Q2 2024 Noble Corporation PLC Earnings Call Transcript
Key Points
- Noble Corp PLC (NE) reported a solid quarter with adjusted EBITDA of $271 million, up nearly 50% from $183 million in Q1.
- The company has narrowed its EBITDA guidance for the year to a range of $950 million to $1 billion, reflecting confidence in its financial performance.
- Noble Corp PLC (NE) announced a 25% dividend increase to $0.50 per share for Q3 2024, making it the highest dividend payer among US-listed oilfield services.
- The company has secured several new contracts, including extensions and new deals in Brazil, Poland, Spain, and the UK, representing approximately $275 million in total contract value.
- Noble Corp PLC (NE) is optimistic about the future, with strong forward indicators for increased activity and a robust pipeline of customer tenders and drilling plans.
- Total backlog decreased from $4.4 billion last quarter to $4.2 billion, indicating a slight decline in future revenue visibility.
- Free cash flow was negative $26 million in Q2, impacted by higher capital expenditures and working capital adjustments.
- The company faces utilization headwinds for its sixth-generation rigs, which are expected to persist into 2025.
- There are supply chain pinch points affecting the pace of contract awards, including delays in partner approvals and permits.
- Noble Corp PLC (NE) anticipates lower utilization for its currently uncontracted sixth-generation rigs well into 2025, potentially impacting future revenue.
Thank you for standing by. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Noble Corporation second-quarter 2024 financial results conference call. (Operator Instructions)
I would now like to turn the call over to Ian Macpherson, Vice President of Investor Relations. You may begin.
Thank you, operator, and welcome, everyone, to Noble Corporation's second-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, and Joey Kawaja, our Senior
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