Noble Corp Returns Over $575M to Shareholders in 2024

By Tamara Parker • Tuesday, February 18 10:16 • Permanent Link

Noble Corporation PLC (NYSE: NE) has announced its fourth quarter and full-year 2024 results, and the numbers paint an interesting picture. In 2024, the company returned over $575 million to its shareholders through dividends and share buybacks. Additionally, since November, approximately $525 million in new contracts were awarded, bringing the total backlog to $5.8 billion.

Looking at specific figures, the total revenue for the fourth quarter of 2024 was $927 million, up from $801 million in the third quarter, and $643 million in the same period in 2023. Contract drilling services revenue also saw a significant increase, reaching $882 million in the fourth quarter, compared to $764 million in the third quarter and $609 million in the fourth quarter of 2023.

Net income for the fourth quarter of 2024 was $97 million, up from $61 million in the third quarter. Adjusted EBITDA also showed an upward trend, reaching $319 million in the fourth quarter, compared to $291 million in the third quarter and $201 million in the fourth quarter of 2023.

The company's balance sheet as of December 31, 2024, reflected total debt principal value of $1,950 million and cash (and cash equivalents) of $247 million. Share repurchases totaled $50 million during the fourth quarter, bringing the full-year 2024 share repurchases to $300 million, in addition to $278 million in dividends paid during the year.

Noble's backlog as of February 17, 2025, stands at $5.8 billion. Looking ahead, the company provided full-year 2025 guidance, with a total revenue range of $3,250 to $3,450 million and adjusted EBITDA in the range of $1,050 to $1,150 million.

The company's president and chief executive officer, Robert W. Eifler, expressed optimism about the future, stating, "We are encouraged by the depth and breadth of our active discussions with customers and line of sight to potentially contracting all of our tier-1 drillships this year for programs commencing throughout 2025-2026."

The press release also detailed specific new contracts awarded since the last quarter, including contract values and durations. Notably, there were positive developments in contract awards for several of the company's drilling units, contributing to the improvement in the backlog.

Following these announcements, the company's shares moved 0.6%, and are now trading at a price of $29.3. For the full picture, make sure to review Noble's 8-K report.

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