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Noble Corporation's 2024 Financial Highlights

HOUSTON, February 17, 2025 – Noble Corporation plc (NYSE: NE) has released impressive results for the fourth quarter and the entirety of 2024. The company returned over $575 million in capital to shareholders through dividends and share repurchases, signaling strong financial health and commitment to its shareholders.

Fourth Quarter Performance

In the fourth quarter of 2024, Noble reported total revenues of $927 million, reflecting a 44% increase compared to $643 million for Q4 2023. The driving force behind this substantial growth was the heightened contract drilling services revenue, which reached $882 million, a sharp increase from $609 million year-over-year. The company recorded a net income of $97 million in the latest quarter, compared to $150 million in the same quarter last year. Adjusted EBITDA for the fourth quarter was reported at $319 million, significantly up from $201 million in Q4 2023.

Noble's ongoing integration of the Diamond Offshore acquisition has progressed smoothly, with the company realizing over half of its targeted synergies of $100 million achieved to date. Robert W. Eifler, the company’s President and CEO, expressed optimism regarding the robust contract wins that have reinforced revenue expectations for 2025 and 2026. He emphasized the importance of tight cost discipline, which led to the retiring of certain drilling units, ensuring focus on active operations.

Full Year Review

For the full year 2024, Noble's total revenue stood at $3.06 billion, marking a notable increase from $2.59 billion in 2023. Despite fluctuations in net income, the company showcased resilience with a balanced approach towards growth and shareholder returns. The overall financial strategy was aimed at enhancing free cash flow for future capital allocation.

As the company moves into 2025, Noble's Board of Directors authorized a quarterly dividend of $0.50 per share, expected to be distributed on March 20, 2025, which underscores its focus on returning value to shareholders.

Backlog and Future Outlook

Noble’s contract backlog stands impressive at $5.8 billion, bolstered by approximately $525 million in new contract awards since November 2024. Recent contracts include projects in key regions such as Ghana and Suriname, highlighting the strategic expansion of Noble’s operational reach.

Looking forward, Noble has projected revenues for 2025 between $3.25 billion and $3.45 billion, with an adjusted EBITDA range of $1.05 billion to $1.15 billion. The company anticipates capital expenditures in the range of $375 million to $425 million.

Eifler indicated confidence in the company’s strategic direction, stating, "Our high-quality backlog and lower capital expenditure requirements for 2025 compared to 2024 are expected to enhance our free cash flow, further enabling us to reward our shareholders."

These promising results not only reflect Noble Corporation’s operational strength but also its commitment to tackling challenges and seizing opportunities in the offshore drilling sector, setting the stage for continued growth in the years to come.

For more information about Noble Corporation and its offerings, visit www.noblecorp.com.