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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 | |
---|---|---|---|---|---|---|---|---|
1.22 | 2.77% | 45.29 | 45.45 | 44.17 | 44.46 | 823,841 | 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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|
|
Noble Corporation (Noble-Cayman) Financial Statements:
|
|
|
|
|
|
||
|
|
|
||
|
|
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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,
2018 |
|
December 31,
2017 |
||||
ASSETS
|
||||||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
326,320
|
|
|
$
|
662,829
|
|
Accounts receivable, net
|
|
200,215
|
|
|
204,696
|
|
||
Taxes receivable
|
|
64,486
|
|
|
105,345
|
|
||
Prepaid expenses and other current assets
|
|
69,754
|
|
|
66,105
|
|
||
Total current assets
|
|
660,775
|
|
|
1,038,975
|
|
||
Property and equipment, at cost
|
|
11,059,775
|
|
|
12,034,331
|
|
||
Accumulated depreciation
|
|
(2,516,353
|
)
|
|
(2,545,091
|
)
|
||
Property and equipment, net
|
|
8,543,422
|
|
|
9,489,240
|
|
||
Other assets
|
|
196,894
|
|
|
266,444
|
|
||
Total assets
|
|
$
|
9,401,091
|
|
|
$
|
10,794,659
|
|
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
249,843
|
|
Accounts payable
|
|
103,285
|
|
|
84,032
|
|
||
Accrued payroll and related costs
|
|
43,313
|
|
|
54,904
|
|
||
Taxes payable
|
|
30,638
|
|
|
34,391
|
|
||
Interest payable
|
|
70,006
|
|
|
98,189
|
|
||
Other current liabilities
|
|
68,577
|
|
|
71,665
|
|
||
Total current liabilities
|
|
315,819
|
|
|
593,024
|
|
||
Long-term debt
|
|
3,902,976
|
|
|
3,795,867
|
|
||
Deferred income taxes
|
|
215,861
|
|
|
164,962
|
|
||
Other liabilities
|
|
274,768
|
|
|
290,178
|
|
||
Total liabilities
|
|
4,709,424
|
|
|
4,844,031
|
|
||
Commitments and contingencies (Note 15)
|
|
|
|
|
|
|
||
Shareholders' equity
|
|
|
|
|
||||
Common stock, $0.01 par value, ordinary shares; 246,789 and 244,971 shares outstanding as of September 30, 2018 and December 31, 2017, respectively
|
|
2,468
|
|
|
2,450
|
|
||
Additional paid-in capital
|
|
694,093
|
|
|
678,922
|
|
||
Retained earnings
|
|
3,641,447
|
|
|
4,637,677
|
|
||
Accumulated other comprehensive loss
|
|
(50,042
|
)
|
|
(42,888
|
)
|
||
Total shareholders' equity
|
|
4,287,966
|
|
|
5,276,161
|
|
||
Noncontrolling interests
|
|
403,701
|
|
|
674,467
|
|
||
Total equity
|
|
4,691,667
|
|
|
5,950,628
|
|
||
Total liabilities and equity
|
|
$
|
9,401,091
|
|
|
$
|
10,794,659
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
||||||||
Contract drilling services
|
|
$
|
267,238
|
|
|
$
|
259,740
|
|
|
$
|
744,033
|
|
|
$
|
885,931
|
|
Reimbursables and other
|
|
12,170
|
|
|
6,472
|
|
|
28,901
|
|
|
21,399
|
|
||||
|
|
279,408
|
|
|
266,212
|
|
|
772,934
|
|
|
907,330
|
|
||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
||||||||
Contract drilling services
|
|
162,985
|
|
|
166,044
|
|
|
451,271
|
|
|
489,594
|
|
||||
Reimbursables
|
|
9,676
|
|
|
3,834
|
|
|
22,323
|
|
|
13,374
|
|
||||
Depreciation and amortization
|
|
113,868
|
|
|
137,607
|
|
|
372,304
|
|
|
409,919
|
|
||||
General and administrative
|
|
14,722
|
|
|
15,331
|
|
|
58,522
|
|
|
49,869
|
|
||||
Loss on impairment
|
|
—
|
|
|
—
|
|
|
792,843
|
|
|
—
|
|
||||
|
|
301,251
|
|
|
322,816
|
|
|
1,697,263
|
|
|
962,756
|
|
||||
Operating loss
|
|
(21,843
|
)
|
|
(56,604
|
)
|
|
(924,329
|
)
|
|
(55,426
|
)
|
||||
Other income (expense)
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net of amounts capitalized
|
|
(73,725
|
)
|
|
(72,887
|
)
|
|
(223,870
|
)
|
|
(219,543
|
)
|
||||
Gain (loss) on extinguishment of debt, net
|
|
109
|
|
|
—
|
|
|
(8,659
|
)
|
|
—
|
|
||||
Interest income and other, net
|
|
2,610
|
|
|
1,405
|
|
|
6,814
|
|
|
6,096
|
|
||||
Loss from continuing operations before income taxes
|
|
(92,849
|
)
|
|
(128,086
|
)
|
|
(1,150,044
|
)
|
|
(268,873
|
)
|
||||
Income tax benefit (provision)
|
|
14,491
|
|
|
28,605
|
|
|
50,334
|
|
|
(210,589
|
)
|
||||
Net loss from continuing operations
|
|
(78,358
|
)
|
|
(99,481
|
)
|
|
(1,099,710
|
)
|
|
(479,462
|
)
|
||||
Net loss from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,486
|
)
|
||||
Net loss
|
|
(78,358
|
)
|
|
(99,481
|
)
|
|
(1,099,710
|
)
|
|
(480,948
|
)
|
||||
Net (income) loss attributable to noncontrolling interests
|
|
(3,233
|
)
|
|
2,689
|
|
|
247,722
|
|
|
(10,888
|
)
|
||||
Net loss attributable to Noble Corporation plc
|
|
$
|
(81,591
|
)
|
|
$
|
(96,792
|
)
|
|
$
|
(851,988
|
)
|
|
$
|
(491,836
|
)
|
Net loss attributable to Noble Corporation plc
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
|
$
|
(81,591
|
)
|
|
$
|
(96,792
|
)
|
|
$
|
(851,988
|
)
|
|
$
|
(490,350
|
)
|
Net loss from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,486
|
)
|
||||
Net loss attributable to Noble Corporation plc
|
|
$
|
(81,591
|
)
|
|
$
|
(96,792
|
)
|
|
$
|
(851,988
|
)
|
|
$
|
(491,836
|
)
|
Per share data
|
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
||||||
Loss from continuing operations
|
|
$
|
(0.33
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(3.46
|
)
|
|
$
|
(2.00
|
)
|
Loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
||||
Net loss attributable to Noble Corporation plc
|
|
$
|
(0.33
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(3.46
|
)
|
|
$
|
(2.01
|
)
|
Diluted:
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
|
$
|
(0.33
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(3.46
|
)
|
|
$
|
(2.00
|
)
|
Loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
||||
Net loss attributable to Noble Corporation plc
|
|
$
|
(0.33
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(3.46
|
)
|
|
$
|
(2.01
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net loss
|
|
$
|
(78,358
|
)
|
|
$
|
(99,481
|
)
|
|
$
|
(1,099,710
|
)
|
|
$
|
(480,948
|
)
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
|
(483
|
)
|
|
469
|
|
|
(2,587
|
)
|
|
749
|
|
||||
Foreign currency forward contracts
|
|
—
|
|
|
(65
|
)
|
|
—
|
|
|
674
|
|
||||
Amortization of deferred pension plan amounts (net of tax provision of $87 and $165 for the three months ended September 30, 2018 and 2017, respectively, and $260 and $493 for the nine months ended September 30, 2018 and 2017, respectively)
|
|
324
|
|
|
389
|
|
|
973
|
|
|
1,156
|
|
||||
Other comprehensive income (loss), net
|
|
(159
|
)
|
|
793
|
|
|
(1,614
|
)
|
|
2,579
|
|
||||
Net comprehensive (income) loss attributable to noncontrolling interests
|
|
(3,233
|
)
|
|
2,689
|
|
|
247,722
|
|
|
(10,888
|
)
|
||||
Comprehensive loss attributable to Noble Corporation plc
|
|
$
|
(81,750
|
)
|
|
$
|
(95,999
|
)
|
|
$
|
(853,602
|
)
|
|
$
|
(489,257
|
)
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2018
|
|
2017
|
||||
Cash flows from operating activities
|
|
|
|
|
||||
Net loss
|
|
$
|
(1,099,710
|
)
|
|
$
|
(480,948
|
)
|
