Noble Corporation plc: Initiation Of Coverage – A Tale Of Increased Demand and Better Rates in the North Sea Drilling Market! 

Noble Corporation’s Q4 2023 earnings revealed a steady operational performance despite certain headwinds. Despite delays in contract commencement due to weather and permitting issues, the company achieved a Q4 adjusted EBITDA of $201 million, taking the full-year adjusted EBITDA to the top end of the guidance range. Free cash flow for Q4 was $165 million, excluding asset sale proceeds, contributing to a solid full-year figure. The positive performance is attributed to strong uptime and cost management across the fleet.