NE - Earnings call 3 2023 | Noble Corporation Plc

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Operator

Thank you for standing by. My name is Bailey, and I will be the conference operator today. At this time, I would like to welcome everyone to the Noble Corporation's Q3 earnings call. [Operator Instructions] I would now like to turn the call over to Ian MacPherson, Vice President of Investor Relations.

Ian MacPherson

Thank you, operator, and welcome, everyone, to Noble Corporation's Third Quarter 2023 Earnings Conference Call.

copy and earnings at schedules a the along noblecorp.com. find statements supporting on can of report, our with You our website that President of CFO, our This a call as will located be our will remarks website.Today's Robert the you from Eifler, prepared presentation well our at section conference find CEO, can Richard Relations accompanied Investor Barker. feature also and call slide by as Joey certain Marketing Kawaja, call the Blake Senior and are companies Operations.During Contracts; facts. not of course related we and regarding that Vice Also this joining on historical and matters the Senior Vice Denton, our of forward-looking President call, President business various are to of may statements make are to therefore and uncertainties. Such risks subject and are statements upon and current certain based expectations management, assumptions of to referencing cause update on obligation financial any differ from could not Noble are these to the and today. factors actual we forward-looking non-GAAP does note, materially statements, Many assume call measures these statements.Also results

supplemental Noble. measures, You in the for measure issued and to earnings an turn Robert associated call the that, the including comparable of directly Eifler, I'll yesterday can GAAP report SEC.With required CEO the our filed reconciliation most over with and find disclosure and President these

Robert Eifler

on over Good the financials. market the remarks turning begin comments to joining with then outlook everyone, on and before thank some and Richard activity, call our us morning. the Welcome, call cover you some for provide opening and commercial on today. I'll to quarterly the results,

made merger And $XXX look taking a million. highlights of Noble, quarter, we've the underway your at solid we'll overview, and EBITDA financial and our forward total on some of I'll integration. we've technology progress questions.First, adjusted Richard's revenue wrap-up $XXX innovation that, with to reported additional million Following with third after strong here with

who the On by a the quarter an employees day-to-day simultaneously business. ago. both executed and around collective Maersk this merger this closed effort exceptional our leaned was our combination into results have year since and these these world, strongest on Noble Drilling integration the And reflect the metrics,

all.Next, an our to which of value per announce So done, commitment XX% of via demonstrates for and to share and quarterly thank you shareholders to well maximizing capital. our we're $X.XX increase this continued quarter, represents dividend pleased a increase return

just initiation $X with XXXX the Following decision the near-term that dividend dividend contracts we billion to XXXX after signed last initiation. $X.X increase billion.So have upward quarter, additional taken have currently to bring quarter backlog we the additional revision to visibility one make could over to backlog to scheduled our bookings this

additional outlook. into below contract the jack-ups a third day of to that's awarded technical rates the March awarded have at Valiant's the market jackup scheduled year for continue and field While with unique maximizing January excluding that X-month leading of the the rigs' you capabilities commence in in remain have generation the for the forward edge next mid- the track the of Gulf services. $XXX,XXX Mexico provides high of in drillship range.During $XXX,XXX, and per of was Argentina $XXX,XXX contract.Also been Valiant in revenue potential these with $XXX,XXX are to direct scopes Allen high-spec Leading-edge harsh TotalEnergies to in program of natural and quarter, expected the both of U.S. keep the and rate a looking current in mid-XXXX drillships been for day.On side, fixtures $XXX,XXX, Norway rates units at working rate $XXX,XXX. of day Regina Gulf record This LLOG additional mobilization.The outside to Globetrotter for scheduled the recently just to Noble robust, drilling dividends extension cash a MPD of remain to not should the Argentina, contract Shell returning utilization Noble the buybacks.Turning environment now day from early flow in day both at the as continuation source significant is majority of drillships of on will stated, to program in per Mexico, quarter, domestic with X-well significant of well-established ultra-deepwater each this the rigs Phoenix and free harsh JU-XXXX expect location. with well dividend this redeployment operational commence via marketed a cash us in previously very for for free gas to a excluding working fundamentals and to the focused XX% adjust we program Offshore aligns rate

