Drilling contractor Noble closed the fourth quarter with major operating earnings after having absorbed Maersk Drilling last year.

Earnings before interests, taxes, depreciations and amortizations (EBITDA) totaled USD 157m, up by USD 12m from the year before and an improvement from Q3’s USD 97m.

”Since the closing of the merger, our team has come together impressively. As a newly combined company, we generated strong free cash flow, implemented a return of capital program, and are well on track to achieving our synergy target of USD 125m, with USD 50m realized as of the end of 2022,” says Noble CEO Robert W. Eifler in the annual report.

Revenues rose to USD 623m in the fourth quarter, up from USD 208m, while bottom-line figures came in at USD 135m against third quarter’s USD 123m.

The annual operating cash flow totaled USD 281m.

Noble guides for an adjusted EBITDA in the range of USD 725m-825m in 2023 and capital expenditures between USD 325m and USD 365m.

In 2022, Noble booked annual EBITDA of USD 365.5m.

English edit: Simon Øst Vejbæk