Blake Denton
About Blake Denton
Blake A. Denton is Senior Vice President, Marketing and Contracts at Noble Corporation plc (NE), appointed in October 2022; age 46; B.S. in Industrial Distribution from Texas A&M University’s College of Engineering . In 2024 company performance against executive scorecard included Adjusted Free Cash Flow of $293.0 million (target range $289–$324m), Contract Drilling Margin of 36.04% (target 37.8–38.0%), Customer Satisfaction 6.375/7, and Safety PCSI 590 (award factor 1.09), with relative TSR at the 44th percentile vs the TSR peer group for 2022–2024 . Noble returned $576 million to shareholders in 2024 ($300m buybacks, $276m dividends) and realized >$150m Maersk synergies and ~half of the $100m Diamond synergies, with 97% operational uptime .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Noble Corporation | Senior Vice President, Marketing & Contracts | Oct 2022–present | Oversees global marketing and contracting; integration post-Maersk and Diamond; commercial leadership |
| Noble Corporation | Vice President (Marketing & Contracts) | Mar 2020–Oct 2022 | Led marketing & contracts for Middle East/India; based in Dubai; regional commercial execution |
| Noble Corporation | Director, Marketing & Contracts | Jan 2017–Mar 2020 | Advanced commercial origination and contracting processes |
| Noble Corporation | Project Director | Mar 2012–Jan 2017 (Korea/Houston) | Delivered newbuild/project execution for dynamically positioned assets |
| Noble Corporation | Project Manager | Aug 2010–Mar 2012 (Singapore) | Managed newbuild projects; electrical integration oversight |
External Roles
No external board roles disclosed for Mr. Denton .
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Base Salary | $400,000 | As of 12/31/2024; +3.9% vs 2023 |
| Salary paid (FY actual) | $397,500 | Reflects intra-year change timing |
| STIP Target (% of base) | 70% (from 60% in 2023) | Market alignment |
Performance Compensation
Annual Cash Incentive (STIP) – 2024 Company Metrics
| Metric | Weight | Target | Actual | Factor | Component Payout |
|---|---|---|---|---|---|
| Adjusted Free Cash Flow ($m) | 30% | $289–$324 | $293.0 | 1.00 | 0.30 |
| Contract Drilling Margin (%) | 30% | 37.8–38.0 | 36.04 | 0.82 | 0.25 |
| Customer Satisfaction (QPR, 0–7) | 15% | 6.3 | 6.375 | 1.19 | 0.18 |
| Safety PCSI | 15% | 675.0 | 590.0 | 1.43 | 0.21 |
| First Choice for Employees | 10% | Subjective | Committee: 1.50 | 1.50 | 0.15 |
| Total Award Factor | — | — | — | — | 1.09 |
Annual Cash Incentive (STIP) – 2024 Payout for Denton
| Base Salary | STIP Target | Award Factor | Payout |
|---|---|---|---|
| $400,000 | 70% | 1.09 | $305,200 |
Long-Term Incentives – Grants on Jan 26, 2024
| Award | Units/Value | Vesting | Notes |
|---|---|---|---|
| TVRSU grant | 10,867 units | Ratable over 3 years starting year 1 | 40% of LTIP value for non-CEO NEOs |
| PVRSU grant (target) | 16,301 units (thr 8,151; max 32,602) | 3-year cliff (2024–2026) | 60% of LTIP value for non-CEO NEOs |
| LTIP value (2024) | PVRSU $720,000; TVRSU $480,000; Total $1,200,000 | — | VWAP $44.1695 basis |
PVRSU 2024–2026 Performance Scale
| Metric | Weight | Threshold | Target | Maximum |
|---|---|---|---|---|
| TSR (absolute+relative matrix) | 50.0% | See TSR matrix | See TSR matrix | See TSR matrix |
| ROIC | 40.0% | 10.0% | 14.6% | 19.0% |
| ESG – CO2 intensity (Floaters) | 2.5% | 115.94 (−6%) | 113.8 (−8%) | 111.01 (−10%) |
| ESG – CO2 intensity (Jackups) | 2.5% | 36.91 (−8%) | 36.50 (−9%) | 36.10 (−10%) |