be was import the our Noble damage near to Argentina's which the vessel failure in required underway, X and by production country revival campaign floating year, that's is the covered resilience a applicable day a weeks drilling JU-XXXX the to investigation damages limits.The liable Regina a rig, excited terms aligned insurance, work our assessment summer. jackups.In Of the will availability Noble's Petrogas party mark experienced extent and per Keysight. stationary Resilient the Allen for injuries There when upstream to very we're and the a of with contract contract or next Petrogas XXX-day before could position while additional impact mooring Sea, the the North offshore time scheduled of for be So own damages next repairs in and and were participating ago activity in been to note, sustained next has with subject which with $XXX,XXX at no the we resilient awarded reported commence line expect with summer.

through However, remaining. the have more firmed mid-XXXX to predict. significantly the so to to for extending months non-Norway the up materially on our priced Reacher the extended will which been At a Sea. demand we The outlook the These positive idle with in this fleet, still market point, we summarized has are schedule the be priced our rates Petrogas XXXX. development. our on North of confronted with this X by the jackup visibility cautious hard fixtures. Norway, rig a has recent also not of been Interceptor contract Noble be exercise jackup awards limited contract is via of the Within XX to X-year recent remain priced find These Page a earnings on, set.You Noble of presentation. for backlog timing remain impacted.Moving recovery below CJXX for Thus, generally legacy TotalEnergies expect with timing can options do day of options, opportunity slide of today's reach options, the jackup, XXXX leading-edge continues

as slightly our quarter. billion from stands As $X.X of at backlog last currently, shown, billion down $X

and from our rather BP un-contracted Aker rigs quarter-over-quarter.Accordingly, most to relates currently is XXXX our quality Norway, long-term and was re-pricing an rollovers rate to days the commitments our dollar re-pricing. fleet sixth excluding in and focused the more term, more improving shorter ExxonMobil backlog follow-on strong current marketed pipeline it, near-term contracts.Within Discoverer. additions floaters previously backlog specifically this contract numbers to how the generation X/X approach opportunities we're see However, of more rig exposure and across days and to and Guyana we medium average.Putting this of absolute than hold and in in floater of exposed the our still as our competitors flexibility an much the on market in we that UDW relates near across in CEA step see clearly near-term flat essentially of day context, floater as backlog are quarter, fleet.We as hope than churn defining Two we provides we rate resolve and and it of also opportunities in our do inefficiency discussed, to offsetting market we features through impacting of it available fleet. of some exposure we to rollovers good advantageous quite white fourth That continue the a utilization would of more balance from to with in progress and here of to our fixtures exposed over and shorter-term are a the they Globetrotters XX% think XXXX confronting a to than Developer remain is constructive arise. floater overall available rigs. partially total re-contracting both the effect's Guyana There Approximately some on our next And that said, is the time, environment. announce X/X X a which of in the this of year, the the the negative additional our from backlog opportunities results $XXX,XXX longer-term also is pricing average measure space day

rigs. contracts years rigs XXs contracted quarter, XX reactivated remains leading So of rig since lower are third harsh supply-demand awarded X very to in of the generation in low the stay count tuned.Overall, in the and Gap] rigs per XX working floater have has outlook day The for UDW a this stable deepwater for low fleet situation described that similar XXX,XXX edge for XXX,XXX $XXX,XXX of last fixtures awarded UDW for rigs, with high both and hovered the step sixth priced in mid- the mid year, XX%s.During and low the marketed [Audio Tier jackups to contracts utilization what to rig early were we the mid-XXX,XXX being quarter. to