Adjustments to reconcile net loss to net cash flow from operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
372,304
|
|
|
409,919
|
|
||
Loss on impairment
|
|
792,843
|
|
|
—
|
|
||
Loss on extinguishment of debt, net
|
|
8,659
|
|
|
—
|
|
||
Deferred income taxes
|
|
(10,965
|
)
|
|
343,962
|
|
||
Amortization of share-based compensation
|
|
18,665
|
|
|
21,788
|
|
||
Other long-term asset write-off
|
|
—
|
|
|
28,689
|
|
||
Other costs, net
|
|
3,482
|
|
|
7,147
|
|
||
Changes in components of working capital:
|
|
|
|
|
||||
Change in taxes receivable
|
|
40,859
|
|
|
86
|
|
||
Net changes in other operating assets and liabilities
|
|
(82,821
|
)
|
|
(31,563
|
)
|
||
Net cash provided by operating activities
|
|
43,316
|
|
|
299,080
|
|
||
Cash flows from investing activities
|
|
|
|
|
||||
Capital expenditures
|
|
(149,329
|
)
|
|
(86,700
|
)
|
||
Proceeds from disposal of assets, net
|
|
4,135
|
|
|
1,306
|
|
||
Net cash used in investing activities
|
|
(145,194
|
)
|
|
(85,394
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
||||
Issuance of senior notes
|
|
750,000
|
|
|
—
|
|
||
Repayments of debt
|
|
(952,477
|
)
|
|
(300,000
|
)
|
||
Debt issuance costs
|
|
(15,327
|
)
|
|
(42
|
)
|
||
Dividends paid to noncontrolling interests
|
|
(12,694
|
)
|
|
(26,293
|
)
|
||
Taxes withheld on employee stock transactions
|
|
(3,458
|
)
|
|
(4,310
|
)
|
||
Net cash used in financing activities
|
|
(233,956
|
)
|
|
(330,645
|
)
|
||
Net decrease in cash, cash equivalents and restricted cash
|
|
(335,834
|
)
|
|
(116,959
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
|
662,829
|
|
|
725,722
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
326,995
|
|
|
$
|
608,763
|
|
|
|
Shares
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Noncontrolling Interests
|
|
Total Equity
|
|||||||||||||||
|
|
Balance
|
|
Par Value
|
|
|
|
|
|
||||||||||||||||||
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
|
)
|
||||||
Dividend equivalents
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2017
|
|
244,971
|
|
|
$
|
2,450
|
|
|
$
|
678,922
|
|
|
$
|
4,637,677
|
|
|
$
|
(42,888
|
)
|
|
$
|
674,467
|
|
|
$
|
5,950,628
|
|
Tax effect of intra-entity asset transfers (Note 2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148,393
|
)
|
|
—
|
|
|
—
|
|
|
(148,393
|
)
|
||||||
Stranded tax effect resulting from the Tax Cuts and Job Act (Note 2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,540
|
|
|
(5,540
|
)
|
|
—
|
|
|
—
|
|
||||||
Adjustment for adopting the revenue recognition standard
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,488
|
)
|
|
—
|
|
|
—
|
|
|
(1,488
|
)
|
||||||
Balance at January 1, 2018
|
|
244,971
|
|
|
2,450
|
|
|
678,922
|
|
|
4,493,336
|
|
|
(48,428
|
)
|
|
674,467
|
|
|
5,800,747
|
|
||||||
Employee related equity activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Amortization of share-based compensation
|
|
—
|
|
|
—
|
|
|
18,665
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,665
|
|
||||||
Issuance of share-based compensation shares
|
|
1,818
|
|
|
18
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Shares withheld for taxes on equity transactions
|
|
—
|
|
|
—
|
|
|
(3,476
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,476
|
)
|
||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(851,988
|
)
|
|
—
|
|
|
(247,722
|
)
|
|
(1,099,710
|
)
|
||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,694
|
)
|
|
(12,694
|
)
|
||||||
Dividends unpaid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,350
|
)
|
|
(10,350
|
)
|
||||||
Dividend equivalents
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
99
|
|
||||||
Other comprehensive loss, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,614
|
)
|
|
—
|
|
|
(1,614
|
)
|
||||||
Balance at September 30, 2018
|
|
246,789
|
|
|
$
|
2,468
|
|
|
$
|
694,093
|
|
|
$
|
3,641,447
|
|
|
$
|
(50,042
|
)
|
|
$
|
403,701
|
|
|
$
|
4,691,667
|
|
(1)
|
Activity associated with dividend equivalents, which are related to performance awards granted in 2016, to be paid upon vesting.
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
ASSETS
|
||||||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
325,515
|
|
|
$
|
662,011
|
|
Accounts receivable, net
|
|
200,215
|
|
|
204,696
|
|
||
Taxes receivable
|
|
64,486
|
|
|
105,345
|
|
||
Prepaid expenses and other current assets
|
|
68,774
|
|
|
65,441
|
|
||
Total current assets
|
|
658,990
|
|
|
1,037,493
|
|
||
Property and equipment, at cost
|
|
11,059,775
|
|
|
12,034,331
|
|
||
Accumulated depreciation
|
|
(2,516,353
|
)
|
|
(2,545,091
|
)
|
||
Property and equipment, net
|
|
8,543,422
|
|
|
9,489,240
|
|
||
Other assets
|
|
196,894
|
|
|
266,528
|
|
||
Total assets
|
|
$
|
9,399,306
|
|
|
$
|
10,793,261
|
|
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
249,843
|
|
Accounts payable
|
|
103,103
|
|
|
83,873
|
|
||
Accrued payroll and related costs
|
|
43,485
|
|
|
54,904
|
|
||
Taxes payable
|
|
30,638
|
|
|
33,965
|
|
||
Interest payable
|
|
70,006
|
|
|
98,189
|
|
||
Other current liabilities
|
|
68,479
|
|
|
71,466
|
|
||
Total current liabilities
|
|
315,711
|
|
|
592,240
|
|
||
Long-term debt
|
|
3,902,976
|
|
|
3,795,867
|
|
||
Deferred income taxes
|
|
215,861
|
|
|
164,962
|
|
||
Other liabilities
|
|
274,768
|
|
|
290,178
|
|
||
Total liabilities
|
|
4,709,316
|
|
|
4,843,247
|
|
||
Commitments and contingencies (Note 15)
|
|
|
|
|
|
|
||
Shareholder equity
|
|
|
|
|
||||
Common stock, $0.01 par value, ordinary shares; 261,246 shares outstanding as of September 30, 2018 and December 31, 2017
|
|
26,125
|
|
|
26,125
|
|
||
Capital in excess of par value
|
|
641,765
|
|
|
623,137
|
|
||
Retained earnings
|
|
3,668,441
|
|
|
4,669,173
|
|
||
Accumulated other comprehensive loss
|
|
(50,042
|
)
|
|
(42,888
|
)
|
||
Total shareholder equity
|
|
4,286,289
|
|
|
5,275,547
|
|
||
Noncontrolling interests
|
|
403,701
|
|
|
674,467
|
|
||
Total equity
|
|
4,689,990
|
|
|
5,950,014
|
|
||
Total liabilities and equity
|
|
$
|
9,399,306
|
|
|
$
|
10,793,261
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
||||||||
Contract drilling services
|
|
$
|
267,238
|
|
|
$
|
259,740
|
|
|
$
|
744,033
|
|
|
$
|
885,931
|
|
Reimbursables and other
|
|
12,170
|
|
|
6,472
|
|
|
28,901
|
|
|
21,399
|
|
||||
|
|
279,408
|
|
|
266,212
|
|
|
772,934
|
|
|
907,330
|
|
||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
||||||||
Contract drilling services
|
|
162,801
|
|
|
165,584
|
|
|
449,956
|
|
|
488,251
|
|
||||
Reimbursables
|
|
9,676
|
|
|
3,834
|
|
|
22,323
|
|
|
13,374
|
|
||||
Depreciation and amortization
|
|
113,127
|
|
|
136,651
|
|
|
368,939
|
|
|
407,002
|
|
||||
General and administrative
|
|
8,672
|
|
|
9,823
|
|
|
30,250
|
|
|
32,118
|
|
||||
Loss on impairment
|
|
—
|
|
|
—
|
|
|
792,843
|
|
|
—
|
|
||||
|
|
294,276
|
|
|
315,892
|
|
|
1,664,311
|
|
|
940,745
|
|
||||
Operating loss
|