| ESG – ISO 50001 compliance rigs | 5.0% | 15 rigs | 20 rigs | All rigs |
Historical PSU Settlement (2012 PVRSU cycle settled Jan 30, 2025)
| Executive | 2022 PVRSUs Vested |
|---|---|
| Blake A. Denton | 36,440 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (3/10/2025) | 112,911 shares; <1% of class |
| Outstanding TVRSUs (as of 12/31/2024) | 23,820 units (would vest under severance/change scenarios) |
| Outstanding PVRSUs (as of 12/31/2024) | 16,836 units at target; 32,703 at target upon double-trigger CIC |
| Ownership guidelines | SVP minimum 3.0x base salary; compliance affirmed |
| Hedging/pledging | Prohibited for directors/executives; trading windows with pre-clearance; 10b5-1 allowed |
Employment Terms
| Provision | Terms |
|---|---|
| Employment agreements | Legacy agreements (incl. Denton) effective Feb 5, 2021; terminated Feb 5, 2024; now governed by Executive Severance Plans (Aug 2023) |
| Severance (qualifying termination, non-CIC) | Lump sum = 1.0×(base+target bonus); pro-rata annual bonus; 12 months COBRA benefits; up to $50k outplacement; full vest of TVRSUs; PVRSUs vest per actual/prorated rules |
| CIC severance (double-trigger within 24 months) | Lump sum = 2.0×(base+target bonus); pro-rata bonus; 18 months COBRA; up to $50k outplacement; full vest TVRSUs and PVRSUs at target |
| Potential payments (as of 12/31/2024) | Severance: $680,000 (non-CIC); $1,360,000 (CIC); Pro-rata bonus: $305,200; Welfare benefits: $18,394 (non-CIC) / $27,591 (CIC); Outplacement: $50,000; Accelerated equity vesting: $1,276,598 (non-CIC) / $1,774,822 (CIC) |
Compensation Structure Analysis
- Cash vs equity mix: 2024 total comp $2,125,038: salary $397,500, cash incentive $305,200, stock awards $1,270,974; equity-heavy mix aligns with long-term performance .
- Year-over-year shifts: Base salary up 3.9%; STIP target increased to 70% from 60%, raising at-risk cash exposure .
- LTI focus: 60% PVRSU and 40% TVRSU structure emphasizes TSR/ROIC and ESG outcomes with multi-year vesting .
- Clawback: Policy adopted Oct 2023 covering cash and equity incentive recoupment upon restatement under Rule 10D-1 .
Say-on-Pay & Shareholder Feedback
- 2024 advisory vote on executive compensation received over 90% support; outreach to holders representing ~70% of outstanding and meetings with ~49% .
Compensation Peer Group (Benchmarking)
- Benchmark peer group includes Baker Hughes, Halliburton, NOV, Valaris, Transocean, Weatherford and others; Diamond removed post-acquisition in 2025 .
- TSR peer group for PVRSU includes Seadrill, Valaris, Transocean and the PHLX Oil Service Sector Index (Diamond excluded due to acquisition) .
Investment Implications
- Alignment: Significant equity-based compensation (PVRSUs/TVRSUs), ownership guideline compliance (3× salary), and prohibition on pledging/hedging indicate strong alignment; double-trigger CIC prevents windfalls absent job loss .
- Retention risk: Non-CIC severance at 1× base+bonus and continued PVRSU eligibility reduce near-term attrition risk; CIC terms at 2× with full equity vesting can be material in a transaction scenario .
- Selling pressure: TVRSUs vest ratably through 2027 and 2022 PVRSUs settled in early 2025 (36,440 units), creating periodic liquidity events; blackout/trading policies and 10b5-1 allowances shape sales timing .
- Performance levers: STIP tied to cash generation, margins, safety and customer satisfaction (award factor 1.09), while PVRSU ROIC/TSR/ESG structure incentivizes durable returns through 2026; note 2024 margin undershoot vs target offset by safety/ESG/customer performance .