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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Noble Corporation PLC | NYSE:NE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.83 | 1.83% | 46.29 | 46.67 | 45.43 | 45.94 | 653,499 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
England and Wales (Registered Number 08354954)
|
|
98-0619597
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. employer
identification number)
|
Cayman Islands
|
|
98-0366361
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. employer
identification number)
|
Noble Corporation plc:
|
Large accelerated filer
þ
|
Accelerated filer
¨
|
Non-accelerated filer
¨
|
Smaller reporting company
¨
|
Emerging growth company
¨
|
Noble Corporation:
|
Large accelerated filer
¨
|
Accelerated filer
¨
|
Non-accelerated filer
þ
|
Smaller reporting company
¨
|
Emerging growth company
¨
|
|
|
|
|
Page
|
PART I
|
|
|
|
|
Item 1
|
|
|
|
|
|
|
Noble Corporation plc (Noble-UK) Financial Statements:
|
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|
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Noble Corporation (Noble-Cayman) Financial Statements:
|
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|
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|
||
|
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||
|
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||
|
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||
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Item 2
|
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||
Item 3
|
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||
Item 4
|
|
|
||
PART II
|
|
|
|
|
Item 1
|
|
|
||
Item 1A
|
|
|
||
Item 2
|
|
|
||
Item 6
|
|
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||
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||
|
|
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
ASSETS
|
||||||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
608,763
|
|
|
$
|
725,722
|
|
Accounts receivable, net
|
|
202,533
|
|
|
319,152
|
|
||
Taxes receivable
|
|
55,394
|
|
|
55,480
|
|
||
Prepaid expenses and other current assets
|
|
74,599
|
|
|
92,260
|
|
||
Total current assets
|
|
941,289
|
|
|
1,192,614
|
|
||
Property and equipment, at cost
|
|
12,421,765
|
|
|
12,364,888
|
|
||
Accumulated depreciation
|
|
(2,709,498
|
)
|
|
(2,302,940
|
)
|
||
Property and equipment, net
|
|
9,712,267
|
|
|
10,061,948
|
|
||
Other assets
|
|
244,663
|
|
|
185,555
|
|
||
Total assets
|
|
$
|
10,898,219
|
|
|
$
|
11,440,117
|
|
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
249,652
|
|
|
$
|
299,882
|
|
Accounts payable
|
|
83,986
|
|
|
108,224
|
|
||
Accrued payroll and related costs
|
|
46,844
|
|
|
48,383
|
|
||
Taxes payable
|
|
53,629
|
|
|
46,561
|
|
||
Interest payable
|
|
64,280
|
|
|
61,299
|
|
||
Other current liabilities
|
|
96,870
|
|
|
68,944
|
|
||
Total current liabilities
|
|
595,261
|
|
|
633,293
|
|
||
Long-term debt
|
|
3,795,327
|
|
|
4,040,229
|
|
||
Deferred income taxes
|
|
253,444
|
|
|
2,084
|
|
||
Other liabilities
|
|
289,330
|
|
|
297,066
|
|
||
Total liabilities
|
|
4,933,362
|
|
|
4,972,672
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
|
||
Shareholders' equity
|
|
|
|
|
||||
Common stock, $0.01 par value, ordinary shares; 244,965 and 243,239 shares outstanding as of September 30, 2017 and December 31, 2016, respectively
|
|
2,450
|
|
|
2,432
|
|
||
Additional paid-in capital
|
|
671,605
|
|
|
654,168
|
|
||
Retained earnings
|
|
4,662,468
|
|
|
5,154,221
|
|
||
Accumulated other comprehensive loss
|
|
(49,561
|
)
|
|
(52,140
|
)
|
||
Total shareholders' equity
|
|
5,286,962
|
|
|
5,758,681
|
|
||
Noncontrolling interests
|
|
677,895
|
|
|
708,764
|
|
||
Total equity
|
|
5,964,857
|
|
|
6,467,445
|
|
||
Total liabilities and equity
|
|
$
|
10,898,219
|
|
|
$
|
11,440,117
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
||||||||
Contract drilling services
|
|
$
|
259,740
|
|
|
$
|
373,257
|
|
|
$
|
885,931
|
|
|
$
|
1,841,321
|
|
Reimbursables and other
|
|
6,472
|
|
|
11,896
|
|
|
21,399
|
|
|
50,588
|
|
||||
|
|
266,212
|
|
|
385,153
|
|
|
907,330
|
|
|
1,891,909
|
|
||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
||||||||
Contract drilling services
|
|
165,028
|
|
|
207,204
|
|
|
487,784
|
|
|
702,628
|
|
||||
Reimbursables
|
|
3,834
|
|
|
9,142
|
|
|
13,374
|
|
|
39,446
|
|
||||
Depreciation and amortization
|
|
137,607
|
|
|
155,242
|
|
|
409,919
|
|
|
455,907
|
|
||||
General and administrative
|
|
15,331
|
|
|
15,773
|
|
|
49,869
|
|
|
54,346
|
|
||||
Loss on impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,616
|
|
||||
|
|
321,800
|
|
|
387,361
|
|
|
960,946
|
|
|
1,268,943
|
|
||||
Operating income (loss)
|
|
(55,588
|
)
|
|
(2,208
|
)
|
|
(53,616
|
)
|
|
622,966
|
|
||||
Other income (expense)
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net of amount capitalized
|
|
(72,887
|
)
|
|
(52,569
|
)
|
|
(219,543
|
)
|
|
(166,975
|
)
|
||||
Gain on extinguishment of debt, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,066
|
|
||||
Interest income and other, net
|
|
389
|
|
|
540
|
|
|
4,286
|
|
|
(1,443
|
)
|
||||
Income (loss) from continuing operations before income taxes
|
|
(128,086
|
)
|
|
(54,237
|
)
|
|
(268,873
|
)
|
|
465,614
|
|
||||
Income tax benefit (provision)
|
|
28,605
|
|
|
10,002
|
|
|
(210,589
|
)
|
|
(40,317
|
)
|
||||
Net income (loss) from continuing operations
|
|
(99,481
|
)
|
|
(44,235
|
)
|
|
(479,462
|
)
|
|
425,297
|
|
||||
Net loss from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
(1,486
|
)
|
|
—
|
|
||||
Net income (loss)
|
|
(99,481
|
)
|
|
(44,235
|
)
|
|
(480,948
|
)
|
|
425,297
|
|
||||
Net (income) loss attributable to noncontrolling interests
|
|
2,689
|
|
|
(10,846
|
)
|
|
(10,888
|
)
|
|
(52,027
|
)
|
||||
Net income (loss) attributable to Noble Corporation plc
|
|
$
|
(96,792
|
)
|
|
$
|
(55,081
|
)
|
|
$
|
(491,836
|
)
|
|
$
|
373,270
|
|
Net income (loss) attributable to Noble Corporation plc
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
|
$
|
(96,792
|
)
|
|
$
|
(55,081
|
)
|
|
$
|
(490,350
|
)
|
|
$
|
373,270
|
|
Net loss from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
(1,486
|
)
|
|
—
|
|
||||
Net income (loss) attributable to Noble Corporation plc
|
|
$
|
(96,792
|
)
|
|
$
|
(55,081
|
)
|
|
$
|
(491,836
|
)
|
|
$
|
373,270
|
|
Per share data
|
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
|
$
|
(0.40
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(2.00
|
)
|
|
$
|
1.48
|
|
Loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
||||
Net income (loss) attributable to Noble Corporation plc
|
|
$
|
(0.40
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(2.01
|
)
|
|
$
|
1.48
|
|
Diluted:
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
|
$
|
(0.40
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(2.00
|
)
|
|
$
|
1.48
|
|
Loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
||||
Net income (loss) attributable to Noble Corporation plc
|
|
$
|
(0.40
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(2.01
|
)
|
|
$
|
1.48
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income (loss)
|
|
$
|
(99,481
|
)
|
|
$
|
(44,235
|
)
|
|
$
|
(480,948
|
)
|
|
$
|
425,297
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
|
469
|
|
|
(543
|
)
|
|
749
|
|
|
263
|
|
||||
Foreign currency forward contracts
|
|
(65
|
)
|
|
463
|
|
|
674
|
|
|
(605
|
)
|
||||
Amortization of deferred pension plan amounts (net of tax provision of $165 and $408 for the three months ended September 30, 2017 and 2016, respectively, and $493 and $1,227 for the nine months ended September 30, 2017 and 2016, respectively)
|
|
389
|
|
|
781
|
|
|
1,156
|
|
|
2,348
|
|
||||
Other comprehensive income, net
|
|
793
|
|
|
701
|
|
|
2,579
|
|
|
2,006
|
|
||||
Net comprehensive (income) loss attributable to noncontrolling interests
|
|
2,689
|
|
|
(10,846
|
)
|
|
(10,888
|
)
|
|
(52,027
|
)
|
||||
Comprehensive income (loss) attributable to Noble Corporation plc
|
|
$
|
(95,999
|
)
|
|
$
|
(54,380
|
)
|
|
$
|
(489,257
|
)
|
|
$
|
375,276
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2017
|
|
2016
|
||||
Cash flows from operating activities
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
(480,948
|
)
|
|
$
|
425,297
|
|
Adjustments to reconcile net income to net cash flow from operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
409,919
|
|
|
455,907
|
|
||
Loss on impairment
|
|
—
|
|
|
16,616
|
|
||
Gain on extinguishment of debt, net
|
|
—
|
|
|
(11,066
|
)
|
||
Deferred income taxes
|
|
343,962
|
|
|
(82,774
|
)
|
||
Amortization of share-based compensation
|
|
21,788
|
|
|
27,222
|
|
||
Other long-term asset write-off
|
|
28,689
|
|
|
—
|
|
||
Net change in other assets and liabilities
|
|
(24,330
|
)
|
|
129,166
|
|
||
Net cash provided by operating activities
|
|
299,080
|
|
|
960,368
|
|
||
Cash flows from investing activities
|
|
|
|
|
||||
Capital expenditures
|
|
(74,363
|
)
|
|
(592,038
|
)
|
||
Change in accrued capital expenditures
|
|
(12,337
|
)
|
|
(41,235
|
)
|
||
Proceeds from disposal of assets
|
|
1,306
|
|
|
23,390
|
|
||
Net cash used in investing activities
|
|
(85,394
|
)
|
|
(609,883
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
||||
Repayments of debt
|
|
(300,000
|
)
|
|
(322,207
|
)
|
||
Debt issuance costs on senior notes and credit facility
|
|
(42
|
)
|
|
—
|
|
||
Premiums paid on early repayment of long-term debt
|
|
—
|
|
|
(1,781
|
)
|
||
Dividend payments
|
|
—
|
|
|
(47,534
|
)
|
||
Dividends paid to noncontrolling interests
|
|
(26,293
|
)
|
|
(61,980
|
)
|
||
Employee stock transactions
|
|
(4,310
|
)
|
|
(3,176
|
)
|
||
Net cash used in financing activities
|
|
(330,645
|
)
|
|
(436,678
|
)
|
||
Net decrease in cash and cash equivalents
|
|
(116,959
|
)
|
|
(86,193
|
)
|
||
Cash and cash equivalents, beginning of period
|
|
725,722
|
|
|
512,245
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
608,763
|
|
|
$
|
426,052
|
|
|
|
Shares
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling Interests
|
|
Total Equity
|
|||||||||||||||
|
|
Balance
|
|
Par Value
|
|
|
|
|
|
||||||||||||||||||
Balance at December 31, 2015
|
|
241,977
|
|
|
$
|
2,420
|
|
|
$
|
628,483
|
|
|
$
|
6,131,501
|
|
|
$
|
(63,175
|
)
|
|
$
|
723,001
|
|
|
$
|
7,422,230
|
|
Employee related equity activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Amortization of share-based compensation
|
|
—
|
|
|
—
|
|
|
27,222
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,222
|
|
||||||
Issuance of share-based compensation shares
|
|
1,256
|
|
|
12
|
|
|
(3,609
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,597
|
)
|
||||||
Tax benefit of equity transactions
|
|
—
|
|
|
—
|
|
|
(5,495
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,495
|
)
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
373,270
|
|
|
—
|
|
|
52,027
|
|
|
425,297
|
|
||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61,980
|
)
|
|
(61,980
|
)
|
||||||
Dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,700
|
)
|
|
—
|
|
|
—
|
|
|
(47,700
|
)
|
||||||
Other comprehensive income, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,006
|
|
|
—
|
|
|
2,006
|
|
||||||
Balance at September 30, 2016
|
|
243,233
|
|
|
$
|
2,432
|
|
|
$
|
646,601
|
|
|
$
|
6,457,071
|
|
|
$
|
(61,169
|
)
|
|
$
|
713,048
|
|
|
$
|
7,757,983
|
|
Balance at December 31, 2016
|
|
243,239
|
|
|
$
|
2,432
|
|
|
$
|
654,168
|
|
|
$
|
5,154,221
|
|
|
$
|
(52,140
|
)
|
|
$
|
708,764
|
|
|
$
|
6,467,445
|
|
Employee related equity activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Amortization of share-based compensation
|
|
—
|
|
|
—
|
|
|
21,788
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,788
|
|
||||||
Issuance of share-based compensation shares
|
|
1,726
|
|
|
18
|
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||||
Shares withheld for taxes on equity transactions
|
|
—
|
|
|
—
|
|
|
(4,328
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,328
|
)
|
||||||
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(491,836
|
)
|
|
—
|
|
|
10,888
|
|
|
(480,948
|
)
|
||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,293
|
)
|
|
(26,293
|
)
|
||||||
Dividends unpaid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,464
|
)
|
|
(15,464
|
)
|
||||||
Dividends
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83
|
|
|
—
|
|
|
—
|
|
|
83
|
|
||||||
Other comprehensive income, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,579
|
|
|
—
|
|
|
2,579
|
|
||||||
Balance at September 30, 2017
|
|
244,965
|
|
|
$
|
2,450
|
|
|
$
|
671,605
|
|
|
$
|
4,662,468
|
|
|
$
|
(49,561
|
)
|
|
$
|
677,895
|
|
|
$
|
5,964,857
|
|
(1)
|
Activity associated with dividend equivalents, which are related to 2016 performance awards to be paid upon vesting.