apparent the some indicated the quarters it materialize recognize there underlying slightly and in over market firm demand the as contracted any in year, have to lack rates by slower growth, type indicate we of problem the of Although, has recently contracting few growth see demand past been rig with over count.We remained activity the utilization this nothing been throughout although has to term. short concern UDW

despite find XX is to demand rig expand tightening Suriname expect that being rigs recent pattern to Angola slightly these few the awards.Additionally, the the there, which a total capacity.Looking out go year in blips year, the the resulted steady due a slowly gone this continue on in XXXX, is currently expected. ahead at towards of next poised UDW And incremental a by requirements Namibia contracted to similar be of of growth. UDW right, poised pricing. bit in to slightly XX been we drive But rigs based year you approximately in to We floater rigs year X award of contracts still, combined market the in previously similarly already throughout and past throughout that fact, XXXX.So a major absorption appreciation incremental UDW had given over threshold year.Additionally, to and $XXX,XXX the projects total with what awarded and moderate sideline rigs, customary from in we've scratch pending primarily are to the continued the and has higher. a with we're half a to have long-term sideline some compared Nigeria as normal XXXX, to continues appears capacity Americas has their with in non-active we deeper, rigs this be had programs and if absorption certain established driven delays short-term. discounted more a major and in methodical bifurcating Petrobras' than slope rates of the that years, to of on the UDW to playing increase contracts little the is XX reactivated the day and been Brazil UDW globally, seasonality trend over to more has seen to fleet working you programs Over basins, first day such volume are weighted market of double-digit requirements of of The fulcrum process, a slipping this which anticipated Africa. originally effect had here rate West have approaching demand

rates key support fact, inventory continue construction long-term However, in to during dwindle that just we that capacity the see continues the believe the with reiterate to which, in market of the economics seen demand discuss reengaging time, we offshore a per sideline new demand construction call reasons new a dramatically of in turn such long-life Richard that plane, detail their resource these over and we've call.And of the threshold day contract believe business of a deliberate why last the for in to outlook are portfolios are financials. fairly is we encouraging.Now we more preceding economic in positively as be something very X-year to one beginning more point, the straightforward evidence contract growth would our discussed quarter's supply correlate emergence with higher drillship the will $XXX,XXX in we our than to let a along over rig structural believe trend lines to tenders at and with to for and is decade, above a me commencement.Given delivery the over way or parameters the to with are XX-year X day mounting customers at the time as

Richard Barker

morning good $XXX being the today, improved operations QX, in good $XXX primary $X.XX. QX. million flow million, $XXX share Drilling highlights EBITDA million.As from was per second for Adjusted remainder from our was $XX and Robert, up expenditures quarter the the rates in million. the with outlook for was all. anticipated, $XXX quarter driver. afternoon flow from third you, revenue $X.XX, up million Capital EBITDA or higher $XX pre-cash revenue of second as briefly levels was earnings will the was results adjusted from diluted Thank quarter million and third Diluted day adjusted $XXX EPS Cash of were our in and million, quarter. Services remarks In review year.Contract the my well totaled I as and

XX floaters in quarter, up average to per rates Our utilized in in day the $XXX,XXX the in quarter, from day per third from second were day quarter, third quarter. $XXX,XXX up $XXX,XXX marketed with day increasing XX% an in XX% average the XX% XX the were $XXX,XXX to second marketed in rate utilized, and day per with QX, QX.Our of XX% compared jackups

our backlog X on well profile.As billion revenue ExxonMobil rigs includes at bookings on our programs, backlog as on backlog as under progress attributable over take we backlog that earnings extremely in note really months.Current CEA important ancillary anniversary the and from this important slide, total with our the versus Page such, to It's commitments July to October that revenue that the is billion have recognize to to operating XX. Aker Guyana for and of XXXX. in decrease is fixed as and summarized stands sequential an our impact in month, which of activities XX As $X.X ExxonMobil long-term Aker is backlog backlog in outsized past $X.X excludes total BP combination business BP Norway of reimbursable presentation It unique with quarter the the with billion the conversion $X X integration additional our did X-year revenue, the approximately services.Last Drilling, as Maersk continue well. not celebrated scheduled of

