[Call Starts Abruptly] All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a Q&A session. [Operator Instructions] Ian Macpherson, Vice President of Investor Relations. You may now take over your call.

Thank you, Devon, and welcome everyone to Noble Corporation’s Third Quarter 2022 Earnings Conference Call. We appreciate your continued interest in the company. You can find a copy of our earnings report issued yesterday evening, along with the supporting statements and schedules in our website at noblecorp.com. Joining me today are Robert Eifler, President and Chief Executive Officer; and Richard Barker, our Senior Vice President and Chief Financial Officer. Also joining are Blake Denton, Vice President, Marketing and Contracts; and Joey Kawaja, Vice President of Operations. For today’s call, we will begin with prepared remarks, followed by Q&A. During the course of this call, we may make certain forward-looking statements regarding various matters related to our business and companies that are not historical facts. Such statements are based upon current expectations and assumptions of management and are therefore subject to certain risks and uncertainties. Many factors could cause actual results to differ materially from these forward-looking statements and Noble does not assume any obligation to update these statements. Please refer to our SEC filings for more information regarding our forward-looking statements. Also note that we are referencing non-GAAP financial measures in the call today. You can find the required supplemental disclosure for these measures, including the most directly comparable GAAP measure and an associated reconciliation in our earnings report and filed with the SEC. With that, I’ll now turn the call over to Robert Eifler, President and CEO of Noble.

Thank you, Ian. Good morning, welcome everyone and thank you for joining us on the call today. I’d like to begin with some opening remarks about our recent milestones and objectives related to our business combination with Maersk Drilling, and then provide some views on the market outlook and our global operations before turning the call over to Richard to review the financial results and outlook. First of all, let me say how excited I am to finally be speaking today on behalf of our newly combined company. And also remind the audience that next quarter’s Q4 results will be our first quarter as a combined reporting entity. Like many of our senior leadership team, I’ve spent much of the past month since we closed the merger visiting with our teams and crews across the globe, and I have been incredibly galvanized by these interactions and by having an opportunity to observe firsthand the value and the power of our complimentary cultures and capabilities. When we define the strategic rationale for this combination among the critical components was the importance of creating the necessary scale with which to forge deep customer relationships in a platform for leadership in innovation and sustainability. We view these factors as essential to maintaining first-choice status amongst our blue chip customer base. These collaborative long-term commitments with some of the largest and most influential operators in our relevant markets are foundational to our business. Both in terms of the high quality revenue backlog that they provide, as well as the opportunity to drive efficiency and improvement through the drilling and completions life cycle with our customers. Integrating a combination of this size and complexities of monumental undertaking and we are well underway. As a reminder, we are targeting at least $125 million of annual cost…

Thank you, Robert, and good morning or good afternoon everyone. In my remarks today, I will provide some brief highlights of our third quarter results; discuss that capital structure as well as our outlook for the remainder of the year. However, I’d like to start by discussing our share purchase program, which is a key component of our broader capital allocation priorities. Today, Noble has a scaled platform and a conservative balance sheet that is well positioned to generate cash through the cycle. Our ordered priorities as it relates to the use of cash are as follows. Firstly, to maintain a conservative through cycle balance sheet coupled with significant liquidity. Secondly, to invest in the maintenance and maximum potential of our existing working fleet. Thirdly, to return at least 50% of our free cash flow to shareholders through share repurchases and or dividends. And lastly, to target disciplined and accretive investment opportunities. Returning capital to shareholders is a key rationale for the merger and we are pleased to be able to announce this $400 million buyback program. Turning now to our quarterly results. Given the merger closed on October 3rd after the end of the quarter, Noble’s third quarter results reflect Legacy Noble Corporation prior to the business combination. Contract winning services revenue for the third quarter totaled $289 million versus $262 million for the second quarter of 2022. This quarter’s revenue is positively impacted by full quarter of operating days for the Noble Regina Allen, the commencement of operations for the Noble Houston Colbert and the Noble Sam Hartley and a day rate increase on September 1, for the four rigs operating in Guyana under the CEA. Adjusted EBITDA for the third quarter was $97 million compared to $84 million in the previous quarter. This translates to an adjusted…

Thank you, Richard. It has been a long journey since November, 2021 when we announced our business combination with Maersk Drilling, but it has been more than worth the wait. I’d like to extend a huge thank you to all of our employees worldwide who have worked so tirelessly to get us to this exciting launch point in Noble’s next chapter. Including our offshore crews who have stayed focused on safety and operational efficiency throughout. As I said earlier, we are vigilant about the risks in the global economy as well as the varying slopes of improvement across the different parts of our fleet here at Noble, and we do not take lightly the burden of execution that we need to achieve throughout this crucially important business integration. Getting this integration right is absolutely predicate to everything we want to achieve, and our organization is laser focused on the job at hand. Ultimately, though the outlook for our industry and especially the outlook for Noble as both a drilling contractor of choice and as an investment proposition is extremely promising from our perspective. With that, we’re exciting. We’re excited to be leading our offshore drilling peer group in the generation of free cash flow and returning significant capital to shareholders. Operator, we’re ready to now to move on to Q&A.