|
(14,868
|
)
|
|
(49,680
|
)
|
|
(891,377
|
)
|
|
(33,415
|
)
|
||||
Other income (expense)
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net of amounts capitalized
|
|
(73,725
|
)
|
|
(72,887
|
)
|
|
(223,870
|
)
|
|
(219,543
|
)
|
||||
Gain (loss) on extinguishment of debt, net
|
|
109
|
|
|
—
|
|
|
(8,659
|
)
|
|
—
|
|
||||
Interest income and other, net
|
|
2,610
|
|
|
1,290
|
|
|
6,807
|
|
|
5,931
|
|
||||
Loss from continuing operations before income taxes
|
|
(85,874
|
)
|
|
(121,277
|
)
|
|
(1,117,099
|
)
|
|
(247,027
|
)
|
||||
Income tax benefit (provision)
|
|
14,490
|
|
|
28,605
|
|
|
50,227
|
|
|
(210,555
|
)
|
||||
Net loss from continuing operations
|
|
(71,384
|
)
|
|
(92,672
|
)
|
|
(1,066,872
|
)
|
|
(457,582
|
)
|
||||
Net income from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,967
|
|
||||
Net loss
|
|
(71,384
|
)
|
|
(92,672
|
)
|
|
(1,066,872
|
)
|
|
(454,615
|
)
|
||||
Net (income) loss attributable to noncontrolling interests
|
|
(3,233
|
)
|
|
2,689
|
|
|
247,722
|
|
|
(10,888
|
)
|
||||
Net loss attributable to Noble Corporation
|
|
$
|
(74,617
|
)
|
|
$
|
(89,983
|
)
|
|
$
|
(819,150
|
)
|
|
$
|
(465,503
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net loss
|
|
$
|
(71,384
|
)
|
|
$
|
(92,672
|
)
|
|
$
|
(1,066,872
|
)
|
|
$
|
(454,615
|
)
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
|
(483
|
)
|
|
469
|
|
|
(2,587
|
)
|
|
749
|
|
||||
Foreign currency forward contracts
|
|
—
|
|
|
(65
|
)
|
|
—
|
|
|
674
|
|
||||
Amortization of deferred pension plan amounts (net of tax provision of $87 and $165 for the three months ended September 30, 2018 and 2017, respectively, and $260 and $493 for the nine months ended September 30, 2018 and 2017, respectively)
|
|
324
|
|
|
389
|
|
|
973
|
|
|
1,156
|
|
||||
Other comprehensive income (loss), net
|
|
(159
|
)
|
|
793
|
|
|
(1,614
|
)
|
|
2,579
|
|
||||
Net comprehensive (income) loss attributable to noncontrolling interests
|
|
(3,233
|
)
|
|
2,689
|
|
|
247,722
|
|
|
(10,888
|
)
|
||||
Comprehensive loss attributable to Noble Corporation
|
|
$
|
(74,776
|
)
|
|
$
|
(89,190
|
)
|
|
$
|
(820,764
|
)
|
|
$
|
(462,924
|
)
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2018
|
|
2017
|
||||
Cash flows from operating activities
|
|
|
|
|
||||
Net loss
|
|
$
|
(1,066,872
|
)
|
|
$
|
(454,615
|
)
|
Adjustments to reconcile net loss to net cash flow from operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
368,939
|
|
|
407,002
|
|
||
Loss on impairment
|
|
792,843
|
|
|
—
|
|
||
Loss on extinguishment of debt, net
|
|
8,659
|
|
|
—
|
|
||
Deferred income taxes
|
|
(10,965
|
)
|
|
343,961
|
|
||
Amortization of share-based compensation
|
|
18,628
|
|
|
21,731
|
|
||
Other long-term asset write-off
|
|
—
|
|
|
28,689
|
|
||
Other cost, net
|
|
3,482
|
|
|
7,147
|
|
||
Changes in components of working capital:
|
|
|
|
|
||||
Change in taxes receivable
|
|
40,859
|
|
|
86
|
|
||
Net changes in other operating assets and liabilities
|
|
(78,461
|
)
|
|
(32,038
|
)
|
||
Net cash provided by operating activities
|
|
77,112
|
|
|
321,963
|
|
||
Cash flows from investing activities
|
|
|
|
|
||||
Capital expenditures
|
|
(149,329
|
)
|
|
(86,700
|
)
|
||
Proceeds from disposal of assets, net
|
|
4,135
|
|
|
1,306
|
|
||
Net cash used in investing activities
|
|
(145,194
|
)
|
|
(85,394
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
||||
Issuance of senior notes
|
|
750,000
|
|
|
—
|
|
||
Repayments of debt
|
|
(952,477
|
)
|
|
(300,000
|
)
|
||
Debt issuance costs
|
|
(15,327
|
)
|
|
(42
|
)
|
||
Dividends paid to noncontrolling interests
|
|
(12,694
|
)
|
|
(26,293
|
)
|
||
Contributions from (distributions to) parent company, net
|
|
(37,241
|
)
|
|
43,891
|
|
||
Net cash used in financing activities
|
|
(267,739
|
)
|
|
(282,444
|
)
|
||
Net decrease in cash, cash equivalents and restricted cash
|
|
(335,821
|
)
|
|
(45,875
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
|
662,011
|
|
|
653,833
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
326,190
|
|
|
$
|
607,958
|
|
|
|
Shares
|
|
Capital in Excess of Par Value
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Noncontrolling Interests
|
|
Total Equity
|
|||||||||||||||
|
|
Balance
|
|
Par Value
|
|
|
|
|
|
||||||||||||||||||
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2017
|
|
261,246
|
|
|
$
|
26,125
|
|
|
$
|
623,137
|
|
|
$
|
4,669,173
|
|
|
$
|
(42,888
|
)
|
|
$
|
674,467
|
|
|
$
|
5,950,014
|
|
Tax effect of intra-entity asset transfers (Note 2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148,393
|
)
|
|
—
|
|
|
—
|
|
|
(148,393
|
)
|
||||||
Stranded tax effect resulting from the Tax Cuts and Job Act (Note 2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,540
|
|
|
(5,540
|
)
|
|
—
|
|
|
—
|
|
||||||
Adjustment for adopting the revenue recognition standard
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,488
|
)
|
|
—
|
|
|
—
|
|
|
(1,488
|
)
|
||||||
Balance at January 1, 2018
|
|
261,246
|
|
|
26,125
|
|
|
623,137
|
|
|
4,524,832
|
|
|
(48,428
|
)
|
|
674,467
|
|
|
5,800,133
|
|
||||||
Distributions to parent company, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,241
|
)
|
|
—
|
|
|
—
|
|
|
(37,241
|
)
|
||||||
Share-based compensation contribution by parent
|
|
—
|
|
|
—
|
|
|
18,628
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,628
|
|
||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(819,150
|
)
|
|
—
|
|
|
(247,722
|
)
|
|
(1,066,872
|
)
|
||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,694
|
)
|
|
(12,694
|
)
|
||||||
Dividends declared to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,350
|
)
|
|
(10,350
|
)
|
||||||
Other comprehensive loss, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,614
|
)
|
|
—
|
|
|
(1,614
|
)
|
||||||
Balance at September 30, 2018
|
|
261,246
|
|
|
$
|
26,125
|
|
|
$
|
641,765
|
|
|
$
|
3,668,441
|
|
|
$
|
(50,042
|
)
|
|
$
|
403,701
|
|
|
$
|
4,689,990
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|||||||
Basic
|
|
|
|
|
|
|
|
|
||||||||
Net loss from continuing operations
|
|
$
|
(81,591
|
)
|
|
$
|
(96,792
|
)
|
|
$
|
(851,988
|
)
|
|
$
|
(490,350
|
)
|
Net loss from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,486
|
)
|
||||
Net loss attributable to Noble Corporation plc
|
|
$
|
(81,591
|
)
|
|
$
|
(96,792
|
)
|
|
$
|
(851,988
|
)
|
|
$
|
(491,836
|
)
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
||||||
Net loss from continuing operations
|
|
$
|
(81,591
|
)
|
|
$
|
(96,792
|
)
|
|
$
|
(851,988
|
)
|
|
$
|
(490,350
|
)
|
Net loss from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,486
|
)
|
||||
Net loss attributable to Noble Corporation plc
|
|
$
|
(81,591
|
)
|
|
$
|
(96,792
|
)
|
|
$
|
(851,988
|
)
|
|
$
|
(491,836
|
)
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding - basic
|
|
246,780
|
|
|
244,940
|
|
|
246,553
|
|
|
