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GHS 100 ENERGY CONFERENCE – Noble Corporation plc

Noble Corporation plc · Jun 24, 2014 · 28 slides

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Slides

  1. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 1
    Jeffrey L. Chastain Vice President Investor Relations and Corporate Communications GHS 100 Energy Conference Chicago, Illinois June 24, 2014
  2. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 2
    Company Overview Among the worlds premier offshore drilling contractors Significant fleet transformation nearing completion Large contract backlog providing excellent visibility Earnings and cash flow growth expected…
  3. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 3
    Company Overview Global Drilling Presence with Established Deep and Shallow Water Experience Global Fleet Composition 14 Semisubmersibles 14 Drillships including 1 under construction 49 Jackups including 3 under construction…
  4. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 4
    Company Overview Geographically Diversified Revenues and Strong Customer Base Full Year 2013 Total Revenues Europe / 4.2 Billion Mediterranean Middle & Far East 19% 14% 31% 20% Brazil 1% 6% Gulf of Mexico 9%…
  5. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 5
    Company Overview Geographically Diversified Revenues and Strong Customer Base YTD March 31, 2014 Total Revenues Europe / 1.3 Billion Mediterranean Middle & Far East 19% 13% 21% 35% Brazil 1% 5% Gulf of Mexico 6%…
  6. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 6
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  7. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 7
    Fleet Transformation in Advanced Stage Increasing Premium Mix of Assets Contract Drilling Revenues by Asset Type 2009(A) 2013(A) 2016(P) Ultra Deepwater Other Floater Standard Jackup Deepwater High-Spec Jackup Other Bottom…
  8. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 8
    Final Shipyard Deliveries 2014 2016 Noble Noble Noble Sam Croft Tom Madden CJ70 Noble Noble Noble Noble Houston Colbert Sam Turner Tom Prosser Sam Hartley Contracted Source: Noble 9
  9. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 9
    Advanced Stage of Fleet Transformation 11 Billion Committed or Spent To Date New Rig Deliveries by Year and Newbuild Capex Newbuild Capex Rig Additions ( Millions) 7 2,000 6 1.7 billion 6 1.5 billion 1,600 5 5 2 1.4 billion…
  10. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 10
    Separation Transaction The proposed transaction will create a new publicly traded entity comprising a majority of Nobles Standard Specification fleet while Nobles high- specification assets will remain with Noble Premium Fleet…
  11. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 11
    Paragon Offshore Status Update Completed steps PLR received, tax-free qualification Noble BOD has given approval to proceed Registration statement (S-1) filed Recent accomplishments CEO named Randall Stilley Senior leadership…
  12. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 12
    Post Transaction Substantially Reduces Average Fleet Age 52% Reduction of Average Age of Fleet Years 30 27 25 25 20 15 13 10 5 0 (1) 2013 2016 2016 (Pre-Spin) (Post-Spin) (1) Includes five standard jackups with 36…
  13. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 13
    Limited Floating Rig Days Exposed to Current Market Noble H. Ferrington Percentage of Available Operating Days Noble Noble Driller D. Adkins Noble Fleet Noble M. Smith 2014 2015 19% 25% 34% 33% 67% 81% 75%…
  14. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 14
    Jackup Rig Days Exposed to Current Market Percentage of Available Operating Days Noble Fleet 2014 2015 14% 26% 61% 39% 47% 53% 74% 86% (Pre-Spin) (Post-Spin) (Pre-Spin) (Post-Spin) Committed to Contracts Uncommitted to…
  15. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 15
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  16. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 16
    Large Backlog Providing Excellent Visibility At March 31, 2014: 14.3 Billion Estimated Annual Contribution Backlog by Client 5 Other 18.1% 4 3.8 Anadarko 3.5 3.9% 3 2.4 Statoil Shell 2.2 4.4% 51.0% 2 1.5 Saudi Aramco…
  17. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 17
    Unplanned Fleet Downtime Trending Below Guidance Percent Unpaid Downtime (%) 6 Guidance 5 5% 4 3 2 1 0 1Q13 2Q13 3Q13 4Q13 1Q14 Source: Noble 18
  18. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 18
    Fleet Additions Providing Strong Uptime Performance Percent New Rig Classes Generally Above 90% Uptime Uptime (%) 100% 90% Industry Specific 80% H-4 Bolt 70% 60% 50% 1Q13 2Q13 3Q13 4Q13 1Q14 Noble Bully I Noble…
  19. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 19
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  20. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 20
    Focus Capital allocation Our appetite for growth Returning cash to our shareholders Balance sheet Debt 21
  21. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 21
    Capital Expenditures in Decline ( Billions) 3 2.6 2.6 2.5 2 1.7 1 .85 0 2011 (A) 2012 (A) 2013 (A) 2014 (P) 2015 (P) Newbuild Major Projects Sustaining Other Source: Noble 22
  22. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 22
    Newbuild Project Backlog Declining and Cash Dividends Rising Dividends/ Newbuild Share Backlog 0.40 0.375 16 14 0.35 14 0.30 11 12 0.25 0.25 10 0.20 7 8 0.15 6 0.10 4 0.05 1 2 0.00 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q…
  23. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 23
    Focus Capital allocation Our appetite for growth Returning cash to our shareholders Balance sheet Debt 24
  24. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 24
    Balance Sheet Total Debt at 3/31/14 - 5.7 Billion Liquidity at 3/31/14 (revolving credit capacity plus cash and cash equivalents) 1.03 billion Steadily increasing short-term debt through mid-2014 Proceeds from expected Paragon…
  25. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 25
    Offshore Market Summary Comments Slow 2014 start in floater sector beginning to improve Numerous UDW contract awards over past 30 days GOM, Brazil, W. Africa driving improvement Dayrates pressured by rig supply overhang Jackup…
  26. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 26
    Final Thought: Long-Term Industry Fundamentals Intact Steady commodity price environment Extended period of geologic success Deepwater drilling broadening geographically Growing backlog of field development projects Numerous…
  27. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 27
    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 95% 50% 20.00 0%…
  28. GHS 100 ENERGY CONFERENCE – Noble Corporation plc – slide 28
    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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