Jeffrey L. Chastain Vice President Investor Relations and Corporate Communications Jefferies 2016 Energy Conference November 30, 2016
Forward Looking Statement This presentation contains forward-looking statements about Noble s business, financial performance and position, contracts and prospects. Statements regarding contract backlog, costs, benefits, opportunities, financial performance, capital structure, debt, financial position, fleet strategy, growth into new market segments, bidding activity, rig demand, contract commencements, dayrates, impact of future regulations, contract duration, fleet condition, capabilities or performance, industry fundamentals, shareholder value, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to actions by regulatory authorities or other third parties, market conditions, financial results and performance, ability to repay debt and timing thereof, actions by customers and other third parties, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, the actual amount of downtime, factors that reduce applicable dayrates, violations of anti-corruption laws, hurricanes and other weather conditions, delays, costs and difficulties related to the construction of newbuild rigs, the future price of oil and gas and other factors detailed in the Company s most recent Form 10-K, Form 10-Q s and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. The Company disclaims any duty to update the information presented here. 2
The Noble Advantage Key Factors Premium Fleet Contract Coverage into 2023 Consistent Operational Execution Liquidity Capacity Solid Balance Sheet with Declining Total Debt All Newbuilds Completed and Delivered Declining Capex 3
Modern and Versatile Premium Fleet 8 Drillships 8 UDW, DP 8 added to fleet since 2011 6 contracted 2 marketed 8 Semisubmersibles 3 UDW, DP 5 conv. moored, UDW, DW 1 contracted 2 marketed, 5 cold stacked 14 Jackups 7 added since 2012 3 added since 2007 13 contracted 1 marketed Years Source: IHS/Petrodata Source: Noble as of November 2016 4
Revenue Reflects a Premium Fleet Focus YTD September 30, 2016 Total Revenues $1.9 Billion Revenues by Region Revenues by Rig Type 5% Positioned in Regions with Promising Recovery Potential 17% 91% High- Specification 74% 4% Standard Jackups Deepwater Floaters High-Spec Jackup Ultra-Deepwater Floaters Source: Noble as of September 30, 2016 5
A Focus on Improving Operational Execution ($ Thousands) Contract Drilling Costs Per Available Day 2016 contract drilling service costs revised to $890-$910 million Additional rig efficiency measures and overhead remains under review Preliminary 2017 contract drilling costs of $675 million with a lower bias Source: Noble 6
Managing Idle Rig Costs Projected Warm Stack Costs ~$40,000 Projected Cold Stack Costs N/A $35,000 - $40,000 $10,000 - $15,000 N/A < $10,000 $15,000 - $20,000 N/A Goal: Appropriate preservation for all idle rigs Keep premium fleet utilized Balance idle costs and ability to respond to incremental opportunities Source: Noble 7
Industry Fundamentals Remain Challenged Two year-plus period of customer emphasis on balance sheet improvement Reduced offshore drilling activity Fleet capacity imbalance Expanding number of idle rigs Greater amount of cold stacking and scrapping Contributing to fleet rebalance over time 8
# of Units Floater Supply/Demand As of November 2016 400 300 32 Uncontracted Contracted 200 133 327 100 155 68 71 0 Floater Supply (ex. newbuilds) Newbuild Floaters Total Future Projected Supply Cold Stacked Floaters Scrapped Source: IHS, ODS 9
# of Units Jackup Supply/Demand As of November 2016 700 600 99 Uncontracted Contracted 500 400 230 300 650 200 312 100 0 Jackup Supply (ex. newbuilds) Newbuild Jackups Total Future Projected Supply 87 Cold Stacked Jackups 22 Scrapped Source: IHS, ODS 10
Industry Fundamentals Remain Challenged Key drivers for recovery: Base production declines are accelerating Reserve/production ratios in decline Offshore project cost rationalization efforts lowering break-even price Offshore hydrocarbon potential 11
A Challenging Offshore Environment Current Activity Barometer Rising Flat Bottoming Source: Noble 12
Strong Contract Coverage Percentage of Available Operating Days Floating Rigs 2016 41% Committed 2017 28% Committed 2018 25% Committed Jackup Rigs 2016 85% Committed 2017 69% Committed 2018 36% Committed Source: Noble of November 2016 13
Managing Cyclical Weakness Floating Fleet 16 Rigs Cold stacked Cold stacked 12/31/15 6/30/16 12/31/16 6/30/17 12/31/17 6/30/18 12/31/18 Source: Noble Corporation plc as of November 29, 2016 14
Managing Cyclical Weakness Jackup Fleet 14 Rigs 12/31/15 6/30/16 12/31/16 6/30/17 12/31/17 6/30/18 12/31/18 Source: Noble Corporation plc as of November 29, 2016 15
Liquidity Capacity Liquidity Improvement Supported by Strong Operations Execution ($ Billions) $3.5 Liquidity Components ($ Million): Cash (@ 9/30/16) $426 5-year RCF $2,445 (1) $3.2 $3.3 Liquidity Improvement $3.0 $2.5 $2.7 (1) Matures January 2020 (2) Includes Freeport Settlement $2.9 $2.8 $2.7 $2.9 $300 million of senior notes repaid in March with cash on hand Freeport-McMoRan settlement adds $540 million in 2Q16 Noble Lloyd Noble delivered in July 2016, using cash on hand of $409 million Cash from operations through 9/30/2016 of $963 million (2) Source: Noble 16
Solid Balance Sheet / Manageable Maturities Manageable Debt Maturities Debt Measures ($ Millions) $600 Debt Covenant $500 $500 $450 $500 Debt to Total Tangible Capitalization $400 $300 $300 $250 $400 $400 $400 $400 $400 Target Range 35% to 40% $200 $202 $100 $0 2017 2018 2019 2020 2021 2022 2025 2040 2041 2042 2045 Note: $300 million senior note maturity in 1Q16 paid with cash on hand. $300 million senior note maturity in 1Q17 expected to be repaid with cash on hand. Source: Noble 17
Declining Capital Expenditures (1) Newbuild Projects Completed 3 2 ($ Billions) $3 2 4 1 $2 $2.1 $1.9 $1 Newbuild Capex Noble Lloyd Noble Delivered July 2016 $.655 $.423 $0 $.125 $.240 2013 2014 2015 2016 (P) 2017 (P) (1) Totals prior to 2015 adjusted for spin-off of Paragon Offshore Source: Noble 18
Final Newbuild Rig Delivered Noble Lloyd Noble World s largest jackup 500 ft. water depth 33,000 ft. drilling depth 250 ft. operational air gap 31-month construction period Norwegian compliant Four-year primary term contract Statoil s Mariner Field UK North Sea 19
The Noble Advantage Key Factors Premium Fleet Contract Coverage in 2023 Consistent Operational Execution Liquidity Capacity Solid Balance Sheet with Declining Total Debt All Newbuilds Completed and Delivered Declining Capex 20
Points to Remember Operating costs expected to be managed lower in 2017 preliminary guidance of $675 million Capital expenditures declining in 2017 preliminary guidance of $125 million $4.3 billion of backlog beyond 2016 Liquidity is visible through 2019 Strong industry position provides financial flexibility and optionality 21
Noble Corporation plc Devonshire House 1 Mayfair Place London W1J 8AJ England www.noblecorp.com Investor contact: Jeffrey L. Chastain Vice President Investor Relations 281-276-6383 Enterprise Value (as of 11/28/16) Exchange Listing Shares Outstanding (ex. Treasury Shares) 52-Week Average Daily Trading Volume Debt Rating $5.8 billion NYSE: NE 243.2 million 10.0 million BB+/B1