244,666
|
|
||||
Weighted average shares outstanding - diluted
|
|
246,780
|
|
|
244,940
|
|
|
246,553
|
|
|
244,666
|
|
||||
Loss per share
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
|
$
|
(0.33
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(3.46
|
)
|
|
$
|
(2.00
|
)
|
Loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
||||
Net loss attributable to Noble Corporation plc
|
|
$
|
(0.33
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(3.46
|
)
|
|
$
|
(2.01
|
)
|
Diluted:
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
|
$
|
(0.33
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(3.46
|
)
|
|
$
|
(2.00
|
)
|
Loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
||||
Net loss attributable to Noble Corporation plc
|
|
$
|
(0.33
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(3.46
|
)
|
|
$
|
(2.01
|
)
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Drilling equipment and facilities
|
|
$
|
10,664,732
|
|
|
$
|
11,746,629
|
|
Construction in progress
|
|
192,188
|
|
|
83,509
|
|
||
Other
|
|
202,855
|
|
|
204,193
|
|
||
Property and equipment, at cost
|
|
$
|
11,059,775
|
|
|
$
|
12,034,331
|
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||
|
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
||||||||
Senior unsecured notes:
|
|
|
|
|
|
|
|
|
||||||||
5.75% Senior Notes due March 2018
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
249,843
|
|
|
$
|
250,830
|
|
7.50% Senior Notes due March 2019
|
|
—
|
|
|
—
|
|
|
201,535
|
|
|
206,881
|
|
||||
4.90% Senior Notes due August 2020
|
|
65,798
|
|
|
65,776
|
|
|
167,422
|
|
|
163,283
|
|
||||
4.625% Senior Notes due March 2021
|
|
92,947
|
|
|
91,437
|
|
|
208,095
|
|
|
195,687
|
|
||||
3.95% Senior Notes due March 2022
|
|
41,612
|
|
|
38,424
|
|
|
125,307
|
|
|
107,348
|
|
||||
7.75% Senior Notes due January 2024
|
|
782,661
|
|
|
795,651
|
|
|
971,498
|
|
|
861,160
|
|
||||
7.95% Senior Notes due April 2025
|
|
446,413
|
|
|
439,222
|
|
|
446,106
|
|
|
380,732
|
|
||||
7.875% Senior Notes due February 2026
|
|
738,188
|
|
|
777,690
|
|
|
—
|
|
|
—
|
|
||||
6.20% Senior Notes due August 2040
|
|
396,788
|
|
|
307,740
|
|
|
396,738
|
|
|
274,988
|
|
||||
6.05% Senior Notes due March 2041
|
|
394,596
|
|
|
305,368
|
|
|
394,514
|
|
|
273,988
|
|
||||
5.25% Senior Notes due March 2042
|
|
493,778
|
|
|
361,169
|
|
|
494,063
|
|
|
315,430
|
|
||||
8.95% Senior Notes due April 2045
|
|
390,651
|
|
|
387,048
|
|
|
390,589
|
|
|
320,396
|
|
||||
Other:
|
|
|
|
|
|
|
|
|
||||||||
Seller-financed secured loan due September 2022
|
|
59,544
|
|
|
58,547
|
|
|
—
|
|
|
—
|
|
||||
Total debt
|
|
3,902,976
|
|
|
3,628,072
|
|
|
4,045,710
|
|
|
3,350,723
|
|
||||
Current maturities of long-term debt
|
|
—
|
|
|
—
|
|
|
249,843
|
|
|
250,830
|
|
||||
Long-term debt
|
|
$
|
3,902,976
|
|
|
$
|
3,628,072
|
|
|
$
|
3,795,867
|
|
|
$
|
3,099,893
|
|
|
|
Unrealized Losses on Cash Flow Hedges
(1)
|
|
Defined Benefit Pension Items
(2)
|
|
Foreign Currency Items
|
|
Total
|
||||||||
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 AOCI
|
|
—
|
|
|
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
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2017
|
|
$
|
—
|
|
|
$
|
(27,603
|
)
|
|
$
|
(15,285
|
)
|
|
$
|
(42,888
|
)
|
Activity during period:
|
|
|
|
|
|
|
|
|
||||||||
Stranded tax effect resulting from the Act (Note 2)
|
|
—
|
|
|
(5,540
|
)
|
|
—
|
|
|
(5,540
|
)
|
||||
Balance at January 1, 2018
|
|
—
|
|
|
(33,143
|
)
|
|
(15,285
|
)
|
|
(48,428
|
)
|
||||
Activity during period:
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive loss before reclassifications
|
|
—
|
|
|
—
|
|
|
(2,587
|
)
|
|
(2,587
|
)
|
||||
Amounts reclassified from AOCI
|
|
—
|
|
|
973
|
|
|
—
|
|
|
973
|
|
||||
Net other comprehensive income (loss)
|
|
—
|
|
|
973
|
|
|
(2,587
|
)
|
|
(1,614
|
)
|
||||
Balance at September 30, 2018
|
|
$
|
—
|
|
|
$
|
(32,170
|
)
|
|
$
|
(17,872
|
)
|
|
$
|
(50,042
|
)
|
(1)
|
Unrealized losses on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCI are recognized through “Contract drilling services” costs on our Condensed Consolidated Statements of Operations. See “
Note 13— Derivative Instruments and Hedging Activities
” for additional information.
|
(2)
|
Defined benefit pension items relate to actuarial changes. Reclassifications from AOCI are recognized as expense on our Condensed Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” See “
Note 12— Employee Benefit Plans
” for additional information.
|
|
|
September 30, 2018
|
|
January 1, 2018
|
||||
Current contract assets
|
|
$
|
28,736
|
|
|
$
|
21,229
|
|
Noncurrent contract assets
|
|
26,827
|
|
|
34,520
|
|
||
Total contract assets
|
|
55,563
|
|
|
55,749
|
|
||
|
|
|
|
|
||||
Current contract liabilities (deferred revenue)
|
|
(33,227
|
)
|
|
(35,422
|
)
|
||
Noncurrent contract liabilities (deferred revenue)
|
|
(54,024
|
)
|
|
(73,439
|
)
|
||
Total contract liabilities
|
|
$
|
(87,251
|
)
|
|
$
|
(108,861
|
)
|
|
|
Contract Assets
|
|
Contract Liabilities
|
||||
Net balance at January 1, 2018
|
|
$
|
55,749
|
|
|
$
|
(108,861
|
)
|
|
|
|
|
|
||||
Amortization of deferred costs
|
|
(22,131
|
)
|
|
—
|
|
||
Additions to deferred costs
|
|
21,945
|
|
|
—
|
|
||
Amortization of deferred revenue
|
|
—
|
|
|
34,629
|
|
||
Additions to deferred revenue
|
|
—
|
|
|
(13,019
|
)
|
||
Total
|
|
(186
|
)
|
|
21,610
|
|
||
|
|
|
|
|
||||
Net balance at September 30, 2018
|
|
$
|
55,563
|
|
|
$
|
(87,251
|
)
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022 and beyond
|
|
Total
|
||||||||||||
Drillships
|
|
$
|
6,472
|
|
|
$
|
16,998
|
|
|
$
|
15,666
|
|
|
$
|
15,666
|
|
|
$
|
12,832
|
|
|
$
|
67,634
|
|
Semisubmersibles
|
|
317
|
|
|
362
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
679
|
|
||||||
Jackups
|
|
4,174
|
|
|
11,094
|
|
|
3,670
|
|
|
—
|
|
|
—
|
|
|
18,938
|
|
||||||
Total
|
|
$
|
10,963
|
|
|
$
|
28,454
|
|
|
$
|
19,336
|
|
|
$
|
15,666
|
|
|
$
|
12,832
|
|
|
$
|
87,251
|
|
|
|
Three Months Ended September 30, 2018
|
|
Nine Months Ended
September 30, 2018 |
||||
Drillships
|
|
$
|
137,284
|
|
|
$
|
377,529
|
|
Semisubmersibles
|
|
4,178
|
|
|
18,648
|
|
||
Jackups
|
|
125,776
|
|
|
347,856
|
|
||
Total
|
|
$
|
267,238
|
|
|
$
|
744,033
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||
|
|
Non-U.S.
|
|
U.S.
|
|
Non-U.S.
|
|
U.S.
|
||||||||
Interest cost
|
|
$
|
429
|
|
|
$
|
2,045
|
|
|
$
|
506
|
|
|
$
|
2,148
|
|
Return on plan assets
|
|
(661
|
)
|
|
(2,979
|
)
|
|
(739
|
)
|
|
(2,941
|
)
|
||||
Recognized net actuarial loss
|
|
—
|
|
|
411
|
|
|
264
|
|
|
366
|
|
||||
Settlement and curtailment gains
|
|
—
|
|
|
—
|
|
|
(620
|
)
|
|
—
|
|
||||
Net pension benefit cost (gain)
|
|
$
|
(232
|
)
|
|
$
|
(523
|
)
|
|
$
|
(589
|
)
|
|
$
|
(427
|
)
|
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||
|
|
Non-U.S.
|
|
U.S.
|
|
Non-U.S.
|
|
U.S.