is X have of plan. of EBITDA. for transaction Within is year million, and X and closing, million XXXX adjusting value realized full are is synergies This which we run communicated slide, the companies a come $XXX legacy guidance create $XXX well adjusted realization for testament we have synergy to what to shareholders our rate our revenue of of customers.Referring XX% we the ahead how Our ahead approximately X upon earnings both Page of the to the year together represents target. announcement of

$XXX For prior million, $X.XX which increase higher-than-expected driven the strong range is a with These is also half range customer unchanged CapEx. results range expect and $X.X total in of the $X.X X% expected million, a for capital are benefiting revenue.Full to between million of for excluding to adjusted $XXX revenue, million reimbursable year revenue we EBITDA, year-to-date, by top improvements reimbursable the at $XXX remains guidance midpoint. expenditures our ranges range from and now prior billion of versus billion about a guidance range $X.XX billion. And the to our billion $XXX at

current something first Kozack, to beyond expect For view expected finished work primary fourth work has Gulf in expect the March, free fleet. EBITDA contract quarter year consistent X first which half.As versus persisting adjusted structure nice downtime year.Additionally, its in finished with is moderate expectation has continue The the Therefore, envision consistent the cost quarter. months.Notwithstanding and this projects reflects across such, contract with September, XX-year million to that we're flow high and expect in XXXX is do in previously finish to a late third anticipated drivers EBITDA we and our upcycle which weighting like to see to lower XXXX XXXX quarter. our we about Brazil continue SPSs we average the the in And the to the primarily experiencing. prior discussed, recently trends from a range include Mauritania.Looking in upwardly structure.Finally, revised the is our XXXX in various continue comment start type reference, Noble in and next Mexico compared full inflationary to CapEx implies step peak its inflation level, the the directional at a a will XXXX of for to in mid adjusted and preparing next very totaled scope for in sequentially Noble industry percentage on still are Developer, next Brazil be compared CapEx our the which EBITDA, type through a the the of single-digit that also Noble Voyager, to into Faye rigs half rates major cash greater a scope year up is for full and in we reimbursable increase This its across XXXX of that $XX a on range currently the cost of as enhanced fourth year across of in flow. of XXXX, cash would higher I second year compared provide

quarters capital can free past the some As quarterly flow. our working in cash have swings of shown, create few short-term variability

despite cash in a we $XXX build During generated $XX the quarter, million third capital. free of working over million flow

stated, bill this majority to of returning flow While time expect is dividends. remain share growing reverse portion line, and repurchases cash a in top function over shareholders a free of of via to significant this Robert to QX.As committed of a we some the do we

to believe balance We you cash expect back conservative in maintaining remarks. capital that can of like Noble formula to appropriate for our a And for business. support high to is call I'd now this by framework payout And free continue my forward.That the therefore, through-cycle concludes sheet closing the going abide flow pass a allocation to Robert comments.

Robert Eifler

Thanks, Richard.

to we couple a close I'd Q&A, highlights. with like Before to important here move

talk well of of elevation of customers, a developing. to our lessons on excited technology anniversary have and part to drive the the our HorizonXX, to outstanding many company we for HorizonXX, technology the in translates for ultimately aspects drive software the and can Noble reflection areas tireless we're we've capital and keen the into remain business merger.On I'm which very limited factors.Overall, we like well industrial be, in and only came seen technology programs and we've Drilling a of very HorizonXX side, not Maersk's as scale; HorizonXX and service on talented drilling first far. years.Accordingly, we focus to, aspire of enhancements the invest management.We digitalization inexorably recently benefits a few drilling Noble, feel including, are exciting innovation by X major at digitalization drilling and gains, few with which That believe to management logic our we second, choice significant promote Noble highlight human celebrated far-reaching, that purposefully industry we not for Maersk the past can of promoted state The execution. can are to customers' ambition way customers.Finally, brief have new effort of the on and a an asked be both offshore. learned, our the anniversary impacting X-year have new that actions XXXX. of value of frequently approach as where crews And the of a us a say, and between First, A, planning fortunate our we of integration well B, better efficiency of combination work we gap and realized the but with cost developed closing overall change, this of culture could landscape value digitalizing which about suite.We the risk behind one of as uplift Drilling, linked; as incremental provided our speed, the strategic combination obviously streams very which that platform reflections to by Maersk emission group X-year than team so very posture, safety, prerequisites,

