Noble plc(NE)2025-02-19 00:10Fleet and Operations - Noble operates a fleet of 40 offshore drilling units, including 27 floaters and 13 jackups, focusing on ultra-deepwater and harsh environment drilling[28]. - The fleet includes 19 drillships capable of drilling in water depths up to 12,000 feet, with a total capacity of 40,000 feet for each unit[30]. - The semisubmersible drilling units can operate in water depths ranging from 300 feet to 12,000 feet, with 8 units in the fleet[31]. - Jackup drilling units are designed for depths from less than 100 feet to 500 feet, with a total of 13 high-specification units[32]. - The company has one of the youngest and highest specification fleets in the industry, with a commitment to safety performance and customer satisfaction[40]. Market Demand and Outlook - Global offshore rig demand has generally remained robust since 2021, with total demand exceeding pre-pandemic highs in 2020, although some moderation has been observed recently[41]. - The market outlook for ultra-deepwater floaters remains positive, with demand increasing from 2020 lows, particularly for high specification floaters[43]. - The majority of the jackup fleet is positioned in the North Sea, where demand has been stable but overall activity levels remain subdued compared to historical levels[46]. - The offshore drilling market is characterized by shorter-term contracts, leading to increased rig contract start-ups and potentially lower effective utilization[47]. - The incoming supply of newbuild offshore drilling rigs has diminished, but some stranded newbuild rigs may enter the market in the coming years[42]. - The company expects global energy demand to increase over the coming decades, with offshore oil and gas continuing to play a significant role in meeting this demand[48]. Financial Performance - As of December 31, 2024, Exxon Mobil Corporation accounted for 22.1% of the company's consolidated operating revenues, down from 24.5% in 2023 and 32.3% in 2022[50]. - The fair value of the company's total debt was 20.6 million[307]. - The value of investments in the pension funds was 20.2 million[309]. - The company has no borrowings outstanding under the 2023 Revolving Credit Facility as of December 31, 2024[303]. Safety and Environmental Commitment - The company's rigs achieved safety and environmental objectives 98.6% of available days in 2024, consistent with 2023 performance[58]. - The company is committed to reducing greenhouse gas emissions and regularly assesses the environmental impact of its operations[60]. Workforce and Employee Engagement - The company's workforce consists of approximately 5,000 employees, with 80% located offshore[51]. - The company maintains a focus on employee engagement through semi-annual surveys and structured performance conversations[56].