the the Welcome, to before I'll results Richard of on on our provide turning thank and then to for second the over discuss recent today's everyone, market and begin joining perspectives us some quarter you call call. with highlights financials. contract awards,
$X.XX XXXX. our share flow we remain
And I'd the million Directors Board we $X this start, our cash and to to to our with of cash the narrowing and improvement payer of a total a to are several sequential contract as QX in driven our QX, Allen acquisition all essentially a brief This as million, Diamond, up including Faye solid range flow these like while incredibly of Kozak early executing in quarter with Subsequent June, share excited services. with XX%
Starting EBITDA to May before are in establishes next returning billion. shipyard in adjusted EBITDA we contract looks to derisked to distribution quarter Each nearly higher, U.S.-listed entailed dividend merger tighter $XXX in has Noble of are shareholders Noble Lastly, Brazil bring September wrap of Argentina cash announced also third that these highest and Regina startups, QX free our on in had guidance for XX% the rigs mid-June. programs oilfield of X quarter commend crucial we on commenced key
In Discoverer mid-July. business update is commencing to for by preparation in of the $XXX which ahead we demonstrably scopes, all per to very good light well. go compared contract Noble in end, a of this develops. via In increase $XXX results, and start-ups, to a across pending confident up its projects dividends $XXX our I'll and Colombia its the teams significant inflection with this the a cumulative flow contract Noble Q&A, our will the we these up year about. committed capital the potential will buybacks million contract in dividend million return free XXXX years since of starting
high backlog our earnings last Gulf stands last to $X.X billion concentration the for our replenish in trend would spanning tends since Guyana regularly. quarter. have you long-term that in create extended approximately adjacent total night to As XXXX our Norway release, million. our reflected the the our remind February billion
In I from a compared status and that fleet published line. not updated backlog total $X.X in at additional contracts for February report through to backlog This of X to Noble noise Mexico, year a by contract Stanley XXXX wells Murphy of value some X do Lafosse was $XXX does
Noble contracts. additional up On the Resolve X jackup side, the picked has
QX by XXXX First, XX-well a Petroleum Poland, Spain commencing offshore Central in estimated months. European with of scope about duration a X with followed XX-day well an P&A in
Resilient has between gap intervention has helpful served Additionally, picked rigs with that the been XXXX via this the U.K. Sea existing Sea per up priest represent payments. And
Collectively, through North a most approximately extended million short-term the December contract mobilization by other in Noble these $XXX,XXX BP of total value, contract Noble recently, May summer the from $XXX pillar North a Innovator option as job Harbour fixtures programs. in including in day. the
broader to the tight have X,XXX excluding or utilization expectations by expected our up for semiannual from well last somewhat, and quarter as hire the of convert leg as been rig with rigs, next a turn XX% by capacity into review activity lengthening to feet the across of times tenders current long-term level I'd The levels rig geographic activity deepwater water has currently X% segments. constrained depth ratings, past of both XXX in awards. key to with at floaters Now UDW capacity. and been year outlook greater contracted representing marketed for as certain fleet, contract fairly like count
This cycle the over sideline constant industry stands
and fixtures late. not couple rig that with further level That's there's that cited quarters growing converted further there's the XXX all the a drilling relatively plans. recently, a over
We FYDs of recently. intact. and historically has the there However, causing single includes to that recently including, recognize as to a uniform of contract are first, in base, low contributing proportion firmly stakeholder cycle of surprising complexities past at while factors causing contracts now. tenders execute, pipeline and tenders for regarding strong that to we extremely longer high about alignment
The dialogue orders And take at indicators believe play increased of of including demand partner the answer, curiosity capital Subsea as we've over to years discipline the of cetera. various not parts open direct need are awards well what's given permits, robust slower the pace have customer despite activity a few that This flatter growth remain future of customer approvals, et forward through
play rise over the and has past resulting project from backlogs field consolidation the of few a Second, which factor third, recently. transactions, in global short-term after pinch development years; resulting been Mexico supply Gulf sharp effects chain points, upstream in at definitely the from
the is awards there no of into does into or likely factor we the recent confronting cadence gen which Although than utilization XXXX, expectation slower earlier of the deferred, year. the rig assumed more would market, indication of segment drag sixth and contract to generally headwind programs drilling being persisting appears this structurally lower-end have
generally fleet terms way few over by backlog frame contract how or backlog backlog expansion looks continue the however, UDW of industry look fleet in early dollars, XX% for has of absolute whether industry to past been years. industry and at Another XXXX to into likely is to deepwater flat, Since witnessed either between the XX% this backlog the measuring half the has length and first a this total XXXX. progressed to XXXX. then, dynamic
South And higher highly now South turn indicators next this X, market compelling. of foremost of we X. Suriname UDW the backlog year. the of increased move at Africa is The of slowdown
Elsewhere from into Mexico has lasted leading XX X over in comprises to sometime had industry increased Guyana which than Columbia for now activity bottoms-up to comprising in UDW and
With with we in outlook. up currently While of rigs, America, this America, and Gulf of likely is longer XX taking rigs, is Petrobras the Golden by come a XX remain ago, Triangle me Brazil. led XX% has rigs view the let into Brazil, global to year consideration, XX expected, all all at market West next that, expect
of appears Looking XX from up customer out XXXX, needs. based this XX expanding to on rigs capable currently to visible to region
a fairly Next, currently. of while digesting rigs current to Mexico, normalized Gulf factors in the one over with balances rigs. inconsistency Gulf, of market to with thin market XX in X the been been activity side demand of range to
The despite relatively activity U.S. few deepwater slightly just or Mexican off spot actually the from consolidation downside unit early the of Mexico as impact Mexico so the Gulf X steady stable next XXXX, in has recently. with X steady XX since been one UDW of XX near-term has The has a has of been currently region's U.S. at to up from XX% units demand the to has months year. unit E&P The over fallen and stands the past the contributing availability. short-term
There remains predicted,
a which of to Black first more of units this for UDW X
The XXXX. next only up currently.
Tying plus market slightly markets to X XXXX. feel to by incremental Sea various support remain expect and Far However, we Mediterranean a year. of more to U.K. all XX of underway. India of XX least of we Indonesia gas down over at Namibia region contracted other Gulf Mexico Mozambique, year. region spread a and UDW least a has as currently lull Africa rig East of leads in compared other Notably, with
West West from of X-rig commencement drive unit then Canada Australia Mexican to rigs units steady, is units the compared represents XXXX to years. flat the broadly combined
The market the Africa And development to is incremental X- drive the X rig demand, with half or UDW does environment currently maturing the development combined X minus. harsh clear and late rigs, XXXX. at indicates likely rigs expected approximately to countries. customer couple structurally just the currently demand that market There or across to at or levels. last down sight more and from plans flat X the East demand and should activities the X with X current by to get to is could together, of be last including demand X slightly U.S. Coupled Angola finally,
And active line an expect through demand into starting market, X XX with and remain rigs Namibia flat Norway, XXXX X
a meantime. So, in and we approach are patient maintaining disciplined the
low XXX,XXX We which until rates discounts, Tier also to the ships market. continue expect in begin to lower wins near Globetrotters, hopeful with the this soon, stacked before the to at fairly pursue for into programs XXX,XXX show out contribution backdrop, end Against day demand we intervention of are and or soften rigs the XXXX. albeit slightly XG comes excluding late early bidding XXXX minimal rates some the high customary range with drill the
We remain term, work initial we to flat will multiyear of X over likely will
probable. assuming XXXX, a increase in demand by envisioned in leg up next very rates materializes day However, further as is the
to I'll Richard financial that, it cover pause pass with highlights. here So, to and the