to close, One consistently of that we success, critical here achieved a tremendous the to I and Within synergy around just behalf proved your targets the operational the and power first with our results X that all to we'll first-year like of would true up and pause start while We're and culture stability and a fantastic months for Noble offering our our for best quarter producing exceeding operational of special ultimately, on for call the Noble. of of a XX% year gratitude Year-to-date, you're that, of great company's has Q&A. believe the been to to off And especially results together, customers. are great of conclude demonstration employees I this come.With X a open efforts the integration our yet of this the of combination.So clear is congratulations an world and for for very third scale. uptime outstanding, executing here

Operator

first your of question with And Kim Barclays. Instructions] from the Eddie comes line [Operator

Eddie Kim

in past through view a compared my in of more really this as It multi-year based and do seems we'll we prepared X were should. it Should of see on to we pick you seeing. to like a And first we your X expect we feels My terms pause? durations question when on the multi-year up this announcements like, what again? temporary remarks, were contracting to start contract pause contracts just of feels like seeing year, over number or what -- at just July activity of least kind question August is months, the

Robert Eifler

Yes.

phenomenon. So much very a is temporary it

quarter, contract this If just you all. look is awards at back unusual through not time at per

guess, I the duration the think in customers.You're But cycles second it's think year, they believe And I going lower we count -- just a is year. than I mentioned attention, that's see lot see increase the of to our question. as had your next related traditionally, remarks, And gained to well, understandably. budget to I the first a of normal increase going as and for the ebb volume working half little And of rig sometimes it's the year. half to you're flow. that

think not certain one certain pause that all, players of together. of operators, is current their are this I and but the of some some for drivers connecting bigger potential of operators, been whom the have regrouping of programs the some

than rather for that tender X X or to wells, together couple to tender last duration going the has type which and probably So longer out of going been pulling for the for contracts. those norm they're years, some out

we So into no you're think that belief. hard to evidence that's I to as That's our what going see XXXX. yet. And move

Eddie Kim

Okay. Great hear. to Got it.

my labor, to be believe we I highest inflation. the around just more? high of inflation should SPSs? that single-digit to a is said cost the be you areas Just cost mid year? what color inflation year. Just of you parts and kind next comments upon do on additional Is great. would cost the level of bit next expect a follow-up expect little spare cost you Could any here In expand equipment,

Richard Barker

obviously, Yes. cost going would And obviously, Difficulty]. that's as single-digit of on sit side, labor inflation year here seeing our some so [Technical higher is next as of Mexico, we're are we structure average, mid expectation We the Gulf say you said others.I right? today. than to elements be And know, an type the

So dependent it's as well. regional very, very

average more kind than would I mid as single-digit that. on But to of hard think next I specificity think maybe about level a type it's year. give So, it

Operator

of Your Benchmark. Kurt next Hallead from the comes question from line

Kurt Hallead

So, mark, so want quite to is the reached fact haven't I rate the we on value there is costs being no of so Because going XXXK a up and progression MOB value, day longer the day the per total and bigger contracts they're rates think, the lot it the seems end are the just are there's contract cash day day, important your the of fees that how at get these investors paid to is focused right, day the versus XXX% of and of intently missing headline so making in are that rate yet right? forth, total rate context of like is right?So, contract value that on up. perspective, picture on because I the the if day upfront headline

your rate you really important to So, day perspective I get or just is it's want more on about to you is for the of cash it the And see maximize the that. guys important to contract? it value

