Noble Corporation plc reported a strong financial performance for the fiscal year ending December 31, 2024, with operating revenues reaching $3.1 billion, a significant increase of 18% from $2.6 billion in 2023. The company achieved a net income of $448.4 million, or $2.96 per diluted share, compared to $481.9 million, or $3.32 per diluted share, in the previous year. This decline in net income, despite higher revenues, was attributed to increased operating costs and merger-related expenses, particularly from the recent acquisition of Diamond Offshore Drilling, which closed in September 2024.
The company’s operational metrics showed improvements, with average rig utilization rising to 72% in 2024 from 69% in 2023. The average dayrate for floaters increased to $427,192, up from $382,041, while jackups saw a rise to $153,321 from $128,161. The total operating days for the fleet also increased, reflecting a growing demand for offshore drilling services. Noble's contract drilling services backlog stood at approximately $6.1 billion as of December 31, 2024, indicating a solid pipeline of future revenue.
Strategically, Noble Corporation has made significant moves in the past year, including the acquisition of Diamond Offshore Drilling, which added to its fleet and operational capabilities. The merger is expected to yield annual pre-tax cost synergies of approximately $100 million. Additionally, the company has focused on enhancing its fleet, which now consists of 40 drilling rigs, including 27 floaters and 13 jackups, strategically deployed across various global markets.
Noble's workforce has also expanded, with approximately 5,000 employees as of December 31, 2024, excluding contractors. The company continues to emphasize safety and operational efficiency, achieving a SAFE Day metric of 98.6% in 2024, consistent with the previous year. Looking ahead, Noble Corporation remains optimistic about the long-term outlook for the offshore drilling market, particularly in the ultra-deepwater sector, despite potential challenges from macroeconomic factors and the ongoing energy transition towards renewables. The company anticipates that global energy demand will continue to support offshore oil and gas operations, although it remains vigilant regarding inflationary pressures and geopolitical uncertainties that could impact its operations.
About Noble Corp plc
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