metrics Changes - The committed UDW rig count is approximately 100, with marketed utilization slightly above 90%, indicating a slight improvement compared to recent quarters [10] - Deepwater contracting momentum is on an uptrend, with an average of 18 UDW rig years per quarter fixed in Q2 and Q3, up 10% compared to the previous two years [10] Company Strategy and Development Direction - The company is focused on maintaining a robust return of capital program and a prudent balance sheet position while navigating through a mid-cycle lull [4][19] - There is an emphasis on securing additional contracts to achieve 90%-100% contract coverage across high-spec drillships by the second half of 2026 [11][21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding a tightening deepwater market by late 2026 and early 2027, despite some slippage in program start dates [20][22] - The company is closely monitoring customer budget announcements, which have been less inspiring, but sees resilience in rig contracting activity [22][72] Other Important Information - The company plans to provide 2026 guidance in the next quarter's earnings call [16] - There are anticipated additional outlays of up to $135 million related to the termination of BOP service and lease contracts, which will be offset by annual savings of approximately $45 million [18] Q&A Session Summary Question: Thoughts on improving utilization for high-spec floater fleet - Management is optimistic about securing contracts for the Noble Viking, Jerry DeSouza, and Black Rhino, with ongoing discussions [25] Question: Details on Diamond Offshore BOP leases - The service agreement has been terminated, with a $35 million payment expected in Q4, and a maximum of $135 million in cash outlay anticipated [26][27] Question: Expectations for first half of 2026 - Management indicated that there is limited work expected in the first half of 2026, with a more favorable outlook for the second half [40][41] Question: Confidence in deepwater utilization recovery - Confidence is based on existing contracts and ongoing discussions, with a belief that day rates have bottomed [42][43] Question: Market conditions in West Africa - Management noted that West Africa is a long-cycle region, with demand expected to improve in the coming years [71][72] Question: Cost rationalization efforts - The company is realizing incremental cost savings as activity slows, with a focus on maintaining efficiency [76]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $254 million, with a margin of 32% [13] - Contract drilling services revenue totaled $798 million for Q3 2025, showing a sequential decline due to rigs rolling off contract [13] - Free cash flow for Q3 was $139 million, excluding $87 million in disposal proceeds, resulting in a cash balance of $478 million, an increase of $140 million from the previous quarter [13][14] - Full-year 2025 adjusted EBITDA guidance narrowed to $1.1 to $1.125 billion, with Q4 expected to be marginally lower than Q3 [15] Business Line Data and Key Metrics Changes - The backlog increased to $7 billion, with $2.4 billion and $1.9 billion scheduled for revenue conversion in 2026 and 2027, respectively [14] - The Noble Black Lion and Noble Black Hornet received two-year contract extensions from BP, valued at $310 million per rig [6][7] - The jackup Noble Resolute secured a one-year contract with ENI at a day rate of $125,000 [7] Market Data and Key Metrics Changes - The committed UDW rig count is approximately 100 rigs, with marketed utilization slightly above 90% [9] - Deepwater contracting momentum is improving, with an average of 18 UDW rig years fixed per quarter in Q2 and Q3, up 10% compared to the previous two years [9] - The Northern Europe market for jackups has stable activity at 90% marketed utilization [10] Company Strategy and Development Direction - The company is focused on securing additional contracts to achieve 90-100% contract coverage across its high-spec drillships by the second half of 2026 [10] - The company aims to optimize cash flow while maintaining a competitive dividend and strong balance sheet [22] - There is a strategic emphasis on deepwater exploration as a critical component of the global upstream supply stack [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a tightening deepwater market by late 2026 and early 2027, despite some near-term challenges [19][43] - The company is closely monitoring customer budget announcements, which have been less inspiring, impacting growth expectations [20] - There is a sense of urgency for upstream reserve replacement, indicating a