Richard Barker
About Richard Barker
Executive Vice President & Chief Financial Officer of Noble Corporation plc since January 2024; previously Senior Vice President & CFO since March 2020. Age 44; graduated magna cum laude from Rice University (B.A. in Mathematical Economic Analysis and Managerial Studies) with prior investment banking roles at Moelis & Company (2019–2020) and JPMorgan focused on oilfield services and equipment . Noble’s performance framework during his tenure emphasizes adjusted free cash flow and TSR; a $100 invested measure shows $152.36 (2022), $197.37 (2023), $135.06 (2024); net income was $169M (2022), $482M (2023), $448M (2024), and adjusted FCF was $165M (2022), $197M (2023), $293M (2024) . The company executed M&A integrations and realized >$150M Maersk Drilling synergies and over half of the estimated $100M Diamond Offshore synergies with relative TSR at the 44th percentile vs peer group for 2022–2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Noble Corporation plc | Senior Vice President & Chief Financial Officer | Mar 2020–Jan 2024 | Led finance through restructuring era; executive officer at time of 2020 bankruptcy filing . |
| Noble Corporation plc | Executive Vice President & Chief Financial Officer | Jan 2024–present | Oversaw capital allocation and integrations; signed SOX certifications on quarterly filings . |
| Noble Corporation plc | Acting Principal Accounting Officer (in addition to CFO) | Aug 2025–Nov 3, 2025 | Temporarily assumed PAO responsibilities pending appointment of Chief Accounting Officer . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Moelis & Company | Investment banking positions | 2019–2020 | Advisory experience; transition to issuer-side CFO role . |
| JPMorgan | Investment banking (oilfield services & equipment specialization) | Prior to 2019 | Sector expertise in OFS/equipment . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $475,000 | $525,000 | $589,167 |
| Stock Awards ($) | $1,847,999 | $2,134,940 | $2,753,774 |
| Non-Equity Incentive Plan Compensation ($) | $333,450 | $707,805 | $588,600 |
| All Other Compensation ($) | $30,507 | $40,983 | $307,874 |
| Total ($) | $2,686,956 | $3,408,728 | $4,239,415 |
| Short-Term Incentive (STIP) Detail for 2024 | Value |
|---|---|
| Base Salary | $600,000 |
| STIP Target | 90% of salary |
| Company Award Factor | 1.09 |
| Actual STIP Payout | $588,600 |
Performance Compensation
| STIP Performance Metrics (2024) | Weight | Target | Actual | Factor | Component Payout |
|---|---|---|---|---|---|
| Adjusted Free Cash Flow | 30% | $289–324M | $293.0M | 1.00 | 0.30 |
| Contract Drilling Margin | 30% | 37.8–38.0% | 36.04% | 0.82 | 0.25 |
| Customer QPR | 15% | 6.3 | 6.375 | 1.19 | 0.18 |
| Consequence Severity Index | 15% | 675.0 | 590.0 | 1.43 | 0.21 |
| First Choice for Employees Scorecard | 10% | Subjective | — | 1.50 | 0.15 |
| Award Factor (sum) | — | — | — | — | 1.09 |
| 2024 Long-Term Incentive (LTI) Mix for Barker | Target Award Value | Units Granted | Grant-Date Fair Value |
|---|---|---|---|
| PVRSUs (ROIC, ESG, TSR components) | $1,560,000 | Target 35,318; Threshold 17,659; Max 70,636 | $1,697,030 |
| TVRSUs (time-vested) | $1,040,000 | 23,546 | $1,056,744 |
| Total LTIP | $2,600,000 | — | $2,753,774 (as reflected in SCT) |
| Vesting Schedule (Unvested TVRSUs as of 12/31/2024) | Vest Date | Shares |
|---|---|---|
| 2/3/2022 Grant | 2/3/2025 | 9,010 |
| 2/3/2023 Grant (tranche 1) | 2/3/2025 | 6,627 |
| 2/3/2023 Grant (tranche 2) | 2/3/2026 | 6,627 |
| 1/26/2024 Grant (tranche 1) | 1/26/2025 | 7,849 |
| 1/26/2024 Grant (tranche 2) | 1/26/2026 | 7,849 |
| 1/26/2024 Grant (tranche 3) | 1/26/2027 | 7,849 |
| PVRSUs | After 3-year performance period (subject to metrics) | Max 59,642 (2023), 70,636 (2024) |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 298,505 shares |
| Shares Outstanding | 158,772,968 (as of Mar 10, 2025) |
