NOBLE CORPORATION PLC ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 RESULTS
-- Full Year 2023 Net Income of $482 million, Adjusted EBITDA of $810
million, cash provided by operating activities of $574 million, and Free
Cash Flow of $184 million.
-- Fourth Quarter Net Income of $150 million, Adjusted EBITDA of $201
million, cash provided by operating activities of $287 million, and Free
Cash Flow of $165 million.
-- Maersk Drilling synergy target increased from $125 million to $150
million; integration process nearing a highly successful conclusion.
-- Over $500 million in new contract awards since November, with total
backlog at $4.6 billion.
-- Full Year 2024 Guidance provided as follows: Total Revenue $2,550 to
$2,700 million, Adjusted EBITDA $925 to $1,025 million, Capital
Additions (net of reimbursements) $400 to $440 million.
SUGAR LAND, Texas, Feb. 22, 2024 /PRNewswire/ -- Noble Corporation plc (NYSE: NE, CSE: NOBLE, "Noble", or the "Company") today reported fourth quarter and full year 2023 results.
Three Months Ended
(in millions, except per share amounts) December 31, 2023 September 30,
2023 December 31, 2022
Total Revenue $643 $697 $623
Contract Drilling Services Revenue 609 671 586
Net Income (Loss) 150 158 135
Adjusted EBITDA* 201 283 157
Adjusted Net Income (Loss)* 56 127 61
Basic Earnings (Loss) Per Share 1.06 1.14 1.02
Diluted Earnings (Loss) Per Share 1.03 1.09 0.92
Adjusted Diluted Earnings (Loss) Per Share* 0.39 0.87 0.41
* A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release.
Robert W. Eifler, President and Chief Executive Officer of Noble Corporation plc, stated, "Our fourth quarter results brought full year 2023 revenue and Adjusted EBITDA toward the upper end of our guidance range and capped a year of strong operational performance and Free Cash Flow generation. The Maersk Drilling integration, which is now substantially complete, has been extremely successful, and I would like to congratulate and thank our employees for this exceptional team performance during 2023 which demonstrated the value and the exciting potential of the new Noble."
Fourth Quarter Results
Contract drilling services revenue for the fourth quarter of 2023 totaled $609 million compared to $671 million in the third quarter, with the sequential decrease driven by lower utilization. Marketed fleet utilization was 68% in the three months ended December 31, 2023, compared to 78% in the previous quarter. Contract drilling services costs for the fourth quarter were $374 million, a slight increase versus $354 million the third quarter. Net income decreased to $150 million in the fourth quarter, down from $158 million in the third quarter, and Adjusted EBITDA decreased to $201 million in the fourth quarter, down from $283 million in the third quarter. Net cash provided by operating activities in the fourth quarter was $287 million, net capital expenditures were $123 million, and free cash flow (non-GAAP) was $165 million.
Balance Sheet and Capital Allocation
The Company's balance sheet as of December 31, 2023, reflected total debt principal value of $600 million and cash (and cash equivalents) of $361 million. Share repurchases totaled $15 million during the fourth quarter, bringing 2023 year-to-date share repurchases to $95 million. Total capital returned to shareholders between share repurchases (including the Maersk Drilling squeeze-out) and dividends from the fourth quarter of 2022 through the fourth quarter of 2023 equaled $283 million.
Today, Noble's Board of Directors declared a quarterly interim dividend of $0.40 per share for the first quarter of 2024. This dividend is expected to be paid on March 21, 2024, to shareholders of record at close of business on March 08, 2024. Future quarterly dividends and other shareholder returns will be subject to, amongst other things, approval by the Board of Directors, and may be modified as market conditions dictate.
Operating Highlights and Backlog
Noble's marketed fleet of sixteen floaters was 75% contracted through the fourth quarter, compared with 92% in the prior quarter due to downtime between contracts. Recent backlog additions have substantially reduced the percentage of uncommitted days across our marketed floater fleet in 2024 to approximately 20%, with most of Noble's remaining availability for this year attributable to the Noble Globetrotter I, Noble Globetrotter II, and Noble Developer. With similarly limited industry capacity available in 2024, leading edge floater dayrates have held firm in the mid-to-high $400,000s range for tier-1 drillships and low-to-mid $400,000s range for sixth generation units. The bidding pipeline for 2025 contract commencements appears supportive of a continuing upward trend in leading edge rates for high spec rigs.
Utilization of Noble's thirteen marketed jackups was 61% in the fourth quarter, consistent with 61% utilization during the third quarter - jackup utilization is expected to improve progressively through 2024 with contracts scheduled to commence this summer for the Noble Regina Allen and Noble Resolute following shipyard stays, while the near-term visibility for the warm stacked jackups Noble Interceptor and Noble Highlander remains limited at this time.
