Investor Presentation March, 2026 Disclaimer Forward-Looking Statements This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this communication are forward looking statements, including, but not limited to, those regarding future guidance about Noble Corporation plc ("Noble" or the "Company"), including revenue, earnings and earning ...

Core Viewpoint - Valaris Limited is a significant player in the offshore drilling industry, providing services globally and competing with major companies like Transocean and Noble Corporation [1] Company Performance - Valaris's stock price has increased by 3.52%, reaching $95.75, with fluctuations between $89.12 and $95.89 on the day [5] - Over the past year, the stock has ranged from a low of $27.15 to a high of $96.40, with a market capitalization of approximately $6.66 billion and a trading volume of 2,613,194 shares [5][6] Institutional Interest - Institutional investors have shown significant interest in Valaris, with Semanteon Capital Management LP acquiring 9,505 shares valued at approximately $464,000 [3] - ANTIPODES PARTNERS Ltd increased its holdings by 8,034% during the third quarter, now owning 580,198 shares worth $28.3 million [4] - Goehring and Rozencwajg Associates LLC expanded its position by 108.9%, holding 902,440 shares valued at $44 million [4][6] Analyst Insights - Charles Minervino from Susquehanna set a price target of $96 for Valaris, indicating a modest potential increase of 0.26% from the current stock price [2][6]

Company Overview - Borr Drilling Limited provides offshore drilling services, focusing on the ownership and operation of jack-up rigs for shallow-water oil and gas exploration and production [5] - The company generates revenue by contracting rigs and related services to oil and gas companies, charging for rig time, equipment, and work crews [5] Financial Performance - Borr Drilling reported a revenue of $1.02 billion and a net income of $75.30 million for the trailing twelve months (TTM) [4] - The company has a dividend yield of 4.03% as of February 20, 2026 [4] - As of the same date, shares of Borr Drilling were priced at $5.95, reflecting a 95% increase over the past year [3][4] Market Activity - GeoSphere Capital Management acquired 1,385,000 shares of Borr Drilling, valued at approximately $5.58 million, during the fourth quarter of 2025 [2] - This new position accounts for 1.8371% of GeoSphere's reportable assets under management [3] Industry Dynamics - The offshore drilling sector is highly cyclical, with improving contract activity expected to lift earnings sharply [1][7] - Following years of underinvestment, offshore activity is recovering, leading to a significant rise in Borr's stock price [7] - The company's profitability is closely tied to the demand for rigs and contract prices, which can fluctuate based on industry activity [9][10] Investment Considerations - Investors should monitor whether higher day rates and stronger rig demand can be sustained, as these factors will influence Borr's cash flow [10] - High fleet utilization and manageable debt levels are critical for Borr to capitalize on industry improvements [10]

分组1 - Valaris Limited (VAL) reported quarterly earnings of $0.79 per share, exceeding the Zacks Consensus Estimate of $0.51 per share, but down from $1.88 per share a year ago, representing an earnings surprise of +54.90% [1] - The company posted revenues of $537.4 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 9.44%, although this is a decrease from year-ago revenues of $584.4 million [2] - Valaris shares have increased approximately 80.6% since the beginning of the year, significantly outperforming the S&P 500's gain of 0.5% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.29 on revenues of $454.85 million, and for the current fiscal year, it is $3.59 on revenues of $2.12 billion [7] - The Zacks Industry Rank for Oil and Gas - Drilling is currently in the bottom 27% of over 250 Zacks industries, indicating potential challenges for the sector [8] - Seadrill (SDRL), another company in the same industry, is expected to report quarterly earnings of $0.07 per share, reflecting a year-over-year decline of -93.5% [9]

Core Viewpoint - Transocean's stock is experiencing significant upward momentum, driven by new contract awards in Norway that enhance its backlog and operational commitments through 2027 [2][3]. Group 1: Contract Awards - Transocean secured a seven-well contract extension for the Transocean Encourage, estimated to add approximately $152 million to its backlog [2]. - The Transocean Enabler has two one-well options exercised, contributing an additional $32 million to the backlog [2]. - These contracts are set to commence in the first quarter of 2027, ensuring operational continuity through December 2027 [3]. Group 2: Stock Performance - The stock is currently trading 29.9% above its 20-day simple moving average (SMA) and 58.7% above its 100-day SMA, indicating strong short-term and long-term strength [4]. - Over the past 12 months, shares have increased by 79.48%, and are closer to their 52-week highs than lows [4]. - Transocean shares were up 7.96% at $6.51, reaching a new 52-week high [7]. Group 3: Technical Indicators - The Relative Strength Index (RSI) stands at 71.66, suggesting the stock is in overbought territory [4]. - The Moving Average Convergence Divergence (MACD) is above its signal line, indicating bullish momentum [4]. - Benzinga Edge data shows RIG has a Momentum score of 94.57, while its Growth score is only 3.28, highlighting strong price action despite weak fundamental expansion [6].