| Ownership as % of Outstanding | ~0.19% (298,505 / 158,772,968) |
| Unvested TVRSUs | 9,010 (2022 grant), 13,254 (2023 grant), 23,546 (2024 grant) |
| PVRSUs Outstanding (max basis) | 59,642 (2023 grant; $1,872,759 market value at 12/31/24), 70,636 (2024 grant; $2,217,970 value at 12/31/24) |
| Options | None disclosed (awards are RSUs/PVRSUs) |
| Stock Vested in 2024 | 468,221 shares vested; $19,507,113 value realized |
| Shares Pledged | Prohibited by company policy; no pledging permitted |
| Hedging | Prohibited (no hedging instruments allowed) |
| Ownership Guidelines | EVP/SVP threshold: 3.0x base salary; officers currently in compliance |
| Time to Compliance (new officers) | 5 years from appointment |
Employment Terms
| Provision | Severance Plan | Change-in-Control (CIC) Plan |
|---|---|---|
| Cash Severance Multiple | 1.0x (salary + target bonus) for non-CEO | 2.0x (salary + target bonus) for non-CEO |
| Pro-Rata Bonus (year of termination) | Yes (lump sum) | Yes (lump sum) |
| COBRA Coverage | Up to 12 months | Up to 18 months |
| Outplacement | Up to $50,000 | Up to $50,000 |
| Equity (Time-Vested) | Full vesting | Full vesting |
| Equity (Performance-Based) | Continue eligibility; pro-rated based on actual performance | Full vesting at target |
| Clawback | 3-year recoupment for restatements (adopted Oct 2023) | |
| Trading Policy | Hedging and pledging prohibited; blackout periods; Rule 10b5-1 plans permitted with pre-clearance |
| Potential Payments (as of 12/31/2024) | Death | Disability | Termination without Cause | Good Reason Resignation | Termination without Cause or Good Reason after CIC |
|---|---|---|---|---|---|
| Severance Payment | — | — | $1,140,000 | $1,140,000 | $2,280,000 |
| Pro Rata Bonus | $588,600 | $588,600 | $588,600 | $588,600 | $588,600 |
| Welfare Benefits | $1,200,000 (note: table layout; welfare values for executives vary; see table) | — | $18,394 | $18,394 | $27,591 |
| Outplacement | — | — | $50,000 | $50,000 | $50,000 |
| Accelerated Vesting of Equity Awards | $2,460,746 | $2,460,746 | $2,460,746 | $2,460,746 | $3,483,799 |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Value of $100 Investment (TSR measure) | $152.36 | $197.37 | $135.06 |
| Peer Group TSR (OSX) | $127.17 | $129.88 | $115.05 |
| Net Income ($M) | $169 | $482 | $448 |
| Company Selected Measure: Adjusted FCF ($M) | $165 | $197 | $293 |
| Strategic Achievements | >$150M Maersk Drilling synergies realized; >50% of $100M Diamond synergies realized; TSR 44th percentile (Jan 1, 2022–Dec 31, 2024) |
Risk Indicators & Governance Notes
- Section 16(a) late filing: Barker purchased 1,994 shares on March 21, 2024; Form 4 filed June 28, 2024 .
- Trading arrangements: No Rule 10b5-1 plans adopted/terminated/modified in Q3 2025; quarterly blackout/trading policy in place .
- Bankruptcy disclosure: Company filed for bankruptcy in 2020; Barker was an executive officer at the time .
Investment Implications
- Strong pay-for-performance design with STIP tied to FCF, margin, safety and customer metrics; 2024 award factor 1.09 indicates above-target corporate delivery without individual upward discretion, supporting discipline .
- Meaningful unvested equity and scheduled TVRSU tranches (e.g., 7,849 shares vesting annually 2025–2027) plus PVRSUs through 2026–2027 align retention but create periodic supply; 468,221 shares vested in 2024 with $19.5M value highlight potential selling pressure around vest dates .
- Severance economics (1x salary+bonus; CIC 2x with full target vesting of performance awards) provide downside protection; anti-hedging/anti-pledging and a clawback strengthen alignment and mitigate governance risk .
- Ownership at ~0.19% of shares plus compliance with 3x salary ownership guideline indicates skin-in-the-game, while 2022–2024 TSR/net income/FCF trends and synergy execution support confidence in financial stewardship under Barker .