Company Quick10K Filing
⚲
Noble
Financials
Price1.89 EPS-2
Shares261 P/E-1
MCap494 P/FCF-23
Net Debt-137 EBIT-394
TEV356 TEV/EBIT-1
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
Reports
8-K 2020-08-20 Enter Agreement, Exhibits
8-K 2020-08-05
8-K 2020-07-31 Enter Agreement, Bankruptcy, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-07-15 Regulation FD, Exhibits
8-K 2020-06-26 Officers, Exhibits
8-K 2020-05-21
8-K 2020-05-21
8-K 2020-05-06
8-K 2020-04-17
8-K 2020-04-09
8-K 2020-03-24
8-K 2020-03-11
8-K 2020-02-19
8-K 2020-02-19
8-K 2020-02-19
8-K 2020-02-06
8-K 2019-12-20
8-K 2019-12-17
8-K 2019-12-03
8-K 2019-10-30
8-K 2019-09-09
8-K 2019-08-01
8-K 2019-07-26
8-K 2019-06-26
8-K 2019-05-01
8-K 2019-04-26
8-K 2019-04-26
8-K 2019-03-11
8-K 2019-02-25
8-K 2019-02-22
8-K 2019-02-20
8-K 2019-02-14
8-K 2018-11-14
8-K 2018-10-31
8-K 2018-10-24
8-K 2018-09-21
8-K 2018-08-02
8-K 2018-08-01
8-K 2018-06-19
8-K 2018-05-07
8-K 2018-05-02
8-K 2018-04-27
8-K 2018-04-27
8-K 2018-03-26
8-K 2018-02-21
8-K 2018-02-14
8-K 2018-01-31
8-K 2018-01-17
8-K 2018-01-17
8-K 2018-01-17
8-K 2018-01-11

NE 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization and Basis of Presentation
Note 2 - Accounting Pronouncements
Note 3 - Consolidated Joint Ventures
Note 4 - Income (Loss) per Share
Note 5 - Property and Equipment
Note 6 - Debt
Note 7 - Accumulated Other Comprehensive Income (Loss)
Note 8 - Revenue and Customers
Note 9 - Loss on Impairment
Note 10 - Income Taxes
Note 11 - Employee Benefit Plans
Note 12 - Fair Value of Financial Instruments
Note 13 - Commitments and Contingencies
Note 14 - Supplemental Financial Information
Note 15 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 6. Exhibits
Exhibits
EX-10.3 exhibit103-2020shortxt.htm
EX-10.4 exhibit104-2020otherc.htm
EX-22 exhibit22listofguarant.htm
EX-31.1 exhibit311-roberteifle.htm
EX-31.2 exhibit312-roberteifle.htm
EX-31.3 exhibit313-richardbark.htm
EX-31.4 exhibit314-richardbark.htm
EX-32.1 exhibit321-roberteifle.htm
EX-32.2 exhibit322-roberteifle.htm
EX-32.3 exhibit323-richardbark.htm
EX-32.4 exhibit324-richardbark.htm

Noble Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
25201510502012201420172020
Assets, Equity
 2.01.30.6-0.0-0.7-1.42012201420172020
Rev, G Profit, Net Income
 1.60.90.1-0.6-1.4-2.12012201420172020
Ops, Inv, Fin
Document
false--12-31Q2202000014588910001169055false3.000.50193900019390003069000306900011000000000.010.100.102492000002612460002510410002612460000.03950.046250.04900.05250.06050.06200.07750.078750.07950.0895P4YP4Y0000006000001000000004650000011460001460002910002910001500001500003000003000001300000P6MP1YP1YP1YP6MP1YP1YP1YP6MP1YP1YP1Y00 0001458891 2020-01-01 2020-06-30 0001458891 ne:NobleCorporationMember 2020-01-01 2020-06-30 0001458891 2020-08-05 0001458891 ne:NobleCorporationMember 2020-08-05 0001458891 2020-06-30 0001458891 2019-12-31 0001458891 2019-04-01 2019-06-30 0001458891 2019-01-01 2019-06-30 0001458891 2020-04-01 2020-06-30 0001458891 us-gaap:OilAndGasServiceMember 2020-01-01 2020-06-30 0001458891 us-gaap:OilAndGasServiceMember 2019-01-01 2019-06-30 0001458891 us-gaap:OilAndGasServiceMember 2019-04-01 2019-06-30 0001458891 us-gaap:ServiceOtherMember 2019-01-01 2019-06-30 0001458891 us-gaap:OilAndGasServiceMember 2020-04-01 2020-06-30 0001458891 us-gaap:ServiceOtherMember 2020-01-01 2020-06-30 0001458891 us-gaap:ServiceOtherMember 2020-04-01 2020-06-30 0001458891 us-gaap:ServiceOtherMember 2019-04-01 2019-06-30 0001458891 2019-06-30 0001458891 2018-12-31 0001458891 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001458891 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001458891 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001458891 us-gaap:CommonStockMember 2019-06-30 0001458891 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001458891 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001458891 us-gaap:RetainedEarningsMember 2019-03-31 0001458891 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001458891 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001458891 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001458891 us-gaap:CommonStockMember 2020-06-30 0001458891 us-gaap:NoncontrollingInterestMember 2019-03-31 0001458891 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001458891 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001458891 us-gaap:RetainedEarningsMember 2019-06-30 0001458891 us-gaap:CommonStockMember 2019-03-31 0001458891 2020-03-31 0001458891 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001458891 us-gaap:NoncontrollingInterestMember 2019-06-30 0001458891 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001458891 us-gaap:RetainedEarningsMember 2020-06-30 0001458891 us-gaap:RetainedEarningsMember 2020-03-31 0001458891 