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
ASSETS
|
||||||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
607,958
|
|
|
$
|
653,833
|
|
Accounts receivable, net
|
|
202,533
|
|
|
319,152
|
|
||
Taxes receivable
|
|
55,394
|
|
|
55,480
|
|
||
Prepaid expenses and other current assets
|
|
73,649
|
|
|
88,749
|
|
||
Total current assets
|
|
939,534
|
|
|
1,117,214
|
|
||
Property and equipment, at cost
|
|
12,421,765
|
|
|
12,364,888
|
|
||
Accumulated depreciation
|
|
(2,709,498
|
)
|
|
(2,302,940
|
)
|
||
Property and equipment, net
|
|
9,712,267
|
|
|
10,061,948
|
|
||
Other assets
|
|
244,748
|
|
|
178,552
|
|
||
Total assets
|
|
$
|
10,896,549
|
|
|
$
|
11,357,714
|
|
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
249,652
|
|
|
$
|
299,882
|
|
Accounts payable
|
|
83,875
|
|
|
107,868
|
|
||
Accrued payroll and related costs
|
|
46,844
|
|
|
48,319
|
|
||
Taxes payable
|
|
53,203
|
|
|
46,561
|
|
||
Interest payable
|
|
64,280
|
|
|
61,299
|
|
||
Other current liabilities
|
|
96,788
|
|
|
67,312
|
|
||
Total current liabilities
|
|
594,642
|
|
|
631,241
|
|
||
Long-term debt
|
|
3,795,327
|
|
|
4,040,229
|
|
||
Deferred income taxes
|
|
253,444
|
|
|
2,084
|
|
||
Other liabilities
|
|
289,330
|
|
|
292,183
|
|
||
Total liabilities
|
|
4,932,743
|
|
|
4,965,737
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
|
||
Shareholder equity
|
|
|
|
|
||||
Common stock, $0.01 par value, ordinary shares; 261,246 shares outstanding as of September 30, 2017 and December 31, 2016
|
|
26,125
|
|
|
26,125
|
|
||
Capital in excess of par value
|
|
615,822
|
|
|
594,091
|
|
||
Retained earnings
|
|
4,693,525
|
|
|
5,115,137
|
|
||
Accumulated other comprehensive loss
|
|
(49,561
|
)
|
|
(52,140
|
)
|
||
Total shareholder equity
|
|
5,285,911
|
|
|
5,683,213
|
|
||
Noncontrolling interests
|
|
677,895
|
|
|
708,764
|
|
||
Total equity
|
|
5,963,806
|
|
|
6,391,977
|
|
||
Total liabilities and equity
|
|
$
|
10,896,549
|
|
|
$
|
11,357,714
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
||||||||
Contract drilling services
|
|
$
|
259,740
|
|
|
$
|
373,257
|
|
|
$
|
885,931
|
|
|
$
|
1,841,321
|
|
Reimbursables and other
|
|
6,472
|
|
|
11,896
|
|
|
21,399
|
|
|
51,288
|
|
||||
|
|
266,212
|
|
|
385,153
|
|
|
907,330
|
|
|
1,892,609
|
|
||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
||||||||
Contract drilling services
|
|
164,568
|
|
|
206,072
|
|
|
486,441
|
|
|
697,596
|
|
||||
Reimbursables
|
|
3,834
|
|
|
9,142
|
|
|
13,374
|
|
|
39,446
|
|
||||
Depreciation and amortization
|
|
136,651
|
|
|
155,242
|
|
|
407,002
|
|
|
455,853
|
|
||||
General and administrative
|
|
9,823
|
|
|
12,033
|
|
|
32,118
|
|
|
36,491
|
|
||||
Loss on impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,616
|
|
||||
|
|
314,876
|
|
|
382,489
|
|
|
938,935
|
|
|
1,246,002
|
|
||||
Operating income (loss)
|
|
(48,664
|
)
|
|
2,664
|
|
|
(31,605
|
)
|
|
646,607
|
|
||||
Other income (expense)
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net of amount capitalized
|
|
(72,887
|
)
|
|
(52,569
|
)
|
|
(219,543
|
)
|
|
(166,975
|
)
|
||||
Gain on extinguishment of debt, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,066
|
|
||||
Interest income and other, net
|
|
274
|
|
|
568
|
|
|
4,121
|
|
|
(1,368
|
)
|
||||
Income (loss) from continuing operations before income taxes
|
|
(121,277
|
)
|
|
(49,337
|
)
|
|
(247,027
|
)
|
|
489,330
|
|
||||
Income tax benefit (provision)
|
|
28,605
|
|
|
9,307
|
|
|
(210,555
|
)
|
|
(40,310
|
)
|
||||
Net income (loss) from continuing operations
|
|
(92,672
|
)
|
|
(40,030
|
)
|
|
(457,582
|
)
|
|
449,020
|
|
||||
Net income from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
2,967
|
|
|
—
|
|
||||
Net income (loss)
|
|
(92,672
|
)
|
|
(40,030
|
)
|
|
(454,615
|
)
|
|
449,020
|
|
||||
Net (income) loss attributable to noncontrolling interests
|
|
2,689
|
|
|
(10,846
|
)
|
|
(10,888
|
)
|
|
(52,027
|
)
|
||||
Net income (loss) attributable to Noble Corporation
|
|
$
|
(89,983
|
)
|
|
$
|
(50,876
|
)
|
|
$
|
(465,503
|
)
|
|
$
|
396,993
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income (loss)
|
|
$
|
(92,672
|
)
|
|
$
|
(40,030
|
)
|
|
$
|
(454,615
|
)
|
|
$
|
449,020
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
|
469
|
|
|
(543
|
)
|
|
749
|
|
|
263
|
|
||||
Foreign currency forward contracts
|
|
(65
|
)
|
|
463
|
|
|
674
|
|
|
(605
|
)
|
||||
Amortization of deferred pension plan amounts (net of tax provision of $165 and $408 for the three months ended September 30, 2017 and 2016, respectively, and $493 and $1,227 for the nine months ended September 30, 2017 and 2016, respectively)
|
|
389
|
|
|
781
|
|
|
1,156
|
|
|
2,348
|
|
||||
Other comprehensive income, net
|
|
793
|
|
|
701
|
|
|
2,579
|
|
|
2,006
|
|
||||
Net comprehensive (income) loss attributable to noncontrolling interests
|
|
2,689
|
|
|
(10,846
|
)
|
|
(10,888
|
)
|
|
(52,027
|
)
|
||||
Comprehensive income (loss) attributable to Noble Corporation
|
|
$
|
(89,190
|
)
|
|
$
|
(50,175
|
)
|
|
$
|
(462,924
|
)
|
|
$
|
398,999
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2017
|
|
2016
|
||||
Cash flows from operating activities
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
(454,615
|
)
|
|
$
|
449,020
|
|
Adjustments to reconcile net income to net cash flow from operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
407,002
|
|
|
455,853
|
|
||
Loss on impairment
|
|
—
|
|
|
16,616
|
|
||
Gain on extinguishment of debt, net
|
|
—
|
|
|
(11,066
|
)
|
||
Deferred income taxes
|
|
343,961
|
|
|
(82,774
|
)
|
||
Capital contribution by parent - share-based compensation
|
|
21,731
|
|
|
25,296
|
|
||
Other long-term asset write-off
|
|
28,689
|
|
|
—
|
|
||
Net change in other assets and liabilities
|
|
(24,805
|
)
|
|
132,911
|
|
||
Net cash provided by operating activities
|
|
321,963
|
|
|
985,856
|
|
||
Cash flows from investing activities
|
|
|
|
|
||||
Capital expenditures
|
|
(74,363
|
)
|
|
(592,038
|
)
|
||
Change in accrued capital expenditures
|
|
(12,337
|
)
|
|
(41,235
|
)
|
||
Proceeds from disposal of assets
|
|
1,306
|
|
|
23,390
|
|
||
Net cash used in investing activities
|
|
(85,394
|
)
|
|
(609,883
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
||||
Repayments of debt
|
|
(300,000
|
)
|
|
(322,207
|
)
|
||
Debt issuance costs on senior notes and credit facility
|
|
(42
|
)
|
|
—
|
|
||
Premiums paid on early repayment of long-term debt
|
|
—
|
|
|
(1,781
|
)
|
||
Dividends paid to noncontrolling interests
|
|
(26,293
|
)
|
|
(61,980
|
)
|
||
Contributions (distributions) from (to) parent company, net
|
|
43,891
|
|
|
(76,051
|
)
|
||
Net cash used in financing activities
|
|
(282,444
|
)
|
|
(462,019
|
)
|
||
Net decrease in cash and cash equivalents
|
|
(45,875
|
)
|
|
(86,046
|
)
|
||
Cash and cash equivalents, beginning of period
|
|
653,833
|
|
|
511,795
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
607,958
|
|
|
$
|
425,749
|
|
|
|
Shares
|
|
Capital in Excess of Par Value
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling Interests
|
|
Total Equity
|
|||||||||||||||
|
|
Balance
|
|
Par Value
|
|
|
|
|
|
||||||||||||||||||
Balance at December 31, 2015
|
|
261,246
|
|
|
$
|
26,125
|
|
|
$
|
561,309
|
|
|
$
|
6,167,211
|
|
|
$
|
(63,175
|
)
|
|
$
|
723,001
|
|
|
$
|
7,414,471
|
|
Distributions to parent company, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(76,051
|
)
|
|
—
|
|
|
—
|
|
|
(76,051
|
)
|
||||||
Capital contribution by parent - share-based compensation
|
|
—
|
|
|
—
|
|
|
25,296
