James A. MacLennan Senior Vice President and Chief Financial Officer Bank of America Merrill Lynch 2014 Global Energy Conference Miami, Florida November 13, 2014
Noble Highlights Established name in drilling dating back to 1921 with offshore operations since 1940 Spin-off of 42 standard capability rigs largely completes fleet transformation plan 35-rig fleet focused predominately on…
Financial Performance Through the Cycle Unaudited ProForma Financials ( millions) Total Revenues ( millions) Operating Income 4,000 1,000 (1) 3,219 3,000 728 694 2,500 622 2,200 2,428 2,000 500 1,400 272 1,000 0 0…
Company Overview Global Drilling Presence with Established Deep and Shallow Water Experience Global Fleet Composition 11 Semisubmersibles Corporate Headquarters - UK 9 Drillships U.S. Operations 15 Jackups including 2 under…
Company Overview Geographically Diversified Revenues and Strong Customer Base YTD September 30, 2014 Total Revenues Europe / 2.4 Billion Mediterranean Africa 4% 62% Middle & 8% Far East 17% 19% 19% 52% 19% Gulf of…
Improved Competitive Positioning
Successful Transition to Premium Asset Base Revenue Dominated by High-Spec Assets Contract Drilling Revenues by Asset Type 2009(A) 2016(P) 2016(P) 5.8% 20.5% 21.1% 78.9% 58.4% 10.8% 4.5% Ultra Deepwater Other…
Large Backlog Providing Excellent Visibility Pro Forma Backlog At September 30, 2014: 10.6 Billion Backlog by Client Other Estimated Annual Contribution 10.2% 4 Anadarko 4.9% 3.1 Statoil 3 6.0% 2.2 2.2 Saudi 2 Aramco…
Limited Floating Rig Exposure to Near-Term Market, With Availability in Outer Years Percentage of Available Operating Days Floating Rigs 2014 2015 2016 26% 31% 54% 52% 48% 74% 69% Committed to Contracts Uncommitted to…
Near-Term Market Exposure Floating Fleet Rig Location Comment Cold stacked Noble Homer Ferrington E. Med Not active in 2015 Shipyard program Noble Paul Wolff SEA Not active in 2015 Shipyard Noble Max Smith SEA Evaluating…
Limited Jackup Exposure Through 2015 Percentage of Available Operating Days 2014 2015 2016 14% 79% 23% 31% 77% 69% 86% 45% Note: Dashed line indicates recently signed contracts on the Noble Gene House and Noble Joe…
20 Floating Rigs Contract Visibility 8 rigs contracted to mid 2017 or later, including 3 rigs contracted beyond 2020 (1) (1) January July January July January July 2014 2014 2015 2015 2016 2016 (1) Newbuild…
15 Jackup Rigs Contract Visibility (1) Average contract length (1) of 24 months per rig (1) (1) (1) (1) January July January July January July 2014 2014 2015 2015 2016 2016 (1) Newbuild addition reflects…
Offshore Market Status Excess rig supply and declining utilization in floater sector currently leading dayrates lower, although a leveling of rates could occur in first half of 2015 16
Offshore Market Status Excess rig supply and declining utilization in floater sector currently leading dayrates lower, although a leveling of rates could occur in first half of 2015 Jackup sector has been stable through first half…
Jackups Utilization High Specification vs. Standard Specification 100% 95.60% 95% 90% 87.72% 85% 80% 75% High Spec JU's (After 2007) Standard Spec JU's (Before 2007) Source: IHS RigPoint 20
Jackup Fixtures - High Specification vs. Standard Specification 300,000 250,000 200,000 150,000 100,000 50,000 0 Standard Spec JU's (Before 2007) High Spec JU's (After 2007) Source: IHS RigPoint 21
Offshore Market Status Excess rig supply and declining utilization in floater sector currently leading dayrates lower, although a leveling of rates could occur in first half of 2015 Jackup sector has been stable through first half…
Capital Allocation Flexibility
Well-Timed Shipyard Program Winding Down 2013 2014 Globetrotter II Noble Noble Noble Noble Noble Don Taylor Bob Douglas Houston Colbert Sam Croft Tom Madden Noble Noble Noble Noble Noble Mick OBrien Regina Allen Sam…
Significant Aspect of Fleet Transformation 11 Billion in Capital Committed or Spent To Date New Rig Deliveries by Year and Newbuild Capex Newbuild Capex Rig Additions ( Millions) 7 2,000 Rigs Added: 12 Semis and Drillships 1.7…
Capital Allocation With Increased Clarity and Flexibility Intent to sustain dividend through industry pause 1.50/share, yield of 7.8% Share repurchase program Existing authorization 4.8 million shares at Sept. 30 Seek shareholder…
Believe Current Valuation Ignores Solid Long-Term Fundamentals 300% 120.00 52 wk Low Price/TBV per Share Average Oil Prices (/Bbl WTI) 250% 100.00 200% 80.00 150% 60.00 100% 40.00 Currently at 58% 50% 20.00 0%…
Final Thought: Key Long-Term Industry Fundamentals Intact Commodity price environment Extended period of geologic success Deepwater drilling broadening geographically Growing backlog of field development projects Numerous…
Noble is Favorably Positioned for Success Spin-off of standard-spec fleet is complete 35-rig fleet is younger, more versatile premium assets Well-timed newbuilds with exceptional program execution Excellent contracts in place,…
Noble Corporation plc Devonshire House 1 Mayfair Place London W1J 8AJ England www.noblecorp.com Investor contacts: Jeffrey L. Chastain Vice President Investor Relations 281-276-6383 John S. Breed Director Investor Relations…
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