Q3 2024 Noble Corporation PLC Earnings Call Transcript
Key Points
- Noble Corp PLC (NE) successfully closed the acquisition of Diamond Offshore, creating a combined fleet of 41 rigs and adding $2 billion in backlog.
- The company achieved strong financial results in Q3 2024, with adjusted EBITDA of $291 million and free cash flow of $165 million.
- Noble Corp PLC (NE) completed $360 million of share repurchases and announced a second $400 million authorization, highlighting a strong capital return program.
- The company secured 4.8 rig years of additional backlog with ExxonMobil in Guyana, extending visibility through August 2028.
- Noble Corp PLC (NE) reported a total backlog of $6.2 billion, with significant contracting activity expected to support a ramp in utilization and EBITDA by the second half of 2025.
- There is a general lack of urgency to drill, leading to white space concerns in the first half of 2025.
- The company faces potential utilization headwinds due to customer capital discipline and delayed projects.
- Noble Corp PLC (NE) may need to stack rigs if demand does not materialize as expected, particularly for its 6th generation units.
- The North Sea jack-up market is experiencing constrained demand visibility amid fiscal and regulatory challenges.
- The company has not provided specific guidance for 2025, citing ongoing negotiations and uncertainty in contracting opportunities.
Good morning, and welcome to the Noble Corporation Third Quarter 2024 Earnings Conference Call. (Operator Instructions) I will now hand today's call over to Ian Macpherson. Please go ahead, sir.
Thank you, Operator and welcome everyone to Noble Corporation's third quarter 2024 earnings conference call. You can find a copy of our earnings report along with the supporting statements and schedules on our website at noblecorp.com. This conference call will be accompanied by a slide presentation that you can also find located at the investor relations section of our website. Today's call will feature prepared remarks from our President and CEO, Robert Eifler, as well as our CFO, Richard Barker. Also joining on the call are Blake Denton, Senior Vice President of Marketing and Contracts, Joey Kawaja, Senior Vice President of Operations.
During the course of this call, we may make certain forward-looking statements regarding various matters related to our business and companies that
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