Subsequent to last quarter's earnings press release, new contracts for Noble's fleet with total contract value of approximately $530 million (including mobilization payments) include the following:
-- Noble Discoverer was awarded a 400-day contract with Petrobras in
Colombia, expected to commence in early June 2024. The contract includes
an option to extend the duration by 390 days.
-- Noble Voyager was awarded a one well contract (plus one option well)
with Petronas in Suriname which commenced in February 2024 with an
estimated firm duration of 130 days excluding option.
-- Noble Valiant was awarded a six-month contract extension with LLOG in
the U.S. Gulf of Mexico, expected to commence in July 2024 in direct
continuation of the rig's current contract. The dayrate for this
contract is $470,000, excluding additional fees for the use of managed
pressure drilling.
-- Noble Gerry de Souza received a 9-month extension with TotalEnergies in
Nigeria, continuing the program out to November 2024.
-- Noble Intrepid had an option exercised by Harbour Energy for a well
intervention program in the U.K. North Sea which commenced in January
2024 at a dayrate of $120,000.
-- Noble Innovator received a one well extension (estimated 90-day
duration) from BP at a dayrate of $140,000 scheduled to commence in
September 2024.
-- Noble Resolute received a 60-day extension (from March 2025) with
Petrogas in the Dutch North Sea.
Noble's backlog as of February 22, 2024, stands at $4.6 billion.
Outlook
For the full year 2024, today Noble announces a guidance range for Total Revenue of $2,550 to $2,700 million, Adjusted EBITDA in the range of $925 to $1,025 million, and Capital Additions (net of reimbursements) between $400 to $440 million.
Commenting on Noble's outlook, Mr. Eifler stated, "We expect to realize improving financial results in 2024 compared to 2023, with mid-year contract start-ups for several floaters and jackups expected to drive stronger financial performance in the second half of the year. Meanwhile, commercial visibility for 2025 and 2026 is highly encouraging based on recent months' step-change increase in open demand, which is a positive indicator for future backlog development. Against this favorable backdrop, we look forward to growing our return of capital to shareholders as free cash flow improves over the course of the cycle."
Due to the forward-looking nature of Adjusted EBITDA, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure. Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. The unavailable information could have a significant effect on Noble's full year 2024 GAAP financial results.
Conference Call
Noble will host a conference call related to its fourth quarter 2023 results on Friday, February 23, 2024, at 8:00 a.m. U.S. Central Time. Interested parties may dial +1 929-203-0901 and refer to conference ID 31391 approximately 15 minutes prior to the scheduled start time. Additionally, a live webcast link will be available on the Investor Relations section of the Company's website. A webcast replay will be accessible for a limited time following the scheduled call.
For additional information, visit www.noblecorp.com or email investors@noblecorp.com.
About Noble Corporation plc
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Additional information on Noble is available at www.noblecorp.com.
Dividend Details
Dividends payable to Noble shareholders will generally be paid in U.S. dollars (USD). However, holders of shares in the form of share entitlements admitted to trading on NASDAQ Copenhagen will receive an equivalent dividend payment in Danish krone (DKK) as determined by the exchange rate on a specified date. The holders of such share entitlements bear the risk of fluctuations in USD and DKK exchange rates.
Forward-looking Statements
This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this communication are forward looking statements, including those regarding future guidance, including revenue, adjusted EBITDA and capital additions, the offshore drilling market and demand fundamentals, realization and timing of integration synergies, related costs to achieve, new technology and software platforms, free cash flow expectations, capital allocation expectations including planned dividend and share repurchases, contract backlog, rig demand, expected future contracts, anticipated contract start dates, dayrates and duration, fleet condition and utilization, business, financial performance and position and our plans, objectives, expectations and intentions related to the Noble-Maersk merger. Forward-looking statements involve risks, uncertainties and assumptions, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. When used in this communication, or in the documents incorporated by reference, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "on track," "plan," "possible," "potential," "predict," "project," "should," "would," "shall," "target," "will" and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. These forward-looking statements speak only as of the date of this communication and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law. Risks and uncertainties include, but are not limited to, those detailed in Noble's most recent Annual Report on Form 10-K, Quarterly Reports Form 10-Q and other filings with the U.S. Securities and Exchange Commission. We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us. With respect to our capital allocation policy, distributions to shareholders in the form of either dividends or share buybacks are subject to the Board of Directors' assessment of factors such as business development, growth strategy, current leverage and financing needs. There can be no assurance that a dividend will be declared or continued.
NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended December Twelve Months Ended December
31, 31,
2023 2022 2023 2022
Operating revenues
Contract drilling services $609,241 $585,849 $2,461,715 $1,332,841
Reimbursables and other 33,738 36,743 127,303 81,006
642,979 622,592 2,589,018 1,413,847
Operating costs and expenses
Contract drilling services 373,760 366,386 1,452,281 897,096
Reimbursables 24,158 27,332 91,642 64,427
Depreciation and amortization 82,933 69,770 301,345 146,879
General and administrative 32,985 29,877 128,413 82,177
Merger and integration costs 13,286 56,752 60,335 84,668
(Gain) loss on sale of operating assets, net (87,125) (90,230)
Hurricane losses and (recoveries), net (41,823) (4,641) (19,703) 60
485,299 458,351 2,014,313 1,185,077
Operating income (loss) 157,680 164,241 574,705 228,770
Other income (expense)
Interest expense, net of amount capitalized (14,600) (19,384) (59,139) (42,722)
Gain (loss) on extinguishment of debt, net (8,716) (26,397) (8,912)
Interest income and other, net 1,777 9,599 18,069 14,365
Gain on bargain purchase 5,005
Income (loss) before income taxes 144,857 145,740 512,243 191,501
Income tax benefit (provision) 4,843 (10,778) (30,341) (22,553)
Net income (loss) $149,700 $134,962 $481,902 $168,948
Per share data
Basic:
Net income (loss) $1.06 $1.02 $3.48 $1.99
Diluted:
Net income (loss) $1.03 $0.92 $3.32 $1.73
NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31, 2023 December 31, 2022
ASSETS
Current assets
Cash and cash equivalents $360,794 $476,206
Accounts receivable, net 548,844 468,802
Prepaid expenses and other current assets 152,110 106,782
Total current assets 1,061,748 1,051,790
Intangible assets 10,128 34,372
Property and equipment, at cost 4,591,936 4,163,205
Accumulated depreciation (467,600) (181,904)
Property and equipment, net 4,124,336 3,981,301
Goodwill 26,016
Other assets 311,225 141,385
Total assets $5,507,437 $5,234,864
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt
$ - $159,715
Accounts payable 395,165 290,690
Accrued payroll and related costs 97,313 76,185
Other current liabilities 149,202 140,508
Total current liabilities 641,680 667,098
Long-term debt 586,203 513,055
Other liabilities 307,451 265,743
Noncurrent contract liabilities 50,863 181,883
Total liabilities 1,586,197 1,627,779
Commitments and contingencies
Total shareholders' equity 3,921,240 3,607,085
Total liabilities and equity $5,507,437 $5,234,864
NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Twelve Months Ended December
31,
2023 2022
Cash flows from operating activities
Net income (loss) $481,902 $168,948
Adjustments to reconcile net income (loss) to net cash flow from
operating activities:
Depreciation and amortization 301,345 146,879
Amortization of intangible assets and contract liabilities, net (106,776) (5,352)
Gain on bargain purchase (5,005)
(Gain) loss on extinguishment of debt, net 26,397 8,912
(Gain) loss on sale of operating assets, net - (90,230)
Changes in components of working capital and other operating (123,526) 51,828
activities
Net cash provided by (used in) operating activities 574,337 280,985
Cash flows from investing activities
Capital expenditures (409,581) (174,319)
Proceeds from insurance claims 18,809
Cash acquired in stock-based business combinations, net - 166,607
Proceeds from disposal of assets, net 24,264 381,026
Other investing activities - 2,458
Net cash provided by (used in) investing activities (366,508) 375,772
Cash flows from financing activities
Issuance of debt 600,000 350,000
Repayments of debt (673,411) (627,323)
Borrowing on credit facilities - 220,000
Repayments of credit facilities - (220,000)
Debt issuance costs (24,914) (641)
Debt extinguishment costs (25,697)
Compulsory purchase payment - (69,924)
Share repurchases (94,826) (15,000)
Dividend payments (98,804)
Other financing activities (8,139) (4,884)
Net cash provided by (used in) financing activities (325,791) (367,772)
Net increase (decrease) in cash, cash equivalents and restricted cash (117,962) 288,985
Cash, cash equivalents and restricted cash, beginning of period 485,707 196,722
Cash, cash equivalents and restricted cash, end of period $367,745 $485,707
NOBLE CORPORATION plc AND SUBSIDIARIES
OPERATIONAL INFORMATION
(Unaudited)
Average Rig Utilization
Three Months Ended
December 31, 2023 September 30,
2023 December 31, 2022
Floaters 63 % 77 % 76 %
Jackups 61 % 64 % 87 %
Total 62 % 72 % 81 %
Operating Days
Three Months Ended
December 31, 2023 September 30,
2023 December 31, 2022
Floaters 1,101 1,348 1,320
Jackups 785 824 1,201
Total 1,886 2,172 2,521
Average Dayrates
