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Management attributes the solid Q1 performance to robust commercial momentum in deepwater and harsh environment markets, which remains resilient despite extreme geopolitical volatility.

The company secured $565 million in new contract awards, driven by a strategic focus on long-term commitments in Brazil and the reactivation of the Noble Deliverer for work in Australia.

Market indicators for ultra-deepwater (UDW) demand are described as 'flashing green,' with year-to-date contracting volumes already exceeding the entirety of the previous year.

A critical 'convergence' is occurring as 14 future contracted rigs industry-wide prepare to start work, which management expects will eliminate market 'white space' and drive dayrates higher.

The strategic rationale for the Petrobras 'blend-and-extend' on the Noble Courage was to secure long-term backlog through 2030, despite a near-term dayrate reduction.

Operational disruptions from the Middle East conflict have been limited to a single jackup, with all personnel safely evacuated and the rig currently winding down operations.

Full-year 2026 EBITDA guidance of $940 million to $1.02 billion is maintained, with the lower end fully de-risked by existing contract backlog.

Capital expenditure guidance increased by $25 million to $400-$425 million specifically to fund the reactivation of the Noble Deliverer for its upcoming Woodside contract.

Management anticipates a healthy inflection in both EBITDA and free cash flow starting in 2027 as high-spec rigs transition to leading-edge dayrates.

The outlook assumes a tightening supply-demand balance, with open floater demand reaching 110 rig-years, a 33% year-over-year increase.

Future financial flexibility is expected to improve through the planned refinancing of legacy debt silos, which management believes will realize material annual cash interest savings.

The early contract termination of the Mick O’Brien in Qatar will result in a $15 million negative impact due to remaining bareboat obligations and stacking costs.

Noble is executing a $73 million strategic buyout of BOP system leases to improve long-term EBITDA margins by approximately $25 million annually.

Customer-driven schedule shifts for the Jerry D’Souza and Endeavor have resulted in slightly later estimated contract commencement dates.

The company continues to evaluate the future of the Noble Apex, an older unit, with a decision on its strategic role expected within the next two quarters.

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Management noted that while customers remain disciplined, the narrative around deepwater as a critical supply source is gaining momentum.

The U.S. Gulf of Mexico is identified as a region that typically responds quickly to commodity price shifts, though tangible budget changes have not yet materialized.

The $25 million incremental CapEx is the total required for the specific Woodside contract scope.

Any further upgrades beyond the firm contract requirements would require additional capital investment.

Asia and West Africa are highlighted as the primary growth engines, with Asia showing increased urgency for rig capacity.

South America remains strong, with Guyana and potentially Venezuela providing significant demand depth.

Noble opportunistically redeemed $55 million of 8.5% notes at 103, taking advantage of a specific clause while the bonds traded above par.

Management intends to collapse legacy Noble and Diamond debt structures into a single silo once all call protections expire later this year.

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