Thanks, Ian. Welcome, everyone, and thank you for joining us. Today, I will walk through our financial and operational highlights, recent commercial wins, market outlook, including our semiannual review of deepwater rig demand around the world, and a brief update on our fleet strategy. Richard will then provide a financial overview, and I will wrap up with closing remarks before we go to Q&A. Starting with Q4, we reported adjusted EBITDA of $232,000,000 and free cash flow of $35,000,000, bringing adjusted EBITDA for the full year 2025 slightly above the $1,100,000,000 midpoint of our original guidance. We have maintained our return of capital program, returning an additional $80,000,000 to shareholders through our $0.50 per share quarterly dividend in Q4. Yesterday, our board declared a $0.50 per share dividend for the current quarter. Turning to the commercial highlights, we have continued to see strong booking levels across our fleet, with backlog increasing to $7,500,000,000. First, the Noble Great White has been awarded a three-year contract with Aker BP in Norway valued at $473,000,000 including mobilization, but excluding additional fees, integrated services, and bonus potential. This marks the Great White’s first campaign in Norway and represents a significant step in expanding our presence on the Norwegian Continental Shelf and deepening our important relationship with Aker BP. We expect CapEx of approximately $160,000,000 for the rig’s reactivation, Norwegian certification, and contract preparation. This is a highly strategic investment with a compelling return profile, as we anticipate total EBITDA potential of approximately $240,000,000 over the three-year contract period. Essentially targeting a recovery of the capital in the first two years of the program and positioning the Great White very well for the future as one of the most technically capable units in the Norway floater market. And, of course, the access to the Norway market should result in a structural enhancement to the long-term earnings profile and net asset value of the rig. Next, the Noble Johnny D’Souza was awarded a two-year contract in Nigeria. This contract, valued at $292,000,000, is scheduled to start around the middle of this year, and is followed by three one-year options. We are looking forward to redeploying the D’Souza in Nigeria following the rig’s previous campaign there from 2023 to 2025. In the U.S. Gulf, the Noble Black Rhino has recently been awarded one well plus one option well with Beacon. The firm well is an estimated 50-day workover set to start in March, and the option well is for an estimated 100 days of drilling work. Next, the Noble Developer received a three-well contract with BP in Trinidad that is scheduled to commence in early 2027 at a dayrate of $375,000, with estimated duration of 240 days plus three option wells with similar duration. As a side note, the Developer has been made available for this contract as the previously announced long-term contract with Total in Suriname, scheduled to start later this year, has been reassigned to the Noble Discoverer. Perhaps somewhat counterintuitively, our sixth-generation D-class semis actually began to realize an earlier demand recovery than some of the higher-spec seventh-generation rigs, with both the Developer and Discoverer now booked out for a combined total of nearly five rig years. Additionally, the Deliverer looks well positioned for a good amount of work that is expected to start next year. Hopefully, we will have some positive news to report on the Deliverer before too long. Staying in South America, the 11-well contract with an undisclosed operator is expected to commence late this year with estimated duration of 18 months at a rate of $300,000 per day, plus mobilization and demobilization fees and potential for performance bonus. And finally, in Southeast Asia, we have firmed up contracts for an additional five to six months of work this year, through the expansion of existing work scopes plus one additional option well. So we now expect the Viking to be solid through July, with additional opportunities under discussion that would carry term for the rig through this year and beyond. Now onto the market outlook. Despite the ongoing abundance of macro uncertainties and Brent prices hovering around five-year lows in recent months between $60 and $70 per barrel, floater contracting activity has been resilient, underscoring our customers’ multi-year planning horizon for their highly strategic deepwater assets. Including our recent contract awards, the contracted ultra-deepwater (UDW) rig count has now bounced back up to 105, up from a recent low of 97 early last year, and is closing in on the 2024 high watermark of 107 contracted UDW rigs. On this basis, the contracted utilization rate of the marketed fleet is 95%. That said, these figures all reflect the gross number of contracted rigs, including those which are currently idle but have contracts starting in the future. Alternatively, the number of UDW rigs currently working under contract today is 90, which represents marketed utilization of 82% on a present basis and, of course, gives rise to the soft dayrates we have seen recently. These divergent utilization statistics tell us a couple of things. First, the industry fleet has added backlog depth but has not yet fully worked through the prompt white space overhang. And second, the foundation has been set for a steadily improving activity level as we progress through this year and into 2027. Of note, six of the 14 rigs that sit idle today with future contracts in hand are Noble rigs: Noble Black Rhino, Voyager, Valiant, Great White, Johnny D’Souza, and Endeavor. We believe this is a strong indicator of improving utilization for the industry fleet and especially the Noble fleet. More on this later. Focusing on the near term, there are still about 25 UDW floaters with contracts expiring during the course of this year. For context, this is essentially the same as the fleet’s rollover profile in 2025 and does not cause concern. While this churn will still probably continue to result in some idle gaps this year, overall, the white space across the