Three Months Ended
December 31, 2023 September 30,
2023 December 31, 2022
Floaters $437,827 $403,813 $303,734
Jackups 147,954 140,775 118,089
Total $317,150 $304,040 $215,751
NOBLE CORPORATION plc AND SUBSIDIARIES
CALCULATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER SHARE
(In thousands, except per share amounts)
(Unaudited)
The following tables presents the computation of basic and diluted income (loss) per share:
Three Months Ended Twelve Months Ended
December 31, December 31,
2023 2022 2023 2022
Numerator:
Net income (loss) $149,700 $134,962 $481,902 $168,948
Denominator:
Weighted average shares outstanding - basic 141,054 131,924 138,380 85,055
Dilutive effect of share-based awards 3,158 3,334 3,158 3,334
Dilutive effect of warrants 1,763 9,117 3,659 8,489
Dilutive effect of compulsory purchase 2,893 729
Weighted average shares outstanding - diluted 145,975 147,268 145,197 97,607
Per share data
Basic:
Net income (loss) $1.06 $1.02 $3.48 $1.99
Diluted:
Net income (loss) $1.03 $0.92 $3.32 $1.73
NOBLE CORPORATION plc AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION
Certain non-GAAP measures and corresponding reconciliations to GAAP financial measures for the Company have been provided for meaningful comparisons between current results and prior operating periods. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles.
The Company defines "Adjusted EBITDA" as net income (loss) adjusted for interest expense, net of amounts capitalized; interest income and other, net; income tax benefit (provision); and depreciation and amortization expense, as well as, if applicable, gain (loss) on extinguishment of debt, net; losses on economic impairments; restructuring and similar charges; costs related to mergers and integrations; and certain other infrequent operational events. We believe that the Adjusted EBITDA measure provides greater transparency of our core operating performance. We prepare Adjusted Net Income (Loss) by eliminating from Net Income (Loss) the impact of a number of non-recurring items we do not consider indicative of our on-going performance. We prepare Adjusted Diluted Earnings (Loss) per Share by eliminating from Diluted Earnings per Share the impact of a number of non-recurring items we do not consider indicative of our on-going performance. Similar to Adjusted EBITDA, we believe these measures help identify underlying trends that could otherwise be masked by the effect of the non-recurring items we exclude in the measure. Additionally, we define net capital expenditures for full year 2023 as capital expenditures net of reimbursements and insurance proceeds, and we define Capital Additions as additions to property and equipment.
In order to fully assess the financial operating results, management believes that the results of operations, adjusted to exclude the following items, which are included in the Company's press release issued on February 22, 2024, are appropriate measures of the continuing and normal operations of the Company:
(i) In the third and fourth quarter of 2023 and the fourth quarter of 2022, merger and integration costs; hurricane losses and (recoveries), net;
intangible contract amortization; and discrete tax items.
(ii)
The third quarter of 2023 includes a gain on bargain purchase and joint taxation scheme compensation.
(iii) In addition, the fourth quarter of 2022 included (gain) loss on sale of operating assets, net, (gain) loss on extinguishment of debt, net,
and professional services costs related to corporate initiatives.
The Company also discloses free cash flow as a non-GAAP liquidity measure. Free cash flow is calculated as Net cash provided by (used in) operating activities less cash paid for capital expenditures, net of proceeds from insurance claims. We believe Free Cash Flow is useful to investors because it measures our ability to generate or use cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases.
We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management team for financial and operational decision-making. We are presenting these non-GAAP financial measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.
These non-GAAP adjusted measures should be considered in addition to, and not as a substitute for, or superior to, contract drilling revenue, contract drilling cost, contract drilling margin, average daily revenue, operating income, cash flows from operations, or other measures of financial performance prepared in accordance with GAAP. Please see the following non-GAAP Financial Measures and Reconciliations for a complete description of the adjustments.