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,296
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
396,993
|
|
|
—
|
|
|
52,027
|
|
|
449,020
|
|
||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61,980
|
)
|
|
(61,980
|
)
|
||||||
Other comprehensive income, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,006
|
|
|
—
|
|
|
2,006
|
|
||||||
Balance at September 30, 2016
|
|
261,246
|
|
|
$
|
26,125
|
|
|
$
|
586,605
|
|
|
$
|
6,488,153
|
|
|
$
|
(61,169
|
)
|
|
$
|
713,048
|
|
|
$
|
7,752,762
|
|
Balance at December 31, 2016
|
|
261,246
|
|
|
$
|
26,125
|
|
|
$
|
594,091
|
|
|
$
|
5,115,137
|
|
|
$
|
(52,140
|
)
|
|
$
|
708,764
|
|
|
$
|
6,391,977
|
|
Contributions from parent company, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,891
|
|
|
—
|
|
|
—
|
|
|
43,891
|
|
||||||
Share-based compensation contribution by parent
|
|
—
|
|
|
—
|
|
|
21,731
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,731
|
|
||||||
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(465,503
|
)
|
|
—
|
|
|
10,888
|
|
|
(454,615
|
)
|
||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,293
|
)
|
|
(26,293
|
)
|
||||||
Dividends unpaid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,464
|
)
|
|
(15,464
|
)
|
||||||
Other comprehensive income, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,579
|
|
|
—
|
|
|
2,579
|
|
||||||
Balance at September 30, 2017
|
|
261,246
|
|
|
$
|
26,125
|
|
|
$
|
615,822
|
|
|
$
|
4,693,525
|
|
|
$
|
(49,561
|
)
|
|
$
|
677,895
|
|
|
$
|
5,963,806
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Noble-UK
|
|
$
|
(96,792
|
)
|
|
$
|
(55,081
|
)
|
|
$
|
(491,836
|
)
|
|
$
|
373,270
|
|
Net loss from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
1,486
|
|
|
—
|
|
||||
Earnings allocated to unvested share-based payment awards
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,754
|
)
|
||||
Net income (loss) from continuing operations to common shareholders - basic
|
|
$
|
(96,792
|
)
|
|
$
|
(55,081
|
)
|
|
$
|
(490,350
|
)
|
|
$
|
360,516
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) attributable to Noble-UK
|
|
$
|
(96,792
|
)
|
|
$
|
(55,081
|
)
|
|
$
|
(491,836
|
)
|
|
$
|
373,270
|
|
Net loss from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
1,486
|
|
|
—
|
|
||||
Net income (loss) from continuing operations to common shareholders - diluted
|
|
$
|
(96,792
|
)
|
|
$
|
(55,081
|
)
|
|
$
|
(490,350
|
)
|
|
$
|
373,270
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding - basic
|
|
244,940
|
|
|
243,224
|
|
|
244,666
|
|
|
243,089
|
|
||||
Incremental shares issuable from assumed exercise of stock
options and unvested share-based payment awards |
|
—
|
|
|
—
|
|
|
—
|
|
|
8,600
|
|
||||
Weighted average shares outstanding - diluted
|
|
244,940
|
|
|
243,224
|
|
|
244,666
|
|
|
251,689
|
|
||||
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic:
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
|
$
|
(0.40
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(2.00
|
)
|
|
$
|
1.48
|
|
Loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
||||
Net income (loss) attributable to Noble-UK
|
|
$
|
(0.40
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(2.01
|
)
|
|
$
|
1.48
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|||||||
Income (loss) from continuing operations
|
|
$
|
(0.40
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(2.00
|
)
|
|
$
|
1.48
|
|
Loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
||||
Net income (loss) attributable to Noble-UK
|
|
$
|
(0.40
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(2.01
|
)
|
|
$
|
1.48
|
|
Dividends per share
|
|
$
|
—
|
|
|
$
|
0.02
|
|
|
$
|
—
|
|
|
$
|
0.19
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Drilling equipment and facilities
|
|
$
|
12,156,374
|
|
|
$
|
12,048,571
|
|
Construction in progress
|
|
75,331
|
|
|
112,103
|
|
||
Other
|
|
190,060
|
|
|
204,214
|
|
||
Property and equipment, at cost
|
|
$
|
12,421,765
|
|
|
$
|
12,364,888
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Senior unsecured notes
|
|
|
|
|
||||
2.50% Senior Notes due March 2017
|
|
$
|
—
|
|
|
$
|
299,992
|
|
5.75% Senior Notes due March 2018
|
|
249,911
|
|
|
249,771
|
|
||
7.50% Senior Notes due March 2019
|
|
201,695
|
|
|
201,695
|
|
||
4.90% Senior Notes due August 2020
|
|
167,612
|
|
|
167,576
|
|
||
4.625% Senior Notes due March 2021
|
|
208,561
|
|
|
208,538
|
|
||
3.95% Senior Notes due March 2022
|
|
125,510
|
|
|
125,488
|
|
||
7.75% Senior Notes due January 2024
|
|
981,738
|
|
|
980,117
|
|
||
7.70% Senior Notes due April 2025
|
|
448,983
|
|
|
448,909
|
|
||
6.20% Senior Notes due August 2040
|
|
399,899
|
|
|
399,898
|
|
||
6.05% Senior Notes due March 2041
|
|
397,790
|
|
|
397,758
|
|
||
5.25% Senior Notes due March 2042
|
|
498,393
|
|
|
498,369
|
|
||
8.70% Senior Notes due April 2045
|
|
394,647
|
|
|
394,613
|
|
||
Total debt
|
|
4,074,739
|
|
|
4,372,724
|
|
||
Less: Unamortized debt issuance costs
|
|
(29,760
|
)
|
|
(32,613
|
)
|
||
Less: Current maturities of long-term debt
(1)
|
|
(249,652
|
)
|
|
(299,882
|
)
|
||
Long-term debt, net of debt issuance costs
|
|
$
|
3,795,327
|
|
|
$
|
4,040,229
|
|
(1)
|
Presented net of current portion of unamortized debt issuance costs of
$0.3 million
and
$0.1 million
at
September 30, 2017
and
December 31, 2016
, respectively.
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
||||||||
Senior unsecured notes:
|
|
|
|
|
|
|
|
|
||||||||
2.50% Senior Notes due March 2017
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
299,992
|
|
|
$
|
299,128
|
|
5.75% Senior Notes due March 2018
|
|
249,911
|
|
|
252,638
|
|
|
249,771
|
|
|
249,808
|
|
||||
7.50% Senior Notes due March 2019
|
|
201,695
|
|
|
208,347
|
|
|
201,695
|
|
|
209,524
|
|
||||
4.90% Senior Notes due August 2020
|
|
167,612
|
|
|
164,664
|
|
|
167,576
|
|
|
167,329
|
|
||||
4.625% Senior Notes due March 2021
|
|
208,561
|
|
|
194,303
|
|
|
208,538
|
|
|
196,416
|
|
||||
3.95% Senior Notes due March 2022
|
|
125,510
|
|
|
104,816
|
|
|
125,488
|
|
|
112,791
|
|
||||
7.75% Senior Notes due January 2024
|
|
981,738
|
|
|
890,160
|
|
|
980,117
|
|
|
945,317
|
|
||||
7.70% Senior Notes due April 2025
|
|
448,983
|
|
|
386,802
|
|
|
448,909
|
|
|
423,267
|
|
||||
6.20% Senior Notes due August 2040
|
|
399,899
|
|
|
278,956
|
|
|
399,898
|
|
|
280,221
|
|
||||
6.05% Senior Notes due March 2041
|
|
397,790
|
|
|
274,376
|
|
|
397,758
|
|
|
273,854
|
|
||||
5.25% Senior Notes due March 2042
|
|
498,393
|
|
|
329,460
|
|
|
498,369
|
|
|
325,814
|
|
||||
8.70% Senior Notes due April 2045
|
|
394,647
|
|
|
325,600
|
|
|
394,613
|
|
|
328,608
|
|
||||
Total debt
|
|
$
|
4,074,739
|
|
|
$
|
3,410,122
|
|
|
$
|
4,372,724
|
|
|
$
|
3,812,077
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||
|
|
Non-U.S.
|
|
U.S.
|
|
Non-U.S.
|
|
U.S.
|
||||||||
Service cost
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
763
|
|
|
$
|
1,662
|
|
Interest cost
|
|
506
|
|
|
2,148
|
|
|
589
|
|
|
2,389
|
|
||||
Return on plan assets
|
|
(739
|
)
|
|
(2,941
|
)
|
|
(828
|
)
|
|
(3,097
|
)
|
||||
Amortization of prior service cost
|
|
—
|
|
|
—
|
|
|
25
|
|
|
30
|
|
||||
Recognized net actuarial loss
|
|
264
|
|
|
366
|
|
|
35
|
|
|
1,099
|
|
||||
Settlement and curtailment gains
|
|
(620
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net pension benefit cost (gain)
|
|
$
|
(589
|
)
|
|
$
|
(427
|
)
|
|
$
|
584
|
|
|
$
|
2,083
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||
|
|
Non-U.S.
|
|
U.S.
|
|
Non-U.S.
|
|
U.S.