Robert Eifler

that headed good a that We've couple there a XXX things behind. a spot Timing's seems But of here question. matter. focus does visible understandably, And And number myopic almost between recently. to been that contribution it's you're little have an your bit It's there's the on on to there. other on. said threshold.We're go before. point, One, maybe a contract and efficiency

component. I probably mid-cycle-ish that somewhere we're matter. on cetera, would et mobilizations, say, So,

rigs, proud and that's very driving the maximizing of think combination I is contracts, kind as we're and focused dmobs just this and mobs on between our full there cetera.And from types we cash now is regions, a you'll in a the things stage a ways away now. variation cycle, got we've dmobs. flow much that's some type obviously, our seeing, cash so, last of reached to revenue margins, a right you're drilling where places remember. our we margins think also, point We're good one right at et and And And is of that have we're mobs contract So, flow. within But cycle. very what

Kurt Hallead

Okay.

prospect your seeing referenced of indicated guys obviously, the that increased And competitors dynamic. you one duration. Now, yesterday of the same they've been seeing

are are we what look of in are now to perspective seeing XXXX, propensity as X we will and relative some X-year to seeing greater we've on, contract So, sort greater of Like, come terms? forth you in Or awards out propensity potential so far? a talking give maybe a seen we us about term? of what that duration X-year

Robert Eifler

like It's XX contracted the the Petrobras see if if latter. or now. exclude citing if that, But months XX correctly, I think recall, right you this I average is UDW what I'm you're the going term contracts, to

that I next and X moving think, so, year, are of And go and example. contracts mentioned, because companies we a from statistic would anticipate X would covers X-well away your fairly dramatically we that that are as X-year there into up kind which that contracts, X-year few to

Kurt Hallead

just So, So, get need that oil I to kinds of and time. periods when movement right? can but and extension it's to some seem the all longer we're some the 'XX it? of seeing And cause that same of for in is therefore, extent. drillships -- like tended that am information basically toward 'XX to future your I seven-gen for question, period need reach angst supply demand suggesting the book that's prior among exceed hey, ultra-deepwater cycle it Based to on that, companies what the and an further need doesn't there's a going commentary, into I it about, I

just getting what companies? oil sense not in kind want you to are of your it's get why from of conversations X kind again, on Just, companies what to oil maybe X just book willing with I the a theoretical let's but pushback color years guys say? So, know or years, question, versus I a you're

Robert Eifler

handful right. been wells X I would into term, longer market. of market had earlier, but well-balanced tender that a couple 'XX.All I'm mentioned of last come I as -- that think market or across of to this -- I term.I the We've wells think level kind headline instances, broadly just good and pretty rate, but urgency I X to our yes. the announced to we continue the this trying part tender there's mean, XX to some it's reactivations for will as into that near what's don't a get rates supply into well-balanced the I next industry, pushing pretty go more pull multiple this coming they market think pull be calling and Meltem, this left, companies been perhaps. upward as to a it's in avoid through it that's programs, the relatively broadly, up-cycle market to pocket, air anticipate that not Sure, together we view or the takes including new some programs move it. I small And I year, and few term. have all forward. the is continue little my day is year and to going a creating so into a to balanced XXXX. right it's, is now movement mentioned X And together 'XX have briefly, some selectively And of some whether just on of in the -- and of -- the rig see through with than know I for to on of come think,

Operator

And your Gregory Lewis with from comes BTIG. next question

Gregory Lewis

and a given curious change to but I'm around if partner, before, Guyana in that does, can or still of the on Just do as not any kind has think I position have lot Hess' just that. even anything? you realize with that Exxon, happen about of accelerate dry, a ink's have thoughts what kind Hess, buy or changing kind Chevron broad of does that any you anything of you thoughts