potential shift towards deepwater investments [21][68] Other Important Information - The company expects to incur up to $135 million in additional outlays related to the termination of BOP service and lease contracts from the Diamond Offshore Drilling acquisition [17] - The company is committed to maintaining a robust return of capital program while managing costs effectively [18] Q&A Session Summary Question: Thoughts on improving utilization for high-spec floater fleet - Management is optimistic about securing contracts for the Noble Viking, Jerry DeSouza, and Black Rhino, with ongoing discussions [24] Question: Details on Diamond Offshore BOP leases - The service agreement has been terminated, with a $35 million payment expected in Q4, and a maximum of $135 million in cash outlays anticipated [25][26] Question: Expectations for first half of 2026 - Management indicated that the first half of 2026 may see lower earnings and cash flow, primarily driven by idle time on floaters [30][31] Question: Confidence in deepwater utilization recovery - Confidence is based on existing contracts and ongoing discussions, with a belief that day rates have bottomed [42][43] Question: Demand in West Africa versus South America - West Africa is experiencing slower demand recovery compared to South America, with expectations for improvement in late 2026 and 2027 [72]

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Financial Performance - Q3 2025 Adjusted EBITDA was $254 million[6,9], with a 32% margin[9,26] - Free cash flow for Q3 2025 reached $139 million[6,9] - Through the first nine months of 2025, free cash flow totaled $419 million, representing a 48% conversion from Adjusted EBITDA[6] - $340 million was returned to shareholders in 2025, including an announced Q4 dividend of $0.50 per share[6] - Net debt stood at $1.499 billion[9] - Liquidity was reported at $1.01 billion[9] Contract Backlog and New Contracts - The current contract backlog is $7.0 billion[9,11] - Approximately $740 million in new contracts were secured[6,7] - 63% of floater days are committed for 2025[12] - 57% of jackup days are committed for 2026[12] Fleet Management - Fleet rationalization is underway, with Highlander and Reacher recently completed and Globetrotter II planned[6] Guidance - The company narrowed its 2025 revenue guidance to $3.225 billion - $3.275 billion[6,28] - Adjusted EBITDA guidance is $1.1 billion - $1.125 billion[28] - Capital additions, net of reimbursements, are guided at $425 million - $450 million[28]

Financial Performance - Total revenue for Q3 2025 was $798 million, a decrease from $849 million in Q2 2025[3] - Net loss for Q3 2025 was $21 million, compared to a net income of $43 million in Q2 2025, with adjusted diluted earnings per share at $0.19[6] - Adjusted EBITDA for Q3 2025 decreased to $254 million from $282 million in the prior quarter[7] - Operating revenues for Q3 2025 were $798.017 million, a slight decrease from $800.549 million in Q3 2024[22] - The company reported a loss of $21.095 million for Q3 2025, compared to a profit of $61.216 million in Q3 2024[29] - Adjusted EBITDA for Q3 2025 was $254,275 thousand, a decrease of 12.6% from $290,846 thousand in Q3 2024[38] - Adjusted net income for Q3 2025 was $30,240 thousand, compared to $89,102 thousand in Q3 2024, reflecting a decline of 66.1%[41] - The unadjusted diluted EPS for Q3 2025 was $(0.13), while the adjusted diluted EPS was $0.19, down from $0.58 in Q3 2024[42] Revenue Sources - Contract drilling services revenue was $757 million, down from $812 million in the previous quarter, primarily due to a decrease in rig utilization to 65% from 73%[5] - Average rig utilization for floaters was 65% in Q3 2025, down from 72% in Q3 2024, while jackups decreased from 83% to 54% in the same period[28] - The average dayrate for floaters in Q3 2025 was $423,489, slightly down from $424,199 in Q3 2024[28] Cash Flow and Capital Expenditures - Capital expenditures for Q3 2025 were $138 million, with free cash flow of $139 million[7] - Free cash flow for the nine months ended September 30, 2025, was $396.777 million, compared to $84.608 million in the same period of 2024[33] - The company generated free cash flow of $139,477 thousand in Q3 2025, down from $164,677 thousand in Q3 2024[43] - Capital expenditures for the nine months ended September 30, 2025, were $367.776 million, down from $434.653 million in the same period of 2024[26] - Capital expenditures for Q3 2025 were $137,659 thousand, an increase from $119,104 thousand in Q3 2024[43] Shareholder Returns and Guidance - The company declared a