Noble (NE) investor relations material

Financial performance and key metrics

• Market capitalization stands at $7.3B as of September 2026, with a backlog of $6.8B and net debt of $1.4B.

• Last twelve months (LTM) adjusted EBITDA reached $1.0B, with a 32% margin.

• Dividend yield is 4.4%, based on a $2.00 annualized dividend and a $45.61 share price.

• Free cash flow for the quarter ended June 2026 was negative at $(59)M, but annual FCF for 2025 was $454M.

• Net leverage ratio was 1.5x as of June 2026, with liquidity of $1.1B.

Fleet upgrades and operational highlights

• Seven out of nine rigs commencing contracts in 2026-2028 represent incremental revenue compared to H1 2026.

• Fleet includes 15 high-spec drillships, 3 elite UDW semis, and 5 ultra-harsh jackups, with advanced technical capabilities.

• Globally scaled fleet operates across Americas, West Africa, Asia Pacific, Norway, and UK.

• 64% of fleet capacity is open to reprice in 2028, providing significant future upside.

Market and demand environment

• Open floater demand remains elevated at 95 rig years, with average contract durations exceeding 16 months.

• Marketed supply of 147 rigs is 94% contracted, with 84% currently working; utilization expected to tighten.

• 37 rig years of floater backlog secured over the past 18 months, outperforming peers in backlog/EV ratio.