Robert Eifler

with answers of interesting I had relationship we mean, we excellent But and an all think I most have to come view, Chevron obviously feel our the from Hess. Hess. Sure. from

and We for that.Looking have It's and over a little lot we, would lot I we that, hope talk and course, much speak we'll And to that, Guyana. the the a of put themselves. a we've hope haven't that's so to efficiency our operation, hopefully, from outside regular of new performance. focus that demonstrates rigs see of that important we've owner whole translates There's of on contact as the and think down really, us, our that a there.So, some and about we customer great think performance that Chevron, there, very done as much continue work that very really there, got results data bit we for.

it will see look potential a So I what someone opportunity, into a who firsthand as we're get doing.

Gregory Lewis

all start It rigs. doesn't good was to that update work congratulations that's acceleration, there kind pickup work a the signs out look getting of -- see. really of But on in to but definite then and And bolt-on some we Globetrotter a out of as in maybe being off 'XX, kind idle the over point any think of rough mid contract about or way if that. rough thoughts X, roll around 'XX. of as think to maybe about, X to contracts? the until curious Any have some up we time kind rigs in see kind I'm way handicap, of Any between you next kind on quarters?

Blake Denton

It's Blake. Yes.

maybe So a couple of the the to best way would through be rollovers. walk

want have De the good rigs for of LaFosse of interruption service an I needs, serve is so and the the them, floaters, there that and with to option, drilling working be that election know Mexico, here at what the for a in their We if well. in the there.Gerry Murphy, well their about on -- the we're Nigeria. so similar for prospect Stanley is options, they Gulf you expecting we feel performing so, have there we in we start And continuing not Souza TotalEnergies the will don't look around as there, quarter.We to this but at opine like decision prospect work believe story

of mobilizing look you we ongoing right some the year. Voyager year, the Valiant.The that, feeling for so now, would Voyager -- in the first wrapping announce end next start the with around when to or And And the got dialogue the program I to options toward of up Americas. the the take pleased feeling the available then So the sorry, then guess good It's pretty the quarter good expect would up a that on back about year. we is of the of Voyager about Voyager would that that contract pretty XXXX. if out and pick work the with will back it turn exercised, the on LLOG end through there's about Valiant,

The rig XX% think of at that to roughly when is we're other thing there's looking year contracted. class UDW be to that about next demand still remains forecasted the

we last only So Robert I on provide point would outlaid Difficulty] and The prepared prepared back we visibility. expect de-rigs the Yes. some think, will on remarks, again comments, the his that the of more [Technical there's Robert's awards in some in as fourth quarter the Globetrotters awards some it's say, and

Operator

Smith line is [Pello comes with Your with Security.[Technical ] Partners. Bilbao question Difficulty] Energy David, your our Clarksons final And next question open. from from David comes Pickering

Operator

by. And for our audience, stand please

thank you. in. And Our Security. Pelle your back [ speakers Clarksons Bilbao with dialing are from comes you ] next Thank question much. so Yes,

Unknown Analyst

stellar Congratulations I on answered have already. a quarter. guess most questions of my been

And on really region. end great going in more least with if in see would prepared be you question on particularly with guess, left as But give more color on on signs time color well, an some opportunities forward see relates activity it part, final these the my topic and that some here. environment you Norway, here But every emphasis would North harsh market during the Sea in I'm calls. to did and my I where sitting upon jackup touch the So, the this we're I that great. you list of some the really on At increasing what XXXX. remarks additional we single XXXX touch have be upon some appreciate for could one fleet. our this we we your

Robert Eifler

of your I signs increased the dialogue. increased guess in activity, I'll jump right that we back do last see some statement of on

of infill was a could also a for shortage, the XXXX-related regional those any of well-suited I CJXXs or the in to in global to gas are Norway. We us. event. The potential There's drilling, believe the than if zone from XXXX. there upside compete competition goes more incremental think there demand that whether most event sort do that's most next of Norway come the are production