|
||||||||
Service cost
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,337
|
|
|
$
|
4,986
|
|
Interest cost
|
|
1,476
|
|
|
6,445
|
|
|
1,864
|
|
|
7,167
|
|
||||
Return on plan assets
|
|
(2,161
|
)
|
|
(8,823
|
)
|
|
(2,627
|
)
|
|
(9,291
|
)
|
||||
Amortization of prior service cost
|
|
—
|
|
|
—
|
|
|
78
|
|
|
88
|
|
||||
Recognized net actuarial loss
|
|
775
|
|
|
1,098
|
|
|
110
|
|
|
3,299
|
|
||||
Settlement and curtailment gains
|
|
(620
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net pension benefit cost (gain)
|
|
$
|
(530
|
)
|
|
$
|
(1,280
|
)
|
|
$
|
1,762
|
|
|
$
|
6,249
|
|
|
|
|
|
Estimated fair value
|
||||||
|
|
Balance sheet
classification
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Asset derivatives
|
|
|
|
|
|
|
||||
Cash flow hedges
|
|
|
|
|
|
|
||||
Foreign currency forward contracts
|
|
Prepaid expenses and other current assets
|
|
$
|
674
|
|
|
$
|
—
|
|
Non-designated derivatives
|
|
|
|
|
|
|
||||
FCX Settlement
|
|
Prepaid expenses and other current assets
|
|
$
|
—
|
|
|
$
|
14,400
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
|
|
Unrealized gain/(loss) recognized through AOCL
|
|
Gain/(loss) reclassified from AOCL to "Contract drilling services" costs
|
|
Gain/(loss) recognized through "Contract drilling services" revenue
|
||||||||||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency forward contracts
|
|
$
|
(65
|
)
|
|
$
|
463
|
|
|
$
|
542
|
|
|
$
|
(540
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-designated derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FCX Settlement
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(5,194
|
)
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
|
|
Unrealized gain/(loss) recognized through AOCL
|
|
Gain/(loss) reclassified from AOCL to "Contract drilling services" costs
|
|
Gain/(loss) recognized through "Contract drilling services" revenue
|
||||||||||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency forward contracts
|
|
$
|
674
|
|
|
$
|
(605
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
679
|
|
|
$
|
(158
|
)
|
Non-designated derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FCX Settlement
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(14,400
|
)
|
|
$
|
12,406
|
|
|
|
September 30, 2017
|
||||||||||||||
|
|
Estimated Fair Value Measurements
|
||||||||||||||
|
|
Carrying Amount
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||
Assets
-
|
|
|
|
|
|
|
|
|
||||||||
Marketable securities
|
|
$
|
7,326
|
|
|
$
|
7,326
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency forward contracts
|
|
$
|
674
|
|
|
$
|
—
|
|
|
$
|
674
|
|
|
$
|
—
|
|
|
|
December 31, 2016
|
||||||||||||||
|
|
Estimated Fair Value Measurements
|
||||||||||||||
|
|
Carrying Amount
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||
Assets
-
|
|
|
|
|
|
|
|
|
||||||||
Marketable securities
|
|
$
|
6,246
|
|
|
$
|
6,246
|
|
|
$
|
—
|
|
|
$
|
—
|
|
FCX Settlement
|
|
$
|
14,400
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,400
|
|
Balance as of December 31, 2015
|
|
$
|
—
|
|
Fair value recognized in earnings
|
|
17,600
|
|
|
Change in fair value recognized in earnings
|
|
(5,194
|
)
|
|
Balance as of September 30, 2016
|
|
$
|
12,406
|
|
Balance as of December 31, 2016
|
|
$
|
14,400
|
|
Change in fair value recognized in earnings
|
|
(14,400
|
)
|
|
Balance as of September 30, 2017
|
|
$
|
—
|
|
|
|
Unrealized Gains /(Losses) on Cash Flow Hedges
(1)
|
|
Defined Benefit Pension Items
(2)
|
|
Foreign Currency Items
|
|
Total
|
||||||||
Balance at December 31, 2015
|
|
$
|
—
|
|
|
$
|
(46,919
|
)
|
|
$
|
(16,256
|
)
|
|
$
|
(63,175
|
)
|
Activity during period:
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss) before reclassifications
|
|
(605
|
)
|
|
—
|
|
|
263
|
|
|
(342
|
)
|
||||
Amounts reclassified from AOCL
|
|
—
|
|
|
2,348
|
|
|
—
|
|
|
2,348
|
|
||||
Net other comprehensive income (loss)
|
|
(605
|
)
|
|
2,348
|
|
|
263
|
|
|
2,006
|
|
||||
Balance at September 30, 2016
|
|
$
|
(605
|
)
|
|
$
|
(44,571
|
)
|
|
$
|
(15,993
|
)
|
|
$
|
(61,169
|
)
|
Balance at December 31, 2016
|
|
$
|
—
|
|
|
$
|
(35,865
|
)
|
|
$
|
(16,275
|
)
|
|
$
|
(52,140
|
)
|
Activity during period:
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income before reclassifications
|
|
674
|
|
|
—
|
|
|
749
|
|
|
1,423
|
|
||||
Amounts reclassified from AOCL
|
|
—
|
|
|
1,156
|
|
|
—
|
|
|
1,156
|
|
||||
Net other comprehensive income
|
|
674
|
|
|
1,156
|
|
|
749
|
|
|
2,579
|
|
||||
Balance at September 30, 2017
|
|
$
|
674
|
|
|
$
|
(34,709
|
)
|
|
$
|
(15,526
|
)
|
|
$
|
(49,561
|
)
|
(1)
|
Gains/(losses) on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCL are recognized through “Contract drilling services” costs on our Condensed Consolidated Statements of Operations. See
Note 9— Derivative Instruments and Hedging Activities
for additional information.
|
(2)
|
Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCL are recognized as expense on our Condensed Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” See
Note 8— Employee Benefit Plans
for additional information.
|
|
|
Noble-UK
|
|
Noble-Cayman
|
||||||||||||
|
|
Nine Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Accounts receivable
|
|
$
|
116,619
|
|
|
$
|
179,364
|
|
|
$
|
116,619
|
|
|
$
|
179,364
|
|
Other current assets
|
|
18,421
|
|
|
91,606
|
|
|
15,860
|
|
|
89,858
|
|
||||
Other assets
|
|
(76,002
|
)
|
|
34,382
|
|
|
(80,172
|
)
|
|
19,147
|
|
||||
Accounts payable
|
|
(11,901
|
)
|
|
(70,778
|
)
|
|
(11,656
|
)
|
|
(68,909
|
)
|
||||
Other current liabilities
|
|
21,503
|
|
|
(71,789
|
)
|
|
22,631
|
|
|
(67,663
|
)
|
||||
Other liabilities
|
|
(92,970
|
)
|
|
(33,619
|
)
|
|
(88,087
|
)
|
|
(18,886
|
)
|
||||
|
|
$
|
(24,330
|
)
|
|
$
|
129,166
|
|
|
$
|
(24,805
|
)
|
|
$
|
132,911
|
|
|
|
Issuer
|
|
|
Notes
|
|
(Co-Issuer(s))
|
|
Guarantor
|
$250 million 5.75% Senior Notes due 2018
|
|
NHIL
|
|
Noble-Cayman
|
$202 million 7.50% Senior Notes due 2019
|
|
NHUS
|
|
Noble-Cayman
|
|
|
Noble Drilling Holding, LLC (“NDH” )
|
|
|
|
|
Noble Drilling Services 6 LLC (“NDS6”)
|
|
|
$168 million 4.90% Senior Notes due 2020
|
|
NHIL
|
|
Noble-Cayman
|
$209 million 4.625% Senior Notes due 2021
|
|
NHIL
|
|
Noble-Cayman
|
$126 million 3.95% Senior Notes due 2022
|
|
NHIL
|
|
Noble-Cayman
|
$1 billion 7.75% Senior Notes due 2024
|
|
NHIL
|
|
Noble-Cayman
|
$450 million 7.70% Senior Notes due 2025
|
|
NHIL
|
|
Noble-Cayman
|
$400 million 6.20% Senior Notes due 2040
|
|
NHIL
|
|
Noble-Cayman
|
$400 million 6.05% Senior Notes due 2041
|
|
NHIL
|
|
Noble-Cayman
|
$500 million 5.25% Senior Notes due 2042
|
|
NHIL
|
|
Noble-Cayman
|
$400 million 8.70% Senior Notes due 2045
|
|
NHIL
|
|
Noble-Cayman
|
|
|
Noble -
Cayman |
|
NHUS
|
|
NDH
|
|
NHIL
|
|
NDS6
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash and cash equivalents
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
$
|
57
|
|
|
$
|
—
|
|
|
$
|
607,849
|
|
|
$
|
—
|
|
|
$
|
607,958
|
|
Accounts receivable
|
|
—
|
|
|
—
|
|
|
23,936
|
|
|
—
|
|
|
—
|
|
|
178,597
|
|
|
—
|
|
|
202,533
|
|
||||||||
Taxes receivable
|
|
—
|
|
|
29,357
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
26,034
|
|
|
—
|
|
|
55,394
|
|
||||||||
Short-term notes receivable from affiliates
|
|
—
|
|
|
—
|
|
|
119,476
|
|
|
—
|
|
|
2,373,452
|
|
|
—
|
|
|
(2,492,928
|
)
|
|
—
|
|
||||||||
Accounts receivable from affiliates
|
|
593,643
|
|
|
1,454
|
|
|
124,519
|
|
|
60,945
|
|
|
411,853
|
|
|
5,780,487
|
|
|
(6,972,901
|
)
|
|
—
|
|
||||||||
Prepaid expenses and other current assets
|
|
96
|
|
|
—
|
|
|
967
|
|
|
19
|
|
|
1
|
|
|
72,566
|
|
|
—
|
|
|
73,649
|
|
||||||||
Total current assets
|
|
593,752
|
|
|
30,811
|
|
|
268,940
|
|
|
61,021
|
|
|
2,785,306
|
|
|
6,665,533
|
|
|
(9,465,829
|
)
|
|
939,534
|
|
||||||||
Property and equipment, at cost
|
|
—
|
|
|
—
|
|
|
1,071,989
|
|
|
—
|
|
|
—
|
|
|
11,349,776
|
|
|
—
|
|
|
12,421,765
|
|
||||||||
Accumulated depreciation
|
|
—
|
|
|
—
|
|
|
(260,496
|
)
|
|
—
|
|
|
—
|
|
|
(2,449,002
|
)
|
|
—
|
|
|
(2,709,498
|
)
|
||||||||
Property and equipment, net
|
|
—
|
|
|
—
|
|
|
811,493
|
|
|
—
|
|
|
—
|
|
|
8,900,774
|
|
|
—
|
|
|
9,712,267
|
|
||||||||
Notes receivable from affiliates
|
|
3,177,249
|
|
|
—
|
|
|
1,077,773
|
|
|
—
|
|
|
3,943,299
|
|
|
1,173,281
|
|
|
(9,371,602
|
)
|
|
—
|
|
||||||||
Investments in affiliates
|
|
4,941,085
|
|
|
4,601,780
|
|
|
5,340,411
|
|
|
12,539,320
|
|
|
7,254,988
|
|
|
—
|
|
|
(34,677,584
|
)
|
|
—
|
|
||||||||
Other assets
|
|
3,046
|
|
|
16,775
|
|
|
6,026
|
|
|
—
|
|
|
—
|
|
|