|
||||||||
Interest cost
|
|
$
|
1,248
|
|
|
$
|
6,134
|
|
|
$
|
1,476
|
|
|
$
|
6,445
|
|
Return on plan assets
|
|
(2,087
|
)
|
|
(8,936
|
)
|
|
(2,161
|
)
|
|
(8,823
|
)
|
||||
Recognized net actuarial loss
|
|
—
|
|
|
1,233
|
|
|
775
|
|
|
1,098
|
|
||||
Settlement and curtailment gains
|
|
—
|
|
|
—
|
|
|
(620
|
)
|
|
—
|
|
||||
Net pension benefit cost (gain)
|
|
$
|
(839
|
)
|
|
$
|
(1,569
|
)
|
|
$
|
(530
|
)
|
|
$
|
(1,280
|
)
|
|
|
Three Months Ended September 30, 2017
|
||||||||||
|
|
Unrealized loss recognized through AOCI
|
|
Loss reclassified from AOCI to "Contract drilling services" costs
|
|
Loss recognized through
“
Contract drilling services
”
revenue
|
||||||
Cash flow hedges
|
|
|
|
|
|
|
||||||
Foreign currency forward contracts
|
|
$
|
(65
|
)
|
|
$
|
542
|
|
|
$
|
—
|
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||
|
|
Unrealized loss recognized through AOCI
|
|
Loss reclassified from AOCI to "Contract drilling services" costs
|
|
Loss recognized through
“
Contract drilling services
”
revenue
|
||||||
Cash flow hedges
|
|
|
|
|
|
|
||||||
Foreign currency forward contracts
|
|
$
|
674
|
|
|
$
|
—
|
|
|
$
|
679
|
|
Non-designated derivatives
|
|
|
|
|
|
|
||||||
FCX Settlement
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(14,400
|
)
|
|
|
September 30, 2018
|
||||||||||||||
|
|
|
|
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
|
|
$
|
7,921
|
|
|
$
|
7,921
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
December 31, 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
|
|
$
|
7,321
|
|
|
$
|
7,321
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Noble-UK
|
|
Noble-Cayman
|
||||||||||||
|
|
Nine Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Accounts receivable
|
|
$
|
4,481
|
|
|
$
|
116,619
|
|
|
$
|
4,481
|
|
|
$
|
116,619
|
|
Other current assets
|
|
(9,872
|
)
|
|
18,335
|
|
|
(9,557
|
)
|
|
15,774
|
|
||||
Other assets
|
|
(14,711
|
)
|
|
(76,002
|
)
|
|
(11,262
|
)
|
|
(80,172
|
)
|
||||
Accounts payable
|
|
8,528
|
|
|
(11,901
|
)
|
|
8,506
|
|
|
(11,656
|
)
|
||||
Other current liabilities
|
|
(52,092
|
)
|
|
21,503
|
|
|
(51,474
|
)
|
|
22,631
|
|
||||
Other liabilities
|
|
(19,155
|
)
|
|
(100,117
|
)
|
|
(19,155
|
)
|
|
(95,234
|
)
|
||||
Total net change in assets and liabilities
|
|
$
|
(82,821
|
)
|
|
$
|
(31,563
|
)
|
|
$
|
(78,461
|
)
|
|
$
|
(32,038
|
)
|
|
|
Issuer
|
|
|
Notes
(1)
|
|
(Co-Issuer(s))
|
|
Guarantor
|
$250 million 5.75% Senior Notes due 2018
|
|
NHIL
|
|
Noble-Cayman
|
$202 million 7.50% Senior Notes due 2019
(2)
|
|
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 7.95% 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 8.95% Senior Notes due 2045
|
|
NHIL
|
|
Noble-Cayman
|
|
|
Noble -
Cayman |
|
NHIL
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
325,515
|
|
|
$
|
—
|
|
|
$
|
325,515
|
|
Accounts receivable
|
|
—
|
|
|
—
|
|
|
200,215
|
|
|
—
|
|
|
200,215
|
|
|||||
Taxes receivable
|
|
—
|
|
|
—
|
|
|
64,486
|
|
|
—
|
|
|
64,486
|
|
|||||
Short-term notes receivable from affiliates
|
|
—
|
|
|
—
|
|
|
3,175,662
|
|
|
(3,175,662
|
)
|
|
—
|
|
|||||
Accounts receivable from affiliates
|
|
564,392
|
|
|
61,045
|
|
|
4,700,352
|
|
|
(5,325,789
|
)
|
|
—
|
|
|||||
Prepaid expenses and other current assets
|
|
—
|
|
|
—
|
|
|
68,774
|
|
|
—
|
|
|
68,774
|
|
|||||
Total current assets
|
|
564,392
|
|
|
61,045
|
|
|
8,535,004
|
|
|
(8,501,451
|
)
|
|
658,990
|
|
|||||
Property and equipment, at cost
|
|
—
|
|
|
—
|
|
|
11,059,775
|
|
|
—
|
|
|
11,059,775
|
|
|||||
Accumulated depreciation
|
|
—
|
|
|
—
|
|
|
(2,516,353
|
)
|
|
—
|
|
|
(2,516,353
|
)
|
|||||
Property and equipment, net
|
|
—
|
|
|
—
|
|
|
8,543,422
|
|
|
—
|
|
|
8,543,422
|
|
|||||
Notes receivable from affiliates
|
|
3,177,249
|
|
|
—
|
|
|
—
|
|
|
(3,177,249
|
)
|
|
—
|
|
|||||
Investments in affiliates
|
|
4,281,611
|
|
|
12,259,800
|
|
|
—
|
|
|
(16,541,411
|
)
|
|
—
|
|
|||||
Other assets
|
|
771
|
|
|
—
|
|
|
196,123
|
|
|
—
|
|
|
196,894
|
|
|||||
Total assets
|
|
$
|
8,024,023
|
|
|
$
|
12,320,845
|
|
|
$
|
17,274,549
|
|
|
$
|
(28,220,111
|
)
|
|
$
|
9,399,306
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term notes payables to affiliates
|
|
$
|
—
|
|
|
$
|
3,175,662
|
|
|
$
|
—
|
|
|
$
|
(3,175,662
|
)
|
|
$
|
—
|
|
Accounts payable
|
|
3
|
|
|
—
|
|
|
103,100
|
|
|
—
|
|
|
103,103
|
|
|||||
Accrued payroll and related costs
|
|
—
|
|
|
—
|
|
|
43,485
|
|
|
—
|
|
|
43,485
|
|
|||||
Accounts payable to affiliates
|
|
3,717,537
|
|
|
982,814
|
|
|
625,438
|
|
|
(5,325,789
|
)
|
|
—
|
|
|||||
Taxes payable
|
|
—
|
|
|
—
|
|
|
30,638
|
|
|
—
|
|
|
30,638
|
|
|||||
Interest payable
|
|
265
|
|
|
67,021
|
|
|
2,720
|
|
|
—
|
|
|
70,006
|
|
|||||
Other current liabilities
|
|
—
|
|
|
—
|
|
|
68,479
|
|
|
—
|
|
|
68,479
|
|
|||||
Total current liabilities
|
|
3,717,805
|
|
|
4,225,497
|
|
|
873,860
|
|
|
(8,501,451
|
)
|
|
315,711
|
|
|||||
Long-term debt
|
|
—
|
|
|
3,843,432
|
|
|
59,544
|
|
|
—
|
|
|
3,902,976
|
|
|||||
Notes payable to affiliates
|
|
—
|
|
|
—
|
|
|
3,177,249
|
|
|
(3,177,249
|
)
|
|
—
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
215,861
|
|
|
—
|
|
|
215,861
|
|
|||||
Other liabilities
|
|
19,929
|
|
|
—
|
|
|
254,839
|
|
|
—
|
|
|
274,768
|
|
|||||
Total liabilities
|
|
3,737,734
|
|
|
8,068,929
|
|
|
4,581,353
|
|
|
(11,678,700
|
)
|
|
4,709,316
|
|
|||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|||||
Total shareholder equity
|
|
4,286,289
|
|
|
4,251,916
|
|
|
12,289,495
|
|
|
(16,541,411
|
)
|
|
4,286,289
|
|
|||||
Noncontrolling interests
|
|
—
|
|
|
—
|
|
|
403,701
|
|
|
—
|
|
|
403,701
|
|
|||||
Total equity
|
|
4,286,289
|
|
|
4,251,916
|
|
|
12,693,196
|
|
|
(16,541,411
|
)
|
|
4,689,990
|
|
|||||
Total liabilities and equity
|
|
$
|
8,024,023
|
|
|
$
|
12,320,845
|
|
|
$
|
17,274,549
|
|
|
$
|
(28,220,111
|
)
|
|
$
|
9,399,306
|
|
|
|
Noble-
Cayman |
|
NHUS
|
|
NDH
|
|
NHIL
|
|
NDS6
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
23,160
|
|
|
$
|
29,324
|
|
|
$
|
—
|
|
|
$
|
609,516
|
|
|
$
|
—
|
|
|
$
|
662,011
|
|
Accounts receivable
|
|
—
|
|
|
—
|
|
|
24,722
|
|
|
—
|
|
|
—
|
|
|
179,974
|
|
|
—
|
|
|
204,696
|
|
||||||||
Taxes receivable
|
|
—
|
|
|
93,302
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
12,040
|
|
|
—
|
|
|
105,345
|
|
||||||||
Short-term notes receivable from affiliates
|
|
—
|
|
|
—
|
|
|
119,476
|
|
|
—
|
|
|
2,373,452
|
|
|
—
|
|
|
(2,492,928
|
)
|
|
—
|
|
||||||||
Accounts receivable from affiliates
|
|
594,456
|
|
|
1,454
|
|
|
144,367
|
|
|
60,945
|
|
|
465,749
|
|
|
5,813,846
|
|
|
(7,080,817
|
)
|
|
—
|
|
||||||||