[Operator Instructions] Our first question comes from Fredrik Stene. I am sorry, Mr. Stene has retracted his question. I am sorry, he has retracted it again. Mr. Stene, your line is open.

Hey guys, [Technical Difficulty]

Hey Fredrik, we’ve got, I’m sorry to interrupt you. We’ve got a bad connection here and we can’t really hear you.

Okay. Can you hear me now?

Yes, that’s much better. Good afternoon.

Okay. Okay, cool. Good afternoon. So my question, I think what I said, congratulations on a nice quarter here. I think the headline used for me was the share buybacks and I guess the merger has kind of allowed you to move forward on something on the shareholder return side. So, I wanted to kind frame a question around that. Two things, you’ve grown $200 and you talked briefly about it, but gone $220 million on your credit facilities. Is that targeted towards any debt buyback? Because I wanted to kind refresh us on the dividend and share repurchase restrictions on your current debt, one thing is having the program in place, but are you, can you go out today and buyback shares or what’s kind of left to see that happen?

Yes, it’s a good question. We have significant flexibility within our credit agreements today to be able to go buy back shares. So that’s not a concern for us. The reason we had $220 million drawn on the facility, what was, is a provision in the facility as it relates to the reinvestment of proceeds from asset sales. So when we sold the Saudi fleet last year, we had a period of time to reinvest that capital. And so essentially we did that during the third quarter, and so that’s why we had $220 million drawn. We’ve actually, once we, now that we’ve received the cash proceeds from the Remedy Rig sale, that’s now being paid back down again. So as we sit here today, we don’t have anything outstanding under our RCF.

Okay. No, that’s good to know and good to get clarification on your ability to actually repurchase all shares. And I have one rig specific question, as well before I retire from the queue. You have the Gerry de Souza rig that’s rolling off now according to the fleet just that towards the year, and then I think, or at least, on our newsfeed [ph], I think that rig has been mentioned as a potential front runner for able to contract with TotalEnergies in Nigeria, which makes sense since it’s the current operator as well. So, without going into kind of specific opportunities and things that you find kind of sensitive in nature, but what are the chances do you think of follow up for that rig and what would be a fair assumption on downtime before it commences in New York?

Yes. So it’s a little bit too early for us to talk conclusively about follow on work for that. But we are, I’m not losing sleep. We’re confident that that, that rig gets a follow on contract and start for that, we think first quarter of next year.

Thank you very much. I think out a part feedback for next year as well. Right. That’s all for me guys. Again, nice to see progress here and looking forward to or actually one thing dividends if that’s something you’re considering as well, or only share buybacks for now?

So this authorizations for share buybacks. And so that’s all for now. And so anything related to dividends would be at some point in the future, but we’re really pleased with what we’ve announced here yesterday.

Super. Thank you so much, guys. Have a good one.

Our next question comes from Samantha Hoh with Evercore ISI.

Hey guys congrats on closing the deal and on the nice quarter and the share purchase program.

Thanks, Samantha.

With kind of curious in terms of just how your customer conversations are going. It was interesting to see that you guys didn’t really participate in the Noble tender – not Noble, the Petrobras tender. I just wonder if you’re really, spending more time in terms of having more private conversations these days or anything you can share in terms of the tone of conversations with customers and, how they are viewing that the Maersk fleet now that you have that in your hands.

Yes, thanks for the question, Samantha. This is Blake. Happy to answer that one and please to be on the back of three weeks of steady customer visits between Joey and myself. So it’s a appropriately time question. Yes, I think the response or the feedback we would say from those conversations is incredibly encouraging. I think we would, we’ve seen customers recognize the, the benefits strategically that these two organizations represent on a combined basis and with respect to ongoing the demand picture looks good and we’re well suited with a high-spec young fleet to continue to do well in the market.

Okay, great. And then just maybe a question on the CapEx, the $65 million to $75 million guidance for 4Q, is that a pretty good run rate going forward? Or should we think about more variability?

Yes, it’s – so the range is $65 million to $85 million to Q4. I think as you, when we announced the deal back in November of last year, we talked about a $250 million kind of average over a five year period. Obviously inflation since then it has impacted everything. So, I think it’s fair to assume that that number is probably higher over five year average period. I think we do expect, just given the age of some of the rigs higher capital in 2023 and 2024, obviously that’s part of that five year average. And something obviously we’ll provide more guidance around here at some point either later this year or early next year.

Okay, great. That does it for me. Thank you, and congrats again on the quarter.

Thank you.

There are no further questions at this time. Mr. Macpherson, I turn the call back over to you.

Thank you everyone for joining us today. We appreciate your interest and we’ll look forward to speaking with you again next quarter.

This concludes the Noble Corporation third quarter, 2022 Financial Results. Thank you for attending today’s presentation. You may now disconnect.