218,901
|
|
|
—
|
|
|
244,748
|
|
||||||||
Total assets
|
|
$
|
8,715,132
|
|
|
$
|
4,649,366
|
|
|
$
|
7,504,643
|
|
|
$
|
12,600,341
|
|
|
$
|
13,983,593
|
|
|
$
|
16,958,489
|
|
|
$
|
(53,515,015
|
)
|
|
$
|
10,896,549
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Current maturities of long-term debt
|
|
—
|
|
|
1,605,243
|
|
|
—
|
|
|
249,652
|
|
|
—
|
|
|
887,685
|
|
|
(2,492,928
|
)
|
|
249,652
|
|
||||||||
Accounts payable
|
|
—
|
|
|
—
|
|
|
2,004
|
|
|
—
|
|
|
—
|
|
|
81,871
|
|
|
—
|
|
|
83,875
|
|
||||||||
Accrued payroll and related costs
|
|
—
|
|
|
—
|
|
|
4,959
|
|
|
—
|
|
|
—
|
|
|
41,885
|
|
|
—
|
|
|
46,844
|
|
||||||||
Accounts payable to affiliates
|
|
3,407,065
|
|
|
391,266
|
|
|
1,802,128
|
|
|
553,930
|
|
|
—
|
|
|
818,512
|
|
|
(6,972,901
|
)
|
|
—
|
|
||||||||
Taxes payable
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
53,202
|
|
|
—
|
|
|
53,203
|
|
||||||||
Interest payable
|
|
2,211
|
|
|
—
|
|
|
—
|
|
|
53,833
|
|
|
8,236
|
|
|
—
|
|
|
—
|
|
|
64,280
|
|
||||||||
Other current liabilities
|
|
16
|
|
|
—
|
|
|
945
|
|
|
—
|
|
|
—
|
|
|
95,827
|
|
|
—
|
|
|
96,788
|
|
||||||||
Total current liabilities
|
|
3,409,292
|
|
|
1,996,509
|
|
|
1,810,037
|
|
|
857,415
|
|
|
8,236
|
|
|
1,978,982
|
|
|
(9,465,829
|
)
|
|
594,642
|
|
||||||||
Long-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,593,814
|
|
|
201,513
|
|
|
—
|
|
|
—
|
|
|
3,795,327
|
|
||||||||
Notes payable to affiliates
|
|
—
|
|
|
700,000
|
|
|
472,620
|
|
|
3,175,662
|
|
|
—
|
|
|
5,023,320
|
|
|
(9,371,602
|
)
|
|
—
|
|
||||||||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
253,444
|
|
|
—
|
|
|
253,444
|
|
||||||||
Other liabilities
|
|
19,929
|
|
|
—
|
|
|
10,774
|
|
|
—
|
|
|
—
|
|
|
258,627
|
|
|
—
|
|
|
289,330
|
|
||||||||
Total liabilities
|
|
3,429,221
|
|
|
2,696,509
|
|
|
2,293,431
|
|
|
7,626,891
|
|
|
209,749
|
|
|
7,514,373
|
|
|
(18,837,431
|
)
|
|
4,932,743
|
|
||||||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total shareholder equity
|
|
5,285,911
|
|
|
1,952,857
|
|
|
5,211,212
|
|
|
4,973,450
|
|
|
13,773,844
|
|
|
8,766,221
|
|
|
(34,677,584
|
)
|
|
5,285,911
|
|
||||||||
Noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
677,895
|
|
|
—
|
|
|
677,895
|
|
||||||||
Total equity
|
|
5,285,911
|
|
|
1,952,857
|
|
|
5,211,212
|
|
|
4,973,450
|
|
|
13,773,844
|
|
|
9,444,116
|
|
|
(34,677,584
|
)
|
|
5,963,806
|
|
||||||||
Total liabilities and equity
|
|
$
|
8,715,132
|
|
|
$
|
4,649,366
|
|
|
$
|
7,504,643
|
|
|
$
|
12,600,341
|
|
|
$
|
13,983,593
|
|
|
$
|
16,958,489
|
|
|
$
|
(53,515,015
|
)
|
|
$
|
10,896,549
|
|
|
|
Noble-
Cayman |
|
NHUS
|
|
NDH
|
|
NHIL
|
|
NDS6
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
2,537
|
|
|
$
|
—
|
|
|
$
|
10,855
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
640,441
|
|
|
$
|
—
|
|
|
$
|
653,833
|
|
Accounts receivable
|
|
—
|
|
|
—
|
|
|
33,162
|
|
|
—
|
|
|
—
|
|
|
285,990
|
|
|
—
|
|
|
319,152
|
|
||||||||
Taxes receivable
|
|
—
|
|
|
21,428
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,052
|
|
|
—
|
|
|
55,480
|
|
||||||||
Short-term notes receivable from affiliates
|
|
—
|
|
|
—
|
|
|
243,915
|
|
|
—
|
|
|
1,349,708
|
|
|
52,611
|
|
|
(1,646,234
|
)
|
|
—
|
|
||||||||
Accounts receivable from affiliates
|
|
361,313
|
|
|
—
|
|
|
137,476
|
|
|
67,560
|
|
|
85,274
|
|
|
3,038,658
|
|
|
(3,690,281
|
)
|
|
—
|
|
||||||||
Prepaid expenses and other current assets
|
|
270
|
|
|
—
|
|
|
1,611
|
|
|
—
|
|
|
—
|
|
|
86,868
|
|
|
—
|
|
|
88,749
|
|
||||||||
Total current assets
|
|
364,120
|
|
|
21,428
|
|
|
427,019
|
|
|
67,560
|
|
|
1,434,982
|
|
|
4,138,620
|
|
|
(5,336,515
|
)
|
|
1,117,214
|
|
||||||||
Property and equipment, at cost
|
|
—
|
|
|
—
|
|
|
2,376,862
|
|
|
—
|
|
|
—
|
|
|
9,988,026
|
|
|
—
|
|
|
12,364,888
|
|
||||||||
Accumulated depreciation
|
|
—
|
|
|
—
|
|
|
(428,308
|
)
|
|
—
|
|
|
—
|
|
|
(1,874,632
|
)
|
|
—
|
|
|
(2,302,940
|
)
|
||||||||
Property and equipment, net
|
|
—
|
|
|
—
|
|
|
1,948,554
|
|
|
—
|
|
|
—
|
|
|
8,113,394
|
|
|
—
|
|
|
10,061,948
|
|
||||||||
Notes receivable from affiliates
|
|
3,304,672
|
|
|
—
|
|
|
112,706
|
|
|
69,564
|
|
|
5,000
|
|
|
1,798,614
|
|
|
(5,290,556
|
)
|
|
—
|
|
||||||||
Investments in affiliates
|
|
2,848,855
|
|
|
2,007,016
|
|
|
1,411,874
|
|
|
8,369,728
|
|
|
6,129,082
|
|
|
—
|
|
|
(20,766,555
|
)
|
|
—
|
|
||||||||
Other assets
|
|
4,292
|
|
|
—
|
|
|
5,687
|
|
|
—
|
|
|
—
|
|
|
168,573
|
|
|
—
|
|
|
178,552
|
|
||||||||
Total assets
|
|
$
|
6,521,939
|
|
|
$
|
2,028,444
|
|
|
$
|
3,905,840
|
|
|
$
|
8,506,852
|
|
|
$
|
7,569,064
|
|
|
$
|
14,219,201
|
|
|
$
|
(31,393,626
|
)
|
|
$
|
11,357,714
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Short-term notes payables to affiliates
|
|
$
|
—
|
|
|
$
|
171,925
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,474,309
|
|
|
$
|
(1,646,234
|
)
|
|
$
|
—
|
|
Current maturities of long-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
299,882
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
299,882
|
|
||||||||
Accounts payable
|
|
—
|
|
|
—
|
|
|
4,228
|
|
|
—
|
|
|
—
|
|
|
103,640
|
|
|
—
|
|
|
107,868
|
|
||||||||
Accrued payroll and related costs
|
|
—
|
|
|
—
|
|
|
4,882
|
|
|
—
|
|
|
—
|
|
|
43,437
|
|
|
—
|
|
|
48,319
|
|
||||||||
Accounts payable to affiliates
|
|
818,737
|
|
|
111,801
|
|
|
1,995,788
|
|
|
123,642
|
|
|
—
|
|
|
640,313
|
|
|
(3,690,281
|
)
|
|
—
|
|
||||||||
Taxes payable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46,561
|
|
|
—
|
|
|
46,561
|
|
||||||||
Interest payable
|
|
48
|
|
|
—
|
|
|
—
|
|
|
56,839
|
|
|
4,412
|
|
|
—
|
|
|
—
|
|
|
61,299
|
|
||||||||
Other current liabilities
|
|
12
|
|
|
—
|
|
|
4,296
|
|
|
—
|
|
|
—
|
|
|
63,004
|
|
|
—
|
|
|
67,312
|
|
||||||||
Total current liabilities
|
|
818,797
|
|
|
283,726
|
|
|
2,009,194
|
|
|
480,363
|
|
|
4,412
|
|
|
2,371,264
|
|
|
(5,336,515
|
)
|
|
631,241
|
|
||||||||
Long-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,838,807
|
|
|
201,422
|
|
|
—
|
|
|
—
|
|
|
4,040,229
|
|
||||||||
Notes payable to affiliates
|
|
—
|
|
|
700,000
|
|
|
467,139
|
|
|
744,181
|
|
|
—
|
|
|
3,379,236
|
|
|
(5,290,556
|
)
|
|
—
|
|
||||||||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
534
|
|
|
—
|
|
|
—
|
|
|
1,550
|
|
|
—
|
|
|
2,084
|
|
||||||||
Other liabilities
|
|
19,929
|
|
|
—
|
|
|
24,035
|
|
|
—
|
|
|
—
|
|
|
248,219
|
|
|
—
|
|
|
292,183
|
|
||||||||
Total liabilities
|
|
838,726
|
|
|
983,726
|
|
|
2,500,902
|
|
|
5,063,351
|
|
|
205,834
|
|
|
6,000,269
|
|
|
(10,627,071
|
)
|
|
4,965,737
|
|
||||||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total shareholder equity
|
|
5,683,213
|
|
|
1,044,718
|
|
|
1,404,938
|
|
|
3,443,501
|
|
|
7,363,230
|
|
|
7,106,323
|
|
|
(20,362,710
|
)
|
|
5,683,213
|
|
||||||||
Noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,112,609
|
|
|
(403,845
|
)
|
|
708,764
|
|
||||||||
Total equity
|
|
5,683,213
|
|
|
1,044,718
|
|
|
1,404,938
|
|
|
3,443,501
|
|
|
7,363,230
|
|
|
8,218,932
|
|
|
(20,766,555
|
)
|
|
6,391,977
|
|
||||||||
Total liabilities and equity
|
|
$
|
6,521,939
|
|
|
$
|
2,028,444
|
|
|
$
|
3,905,840
|
|
|
$
|
8,506,852
|
|
|
$
|
7,569,064
|
|
|
$
|
14,219,201
|
|
|
$
|
(31,393,626
|
)
|
|
$
|
11,357,714
|
|
|
|
Noble-
Cayman |
|
NHUS
|
|
NDH
|
|
NHIL
|
|
NDS6
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Contract drilling services
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37,675
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
231,873
|
|
|
$
|
(9,808
|
)
|
|
$
|
259,740
|
|
Reimbursables and other
|
|
—
|
|
|
—
|
|
|
863
|
|
|
—
|
|
|
—
|
|
|
5,609
|
|
|
—
|
|
|
6,472
|
|
||||||||
Total operating revenues
|
|
—
|
|
|
—
|
|
|
38,538
|
|
|
—
|
|
|
—
|
|
|
237,482
|
|
|
(9,808
|
)
|
|
266,212
|
|
||||||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Contract drilling services
|
|
67
|
|
|
3,056
|
|
|
10,306
|
|
|
852
|
|
|
—
|
|
|
160,095
|
|
|
(9,808
|
)
|
|
164,568
|
|
||||||||
Reimbursables
|
|
—
|
|
|
—
|
|
|
490
|
|
|
—
|
|
|
—
|
|
|
3,344
|
|
|
—
|
|
|
3,834
|
|
||||||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
13,971
|
|
|
—
|
|
|
—
|
|
|
122,680
|
|
|
—
|
|
|
136,651
|
|
||||||||
General and administrative
|
|
28
|
|
|
1,229
|
|
|
—
|
|
|
371
|
|
|
—
|
|
|
8,195
|
|
|
—
|
|
|
9,823
|
|
||||||||
Total operating costs and expenses
|
|
95
|
|
|
4,285
|
|
|
24,767
|
|
|
1,223
|
|
|
—
|
|
|
294,314
|
|
|
(9,808
|
)
|
|
314,876
|
|
||||||||
Operating income (loss)
|
|
(95
|
)
|
|
(4,285
|
)
|
|
13,771
|
|
|
(1,223
|
)
|
|
—
|
|
|
(56,832
|
)
|
|
—
|
|
|
(48,664
|
)