industry looks to be on the retreat. And if the overall contracting cadence remains on trend, then we would expect to see some convergence between the present and future utilization metrics. Against this firming, but not yet decisively tight backdrop, dayrates for tier-one drillships have settled at around $400,000 per day, with lower-spec units recently capturing low to high $300,000 per day. Geographically, the recent deepwater demand trend has been characterized by steady strength in South America, a slight decrease in the U.S. Gulf, and an uptick throughout other regions, including West Africa, the Mediterranean and Black Sea, and Asia Pacific. Starting first in South America, where contracted UDW demand stands at 44 total units, including 34 rigs in Brazil. Although Petrobras budget pressure has emerged as a near-term headwind, resulting in slower contract executions and ongoing blend-and-extend negotiations with contractors, including ourselves, thus far, this has been offset by increased demand from other operators, both within Brazil and elsewhere throughout the region. Later this year, the Noble Discoverer will wrap up its program in Colombia. It is planned to commence its three-year campaign with Total in Suriname. We remain in constructive dialogue with Petrobras regarding contract extensions for either or both of our two Brazil rigs, the Noble Faye Kozak and Noble Courage. Overall, with Petrobras paring back activity by a few rigs over the short term, while other operators throughout the region are net adding, we would expect South America to remain roughly flat over the year relative to today’s record-high contracted UDW rig count of 44. The U.S. Gulf has softened recently, with the Noble Black Rhino’s recent contract award bringing the contracted UDW rig count back up to 21, which is one to two rigs below last year’s average level. We had predicted this slight pullback in the U.S. Gulf and it appears now that this has more or less fully played out. Next, on West Africa, where contracted UDW demand has recently rebounded to 15 rigs with the Noble Johnny D’Souza back under contract. This is an uptick from last year’s trough demand level of 12, although there is still some variability to demand in this region, with a few rigs contracted into other regions later this year. The pipeline of open demand throughout Africa remains highly promising, including at least five active or pending long-term tenders throughout Angola, Nigeria, Côte d’Ivoire, Ghana, and Namibia, plus the potential for multiple rig lines in Mozambique over the next couple of years. So overall, the West Africa plus Mozambique region appears poised to grow into a mid- to high-teens UDW rig count as these various programs come online. The Mediterranean and Black Sea has been a growth pocket, partly due to the continued expansion of Turkish Petroleum’s offshore ambitions. The region is now up to 11 rigs, up from an average of seven to nine last year, and this could expand to 12 rigs by the second half of this year with the commencement of two programs in the Mediterranean offsetting the conclusion of the Noble Globetrotter I’s contract in the Black Sea. Visibility beyond this year is not quite clear yet with a number of rigs rolling off contract by year end, but the long-term trend has been one of secular UDW demand growth. So from where we stand today, an estimated range of 10 to 12 rigs going forward looks sustainable. Continuing with Eastern Hemisphere strength, the Asia Pacific plus India region is witnessing a significant recovery with contracted UDW activity rebounding over the next year from a trough level of four rigs to eight currently. Additionally, the pipeline of open demand in the region remains robust, with over 30 rig years of active tenders and pretenders outstanding, including a variety of requirements throughout Southeast Asia, India, and Australia. All of this indicates a likely upward bias of at least a couple more UDW units through 2027. Rounding out the global picture, the harsh environment North Sea and Norway market currently represents 22 units of total floater demand, seven of which are satisfied by UDW semis, which is up by one to two units compared to a year ago. We are very excited to kick off preparations for the Noble Great White three-year program with Aker BP starting next year, and the redeployment of both the Great White and the Endeavor points to a tightening market for harsh semis. So the pathway back to 105 total contracted UDW rigs that we described on our earnings call last summer has, in fact, materialized, if anything, faster than we had hoped. This is good momentum. There is still some work to be done to arrest the recontracting churn. The average Brent crude price of $68 per barrel in 2025 was down by 15% compared to 2024, which I believe makes Noble’s 30% year-over-year backlog growth stand out incredibly well by comparison. However, I believe that a broader industry uptrend will necessarily require at least a modicum of positive upstream cash flow momentum. With both spot and long-term Brent futures hovering in the high sixties per barrel, our end markets are, for the most part, highly economic, whereas our customers’ budgets remain relatively inert, which creates friction for significant expansion in drilling activity and dayrates. The great news for Noble is that our backlog progress has already formed a strong foundation for rising utilization, EBITDA, and free cash flow, without necessarily a great deal of wind at our backs from a macro perspective. This sets us up well toward our goal of maintaining our robust shareholder returns through a transitional year in 2026 and supports visibility for a meaningful step-up in free cash flow next year even in a flat world. Before I turn the call over to Richard, I would like to provide a brief update on our fleet strategy. Last month, we completed the sale of five jackups to Borr Drilling for $360,000,000. Additionally, the $64,000,000 sale of a fixed jackup, Noble Resolve, is expected to close in Q3 upon completion of its current contract. As we continue to sharpen Noble’s strategic focus around the high-end deepwater and CJ70 jackup market, we have in the process unlocked capital available both for fleet reinvestment, in particular the highly strategic reactivation and upgrade of the Great White, as well as for preserving a highly flexible balance sheet and industry-leading shareholder capital returns program. On the jackup side, we remain fully committed to the CJ70 market in Norway and the North Sea, and we are encouraged to see early indications of the strongest utilization outlook for this fleet in many years. This aligns very nicely with our entry into the NCS floater market with the Great White next year. With that, I will now turn the call over to Richard B. Barker for the financial results.