cash dividend of $0.50 per share for Q4 2025, bringing total shareholder capital returns for 2025 to $340 million[6] - Guidance for 2025 was narrowed to total revenue of $3,225 to $3,275 million and adjusted EBITDA of $1,100 to $1,125 million[12] Backlog and Contracts - Backlog increased to $7.0 billion, with approximately $740 million in new contract value added since the last fleet status report[6] - Recent contract awards include two-year extensions for Noble BlackLion and Noble BlackHornet valued at $310 million each, and a contract for Noble Venturer at a dayrate of $450,000[13] Asset and Tax Information - Total assets decreased to $7.639 billion as of September 30, 2025, from $7.965 billion at the end of 2024[24] - Cash and cash equivalents increased to $477.946 million as of September 30, 2025, compared to $247.303 million at the end of 2024[24] - The income tax benefit for Q3 2025 was $(31,731) thousand, slightly higher than $(31,608) thousand in Q3 2024[39] Impairment and Costs - The company incurred merger and integration costs of $2,145 thousand in Q3 2025, significantly lower than $69,214 thousand in Q3 2024[41] - The loss on impairment recorded in Q3 2025 was $60,702 thousand, indicating significant asset write-downs[41] - Total adjustments to net income for Q3 2025 amounted to $51,335 thousand, compared to $27,886 thousand in Q3 2024[41] Future Outlook - The company anticipates a deepwater utilization recovery by late 2026 or early 2027, despite expecting lower earnings and cash flow in H1 2026 compared to H2 2025[13]

Core Viewpoint - Noble Corporation reported a net loss of $21 million for Q3 2025, a significant decline from a net income of $43 million in the previous quarter, attributed to decreased rig utilization and contract drilling services revenue [2][6][10]. Financial Performance - Total revenue for Q3 2025 was $798 million, down from $849 million in Q2 2025 [2][6]. - Contract drilling services revenue was $757 million, a decrease from $812 million in the prior quarter [2][6]. - Adjusted EBITDA for Q3 2025 was $254 million, down from $282 million in Q2 2025 [2][6]. - Basic and diluted earnings per share were both $(0.13) for Q3 2025, compared to $0.27 in Q2 2025 [2][6]. Operational Highlights - Rig utilization for marketed rigs was 65% in Q3 2025, down from 73% in Q2 2025 [2][5]. - The fleet of marketed floaters was 67% contracted, compared to 78% in the previous quarter [5][6]. - Average dayrates for floaters remained stable in the low to mid $400,000s [5][6]. Backlog and Contracts - The total backlog as of October 27, 2025, stands at $7.0 billion, reflecting new contracts valued at approximately $740 million [6][10]. - Recent contract extensions include two-year contracts with bp valued at $310 million per rig [7][10]. Cash Flow and Capital Allocation - Net cash provided by operating activities was $277 million, with capital expenditures of $138 million, resulting in free cash flow of $139 million [2][6]. - The company declared a quarterly cash dividend of $0.50 per share, expected to be paid on December 18, 2025 [4][10]. Balance Sheet - As of September 30, 2025, total debt was $2 billion, with cash and cash equivalents amounting to $478 million [3][6]. Guidance - The company narrowed its 2025 guidance for total revenue to a range of $3,225 to $3,275 million and adjusted EBITDA to $1,100 to $1,125 million [9][10].

Company Overview - Twin Hospitality Group Inc. is the parent company of Twin Peaks Restaurant and Smokey Bones, focusing on redefining the casual dining category with experiential-driven brands [3] - Twin Peaks operates 114 locations across 27 states and Mexico, known for its made-from-scratch food and sports bar atmosphere [3] - Smokey Bones has 45 locations across 15 states, specializing in meat-centric dishes such as ribs and slow-smoked meats [3] Recent Developments - Noble Capital Markets has initiated company-sponsored equity research coverage on Twin Hospitality Group [1] - The full report by Noble Capital Markets Senior Research Analyst, Joe Gomes, is available on Channelchek [1] Corporate History - FAT Brands Inc. executed the strategic spin-out of Twin Hospitality Group earlier this year, separating its restaurant brands into Twin Hospitality Group Inc. [2] Research and Investment - Noble Capital Markets is a full-service investment bank and advisory firm with a strong research team, having published over 45,000 equity research reports [4] - Channelchek, launched by Noble in 2018, provides free institutional-quality research to the public, featuring over 7,000 public emerging growth companies [5]