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income (loss) of unconsolidated affiliates
|
|
(88,898
|
)
|
|
(64,360
|
)
|
|
7,347
|
|
|
22,238
|
|
|
(20,878
|
)
|
|
—
|
|
|
144,551
|
|
|
—
|
|
||||||||
Interest income (expense), net of amounts capitalized
|
|
(2,592
|
)
|
|
(4,492
|
)
|
|
(3,533
|
)
|
|
(108,892
|
)
|
|
(3,813
|
)
|
|
(24,877
|
)
|
|
75,312
|
|
|
(72,887
|
)
|
||||||||
Interest income and other, net
|
|
1,602
|
|
|
(50
|
)
|
|
16,273
|
|
|
(52
|
)
|
|
53,897
|
|
|
3,916
|
|
|
(75,312
|
)
|
|
274
|
|
||||||||
Income (loss) before income taxes
|
|
(89,983
|
)
|
|
(73,187
|
)
|
|
33,858
|
|
|
(87,929
|
)
|
|
29,206
|
|
|
(77,793
|
)
|
|
144,551
|
|
|
(121,277
|
)
|
||||||||
Income tax benefit (provision)
|
|
—
|
|
|
53,957
|
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
(25,333
|
)
|
|
—
|
|
|
28,605
|
|
||||||||
Net income (loss)
|
|
(89,983
|
)
|
|
(19,230
|
)
|
|
33,839
|
|
|
(87,929
|
)
|
|
29,206
|
|
|
(103,126
|
)
|
|
144,551
|
|
|
(92,672
|
)
|
||||||||
Net (income) loss attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,867
|
|
|
(1,178
|
)
|
|
2,689
|
|
||||||||
Net income (loss) attributable to Noble Corporation
|
|
(89,983
|
)
|
|
(19,230
|
)
|
|
33,839
|
|
|
(87,929
|
)
|
|
29,206
|
|
|
(99,259
|
)
|
|
143,373
|
|
|
(89,983
|
)
|
||||||||
Other comprehensive income (loss), net
|
|
793
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
793
|
|
|
(793
|
)
|
|
793
|
|
||||||||
Comprehensive income (loss) attributable to Noble Corporation
|
|
$
|
(89,190
|
)
|
|
$
|
(19,230
|
)
|
|
$
|
33,839
|
|
|
$
|
(87,929
|
)
|
|
$
|
29,206
|
|
|
$
|
(98,466
|
)
|
|
$
|
142,580
|
|
|
$
|
(89,190
|
)
|
|
|
Noble-
Cayman |
|
NHUS
|
|
NDH
|
|
NHIL
|
|
NDS6
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Contract drilling services
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
124,767
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
798,085
|
|
|
$
|
(36,921
|
)
|
|
$
|
885,931
|
|
Reimbursables and other
|
|
—
|
|
|
—
|
|
|
2,891
|
|
|
—
|
|
|
—
|
|
|
18,508
|
|
|
—
|
|
|
21,399
|
|
||||||||
Total operating revenues
|
|
—
|
|
|
—
|
|
|
127,658
|
|
|
—
|
|
|
—
|
|
|
816,593
|
|
|
(36,921
|
)
|
|
907,330
|
|
||||||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Contract drilling services
|
|
202
|
|
|
8,989
|
|
|
34,492
|
|
|
2,505
|
|
|
—
|
|
|
477,174
|
|
|
(36,921
|
)
|
|
486,441
|
|
||||||||
Reimbursables
|
|
—
|
|
|
—
|
|
|
1,782
|
|
|
—
|
|
|
—
|
|
|
11,592
|
|
|
—
|
|
|
13,374
|
|
||||||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
44,491
|
|
|
—
|
|
|
—
|
|
|
362,511
|
|
|
—
|
|
|
407,002
|
|
||||||||
General and administrative
|
|
99
|
|
|
4,074
|
|
|
—
|
|
|
1,263
|
|
|
9
|
|
|
26,673
|
|
|
—
|
|
|
32,118
|
|
||||||||
Total operating costs and expenses
|
|
301
|
|
|
13,063
|
|
|
80,765
|
|
|
3,768
|
|
|
9
|
|
|
877,950
|
|
|
(36,921
|
)
|
|
938,935
|
|
||||||||
Operating income (loss)
|
|
(301
|
)
|
|
(13,063
|
)
|
|
46,893
|
|
|
(3,768
|
)
|
|
(9
|
)
|
|
(61,357
|
)
|
|
—
|
|
|
(31,605
|
)
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income (loss) of unconsolidated affiliates - continuing operations
|
|
(469,274
|
)
|
|
(477,279
|
)
|
|
48,830
|
|
|
167,531
|
|
|
35,388
|
|
|
—
|
|
|
694,804
|
|
|
—
|
|
||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax
|
|
2,967
|
|
|
4,566
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,533
|
)
|
|
—
|
|
||||||||
Interest income (expense), net of amounts capitalized
|
|
(7,775
|
)
|
|
(28,348
|
)
|
|
(9,916
|
)
|
|
(322,580
|
)
|
|
(11,484
|
)
|
|
(105,324
|
)
|
|
265,884
|
|
|
(219,543
|
)
|
||||||||
Interest income and other, net
|
|
8,880
|
|
|
(141
|
)
|
|
70,484
|
|
|
4,871
|
|
|
170,875
|
|
|
15,036
|
|
|
(265,884
|
)
|
|
4,121
|
|
||||||||
Income (loss) from continuing operations before income taxes
|
|
(465,503
|
)
|
|
(514,265
|
)
|
|
156,291
|
|
|
(153,946
|
)
|
|
194,770
|
|
|
(151,645
|
)
|
|
687,271
|
|
|
(247,027
|
)
|
||||||||
Income tax benefit (provision)
|
|
—
|
|
|
170,543
|
|
|
(345
|
)
|
|
—
|
|
|
—
|
|
|
(380,753
|
)
|
|
—
|
|
|
(210,555
|
)
|
||||||||
Net income (loss) from continuing operations
|
|
(465,503
|
)
|
|
(343,722
|
)
|
|
155,946
|
|
|
(153,946
|
)
|
|
194,770
|
|
|
(532,398
|
)
|
|
687,271
|
|
|
(457,582
|
)
|
||||||||
Net income (loss) from discontinuing operations, net of tax
|
|
—
|
|
|
(1,598
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,565
|
|
|
—
|
|
|
2,967
|
|
||||||||
Net Income (loss)
|
|
(465,503
|
)
|
|
(345,320
|
)
|
|
155,946
|
|
|
(153,946
|
)
|
|
194,770
|
|
|
(527,833
|
)
|
|
687,271
|
|
|
(454,615
|
)
|
||||||||
Net income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,894
|
)
|
|
(1,994
|
)
|
|
(10,888
|
)
|
||||||||
Net income (loss) attributable to Noble Corporation
|
|
(465,503
|
)
|
|
(345,320
|
)
|
|
155,946
|
|
|
(153,946
|
)
|
|
194,770
|
|
|
(536,727
|
)
|
|
685,277
|
|
|
(465,503
|
)
|
||||||||
Other comprehensive income (loss), net
|
|
2,579
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,579
|
|
|
(2,579
|
)
|
|
2,579
|
|
||||||||
Comprehensive income (loss) attributable to Noble Corporation
|
|
$
|
(462,924
|
)
|
|
$
|
(345,320
|
)
|
|
$
|
155,946
|
|
|
$
|
(153,946
|
)
|
|
$
|
194,770
|
|
|
$
|
(534,148
|
)
|
|
$
|
682,698
|
|
|
$
|
(462,924
|
)
|
|
|
Noble-
Cayman |
|
NHUS
|
|
NDH
|
|
NHIL
|
|
NDS6
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
|||||||||||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Contract drilling services
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
52,333
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
331,916
|
|
|
$
|
(10,992
|
)
|
|
$
|
373,257
|
|
|
Reimbursables and other
|
|
—
|
|
|
—
|
|
|
2,933
|
|
|
—
|
|
|
—
|
|
|
8,963
|
|
|
—
|
|
|
11,896
|
|
|||||||||
Total operating revenues
|
|
—
|
|
|
—
|
|
|
55,266
|
|
|
—
|
|
|
—
|
|
|
340,879
|
|
|
(10,992
|
)
|
|
385,153
|
|
|||||||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Contract drilling services
|
|
857
|
|
|
3,914
|
|
|
20,487
|
|
|
17,483
|
|
|
—
|
|
|
174,323
|
|
|
(10,992
|
)
|
|
206,072
|
|
|||||||||
Reimbursables
|
|
—
|
|
|
—
|
|
|
2,702
|
|
|
—
|
|
|
—
|
|
|
6,440
|
|
|
—
|
|
|
9,142
|
|
|||||||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
22,661
|
|
|
—
|
|
|
—
|
|
|
132,581
|
|
|
—
|
|
|
155,242
|
|
|||||||||
General and administrative
|
|
203
|
|
|
1,552
|
|
|
—
|
|
|
7,231
|
|
|
—
|
|
|
3,047
|
|
|
—
|
|
|
12,033
|
|
|||||||||
Loss on impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total operating costs and expenses
|
|
1,060
|
|
|
5,466
|
|
|
45,850
|
|
|
24,714
|
|
—
|
|
—
|
|
|
316,391
|
|
|
(10,992
|
)
|
|
382,489
|
|
||||||||
Operating income (loss)
|
|
(1,060
|
)
|
|
(5,466
|
)
|
|
9,416
|
|
|
(24,714
|
)
|
|
—
|
|
|
24,488
|
|
|
—
|
|
|
2,664
|
|
|||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Income (loss) of unconsolidated affiliates
|
|
(49,010
|
)
|
|
17,529
|
|
|
(6,572
|
)
|
|
10,186
|
|
|
12,187
|
|
|
—
|
|
|
15,680
|
|
|
—
|
|
|||||||||
Interest expense, net of amounts capitalized
|
|
(2,472
|
)
|
|
(25,311
|
)
|
|
(2,872
|
)
|
|
(52,073
|
)
|
|
(3,258
|
)
|
|
(10,278
|
)
|
|
43,695
|
|
|
(52,569
|
)
|
|||||||||
Gain on extinguishment of debt, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Interest income and other, net
|
|
1,666
|
|
|
30
|
|
|
2,816
|
|
|
525
|
|
|
6,046
|
|
|
33,180
|
|
|
(43,695
|
)
|
|
568
|
|
|||||||||
Income (loss) from continuing operations before income taxes
|
|
(50,876
|
)
|
|
(13,218
|
)
|
|
2,788
|
|
|
(66,076
|
)
|
|
14,975
|
|
|
47,390
|
|
|
15,680
|
|
|
(49,337
|
)
|
|||||||||
Income tax provision
|
|
—
|
|
|
(10,050
|
)
|
|
(167
|
)
|
|
—
|
|
|
—
|
|
|
19,524
|
|
|
—
|
|
|
9,307
|
|
|||||||||
Net income (loss)
|
|
(50,876
|
)
|
|
(23,268
|
)
|
|
2,621
|
|
|
(66,076
|
)
|
|
14,975
|
|
|
66,914
|
|
|
15,680
|
|
|
(40,030
|
)
|
|||||||||
Net (income) loss attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,933
|
)
|
|
(4,913
|
)
|
|
(10,846
|
)
|
|||||||||
Net income (loss) attributable to Noble Corporation
|
|
(50,876
|
)
|
|
(23,268
|
)
|
|
2,621
|
|
|
(66,076
|
)
|
|
14,975
|
|
|
60,981
|
|
|
10,767
|
|
|
(50,876
|
)
|
|||||||||
Other comprehensive income (loss), net
|
|
701
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
701
|
|
|
(701
|
)
|
|
701
|
|
|||||||||
Comprehensive income (loss) attributable to Noble Corporation
|
|
$
|
(50,175
|
)
|
|
$
|
(23,268
|
)
|
|
$
|
2,621
|
|
|
$
|
(66,076
|
)
|
|
$
|
14,975
|
|
|
$
|
61,682
|
|
|
$
|
10,066
|
|
|
$
|
(50,175
|
)
|
|
|
Noble-
Cayman |
|
NHUS
|
|
NDH
|
|
NHIL
|
|
NDS6
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Contract drilling services
