NOBLE CORPORATION PLC ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 RESULTS

Core Insights - Noble Corporation reported strong fourth quarter and full year 2024 results, driven by the integration of the Diamond Offshore acquisition and recent contract wins [1][3][4] Financial Performance - Total revenue for Q4 2024 was $927 million, up from$801 million in Q3 2024 and $643 million in Q4 2023 [2] - Contract drilling services revenue reached$882 million in Q4 2024, compared to $764 million in Q3 2024 and$609 million in Q4 2023 [2][4] - Net income for Q4 2024 was $97 million, an increase from$61 million in Q3 2024 and a decrease from $150 million in Q4 2023 [2][4] - Adjusted EBITDA for Q4 2024 was$319 million, up from $291 million in Q3 2024 and$201 million in Q4 2023 [2][4] - Basic earnings per share for Q4 2024 were $0.60, compared to$0.41 in Q3 2024 and $1.06 in Q4 2023 [2] Operational Highlights - Marketed fleet utilization was 77$100 million targeted synergies from the Diamond acquisition [3][9] - Noble's backlog as of February 17, 2025, stands at $5.8 billion, with recent contract awards totaling approximately$525 million [11][9] Capital Allocation - The company had total debt of $1,950 million and cash of$247 million as of December 31, 2024 [5][21] - Share repurchases totaled $50 million in Q4 2024, bringing the full year total to$300 million, alongside $278 million in dividends paid [5][6] Future Guidance - For full year 2025, Noble expects total revenue between$3,250 million and $3,450 million, and adjusted EBITDA between$1,050 million and $1,150 million [12][9] - Capital expenditures for 2025 are projected to be between$375 million and $425 million [12]