Core Viewpoint - Transocean's stock is experiencing positive momentum due to its $5.8 billion acquisition of Valaris and new contract awards, which are expected to reshape its backlog, leverage, and long-term earnings potential [1][4]. Company Performance - Transocean closed at $6.03, up 0.50%, with trading volume reaching 102.9 million shares, approximately 159% above its three-month average of 39.8 million shares [1][2]. - The company has seen a 45% decline in stock price since its IPO in 1993 [2]. Market Context - The S&P 500 fell 1.57% and the Nasdaq Composite lost 2.03%, while Transocean outperformed other oil and gas drilling companies like Noble Plc and Seadrill, which saw declines of 3.36% and 4.37% respectively [3]. Strategic Developments - The acquisition of Valaris is expected to create one of the largest deepwater drilling fleets, enhancing pricing power and revenue visibility in a tightening offshore market [4]. - New contract awards have increased the backlog by approximately $184 million [4]. Analyst Sentiment - Analyst opinions are mixed; BTIG raised its price target due to scale benefits and contract momentum, while Fearnley Fonds downgraded the stock, citing valuation and balance-sheet risks associated with the larger fleet [5]. - The critical question for investors is whether Transocean can convert increased scale and backlog into sustained cash flow while managing leverage [5].

Core Insights - Borr Drilling Limited's share price increased by 19.83% from February 2 to February 9, 2026, making it one of the top-performing energy stocks during that week [1][6] - The company has seen a total share price surge of over 40% since the beginning of 2025 [3] Company Overview - Borr Drilling Limited is an offshore shallow-water drilling contractor that provides worldwide offshore drilling services to the oil and gas industry [2] Recent Developments - On January 28, Borr Drilling announced the completion of the acquisition of five premium jack-up rigs from Noble Corporation for a total of $360 million, expanding its fleet to 29 rigs [3] - The CEO of Borr Drilling emphasized that the acquisition enhances the company's capacity for near-term offshore drilling opportunities and strengthens customer relationships [3]

Core Insights - USA Compression Partners (USAC) is expected to report fourth-quarter results on February 17, with earnings estimated at 28 cents per share and revenues at $251.58 million [1][8] Group 1: Previous Quarter Performance - In the last reported quarter, USAC's earnings were 26 cents per common unit, exceeding the Zacks Consensus Estimate of 22 cents, while revenues reached $250.3 million, surpassing the estimate of $247 million [2] - USAC has a mixed earnings surprise history, beating estimates in two of the last four quarters and missing in the other two, resulting in an average negative surprise of 6.5% [2] Group 2: Fourth Quarter Expectations - The Zacks Consensus Estimate for fourth-quarter earnings indicates a 55.56% year-over-year increase, while revenues are projected to rise by 2.31% compared to the previous year [3] - Revenue growth is anticipated due to strong performance in contract operations, with a projected 5.2% increase from the year-ago quarter, and average revenue per horsepower expected to rise by 5.1% [5][8] Group 3: Cost Considerations - USAC's total operations costs for the fourth quarter are projected to be $79.9 million, reflecting a 2.3% increase from the previous year, influenced by ongoing inflationary pressures [6][8] Group 4: Earnings Prediction Model - The Zacks model does not predict a definitive earnings beat for USAC this quarter, as the Earnings ESP is -7.14%, despite the company holding a Zacks Rank of 2 (Buy) [7][9]

Core Viewpoint - Transocean Ltd. has been downgraded from Hold to Sell by Pareto, reflecting a bearish outlook on the stock ahead of its upcoming earnings report [1][5]. Company Overview - Transocean Ltd. is a prominent player in the oil and gas drilling industry, specializing in offshore drilling services with a diverse fleet of mobile offshore drilling units, including ultra-deepwater floaters [1]. - The company competes with major drilling firms such as Seadrill and Noble Corporation [1]. Financial Performance Expectations - Transocean is expected to report revenues of $1.04 billion for the fourth quarter, indicating an improvement from the previous year [2][5]. - The Zacks Consensus Estimate predicts earnings of 9 cents per share for the upcoming quarter, following an adjusted earnings report of 6 cents per share in the prior quarter [3]. - A notable 13.1% revenue increase is anticipated in the Ultra-Deepwater Floaters segment, projected to reach approximately $763.2 million [3]. Stock Performance - As of the latest trading session, RIG's shares are priced at $5.35, reflecting a 6.39% decline with a change of $0.37 [4][5]. - The stock has shown volatility, trading between a low of $5.28 and a high of $5.60 within the day [4]. - Over the past year, RIG's stock has fluctuated significantly, with a peak of $5.77 and a trough of $1.97, and the company's market capitalization is approximately $4.83 billion [4].

Core Viewpoint - Transocean Ltd. (RIG) is expected to report fourth-quarter earnings on February 19, with a consensus estimate of 9 cents per share and revenues of $1.04 billion [1][8]. Group 1: Previous Quarter Performance - In the last reported quarter, Transocean's adjusted earnings were 6 cents per share, surpassing the Zacks Consensus Estimate of 4 cents, driven by strong segment performance [2]. - Adjusted revenues for the last quarter were $1 billion, exceeding the Zacks Consensus Estimate by $21 million [2]. Group 2: Earnings Surprise History - RIG has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average negative surprise of 208.33% [3]. - The Zacks Consensus Estimate for fourth-quarter 2025 earnings indicates a 200% year-over-year increase, while revenues are expected to rise by 9.08% compared to the previous year [3]. Group 3: Factors Influencing Q4 Performance - Transocean generates revenue by providing offshore drilling services, leasing specialized drilling rigs and equipment to oil and gas producers [4]. - The Ultra-Deepwater Floaters segment is projected to grow by 13.1% year-over-year, contributing approximately $763.2 million to revenues [5][8]. - However, total operating and maintenance costs are expected to rise by 4.3% year-over-year to $604 million, which may negatively impact earnings [6][8]. Group 4: Earnings Prediction Model - The current model does not predict an earnings beat for Transocean, as the Earnings ESP is -5.88%, indicating a lower likelihood of exceeding earnings expectations [7].