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
169,379
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,728,374
|
|
|
$
|
(56,432
|
)
|
|
$
|
1,841,321
|
|
Reimbursables and other
|
|
—
|
|
|
—
|
|
|
6,301
|
|
|
—
|
|
|
—
|
|
|
44,987
|
|
|
—
|
|
|
51,288
|
|
||||||||
Total operating revenues
|
|
—
|
|
|
—
|
|
|
175,680
|
|
|
—
|
|
|
—
|
|
|
1,773,361
|
|
|
(56,432
|
)
|
|
1,892,609
|
|
||||||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Contract drilling services
|
|
3,574
|
|
|
15,627
|
|
|
47,005
|
|
|
69,087
|
|
|
—
|
|
|
618,735
|
|
|
(56,432
|
)
|
|
697,596
|
|
||||||||
Reimbursables
|
|
—
|
|
|
—
|
|
|
5,589
|
|
|
—
|
|
|
—
|
|
|
33,857
|
|
|
—
|
|
|
39,446
|
|
||||||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
66,431
|
|
|
—
|
|
|
—
|
|
|
389,422
|
|
|
—
|
|
|
455,853
|
|
||||||||
General and administrative
|
|
928
|
|
|
7,207
|
|
|
—
|
|
|
32,696
|
|
|
1
|
|
|
(4,341
|
)
|
|
—
|
|
|
36,491
|
|
||||||||
Loss on impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,616
|
|
|
—
|
|
|
16,616
|
|
||||||||
Total operating costs and expenses
|
|
4,502
|
|
|
22,834
|
|
|
119,025
|
|
|
101,783
|
|
|
1
|
|
|
1,054,289
|
|
|
(56,432
|
)
|
|
1,246,002
|
|
||||||||
Operating income (loss)
|
|
(4,502
|
)
|
|
(22,834
|
)
|
|
56,655
|
|
|
(101,783
|
)
|
|
(1
|
)
|
|
719,072
|
|
|
—
|
|
|
646,607
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) of unconsolidated affiliates
|
|
331,777
|
|
|
58,134
|
|
|
(64,854
|
)
|
|
640,942
|
|
|
610,992
|
|
|
—
|
|
|
(1,576,991
|
)
|
|
—
|
|
||||||||
Interest income (expense), net of amounts capitalized
|
|
(25,256
|
)
|
|
(47,977
|
)
|
|
(8,436
|
)
|
|
(173,294
|
)
|
|
(11,722
|
)
|
|
(109,781
|
)
|
|
209,491
|
|
|
(166,975
|
)
|
||||||||
Gain on extinguishment of debt, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,066
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,066
|
|
||||||||
Interest income and other, net
|
|
94,974
|
|
|
80
|
|
|
9,719
|
|
|
19,885
|
|
|
6,808
|
|
|
76,657
|
|
|
(209,491
|
)
|
|
(1,368
|
)
|
||||||||
Income (loss) from continuing operations before income taxes
|
|
396,993
|
|
|
(12,597
|
)
|
|
(6,916
|
)
|
|
396,816
|
|
|
606,077
|
|
|
685,948
|
|
|
(1,576,991
|
)
|
|
489,330
|
|
||||||||
Income tax (provision) benefit
|
|
—
|
|
|
(43,788
|
)
|
|
(545
|
)
|
|
—
|
|
|
—
|
|
|
4,023
|
|
|
—
|
|
|
(40,310
|
)
|
||||||||
Net income (loss)
|
|
396,993
|
|
|
(56,385
|
)
|
|
(7,461
|
)
|
|
396,816
|
|
|
606,077
|
|
|
689,971
|
|
|
(1,576,991
|
)
|
|
449,020
|
|
||||||||
Net (income) loss attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(70,980
|
)
|
|
18,953
|
|
|
(52,027
|
)
|
||||||||
Net income (loss) attributable to Noble Corporation
|
|
396,993
|
|
|
(56,385
|
)
|
|
(7,461
|
)
|
|
396,816
|
|
|
606,077
|
|
|
618,991
|
|
|
(1,558,038
|
)
|
|
396,993
|
|
||||||||
Other comprehensive income (loss), net
|
|
2,006
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,006
|
|
|
(2,006
|
)
|
|
2,006
|
|
||||||||
Comprehensive income (loss) attributable to Noble Corporation
|
|
$
|
398,999
|
|
|
$
|
(56,385
|
)
|
|
$
|
(7,461
|
)
|
|
$
|
396,816
|
|
|
$
|
606,077
|
|
|
$
|
620,997
|
|
|
$
|
(1,560,044
|
)
|
|
$
|
398,999
|
|
|
|
Noble-
Cayman |
|
NHUS
|
|
NDH
|
|
NHIL
|
|
NDS6
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net cash provided by (used in) operating activities
|
|
$
|
26,122
|
|
|
$
|
102,689
|
|
|
$
|
141,843
|
|
|
$
|
(324,502
|
)
|
|
$
|
163,205
|
|
|
$
|
212,606
|
|
|
$
|
—
|
|
|
$
|
321,963
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(2,552
|
)
|
|
—
|
|
|
—
|
|
|
(84,148
|
)
|
|
—
|
|
|
(86,700
|
)
|
||||||||
Proceeds from disposal of assets
|
|
—
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
1,260
|
|
|
—
|
|
|
1,306
|
|
||||||||
Net cash used in investing activities
|
|
—
|
|
|
—
|
|
|
(2,506
|
)
|
|
—
|
|
|
—
|
|
|
(82,888
|
)
|
|
—
|
|
|
(85,394
|
)
|
||||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Repayment of long-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(300,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(300,000
|
)
|
||||||||
Debt issuance costs on senior notes and credit facility
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
||||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,293
|
)
|
|
—
|
|
|
(26,293
|
)
|
||||||||
Distributions to parent company, net
|
|
43,891
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,891
|
|
||||||||
Advances (to) from affiliates
|
|
(72,537
|
)
|
|
(102,689
|
)
|
|
(150,153
|
)
|
|
624,601
|
|
|
(163,205
|
)
|
|
(136,017
|
)
|
|
—
|
|
|
—
|
|
||||||||
Net cash provided by (used in) financing activities
|
|
(28,646
|
)
|
|
(102,689
|
)
|
|
(150,153
|
)
|
|
324,559
|
|
|
(163,205
|
)
|
|
(162,310
|
)
|
|
—
|
|
|
(282,444
|
)
|
||||||||
Net change in cash and cash equivalents
|
|
(2,524
|
)
|
|
—
|
|
|
(10,816
|
)
|
|
57
|
|
|
—
|
|
|
(32,592
|
)
|
|
—
|
|
|
(45,875
|
)
|
||||||||
Cash and cash equivalents, beginning of period
|
|
2,537
|
|
|
—
|
|
|
10,855
|
|
|
—
|
|
|
—
|
|
|
640,441
|
|
|
—
|
|
|
653,833
|
|
||||||||
Cash and cash equivalents, end of period
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
$
|
57
|
|
|
$
|
—
|
|
|
$
|
607,849
|
|
|
$
|
—
|
|
|
$
|
607,958
|
|
|
|
Noble-
Cayman |
|
NHUS
|
|
NDH
|
|
NHIL
|
|
NDS6
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net cash provided by (used in) operating activities
|
|
$
|
91,918
|
|
|
$
|
(124,190
|
)
|
|
$
|
81,355
|
|
|
$
|
(278,331
|
)
|
|
$
|
(8,697
|
)
|
|
$
|
1,223,801
|
|
|
$
|
—
|
|
|
$
|
985,856
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(473,460
|
)
|
|
—
|
|
|
—
|
|
|
(159,813
|
)
|
|
—
|
|
|
(633,273
|
)
|
||||||||
Proceeds from disposal of assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,390
|
|
|
—
|
|
|
23,390
|
|
||||||||
Net cash used in investing activities
|
|
—
|
|
|
—
|
|
|
(473,460
|
)
|
|
—
|
|
|
—
|
|
|
(136,423
|
)
|
|
—
|
|
|
(609,883
|
)
|
||||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Repayment of long-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(322,207
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(322,207
|
)
|
||||||||
Premiums paid on early repayment of long-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,781
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,781
|
)
|
||||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61,980
|
)
|
|
—
|
|
|
(61,980
|
)
|
||||||||
Distributions to parent company, net
|
|
(76,051
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(76,051
|
)
|
||||||||
Advances (to) from affiliates
|
|
(15,513
|
)
|
|
124,190
|
|
|
390,122
|
|
|
602,320
|
|
|
8,697
|
|
|
(1,109,816
|
)
|
|
—
|
|
|
—
|
|
||||||||
Net cash provided by (used in) financing activities
|
|
(91,564
|
)
|
|
124,190
|
|
|
390,122
|
|
|
278,332
|
|
|
8,697
|
|
|
(1,171,796
|
)
|
|
—
|
|
|
(462,019
|
)
|
||||||||
Net change in cash and cash equivalents
|
|
354
|
|
|
—
|
|
|
(1,983
|
)
|
|
1
|
|
|
—
|
|
|
(84,418
|
)
|
|
—
|
|
|
(86,046
|
)
|
||||||||
Cash and cash equivalents, beginning of period
|
|
1,627
|
|
|
—
|
|
|
2,101
|
|
|
—
|
|
|
—
|
|
|
508,067
|
|
|
—
|
|
|
511,795
|
|
||||||||
Cash and cash equivalents, end of period
|
|
$
|
1,981
|
|
|
$
|
—
|
|
|
$
|
118
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
423,649
|
|
|
$
|
—
|
|
|
$
|
425,749
|
|
|
|
|
|
Year Ending December 31,
|
||||||||||||||||||||
|
|
Total
|
|
2017
(1)
|
|
2018
|
|
2019
|
|
2020
|
|
2021-2023
|
||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||
Contract Drilling Services Backlog
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Semisubmersibles/Drillships
(4)(6)
|
|
$
|
2,001,151
|
|
|
$
|
133,774
|
|
|
$
|
490,047
|
|
|
$
|
400,140
|
|
|
$
|
381,560
|
|
|
$
|
595,630
|
|
Jackups
(3)
|
|
1,184,444
|
|
|
126,480
|
|
|
373,172
|
|
|
302,988
|
|
|
222,963
|
|
|
158,841
|
|
||||||
Total
(2)
|
|
$
|
3,185,595
|
|
|
$
|
260,254
|
|
|
$
|
863,219
|
|
|
$
|
703,128
|
|
|
$
|
604,523
|
|
|
$
|
754,471
|
|
Percent of Available Days Committed
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Semisubmersibles/Drillships
|
|
|
|
36
|
%
|
|
34
|
%
|
|
30
|
%
|
|
29
|
%
|
|
14
|
%
|
|||||||
Jackups
|
|
|
|
73
|
%
|
|
46
|
%
|
|
28
|
%
|
|
19
|
%
|
|
7
|
%
|
|||||||
Total
|
|
|
|
54
|
%
|
|
40
|
%
|
|
29
|
%
|
|
24
|
%
|
|
10
|
%
|
(1)
|
Represents a three-month period beginning October 1, 2017.
|
(2)
|
Some of our drilling contracts provide the customers with certain early termination rights and, in limited cases, those termination rights require minimal or no notice and financial penalties. Since
September 30, 2017
, no new notifications of contract terminations have been received.