Prepaid expenses and other current assets
|
|
—
|
|
|
—
|
|
|
1,477
|
|
|
—
|
|
|
1
|
|
|
63,963
|
|
|
—
|
|
|
65,441
|
|
||||||||
Total current assets
|
|
594,467
|
|
|
94,756
|
|
|
313,205
|
|
|
90,269
|
|
|
2,839,202
|
|
|
6,679,339
|
|
|
(9,573,745
|
)
|
|
1,037,493
|
|
||||||||
Property and equipment, at cost
|
|
—
|
|
|
—
|
|
|
857,784
|
|
|
—
|
|
|
—
|
|
|
11,176,547
|
|
|
—
|
|
|
12,034,331
|
|
||||||||
Accumulated depreciation
|
|
—
|
|
|
—
|
|
|
(110,005
|
)
|
|
—
|
|
|
—
|
|
|
(2,435,086
|
)
|
|
—
|
|
|
(2,545,091
|
)
|
||||||||
Property and equipment, net
|
|
—
|
|
|
—
|
|
|
747,779
|
|
|
—
|
|
|
—
|
|
|
8,741,461
|
|
|
—
|
|
|
9,489,240
|
|
||||||||
Notes receivable from affiliates
|
|
3,177,248
|
|
|
—
|
|
|
1,199,815
|
|
|
—
|
|
|
3,943,299
|
|
|
1,175,300
|
|
|
(9,495,662
|
)
|
|
—
|
|
||||||||
Investments in affiliates
|
|
4,933,978
|
|
|
4,550,358
|
|
|
5,252,135
|
|
|
12,560,598
|
|
|
7,237,474
|
|
|
—
|
|
|
(34,534,543
|
)
|
|
—
|
|
||||||||
Other assets
|
|
2,663
|
|
|
16,775
|
|
|
8,372
|
|
|
—
|
|
|
—
|
|
|
238,718
|
|
|
—
|
|
|
266,528
|
|
||||||||
Total assets
|
|
$
|
8,708,356
|
|
|
$
|
4,661,889
|
|
|
$
|
7,521,306
|
|
|
$
|
12,650,867
|
|
|
$
|
14,019,975
|
|
|
$
|
16,834,818
|
|
|
$
|
(53,603,950
|
)
|
|
$
|
10,793,261
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Short-term notes payables to affiliates
|
|
$
|
—
|
|
|
$
|
1,605,243
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
887,685
|
|
|
$
|
(2,492,928
|
)
|
|
$
|
—
|
|
Current maturities of long-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
249,843
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
249,843
|
|
||||||||
Accounts payable
|
|
—
|
|
|
—
|
|
|
1,467
|
|
|
—
|
|
|
—
|
|
|
82,406
|
|
|
—
|
|
|
83,873
|
|
||||||||
Accrued payroll and related costs
|
|
—
|
|
|
—
|
|
|
4,780
|
|
|
—
|
|
|
—
|
|
|
50,124
|
|
|
—
|
|
|
54,904
|
|
||||||||
Accounts payable to affiliates
|
|
3,410,669
|
|
|
393,073
|
|
|
1,770,066
|
|
|
661,375
|
|
|
—
|
|
|
845,634
|
|
|
(7,080,817
|
)
|
|
—
|
|
||||||||
Taxes payable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,965
|
|
|
—
|
|
|
33,965
|
|
||||||||
Interest payable
|
|
2,211
|
|
|
—
|
|
|
—
|
|
|
83,960
|
|
|
12,018
|
|
|
—
|
|
|
—
|
|
|
98,189
|
|
||||||||
Other current liabilities
|
|
—
|
|
|
—
|
|
|
5,169
|
|
|
—
|
|
|
—
|
|
|
66,297
|
|
|
—
|
|
|
71,466
|
|
||||||||
Total current liabilities
|
|
3,412,880
|
|
|
1,998,316
|
|
|
1,781,482
|
|
|
995,178
|
|
|
12,018
|
|
|
1,966,111
|
|
|
(9,573,745
|
)
|
|
592,240
|
|
||||||||
Long-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,594,332
|
|
|
201,535
|
|
|
—
|
|
|
—
|
|
|
3,795,867
|
|
||||||||
Notes payable to affiliates
|
|
—
|
|
|
700,000
|
|
|
474,637
|
|
|
3,175,663
|
|
|
—
|
|
|
5,145,362
|
|
|
(9,495,662
|
)
|
|
—
|
|
||||||||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
164,957
|
|
|
—
|
|
|
164,962
|
|
||||||||
Other liabilities
|
|
19,929
|
|
|
—
|
|
|
30,330
|
|
|
—
|
|
|
—
|
|
|
239,919
|
|
|
—
|
|
|
290,178
|
|
||||||||
Total liabilities
|
|
3,432,809
|
|
|
2,698,316
|
|
|
2,286,454
|
|
|
7,765,173
|
|
|
213,553
|
|
|
7,516,349
|
|
|
(19,069,407
|
)
|
|
4,843,247
|
|
||||||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total shareholder equity
|
|
5,275,547
|
|
|
1,963,573
|
|
|
5,234,852
|
|
|
4,885,694
|
|
|
13,806,422
|
|
|
8,644,002
|
|
|
(34,534,543
|
)
|
|
5,275,547
|
|
||||||||
Noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
674,467
|
|
|
—
|
|
|
674,467
|
|
||||||||
Total equity
|
|
5,275,547
|
|
|
1,963,573
|
|
|
5,234,852
|
|
|
4,885,694
|
|
|
13,806,422
|
|
|
9,318,469
|
|
|
(34,534,543
|
)
|
|
5,950,014
|
|
||||||||
Total liabilities and equity
|
|
$
|
8,708,356
|
|
|
$
|
4,661,889
|
|
|
$
|
7,521,306
|
|
|
$
|
12,650,867
|
|
|
$
|
14,019,975
|
|
|
$
|
16,834,818
|
|
|
$
|
(53,603,950
|
)
|
|
$
|
10,793,261
|
|
|
|
Noble-
Cayman |
|
NHIL
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract drilling services
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
267,238
|
|
|
$
|
—
|
|
|
$
|
267,238
|
|
Reimbursables and other
|
|
—
|
|
|
—
|
|
|
12,170
|
|
|
—
|
|
|
12,170
|
|
|||||
Total operating revenues
|
|
—
|
|
|
—
|
|
|
279,408
|
|
|
—
|
|
|
279,408
|
|
|||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract drilling services
|
|
(84
|
)
|
|
(1,419
|
)
|
|
164,304
|
|
|
—
|
|
|
162,801
|
|
|||||
Reimbursables
|
|
—
|
|
|
—
|
|
|
9,676
|
|
|
—
|
|
|
9,676
|
|
|||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
113,127
|
|
|
—
|
|
|
113,127
|
|
|||||
General and administrative
|
|
(69
|
)
|
|
(823
|
)
|
|
9,564
|
|
|
—
|
|
|
8,672
|
|
|||||
Total operating costs and expenses
|
|
(153
|
)
|
|
(2,242
|
)
|
|
296,671
|
|
|
—
|
|
|
294,276
|
|
|||||
Operating loss
|
|
153
|
|
|
2,242
|
|
|
(17,263
|
)
|
|
—
|
|
|
(14,868
|
)
|
|||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) of unconsolidated affiliates
|
|
(75,959
|
)
|
|
50,115
|
|
|
—
|
|
|
25,844
|
|
|
—
|
|
|||||
Interest expense, net of amounts capitalized
|
|
(413
|
)
|
|
(112,447
|
)
|
|
(4,887
|
)
|
|
44,022
|
|
|
(73,725
|
)
|
|||||
Gain on extinguishment of debt, net
|
|
—
|
|
|
109
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|||||
Interest income and other, net
|
|
1,602
|
|
|
—
|
|
|
45,030
|
|
|
(44,022
|
)
|
|
2,610
|
|
|||||
Income (loss) before income taxes
|
|
(74,617
|
)
|
|
(59,981
|
)
|
|
22,880
|
|
|
25,844
|
|
|
(85,874
|
)
|
|||||
Income tax benefit
|
|
—
|
|
|
—
|
|
|
14,490
|
|
|
—
|
|
|
14,490
|
|
|||||
Net income (loss)
|
|
(74,617
|
)
|
|
(59,981
|
)
|
|
37,370
|
|
|
25,844
|
|
|
(71,384
|
)
|
|||||
Net income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
(3,233
|
)
|
|
—
|
|
|
(3,233
|
)
|
|||||
Net income (loss) attributable to Noble Corporation
|
|
(74,617
|
)
|
|
(59,981
|
)
|
|
34,137
|
|
|
25,844
|
|
|
(74,617
|
)
|
|||||
Other comprehensive income (loss), net
|
|
(159
|
)
|
|
—
|
|
|
(159
|
)
|
|
159
|
|
|
(159
|
)
|
|||||
Comprehensive income (loss) attributable to Noble Corporation
|
|
$
|
(74,776
|
)
|
|
$
|
(59,981
|
)
|
|
$
|
33,978
|
|
|
$
|
26,003
|
|
|
$
|
(74,776
|
)
|
|
|
Noble-
Cayman |
|
NHIL
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract drilling services
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
744,033
|
|
|
$
|
—
|
|
|
$
|
744,033
|
|
Reimbursables and other
|
|
—
|
|
|
—
|
|
|
28,901
|
|
|
—
|
|
|
28,901
|
|
|||||
Total operating revenues
|
|
—
|
|
|
—
|
|
|
772,934
|
|
|
—
|
|
|
772,934
|
|
|||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract drilling services
|
|
71
|
|
|
(22
|
)
|
|
449,907
|
|
|
—
|
|
|
449,956
|
|
|||||
Reimbursables
|
|
—
|
|
|
—
|
|
|
22,323
|
|
|
—
|
|
|
