Strong Financial Performance
Noble Corporation reported an adjusted EBITDA of $338 million and free cash flow of $173 million for the first quarter. They have surpassed $1 billion in combined dividends and buybacks since Q4 2022.
Significant Contract Awards
Noble secured long-term contracts with Shell and TotalEnergies, comprising nearly 14 rig years of additional backlog across four rigs, with a total revenue potential between $2.0 billion and $2.5 billion.
Backlog Growth
The company's backlog increased by 30% since the last quarter, reaching $7.5 billion.
Integration Progress
The integration of the legacy Diamond fleet into Noble's ERP system was completed ahead of schedule, positioning the company to achieve synergies of at least $100 million by the end of the year.
Cost Management
Noble managed to keep operational costs in check, with net capital expenditures amounting to $98 million and a focus on controlling stacking costs.