|
(3)
|
Our Saudi Arabian Oil Company ("Saudi Aramco") contract rates for the
Noble Joe Beall
and the
Noble Gene House
were adjusted downward in 2016. We expect the contract rates to be in the general range of the amended rates in 2016 through the end of each respective contract. Backlog for these contracts has been prepared assuming the reduced rates from 2016 apply for the remainder of the contract.
|
(4)
|
As previously reported, three of our long-term drilling contracts with Shell, the
Noble Bully II
,
Noble Globetrotter I
and
Noble Globetrotter II
contain a dayrate adjustment mechanism that utilizes an average of market rates that match a set of distinct technical attributes and is subject to a modest discount, beginning on the fifth year anniversary of the contract and continuing every six months thereafter. On December 12, 2016, we amended those drilling contracts with Shell. As a result of the amendments, each of the contracts now has a contractual dayrate floor. The contract amendments for the
Noble Globetrotter I
and
Noble Globetrotter II
provide a dayrate floor of $275,000 per day. The
Noble Bully II
contract contains a dayrate floor of $200,000 per day plus daily operating expenses. The amendment also provided Shell the right to idle the
Noble Bully II
for up to one year and the
Noble Globetrotter II
for up to two years, each at a special stacking rate. Shell has exercised its right and, beginning late December 2016, we idled the
Noble Globetrotter II
at a rate of $185,000 per day. The
Noble Bully II
was idled at a rate of $200,000 per day, effective April 3, 2017. Once the dayrate adjustment mechanism becomes effective and following any idle periods, the dayrate for these rigs will not be lower than the higher of (i) the contractual dayrate floor or (ii) the market rate as calculated under the adjustment mechanism. The impact to contract backlog from these amendments has been reflected in the table above and the backlog calculation assumes that, after any idle period at the contractual stacking rate, each rig will work at their respective dayrate floor for the remaining contract term.
|
(5)
|
Percent of available days committed is calculated by dividing the total number of days our rigs are operating under contract for such period by the product of the number of our rigs and the number of calendar days in such period.
|
(6)
|
Noble and a subsidiary of Shell are involved in joint ventures that own and operate both the
Noble Bully I
and the
Noble Bully II
. Pursuant to these agreements, each party has an equal 50 percent share in both vessels. As of
September 30, 2017
, the combined amount of backlog for these rigs totaled
$534.0 million
, all of which is included in backlog. Noble’s proportional interest in the backlog for these rigs totaled
$267.0 million
.
|
|
|
Average Rig Utilization
(1)
|
|
Operating Days
(2)
|
|
Average Dayrates
(3)
|
||||||||||||||||||||
|
|
Three Months Ended
September 30, |
|
Three Months Ended
September 30, |
|
|
|
Three Months Ended
September 30, |
|
|
||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
Jackups
|
|
81
|
%
|
|
80
|
%
|
|
1,043
|
|
|
954
|
|
|
9
|
%
|
|
$
|
127,163
|
|
|
$
|
109,387
|
|
|
16
|
%
|
Semisubmersibles
|
|
17
|
%
|
|
13
|
%
|
|
92
|
|
|
92
|
|
|
—
|
%
|
|
104,028
|
|
|
293,269
|
|
|
(65
|
)%
|
||
Drillships
|
|
56
|
%
|
|
70
|
%
|
|
410
|
|
|
517
|
|
|
(21
|
)%
|
|
286,819
|
|
|
467,949
|
|
|
(39
|
)%
|
||
Total
|
|
60
|
%
|
|
59
|
%
|
|
1,545
|
|
|
1,563
|
|
|
(1
|
)%
|
|
$
|
168,127
|
|
|
$
|
238,869
|
|
|
(30
|
)%
|
(1)
|
We define utilization for a specific period as the total number of days our rigs are operating under contract, divided by the product of the total number of our rigs, including cold stacked rigs, and the number of calendar days in such period. Information reflects our policy of reporting on the basis of the number of available rigs in our fleet, excluding newbuild rigs under construction.
|
(2)
|
Information reflects the number of days that our rigs were operating under contract.
|
(3)
|
Average dayrates for the three months ended
September 30, 2016
, include a loss of $5.2 million relating to the termination date valuation of certain contingent payments for the
Noble Sam Croft
and the
Noble Tom Madden
contract settlement and termination by and among Freeport-McMoRan Inc. (“FCX”), Freeport-McMoRan Oil & Gas LLC and one of our subsidiaries (“FCX Settlement”). This loss had a negative impact on drillship average dayrates.
|
|
|
Three Months Ended
September 30, |
|
Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|||||||
Contract drilling services
|
|
$
|
259,740
|
|
|
$
|
373,257
|
|
|
$
|
(113,517
|
)
|
|
(31
|
)%
|
Reimbursables and other
(1)
|
|
6,472
|
|
|
11,896
|
|
|
(5,424
|
)
|
|
(46
|
)%
|
|||
|
|
$
|
266,212
|
|
|
$
|
385,153
|
|
|
$
|
(118,941
|
)
|
|
(31
|
)%
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|||||||
Contract drilling services
|
|
$
|
165,028
|
|
|
$
|
207,204
|
|
|
$
|
(42,176
|
)
|
|
(20
|
)%
|
Reimbursables
(1)
|
|
3,834
|
|
|
9,142
|
|
|
(5,308
|
)
|
|
(58
|
)%
|
|||
Depreciation and amortization
|
|
131,819
|
|
|
149,398
|
|
|
(17,579
|
)
|
|
(12
|
)%
|
|||
General and administrative
|
|
15,331
|
|
|
15,773
|
|
|
(442
|
)
|
|
(3
|
)%
|
|||
|
|
316,012
|
|
|
381,517
|
|
|
(65,505
|
)
|
|
(17
|
)%
|
|||
Operating income (loss)
|
|
$
|
(49,800
|
)
|
|
$
|
3,636
|
|
|
$
|
(53,436
|
)
|
|
(1,470
|
)%
|
(1)
|
We record reimbursements from customers for out-of-pocket expenses as operating revenues and the related direct costs as operating expenses. Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations or cash flows.
|
|
|
Average Rig Utilization
(1)
|
|
Operating Days
(2)
|
|
Average Dayrates
(3)
|
||||||||||||||||||||
|
|
Nine Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
Jackups
|
|
89
|
%
|
|
82
|
%
|
|
3,396
|
|
|
2,916
|
|
|
16
|
%
|
|
$
|
123,734
|
|
|
$
|
126,931
|
|
|
(3
|
)%
|
Semisubmersibles
|
|
17
|
%
|
|
25
|
%
|
|
273
|
|
|
557
|
|
|
(51
|
)%
|
|
120,284
|
|
|
270,953
|
|
|
(56
|
)%
|
||
Drillships
|
|
58
|
%
|
|
85
|
%
|
|
1,277
|
|
|
1,871
|
|
|
(32
|
)%
|
|
339,093
|
|
|
705,648
|
|
|
(52
|
)%
|
||
Total
|
|
65
|
%
|
|
67
|
%
|
|
4,946
|
|
|
5,344
|
|
|
(7
|
)%
|
|
$
|
179,132
|
|
|
$
|
344,571
|
|
|
(48
|
)%
|
(1)
|
We define utilization for a specific period as the total number of days our rigs are operating under contract, divided by the product of the total number of our rigs, including cold stacked rigs, and the number of calendar days in such period. Information reflects our policy of reporting on the basis of the number of available rigs in our fleet, excluding newbuild rigs under construction.
|
(2)
|
Information reflects the number of days that our rigs were operating under contract.
|
(3)
|
Average dayrates for the nine months ended
September 30, 2017
and
2016
, include a loss of $14.4 million and a gain of $12.4 million, respectively, relating to the termination date valuation of certain contingent payments for the
Noble Sam Croft
and
Noble Tom Madden
related to the FCX Settlement. The loss in 2017 had a negative impact and the gain in 2016 had a positive impact on the drillships average dayrates.
|
|
|
Nine months ended
September 30,
|
|
Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|||||||
Contract drilling services
|
|
$
|
885,931
|
|
|
$
|
1,841,321
|
|
|
$
|
(955,390
|
)
|
|
(52
|
)%
|
Reimbursables and other
(1)
|
|
21,399
|
|
|
50,588
|
|
|
(29,189
|
)
|
|
(58
|
)%
|
|||
|
|
$
|
907,330
|
|
|
$
|
1,891,909
|
|
|
$
|
(984,579
|
)
|
|
(52
|
)%
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|||||||
Contract drilling services
|
|
$
|
487,784
|
|
|
$
|
702,628
|
|
|
$
|
(214,844
|
)
|
|
(31
|
)%
|
Reimbursables
(1)
|
|
13,374
|
|
|
39,555
|
|
|
(26,181
|
)
|
|
(66
|
)%
|
|||
Depreciation and amortization
|
|
392,360
|
|
|
438,664
|
|
|
(46,304
|
)
|
|
(11
|
)%
|
|||
General and administrative
|
|
49,869
|
|
|
54,346
|
|
|
(4,477
|
)
|
|
(8
|
)%
|
|||
Loss on impairment
|
|
—
|
|
|
16,616
|
|
|
$
|
(16,616
|
)
|
|
(100
|
)%
|
||
|
|
943,387
|
|
|
1,251,809
|
|
|
(308,422
|
)
|
|
(25
|
)%
|
|||
Operating income
|
|
$
|
(36,057
|
)
|
|
$
|
640,100
|
|
|
$
|
(676,157
|
)
|
|
(106
|
)%
|
(1)
|
We record reimbursements from customers for out-of-pocket expenses as operating revenues and the related direct costs as operating expenses. Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations or cash flows.
|
•
|
normal recurring operating expenses;
|
•
|
repayment of our
$300.0 million
2.50%
Senior Notes; and
|
•
|
capital expenditures.
|
•
|
normal recurring operating expenses;
|
•
|
planned and discretionary capital expenditures; and
|
•
|
repayment of debt and interest.
|
•
|
$38.8 million
for sustaining capital and upgrades and replacements to drilling equipment;
|
•
|
$23.9 million
in major projects; and
|
•
|
$11.7 million
in subsea related expenditures.
|
/s/ David W. Williams
|
|
November 3, 2017
|
David W. Williams
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
|
|
Date
|
|
|
|
/s/ Adam C. Peakes
|
|
November 3, 2017
|
Adam C. Peakes
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
Date
|
|
|
|
/s/ Thomas B Sloan Jr.
|
|
November 3, 2017
|
Thomas B Sloan Jr.
Vice President and Controller
(Principal Accounting Officer)
|
|
Date
|
/s/ David W. Williams
|
|
November 3, 2017
|
David W. Williams
President and Chief Executive Officer
(Principal Executive Officer)
|
|
Date
|
|
|
|
/s/ Thomas B Sloan Jr.
|
|
November 3, 2017
|
Thomas B Sloan Jr.
Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
Date
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
2.1
|
|
|
|
|
|
2.2
|
|
|
|
|
|
2.3
|
|
|
|
|
|
2.4
|
|
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
10.1*
|
|
|
|
|
|
10.2*
|
|
|
|
|
|
10.3
|
|
|
|
|
|
31.1
|
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
31.3
|
|
|
|
|
|
32.1+
|
|
|
|
|
|
32.2+
|
|
|
|
|
|
32.3+
|
|
|
|
|
|
101
|
|
Interactive Data File
|
*
|
Management contract or compensatory plan or arrangement.
|
+
|
Furnished in accordance with Item 601(b)(32)(ii) of Regulation S-K.
|
1 Year Noble Chart |
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