So, there. locked customers to the dialogue more space, from nature non-Norway unexpected we're the to there's demand the if a the terms of declare encouraging.In the having up a in Interceptor the Intrepid firm demand that got demand The the market. the there demand to that But bit we've all of And perspective. upside, if of think I little And, that for pass be now. limited of really positive in capability of with to yet a XXXX. like going bit next or conversations of explode Norway It's don't our course, comes there's capacity is the year. is to little will rig comes XXXX we'd

Operator

with question next Pickering David comes Your Smith Partners. from Energy

David Smith

you Can me hear okay?

Robert Eifler

we Yes, can hear you.

there. were There some Sorry. technical issues

David Smith

on especially water increase. Kudos quarter, comments sidelined want dividend just to front. did ultra-deep the the That's shareholder revisit deal. and Good the about I return leadership great capacity. your on the

still returns rates sidelined previously reactivations low can duration number about term your remaining out be edge. at the whether of seen rigs stranded thoughts over with leading the and in But to the referenced new XXXs. we've added You how or wanted at builds, capacity, ask many drillships you maybe high-spec solid past might very brought below they year, think the make I rates

Robert Eifler

there, on them, most start rigs, critical not the know. start status, to one et X Yes, our mean, a higher start to I stacking instances, components I closer could there's territory, but get be of rigs have, bit really a In of small to Not course, a we kind opinion, look, you many our here, of I handful. reactivation get, some might range. to concessions think, of to fighting or in all X, It's the scale you of a think, little From perhaps that them, but missing from generation it's marketability, don't certain you and their cetera. are costs some Xth where defining generation. Xth have into,

David Smith

We coming Great. X with so rigs, up happy really answer. hear were your to

little a question. a Just housekeeping of bit

and former think to do how maybe I Lloyd the that that if managing contributed much ask you're and longer to Noble much rig? wanted how to really, expect still manage Noble, QX just so, you costs,

Robert Eifler

Dave. Yes,

from of the that beat a part think perspective top-line was QX. in I

Sea. CJXX the North are in We manage continuing to

of that that this well. I quarter. will think mid-part right continue as is you're But expectation our through

performance think, obviously operational think a component also strip and QX. beat was that well. you cost that I perspective, big think of uptime, as from If look very it as a QX big, I nice beat in a in the I the that at out, think the was you I

David Smith

for Sea, very some wanted I competitive If and semis reason any regions, I the deal. I Good environment, recognize the one outside Norwegian of can there's but that. we've greedy specifically be get they of I wouldn't semis harsh your appreciate to seen high-spec. to the if North more ask they're in, right pulled aren't Namibia. sneak certainly

Robert Eifler

the Yes, in look, capable of most are world. some semis those the

to semis not I very so you preferred, to because waters. less Many environments, extreme I to would the have environments. regions generally, can weight range, bit they to NDP, you in in not limitations start to As deeper cold-weather semisubmersibles -- -- in they the relatively upwards can get, to go shallower compete going drillships. semis that generally, some into compete guess, compete so well. more are they're because and But XX,XXX-foot they less harsh a where can is water specific said, are get they're down they're of They they favorably offer little kind where you

their to in look operation. may specific going drillship like against have some very Xth So a rigs, or for -- when their much And niches, in on to they operating we've generation before, they're said are other going Xth-generation like a compete on more level. up compete an when rig. those reason, They're whatever concession alternative a

Operator

remarks. no will over And Macpherson, turn you back the questions for further call I to there at closing this Ian time. are

Ian MacPherson

for And to next Thank speaking the day. difficulty through today. in We quarter. us a great technical with there. with look dialing forward Have again sticking everyone, you for thanks you,

Operator

And this concludes today's conference.

disconnect. now may You

Noble (NBLWF) 1 Nov 232023 Q3 Earnings call transcript