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001458891 us-gaap:CommonStockMember 2020-03-31 0001458891 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001458891 2019-03-31 0001458891 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001458891 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001458891 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001458891 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0001458891 us-gaap:RetainedEarningsMember 2019-12-31 0001458891 us-gaap:CommonStockMember 2019-12-31 0001458891 us-gaap:CommonStockMember 2018-12-31 0001458891 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0001458891 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-06-30 0001458891 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001458891 us-gaap:CommonStockMember 2019-01-01 2019-06-30 0001458891 us-gaap:RetainedEarningsMember 2020-01-01 2020-06-30 0001458891 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-06-30 0001458891 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001458891 us-gaap:NoncontrollingInterestMember 2018-12-31 0001458891 us-gaap:CommonStockMember 2020-01-01 2020-06-30 0001458891 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001458891 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0001458891 us-gaap:NoncontrollingInterestMember 2019-12-31 0001458891 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0001458891 us-gaap:NoncontrollingInterestMember 2020-06-30 0001458891 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001458891 us-gaap:RetainedEarningsMember 2018-12-31 0001458891 ne:NobleCorporationMember 2019-12-31 0001458891 ne:NobleCorporationMember 2020-06-30 0001458891 ne:NobleCorporationMember 2020-04-01 2020-06-30 0001458891 ne:NobleCorporationMember 2019-04-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:OilAndGasServiceMember 2020-01-01 2020-06-30 0001458891 ne:NobleCorporationMember us-gaap:OilAndGasServiceMember 2020-04-01 2020-06-30 0001458891 ne:NobleCorporationMember 2019-01-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:OilAndGasServiceMember 2019-01-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:ServiceOtherMember 2019-04-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:ServiceOtherMember 2020-04-01 2020-06-30 0001458891 ne:NobleCorporationMember us-gaap:ServiceOtherMember 2019-01-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:OilAndGasServiceMember 2019-04-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:ServiceOtherMember 2020-01-01 2020-06-30 0001458891 ne:NobleCorporationMember 2018-12-31 0001458891 ne:NobleCorporationMember 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:CommonStockMember 2020-03-31 0001458891 ne:NobleCorporationMember us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001458891 ne:NobleCorporationMember us-gaap:CommonStockMember 2020-06-30 0001458891 ne:NobleCorporationMember us-gaap:NoncontrollingInterestMember 2019-03-31 0001458891 ne:NobleCorporationMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:CommonStockMember 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:RetainedEarningsMember 2020-03-31 0001458891 ne:NobleCorporationMember us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001458891 ne:NobleCorporationMember us-gaap:CommonStockMember 2019-03-31 0001458891 ne:NobleCorporationMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001458891 ne:NobleCorporationMember us-gaap:RetainedEarningsMember 2019-03-31 0001458891 ne:NobleCorporationMember us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001458891 ne:NobleCorporationMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001458891 ne:NobleCorporationMember 2019-03-31 0001458891 ne:NobleCorporationMember us-gaap:NoncontrollingInterestMember 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001458891 ne:NobleCorporationMember us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001458891 ne:NobleCorporationMember us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001458891 ne:NobleCorporationMember 2020-03-31 0001458891 ne:NobleCorporationMember us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:RetainedEarningsMember 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001458891 ne:NobleCorporationMember us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001458891 ne:NobleCorporationMember us-gaap:RetainedEarningsMember 2020-06-30 0001458891 ne:NobleCorporationMember us-gaap:NoncontrollingInterestMember 2020-06-30 0001458891 ne:NobleCorporationMember us-gaap:RetainedEarningsMember 2020-01-01 2020-06-30 0001458891 ne:NobleCorporationMember us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-06-30 0001458891 ne:NobleCorporationMember us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001458891 ne:NobleCorporationMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001458891 