NOBLE CORPORATION plc AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION
(In thousands, except per share amounts)
(Unaudited)
Reconciliation of Adjusted EBITDA
Three Months Ended Twelve Months Ended
December 31, September 30, December 31, December 31, December 31,
2023 2023 2022 2023 2022
Net income (loss) $149,700 $158,323 $134,962 $481,902 $168,948
Income tax (benefit) provision (4,843) 51,659 10,778 30,341 22,553
Interest expense, net of amounts 14,600 13,005 19,384 59,139 42,722
capitalized
Interest income and other, net (1,777) (17,206) (9,599) (18,069) (14,365)
Depreciation and amortization 82,933 77,146 69,770 301,345 146,879
Amortization of intangible assets and (11,236) (10,803) (41,877) (106,776) (5,352)
contract liabilities, net
Gain on bargain purchase (5,005) (5,005)
(Gain) loss on extinguishment of debt, 8,716 26,397 8,912
net
Professional services - corporate projects 43 723
Merger and integration costs 13,286 12,966 56,752 60,335 84,668
(Gain) loss on sale of operating assets, (87,125) (90,230)
net
Hurricane losses and (recoveries), net (41,823) 2,642 (4,641) (19,703) 60
Adjusted EBITDA $200,840 $282,727 $157,163 $809,906 $365,518
Reconciliation of Income Tax Benefit (Provision)
Three Months Ended Twelve Months Ended
December 31, September 30, December 31, December 31, December 31,
2023 2023 2022 2023 2022
Income tax benefit (provision) $4,843 $(51,659) $(10,778) $(30,341) $(22,553)
Adjustments
Amortization of intangible assets and 6,508 6,079 9,471 19,835 1,800
contract liabilities, net
Joint taxation scheme compensation (1,981) (1,981)
Gain (loss) on sale of operating assets, 2,255 866
net
Hurricane losses and (recoveries), net (562)
Discrete tax items (60,116) (17,088) (17,525) (170,436) (45,139)
Total adjustments (53,608) (12,990) (5,799) (152,582) (43,035)
Adjusted income tax benefit (provision) $(48,765) $(64,649) $(16,577) $(182,923) $(65,588)
NOBLE CORPORATION plc AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION
(In thousands, except per share amounts)
(Unaudited)
Reconciliation of Net Income (Loss)
Three Months Ended Twelve Months Ended
December 31, September 30, December 31, December 31, December 31,
2023 2023 2022 2023 2022
Net income (loss) $149,700 $158,323 $134,962 $481,902 $168,948
Adjustments
Amortization of intangible assets and (4,728) (4,724) (32,406) (86,941) (3,552)
contract liabilities, net
Joint taxation scheme compensation (19,837) (19,837)
Gain on bargain purchase (5,005) (5,005)
Professional services - corporate projects 43 723
Merger and integration costs 13,286 12,966 56,752 60,335 84,668
(Gain) loss on sale of operating assets, (84,870) (89,364)
net
Hurricane losses and (recoveries), net (41,823) 2,642 (4,641) (19,703) (502)
(Gain) loss on extinguishment of debt, 8,716 26,397 8,912
net
Discrete tax items (60,116) (17,088) (17,525) (170,436) (45,139)
Total adjustments (93,381) (31,046) (73,931) (215,190) (44,254)
Adjusted net income (loss) $56,319 $127,277 $61,031 $266,712 $124,694
Reconciliation of Diluted EPS
Three Months Ended Twelve Months Ended
December 31, September 30, December 31, December 31, December 31,
2023 2023 2022 2023 2022
Unadjusted diluted EPS $1.03 $1.09 $0.92 $3.32 $1.73
Adjustments
Amortization of intangible assets and contract (0.03) (0.03) (0.22) (0.60) (0.04)
liabilities, net
Joint taxation scheme compensation (0.14) (0.14)
Gain on bargain purchase (0.03) (0.03)
Professional services - corporate projects 0.02
Merger and integration costs 0.09 0.08 0.39 0.42 0.87
(Gain) loss on sale of operating assets, net (0.59) (0.92)
Hurricane losses and (recoveries), net (0.29) 0.02 (0.03) (0.14) (0.01)
(Gain) loss on extinguishment of debt, net 0.06 0.18 0.09
Discrete tax items (0.41) (0.12) (0.12) (1.17) (0.46)
Total adjustments (0.64) (0.22) (0.51) (1.48) (0.45)
Adjusted diluted EPS $0.39 $0.87 $0.41 $1.84 $1.28
Reconciliation of Free Cash Flow
Three Months Ended Twelve Months Ended
December 31, September 30, December 31, December 31, December 31,
2023 2023 2022 2023 2022
Net cash provided by (used in) operating $287,489 $138,768 $171,179 $574,337 $280,985
activities
Capital expenditures, net of proceeds from (122,641) (98,601) (65,084) (390,772) (174,319)
insurance claims
Free cash flow $164,848 $40,167 $106,095 $183,565 $106,666
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SOURCE Noble Corporation plc
