Thank you for standing by. My name is Carrie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Noble Corporation Plc Fourth Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. If you would like to ask a question during this time, please press star followed by the number one on your telephone keypad. If you would like to withdraw your question, thank you. I would now like to turn the call over to Ian MacPherson. You may begin.

Thank you, operator, and welcome, everyone, to Noble Corporation Plc’s Fourth Quarter 2025 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. We will reference an earnings presentation that is posted in the Investor Relations page of our website. Today’s call will feature prepared remarks from our President and CEO, Robert W. Eifler, as well as our CFO, Richard B. Barker. We also have with us Blake Denton, Senior Vice President of Marketing and Contracts, and Angeli Kolaja, Senior Vice President of Operations. During the course of this call, we may make certain forward-looking statements regarding various matters to our business and companies that are not historical facts. Such statements are based upon current expectations and assumptions of management and are therefore subject to certain risks and uncertainties. Any factors could cause actual results to differ materially from these forward-looking statements. Noble does not assume any obligation to update these statements. Also note, we are referencing non-GAAP financial measures in the call today. You can find the required supplemental disclosure for these measures, including the most directly comparable GAAP measure and an associated reconciliation, in our earnings report issued yesterday and filed with the SEC. I will now turn the call over to Robert W. Eifler, President and CEO of Noble Corporation Plc. Thanks, Ian. Welcome, everyone, and thank you for joining us. Today, I will walk through our financial and operational highlights, recent commercial wins, market outlook, including our semiannual review of deepwater rig demand around the world, and a brief update on our fleet strategy. Richard will then provide a financial overview, and I will wrap up with closing remarks before we go to Q&A. Starting with Q4, we reported adjusted EBITDA of…

Thank you, Robert, and good morning or good afternoon all. In my prepared remarks today, I will briefly review highlights of our fourth quarter and full year 2025 results and then discuss our outlook for 2026. Parting with our quarterly results, contract drilling services revenue for the fourth quarter totaled $705,000,000, adjusted EBITDA $232,000,000, and adjusted EBITDA margin was 30%. Q4 cash flow from operations was $187,000,000, capital expenditures were $152,000,000, and free cash flow was $35,000,000. Last quarter, we terminated the BOP service agreement on the four black ships, which increased fourth quarter CapEx by $18,000,000. For the full year 2025, we generated $3,300,000,000 in revenue and $1,100,000,000 in adjusted EBITDA. CapEx, net of proceeds from insurance claims, of $497,000,000 included approximately $25,000,000 of variable CapEx and the aforementioned CapEx for the termination of the BOP service agreement. This all resulted in $454,000,000 in free cash flow for the year. As summarized on page five of the earnings presentation slides, our total backlog as of February 11 stands at $7,500,000,000. As a reminder, our backlog excludes reimbursable revenue as well as revenue from ancillary services. Our current backlog includes approximately $2,300,000,000 that is scheduled for revenue conversion during the remainder of 2026, as well as a slightly greater amount that is already booked for 2027. This is the first instance in many years in which our year-two backlog has exceeded prompt year backlog at this point in the calendar, which highlights the embedded utilization and earnings ramp that we anticipate for 2027. I will circle back to this point in just a moment. Referring to page nine of the earnings presentation, we are providing full year 2026 guidance for total revenue between $2,800,000,000 and $3,000,000,000, which includes approximately $150,000,000 in reimbursable and other revenue, and adjusted EBITDA between $940,000,000…

Thanks, Richard. To sum up, I am incredibly excited about this moment for Noble. All of the strategy and effort that our organization has invested over the past five years is truly paying off, as evidenced by our backlog build and widespread relationships with the world’s most active deepwater producers. On backlog, our outperformance is a direct result of our strategy and has differentiated Noble over the past year, fundamentally recasting our contract coverage profile and substantially underwriting the material earnings and free cash flow inflection that Richard just mentioned. In connection with several of our major contract awards, we are making significant strategic investments to support our first-choice offshore strategy. With these investments, our fleet of 15 high-spec drillships will all have owned and integrated MPD or CM/L systems. Two-thirds will be equipped with NOV’s leading-edge automation technology, including advanced robotics on several rigs, and two will feature 2,800,000-pound derricks. Additionally, the Great White’s modifications will place it as a tier-one floater in Norway, alongside our leading fleet of ultra-harsh CJ70 jackups. With all of this, we strongly believe that Noble has the most advanced automated fleet in deepwater and NCS. As Richard mentioned, the significant increase in our backlog, with over 90% of our 24 floaters now contracted, combined with the unique characteristic of having greater year-two backlog in the book than current-year backlog, serves to provide a direct line of sight to run-rating approximately $1,300,000,000 of annualized EBITDA by 2027, even without any improvement in dayrates. And with 10 of our 15 drillships already secured by long-term programs, this implies only a small handful of highly marketable rigs to be contracted in order to derisk that trajectory towards the highest free cash flow level this company has seen in over a decade. And I would further add…

Thank you. At this time, I would like to remind everyone if you would like to ask a question, please press star then the number one on your telephone keypad. We do request for today’s session that you please limit yourself to one question and one follow-up. Your first question will come from Arun Jayaram with JPMorgan Securities LLC.