22,323
|
|
|||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
368,939
|
|
|
—
|
|
|
368,939
|
|
|||||
General and administrative
|
|
(4
|
)
|
|
360
|
|
|
29,894
|
|
|
—
|
|
|
30,250
|
|
|||||
Loss on impairment
|
|
—
|
|
|
—
|
|
|
792,843
|
|
|
—
|
|
|
792,843
|
|
|||||
Total operating costs and expenses
|
|
67
|
|
|
338
|
|
|
1,663,906
|
|
|
—
|
|
|
1,664,311
|
|
|||||
Operating loss
|
|
(67
|
)
|
|
(338
|
)
|
|
(890,972
|
)
|
|
—
|
|
|
(891,377
|
)
|
|||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) of unconsolidated affiliates
|
|
(820,630
|
)
|
|
(300,798
|
)
|
|
—
|
|
|
1,121,428
|
|
|
—
|
|
|||||
Interest expense, net of amounts capitalized
|
|
(873
|
)
|
|
(338,039
|
)
|
|
(16,776
|
)
|
|
131,818
|
|
|
(223,870
|
)
|
|||||
Gain (loss) on extinguishment of debt, net
|
|
(2,336
|
)
|
|
5,528
|
|
|
(11,851
|
)
|
|
—
|
|
|
(8,659
|
)
|
|||||
Interest income and other, net
|
|
4,756
|
|
|
(131
|
)
|
|
134,000
|
|
|
(131,818
|
)
|
|
6,807
|
|
|||||
Income (loss) before income taxes
|
|
(819,150
|
)
|
|
(633,778
|
)
|
|
(785,599
|
)
|
|
1,121,428
|
|
|
(1,117,099
|
)
|
|||||
Income tax benefit
|
|
—
|
|
|
—
|
|
|
50,227
|
|
|
—
|
|
|
50,227
|
|
|||||
Net income (loss)
|
|
(819,150
|
)
|
|
(633,778
|
)
|
|
(735,372
|
)
|
|
1,121,428
|
|
|
(1,066,872
|
)
|
|||||
Net income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
247,722
|
|
|
—
|
|
|
247,722
|
|
|||||
Net income (loss) attributable to Noble Corporation
|
|
(819,150
|
)
|
|
(633,778
|
)
|
|
(487,650
|
)
|
|
1,121,428
|
|
|
(819,150
|
)
|
|||||
Other comprehensive income (loss), net
|
|
(1,614
|
)
|
|
—
|
|
|
(1,614
|
)
|
|
1,614
|
|
|
(1,614
|
)
|
|||||
Comprehensive income (loss) attributable to Noble Corporation
|
|
$
|
(820,764
|
)
|
|
$
|
(633,778
|
)
|
|
$
|
(489,264
|
)
|
|
$
|
1,123,042
|
|
|
$
|
(820,764
|
)
|
|
|
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
|
|
|
—
|
|
|
161,111
|
|
|
(9,808
|
)
|
|
165,584
|
|
||||||||
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
|
|
|
—
|
|
|
295,330
|
|
|
(9,808
|
)
|
|
315,892
|
|
||||||||
Operating income (loss)
|
|
(95
|
)
|
|
(4,285
|
)
|
|
13,771
|
|
|
(1,223
|
)
|
|
—
|
|
|
(57,848
|
)
|
|
—
|
|
|
(49,680
|
)
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) of unconsolidated affiliates
|
|
(88,898
|
)
|
|
(64,360
|
)
|
|
7,347
|
|
|
22,238
|
|
|
(20,878
|
)
|
|
—
|
|
|
144,551
|
|
|
—
|
|
||||||||
Interest 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
|
|
|
4,932
|
|
|
(75,312
|
)
|
|
1,290
|
|
||||||||
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 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 , 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
|
|
|
—
|
|
|
478,984
|
|
|
(36,921
|
)
|
|
488,251
|
|
||||||||
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
|
|
|
879,760
|
|
|
(36,921
|
)
|
|
940,745
|
|
||||||||
Operating income (loss)
|
|
(301
|
)
|
|
(13,063
|
)
|
|
46,893
|
|
|
(3,768
|
)
|
|
(9
|
)
|
|
(63,167
|
)
|
|
—
|
|
|
(33,415
|
)
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from unconsolidated affiliates - continuing operations
|
|
(469,274
|
)
|
|
(477,279
|
)
|
|
48,830
|
|
|
167,531
|
|
|
35,388
|
|
|
—
|
|
|
694,804
|
|
|
—
|
|
||||||||
Income (loss) from unconsolidated affiliates- discontinued operations
|
|
2,967
|
|
|
4,566
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,533
|
)
|
|
—
|
|
||||||||
Interest 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
|
|
|
16,846
|
|
|
(265,884
|
)
|
|
5,931
|
|
||||||||
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 discontinued operations
|
|
—
|
|
|
(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 loss 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 , 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 |
|
NHIL
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities
|
|
$
|
22,771
|
|
|
$
|
(348,990
|
)
|
|
$
|
403,331
|
|
|
$
|
—
|
|
|
$
|
77,112
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(149,329
|
)
|
|
—
|
|
|
(149,329
|
)
|
|||||
Proceeds from disposal of assets
|
|
—
|
|
|
—
|
|
|
4,135
|
|
|
—
|
|
|
4,135
|
|
|||||
Net cash used in investing activities
|
|
—
|
|
|
—
|
|
|
(145,194
|
)
|
|
—
|
|
|
(145,194
|
)
|
|||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Issuance of senior notes
|
|
—
|
|
|
750,000
|
|
|
—
|
|
|
—
|
|
|
750,000
|
|
|||||
Repayment of long-term debt
|
|
—
|
|
|
(738,823
|
)
|
|
(213,654
|
)
|
|
—
|
|
|
(952,477
|
)
|
|||||
Debt issuance costs
|
|
(822
|
)
|
|
(12,581
|
)
|
|
(1,924
|
)
|
|
—
|
|
|
(15,327
|
)
|
|||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
(12,694
|
)
|
|
—
|
|
|
(12,694
|
)
|
|||||
Distributions to parent company, net
|
|
(37,241
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,241
|
)
|
|||||
Advances (to) from affiliates
|
|
15,281
|
|
|
321,070
|
|
|
(336,351
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
|
(22,782
|
)
|
|
319,666
|
|
|
(564,623
|
)
|
|
—
|
|
|
(267,739
|
)
|
|||||
Net change in cash, cash equivalents and restricted cash
|
|
(11
|
)
|
|
(29,324
|
)
|
|
(306,486
|
)
|
|
—
|
|
|
(335,821
|
)
|
|||||
Cash, cash equivalents and restricted cash, beginning of period
|
|
11
|
|
|
29,324
|
|
|
632,676
|
|
|
—
|
|
|
662,011
|
|
|||||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
326,190
|
|
|
$
|
—
|
|
|
$
|
326,190
|
|
|
|
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
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
||||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,293
|
)
|
|
—
|
|
|
(26,293
|
)
|
||||||||
Contributions from 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
|
|
|
|
|
|
Year Ending December 31,
|
||||||||||||||||||||
|
|
Total
|
|
2018
(1)
|
|
2019
|
|
2020
|
|
2021
|
|
2022-2023
|
||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||
Contract Drilling Services Backlog
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Semisubmersibles/Drillships
(2),(3)
|
|
$
|
1,520,491
|
|
|
$
|
131,674
|
|
|
$
|
411,627
|
|
|
$
|
381,560
|
|
|
$
|
338,800
|
|
|
$
|
256,830
|
|
Jackups
|
|
971,282
|
|
|
127,169
|
|
|
389,659
|
|
|
266,700
|
|
|
141,438
|
|
|
46,316
|
|
||||||
Total
(4)
|
|
$
|
2,491,773
|
|
|
$
|
258,843
|
|
|
$
|
801,286
|
|
|
$
|
648,260
|
|
|
$
|
480,238
|
|
|
$
|
303,146
|
|
Percent of Available Days Committed
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Semisubmersibles/Drillships
|
|
|
|
55
|
%
|
|
37
|
%
|
|
33
|
%
|
|
27
|
%
|
|
10
|
%
|
|||||||
Jackups
|
|
|
|
93
|
%
|
|
53
|
%
|
|
32
|
%
|
|
23
|
%
|
|
3
|
%
|
|||||||
Total
|
|
|
|
74
|
%
|
|
45
|
%
|
|
33
|
%
|
|
25
|
%
|
|
7
|
%
|
(1)
|
Represents a three-month period beginning October 1,
2018
.
