Noble (NE) Investor Presentation summary

Financial highlights

• Combined market capitalization stands at $6.5B, with a backlog of $6.2B and net debt of $1.5B.

• Adjusted EBITDA for the trailing twelve months is $0.9B, with a 35% margin.

• Dividend yield is 5.2%, based on a $2.00 annualized dividend and recent share price.

• Over $500M has been returned to shareholders via dividends and buybacks since Q4 2022.

• Combined leverage ratio is 1.2x, supported by a strong balance sheet.

Strategic developments and acquisitions

• Recent acquisitions include Maersk Drilling (2022), Pacific Drilling (2021), and Diamond Offshore (2024).

• Diamond acquisition brings highly complementary fleets and customer coverage, with $100M in anticipated cost synergies.

• The combined backlog of $6.2B enhances cash flow coverage and is immediately accretive to free cash flow per share.

• 15 seventh-generation dual activity drillships are expected post-acquisition.

Operational strengths and fleet overview

• Operates a globally scaled, top-tier fleet with 13 jackups and 28 floaters, including harsh and ultra-harsh environment rigs.

• Technical leadership in drilling performance and business innovation.

• Deep relationships with leading upstream operators and a customer-centric service posture.

• 78% of 2024 available days are committed, with strong contract coverage through 2027.

• Diamond's customer base is highly complementary, including major global energy companies.