Yeah. Good morning, Robert and team. Robert, I was wondering if you could give us your thoughts on industry consolidation. Obviously, you have seen a large merger announced earlier this week, and just your overall thoughts on the implications to Noble and your overall strategy. Yeah. I mean, look, consolidation has been the path for this industry post-COVID. Obviously, we participated in that, and then this week, there has been a really significant announcement. You know, I think with the outlook for our industry, I think consolidation is the obvious path throughout the energy complex, throughout the entire chain. It has obviously been no different for the drillers. And, you know, I would say we certainly have benefited from it through the past years. We are a better company today than when we started this journey, and I am hopeful that broadly consolidation makes the entire industry better and more capable and more efficient, because that is the path forward for the drillers. Got it. I have my follow-up, Robert. Obviously, you have been a participant, as you mentioned, in industry consolidation, including the Diamond Offshore transaction. Maersk obviously have a very capable offshore rig fleet either compete at the very high-end, high-spec end of the market. Do you feel you have sufficient scale now if the other deal does get through regulatory approval? And thoughts, do you see a window of opportunity perhaps to maybe further expand your opportunity set perhaps in the floater market? You know, obviously, you have been divesting some of your shallow water jackups. Yeah. Look, I think the answer, strangely enough, is the same today as it would have been before Monday’s announcement, that we feel we have scale. We, as I repeat myself, but we are a better company today than we were before because of the scale we have built. And there are going to be opportunities out there. We will continue to look at everything, and we will continue to be as picky as we ever have been on ensuring that any opportunity we look at sits in the right place for us as a company in terms of the type of asset and the quality of the asset. Great. Thanks a lot. Thank you.

Your next question will come from Scott Gruber with Citigroup.

Yes. Good morning. I want to inquire about the recent strength in the sixth-generation market. I think your recent contracts surprised the market. You know, I guess first, what is driving that? Is that just a collection of projects moving forward? Is it a bit of value buying by customers? And you mentioned prospects on the Deliverer. Just curious whether you think you can get some good term on that rig as well. Yeah. It is a good question, and, you know, not necessarily something we would have predicted a couple of years ago for sure. What I would say, I think, is our D-class semis are most of our sixth-gen rigs, and those are the most capable non-Norway semis out there. They have both moored capability and DP, and they are set up particularly well for certain types of operations. And so what I would say is for that class of three rigs, it is a project-specific right place, right time kind of phenomenon. I think it is sustainable. I do not mean to suggest that this is a window in time, but I think the fact that they have kind of contracted prior to the seventh gens is the phenomenon of being at the right place in the right time for the right projects. It is not a value decision by our customers, as you mentioned, which is a good thought, but I do not believe that is what is driving it at all. Got it. And then we have kind of long sought it. You know, the sixth gens, we need to see better utilization just to get another round of upward momentum in rates across the collective seventh- and sixth-gen marketplace. It seems like, you know, the direction of travel there is positive. And you mentioned…

Next question will come from Eddie Kim with Barclays.

Hi. Good morning. I will ask the pricing question in a little bit of a different way, and I appreciate all the detailed commentary on the outlook. You said recent dayrate fixtures for tier-one drillships have been in the kind of plus or minus $400,000 a day range. You pointed to a tightening market as we progress through this year. Do you think we could start seeing fixtures sometime next year in 2027 back up into the mid-$400,000 range, or does that maybe look like more of a 2028 event just based on the conversations you are having and the opportunities you are seeing out there today? Yes. I think the possibility is there. I think I would stop a little bit short of making that the base case today. But maybe it is a maybe it is a 50/50. I do not know. It is so hard to predict. But, look, I think all of the pieces are laid out, and we need just a little bit more contribution worldwide to really tighten up the market going into mid next year. You know, I would say a couple things about us specifically. One, you know, the things Richard laid out in his script are all completely without dayrate improvement. So we feel, with our unique backlog curve where we have done a lot of the 2027 work already, we feel that we are extremely well positioned for an inflection here without dayrate improvement. And then two, I would say, also, I really like the way the fleet contracting is staggered right now. So we have got a nice mix of short-term availability, long-term contracting, and then, of course, our CEAs. We price up and down. And so I think I am pretty pleased right now with the way the…

Your next question will come from Fredrik Stene with Clarksons Securities.