|
(2)
|
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. In April
2018
, we agreed with Shell to extend the idle period for the
Noble Bully II
through
December 31, 2018
at a revised rate of $230,000 per day.
|
(3)
|
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, 2018
, the backlog for the
Noble Bully II
totaled
$426.8 million
, all of which is included in backlog. As of the same date, the
Noble Bully I
had no backlog. Noble’s proportional interest in the backlog for these rigs totaled
$213.4 million
.
|
(4)
|
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 minimal financial penalties.
|
(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.
|
|
|
Average Rig Utilization
(1)
|
|
Operating Days
(2)
|
|
Average Dayrates
|
||||||||||||||||||||
|
|
Three Months Ended
September 30, |
|
Three Months Ended
September 30, |
|
|
|
Three Months Ended
September 30, |
|
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
Jackups
|
|
93
|
%
|
|
81
|
%
|
|
1,028
|
|
|
1,043
|
|
|
(1
|
)%
|
|
$
|
122,350
|
|
|
$
|
127,163
|
|
|
(4
|
)%
|
Semisubmersibles
|
|
11
|
%
|
|
17
|
%
|
|
42
|
|
|
92
|
|
|
(54
|
)%
|
|
99,470
|
|
|
104,028
|
|
|
(4
|
)%
|
||
Drillships
|
|
63
|
%
|
|
56
|
%
|
|
460
|
|
|
410
|
|
|
12
|
%
|
|
298,443
|
|
|
286,819
|
|
|
4
|
%
|
||
Total
|
|
69
|
%
|
|
60
|
%
|
|
1,530
|
|
|
1,545
|
|
|
(1
|
)%
|
|
$
|
174,665
|
|
|
$
|
168,127
|
|
|
4
|
%
|
(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.
|
|
|
Three Months Ended
September 30, |
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|||||||
Contract drilling services
|
|
$
|
267,238
|
|
|
$
|
259,740
|
|
|
$
|
7,498
|
|
|
3
|
%
|
Reimbursables and other
(1)
|
|
12,170
|
|
|
6,472
|
|
|
5,698
|
|
|
88
|
%
|
|||
|
|
279,408
|
|
|
266,212
|
|
|
13,196
|
|
|
5
|
%
|
|||
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|||||||
Contract drilling services
|
|
162,985
|
|
|
166,044
|
|
|
(3,059
|
)
|
|
(2
|
)%
|
|||
Reimbursables
(1)
|
|
9,676
|
|
|
3,834
|
|
|
5,842
|
|
|
152
|
%
|
|||
Depreciation and amortization
|
|
109,492
|
|
|
131,819
|
|
|
(22,327
|
)
|
|
(17
|
)%
|
|||
General and administrative
|
|
14,722
|
|
|
15,331
|
|
|
(609
|
)
|
|
(4
|
)%
|
|||
|
|
296,875
|
|
|
317,028
|
|
|
(20,153
|
)
|
|
(6
|
)%
|
|||
Operating income (loss)
|
|
$
|
(17,467
|
)
|
|
$
|
(50,816
|
)
|
|
$
|
33,349
|
|
|
(66
|
)%
|
(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,
|
|
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
Jackups
|
|
72
|
%
|
|
89
|
%
|
|
2,606
|
|
|
3,396
|
|
|
(23
|
)%
|
|
$
|
133,506
|
|
|
$
|
123,734
|
|
|
8
|
%
|
Semisubmersibles
|
|
12
|
%
|
|
17
|
%
|
|
176
|
|
|
273
|
|
|
(36
|
)%
|
|
105,853
|
|
|
120,284
|
|
|
(12
|
)%
|
||
Drillships
|
|
59
|
%
|
|
58
|
%
|
|
1,290
|
|
|
1,277
|
|
|
1
|
%
|
|
292,615
|
|
|
339,093
|
|
|
(14
|
)%
|
||
Total
|
|
56
|
%
|
|
65
|
%
|
|
4,072
|
|
|
4,946
|
|
|
(18
|
)%
|
|
$
|
182,723
|
|
|
$
|
179,132
|
|
|
2
|
%
|
(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
include the impact of the valuation of certain contingent payments for the
Noble Sam Croft
and
Noble Tom Madden
contract settlement and termination by and among Freeport-McMoRan Inc., Freeport-McMoRan Oil & Gas LLC and one of our subsidiaries. We recognized a
$14.4 million
loss to the termination date valuation of these contingent payments when the period for earning the contingent payments ended in
2017
. The non-cash loss had a negative impact on the drillships' average dayrates for the nine-month period ended
September 30, 2017
.
|
|
|
Nine Months Ended September 30,
|
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|||||||
Contract drilling services
|
|
$
|
744,033
|
|
|
$
|
885,931
|
|
|
$
|
(141,898
|
)
|
|
(16
|
)%
|
Reimbursables and other
(1)
|
|
28,901
|
|
|
21,399
|
|
|
7,502
|
|
|
35
|
%
|
|||
|
|
772,934
|
|
|
907,330
|
|
|
(134,396
|
)
|
|
(15
|
)%
|
|||
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|||||||
Contract drilling services
|
|
451,271
|
|
|
489,594
|
|
|
(38,323
|
)
|
|
(8
|
)%
|
|||
Reimbursables
(1)
|
|
22,323
|
|
|
13,374
|
|
|
8,949
|
|
|
67
|
%
|
|||
Depreciation and amortization
|
|
356,930
|
|
|
392,360
|
|
|
(35,430
|
)
|
|
(9
|
)%
|
|||
General and administrative
|
|
58,522
|
|
|
49,869
|
|
|
8,653
|
|
|
17
|
%
|
|||
Loss on impairments
|
|
792,843
|
|
|
—
|
|
|
792,843
|
|
|
**
|
|
|||
|
|
1,681,889
|
|
|
945,197
|
|
|
736,692
|
|
|
78
|
%
|
|||
Operating income (loss)
|
|
$
|
(908,955
|
)
|
|
$
|
(37,867
|
)
|
|
$
|
(871,088
|
)
|
|
**
|
|
(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;
|
•
|
retirement of a portion of various tranches of our senior notes in tender offers, repayment at maturity of the
2018
Notes and redemption of the
2019
Notes; and
|
•
|
capital expenditures.
|
•
|
normal recurring operating expenses;
|
•
|
planned and discretionary capital expenditures; and
|
•
|
repayments of debt and interest.
|
•
|
$67.7 million
for sustaining capital and upgrades and replacements to drilling equipment;
|
•
|
$41.3 million
in major projects;
|
•
|
$17.3 million
in other capital projects; and
|
•
|
$93.8 million
to purchase the
Noble Johnny Whitstine.
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
2.1
|
|
|
|
|
|
2.2
|
|
|
|
|
|
2.3
|
|
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1+
|
|
|
|
|
|
32.2+
|
|
|
|
|
|
101
|
|
Interactive Data File
|
+
|
Furnished in accordance with Item 601(b)(32)(ii) of Regulation S-K.
|
/s/ Adam C. Peakes
|
|
November 2, 2018
|
Adam C. Peakes
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
|
Date
|
|
|
|
/s/ Laura D. Campbell
|
|
November 2, 2018
|
Laura D. Campbell
Vice President and Controller
(Principal Accounting Officer)
|
|
Date
|
/s/ Adam C. Peakes
|
|
November 2, 2018
|
Adam C. Peakes
Director, Vice President and Chief Financial Officer (Principal Financial Officer) |
|
Date
|
|
|
|
/s/ Laura D. Campbell
|
|
November 2, 2018
|
Laura D. Campbell
Vice President and Controller
(Principal Accounting Officer)
|
|
Date
|
1 Year Noble Chart |
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