Thank you, Robert, and good morning or good afternoon all. In my prepared remarks today, I will briefly review highlights of our fourth quarter and full year 2025 results and then discuss our outlook for 2026. Parting with our quarterly results, contract drilling services revenue for the fourth quarter totaled $705,000,000, adjusted EBITDA $232,000,000, and adjusted EBITDA margin was 30%. Q4 cash flow from operations was $187,000,000, capital expenditures were $152,000,000, and free cash flow was $35,000,000. Last quarter, we terminated the BOP service agreement on the four black ships, which increased fourth quarter CapEx by $18,000,000. For the full year 2025, we generated $3,300,000,000 in revenue and $1,100,000,000 in adjusted EBITDA. CapEx, net of proceeds from insurance claims, of $497,000,000 included approximately $25,000,000 of variable CapEx and the aforementioned CapEx for the termination of the BOP service agreement. This all resulted in $454,000,000 in free cash flow for the year. As summarized on page five of the earnings presentation slides, our total backlog as of February 11 stands at $7,500,000,000. As a reminder, our backlog excludes reimbursable revenue as well as revenue from ancillary services. Our current backlog includes approximately $2,300,000,000 that is scheduled for revenue conversion during the remainder of 2026, as well as a slightly greater amount that is already booked for 2027. This is the first instance in many years in which our year-two backlog has exceeded prompt year backlog at this point in the calendar, which highlights the embedded utilization and earnings ramp that we anticipate for 2027. I will circle back to this point in just a moment. Referring to page nine of the earnings presentation, we are providing full year 2026 guidance for total revenue between $2,800,000,000 and $3,000,000,000, which includes approximately $150,000,000 in reimbursable and other revenue, and adjusted EBITDA between $940,000,000 to $1,020,000,000. The low end of our adjusted EBITDA range is fully covered by our existing firm backlog plus a measure of relatively high-confidence options. We currently expect Q1 adjusted EBITDA to be roughly flat versus last quarter. We also anticipate a slightly higher weighting of adjusted EBITDA in the second half of the year compared to the first half, although not dramatic. Total capital expenditures in 2026 are expected to be between $590,000,000 and $640,000,000. This range includes approximately half of the $160,000,000 Great White project CapEx, with the remaining half included in the 2027 CapEx, approximately $25,000,000 of customer reimbursable CapEx, and approximately $50,000,000 of additional project-related CapEx associated with the $1,300,000,000 of contract awards we announced in late January. While our CapEx for this year is amplified by previously announced upgrade projects, including the Noble Voyager and the Noble Venturer, as well as capital associated with more recent contracts including the Great White, Endeavor, and Johnny D’Souza, these expenditures represent life-of-asset upgrades that support a fundamental enhancement to the net asset value of our fleet, and all with very robust project internal rates of return. This capital is an important enabler to a structurally high level of potential EBITDA and free cash flow for our fleet. And as discussed earlier, this is all supported by 2027 backlog currently higher than 2026 backlog. Looking ahead to 2027 and beyond, we would expect CapEx net of customer reimbursements to taper meaningfully towards a range in the high $300,000,000s to $400,000,000, excluding the remaining Great White project capital, which is essentially how we would think about the go-forward run rate for the fleet, barring any meaningful additional contract-supported project capital. A few other elements for 2026 to consider are as follows: Firstly, we expect cash taxes to be approximately 11% to 12% of adjusted EBITDA. Secondly, during 2026, we anticipate a maximum potential outlay of up to $85,000,000 associated with the possible buyout of the BOP leases on the four black ships. This possible buyout is not included in our capital expenditure guidance. Next, we expect a favorable working capital reduction of around $100,000,000, this partly driven by CapEx reimbursables. Additionally, when modeling cash balances, recall that the sale of five jackups to Borr Drilling brought in $210,000,000 in cash proceeds last month, plus a $150,000,000 seller note. We also expect to close the additional $64,000,000 cash sale of Noble Resolve to Ocean Oilfield in the third quarter. As it relates to the Noble Resolve, we received approximately one-third of the sale proceeds as a deposit in Q4 2025. Lastly, our guidance reflects inflation rates in the low single-digit area on average across various cost components. With the significant recent advancements with our contract backlog underpinning forward revenue visibility, coupled with the anticipated normalization of net CapEx to a lower sustaining range after this year, we have increasing tangible visibility to a healthy inflection in both EBITDA and free cash flow next year. By way of illustration, assuming 13 of our 15 tier-one drillships working at current market rates, contribution from all three D rigs, and the remainder of our fleet essentially contracted at current status quo, we can envision an annualized run rate of around $1,300,000,000 in EBITDA with corresponding free cash flow of approximately $600,000,000 in 2027.
