NOBLE CORPORATION PLC ANNOUNCES FIRST QUARTER 2023 RESULTS.

SUGAR LAND, Texas: Noble Corporation plc (NYSE: NE, CSE: NOBLE, "Noble", or the "Company") today reported first quarter 2023 results.

Three Months Ended

(in millions, except per share amounts)

March 31, 2023

March 31, 2022

December 31, 2022

Total Revenue

$ 610

$ 210

$ 623

Contract Drilling Services Revenue

575

195

586

Net Income (Loss)

108

(37)

135

Adjusted EBITDA*

138

27

157

Adjusted Net Income (Loss)*

27

(8)

61

Basic Earnings (Loss) Per Share

0.80

(0.54)

1.02

Diluted Earnings (Loss) Per Share

0.74

(0.54)

0.92

Adjusted Diluted Earnings (Loss) Per Share*

0.19

(0.12)

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 first quarter results reflect a strong start to the year from an operational, financial, and commercial perspective. The steady tightening of offshore drilling fundamentals is affording attractive opportunities to place our fleet into improving contracts. We are particularly excited to be awarded a significant additional backlog commitment from ExxonMobil Guyana under the CEA, and also to participate in the reemergence of Colombia as an active exploration basin with two of our deepwater rigs. Integration of our business combination continues to progress smoothly thanks to the outstanding and tireless efforts of our fantastic offshore crews and global shore-based team. With our refinancing successfully completed, Noble has a streamlined and efficient capital structure that will further enhance our ability to focus on our priorities, including returning capital to shareholders."

First Quarter Results

Contract drilling services revenue for the first quarter of 2023 totaled $575 million compared to $586 million in the fourth quarter of 2022, with the decrease attributable to lower utilization. Marketed fleet utilization was 80% in the three months ended March 31, 2023 compared to 88% in the previous quarter. Contract drilling services costs for the first quarter were $362 million, down from $366 million in the fourth quarter of 2022. Adjusted EBITDA for the three months ended March 31, 2023 was $138 million compared to $157 million in the fourth quarter of 2022. Net cash used by operating activities for the first quarter was $63 million, capital expenditures were $63 million, and resulting free cash flow (non-GAAP) was ($126) million. Cash flow was adversely impacted by a...