Hey, team. Hope you are all well, and thank you for the prepared and detailed remarks on the grid market in particular. I wanted to ask a bit more about the Norwegian market because a couple moves here that you have done recently. One, obviously, signing the Great White with Aker BP and focusing your jackup fleet solely on the high heavy-duty, harsh environment market. If you take that kind of combined with your prepared remarks where you said that the outlook, I think, for these particular markets were better than you had seen in many years. Are we able to elaborate a bit on that and maybe specifically on the jackup side since the Great White’s floater role has been contracted for three years? Why what makes you optimistic, and how should we think about the jackup fleet in 2027–2028 where there is some space that definitely needs to be filled? Thanks. Yeah. It is a good question. I do not want to imply more than too much optimism. And, look, we have got contracts for the CJ70s. A number of those are in the UK sector, which is great. I am not sure that we see a renaissance in shallow-water Norway right now, so I do not want to overstate that or have that misunderstood. But we do have contracts for everything. We do have multiple customers that are looking at and considering potential jobs in Norway, so the market has expanded well past just Equinor. And, obviously, I include Equinor in the multiple customers, but, you know, I think with the rigs kind of in a steady state utilization right now and some ongoing conversations, it just feels like it is more likely to get better than worse for sure. Okay. Maybe Norway-specific stays more flat than…

Next question will come from Ben Summers with BTIG.

Hey. Good morning, guys, and thanks for taking my question. So first on the Black Rhino, kind of just the U.S. Gulf market in general. Just kind of curious, it was a to see that rig get some work. And I know we have the 100-day drilling option, but just curious, kind of longer term there, what you think the potential is for maybe more spot work in the U.S. Gulf or potentially moving that rig elsewhere? Any color there would be helpful. Thank you. Yes. It is a good question. That is where we are spending our, myself and our marketing group, spending a lot of time on that rig. We have multiple opportunities. So I would say, you know, for 2026, we are hopeful that there is some spot work out there, but there is probably not a huge amount of upside on the rig. Hopefully, some. I think the more exciting programs for that rig really are in 2027. Those exist both in the U.S. and outside of the U.S., and we have got a couple of different opportunities with some of our closest customers globally, and we are hopeful that we can land something there. That rig is an excellent rig. It is outfitted very well for big development campaigns and obviously can perform with the best of them for shorter-term and exploration jobs as well. So we are hopeful to land something here before too long. Awesome. Thanks for the color. And kind of just more broadly, I know you guys spoke on the 2027 kind of expected demand pickup. I guess, is there any kind of concern there that projects could continue to shift to the right, I guess particularly in a market like West Africa? Are we pretty confident here that that is…

Your final question will come from Keith Beckman with Pickering Energy Partners.

Thanks for taking my question, guys. I had a question kind of relating around the CapEx on the nine contracts outside of the Great White. So I think it is about $50,000,000 of CapEx, and I believe you guys said it was related to the Endeavor and the D’Souza. Can you sort of bucket between those two rigs roughly what that is for me? Yeah. So I think you are talking about the incremental $50,000,000 of contract capital that we announced in conjunction with the $1,300,000,000 of backlog here about two weeks or so ago. Think about that incremental capital as kind of split between the Endeavor and D’Souza. Okay. Perfect. Awesome. And then my other question was, just relating around, and I think this was hit on maybe a little bit earlier, but just relating around the remaining five jackups. Does it potentially make sense if somebody comes in with the right price now to kind of make yourself the largest pure-play floater fleet? Just any color around that. Yeah. Like, it is a good question. No. We are committed to the CJ70s. When we announced the merger with Maersk, we chose to put our secondary headquarters as Stavanger. We have an established, extremely capable operation there, and with the addition of the Ocean Great White, some added scale. So we are pretty happy with where we sit there right now. Perfect. Really appreciate the color. Thanks for taking my questions. Thank you.

And that concludes the Q&A portion of today’s call. I would now like to turn the call back over to Ian MacPherson for any closing remarks.

Thank you for joining us today, everyone. We appreciate your interest and we will look forward to speaking with you again next quarter. Have a great day.

Thank you for your participation. This does conclude today’s conference. You may now disconnect.