Delivering Performance with Purpose
At Noble, safety, sustainability, and performance are inseparable. In 2025, our teams delivered strong operational and financial results while advancing the safe delivery of offshore energy and positioning the company for long-term value creation.
Safety remains the foundation of everything we do. In 2025, we saw meaningful improvement across key indicators, supported by stronger risk controls, deeper human performance practices, and more consistent, data driven assessment. While several events reminded us of where we must continue to strengthen controls, our teams faced them directly, learned from them, and put engineered controls in place to make our operations safer.
Our learning culture is growing, our people are more engaged and proactive, and with enhanced health governance, we continue to place the highest priority on designing practices that help every person who works for Noble return home safely.
Alongside safety, we have adopted sustainability initiatives as part of our First Choice Offshore strategy. During the year, we strengthened our focus on improving energy efficiency and reducing fuel consumption across the fleet, recognizing the close connection between sustainability and operational performance. We are advancing a roadmap toward a 20% carbon-intensity reduction by 2030 by embedding efficiency into planning and maintenance activities and expanding energy monitoring and oversight. As fuel efficiency improves and our carbon footprint declines, these initiatives are designed to support lower well delivery costs, improved asset efficiency, and long-term value through more resilient operations. By delivering wells more efficiently and reducing overall well time, we also directly lower fuel consumption and associated CO₂ emissions, demonstrating how operational excellence contributes meaningfully to sustainable performance.
Our learning culture is growing, our people are more engaged and proactive, and with enhanced health governance, we continue to place the highest priority on designing practices that help every person who works for Noble return home safely.
Operationally, our teams demonstrated strong execution fleetwide by delivering wells ahead of schedule and under budget, achieving record efficiency milestones, and earning performance-based incentives. At the same time, the successful integration of Diamond Offshore was a defining accomplishment. Not only did we exceed our original synergy targets, but we also delivered value more quickly than planned. This integration strengthens our ability to apply consistent operating practices, including energy efficiency and performance monitoring, throughout our expanded fleet.
We continued to invest in our people and workplace culture. In 2025, we expanded learning and development opportunities to help employees build skills, share knowledge, and feel prepared in their roles. Online learning, interactive sessions, and enhanced onboarding supported professional growth across the organization. Together with ongoing work to reinforce our values and leadership approach, these efforts aim to foster a collaborative, capable workforce and support safe, reliable, and sustainable operations.
Sustainability at Noble is about delivering energy responsibly: protecting our people, reducing environmental impact, operating with integrity, and creating long-term value for stakeholders. I am proud of what our teams achieved in 2025 and confident in Noble’s ability to continue delivering performance with purpose.
On behalf of the Board of Directors and the leadership team, thank you to our employees, customers, shareholders, and partners for your continued trust and support.
Robert Eifler
President and Chief Executive Officer