ne:NobleCorporationMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001458891 ne:NobleCorporationMember us-gaap:NoncontrollingInterestMember 2018-12-31 0001458891 ne:NobleCorporationMember us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:CommonStockMember 2019-12-31 0001458891 ne:NobleCorporationMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0001458891 ne:NobleCorporationMember us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:NoncontrollingInterestMember 2019-01-01 2019-06-30 0001458891 ne:NobleCorporationMember us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001458891 ne:NobleCorporationMember us-gaap:CommonStockMember 2018-12-31 0001458891 ne:NobleCorporationMember us-gaap:RetainedEarningsMember 2018-12-31 0001458891 ne:NobleCorporationMember us-gaap:RetainedEarningsMember 2019-12-31 0001458891 ne:NobleCorporationMember us-gaap:NoncontrollingInterestMember 2019-12-31 0001458891 ne:The2017CreditFacilityMember us-gaap:LineOfCreditMember 2020-04-23 0001458891 ne:BullyJointVentureMember 2019-04-01 2019-06-30 0001458891 ne:BullyJointVentureMember 2019-12-03 2019-12-03 0001458891 ne:BullyJointVentureMember 2019-12-03 0001458891 ne:BullyJointVentureMember 2019-01-01 2019-06-30 0001458891 ne:SubsidiaryOfRoyalDutchShellPLCMember 2019-12-03 2019-12-03 0001458891 ne:NobleUKMember 2020-06-30 0001458891 us-gaap:EmployeeStockOptionMember 2020-04-01 2020-06-30 0001458891 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-06-30 0001458891 ne:NobleUKMember 2019-12-31 0001458891 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-06-30 0001458891 ne:MaritimeEquipmentNobleJoeKnightMember 2019-02-28 2019-02-28 0001458891 ne:SellerLoanDueFebruary2023Member ne:SellerFinancingMember 2019-02-28 2019-02-28 0001458891 ne:SellerLoanDueFebruary2023Member 2019-02-28 2019-02-28 0001458891 us-gaap:ConstructionInProgressMember 2020-06-30 0001458891 us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember 2019-12-31 0001458891 ne:DrillingEquipmentAndFacilitiesMember 2020-06-30 0001458891 us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember 2020-06-30 0001458891 ne:DrillingEquipmentAndFacilitiesMember 2019-12-31 0001458891 us-gaap:ConstructionInProgressMember 2019-12-31 0001458891 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001458891 ne:SeniorNotes8.95DueApril2045Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes4.625DueMarch2021Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes8.95DueApril2045Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SellerLoanDueSeptember2022Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2019-12-31 0001458891 ne:SellerLoanDueSeptember2022Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2019-12-31 0001458891 ne:SeniorNotes7.875DueFebruary2026Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SellerLoanDueFebruary2023Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2019-12-31 0001458891 ne:SeniorNotes6.20DueAugust2040Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0001458891 ne:SeniorNotes4.625DueMarch2021Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes5.25DueMarch2042Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SellerLoanDueFebruary2023Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2020-06-30 0001458891 ne:SeniorNotes8.95DueApril2045Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes7.75DueJanuary2024Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes6.05DueMarch2041Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes7.75DueJanuary2024Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SellerLoanDueSeptember2022Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2020-06-30 0001458891 ne:SeniorNotes3.95DueMarch2022Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes7.875DueFebruary2026Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0001458891 ne:SeniorNotes6.20DueAugust2040Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SellerLoanDueFebruary2023Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2020-06-30 0001458891 ne:SeniorNotes6.20DueAugust2040Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes3.95DueMarch2022Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes3.95DueMarch2022Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:The2017CreditFacilityMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2020-06-30 0001458891 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0001458891 ne:SeniorNotes6.05DueMarch2041Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes4.90DueAugust2020Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes4.90DueAugust2020Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes4.625DueMarch2021Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes5.25DueMarch2042Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes4.90DueAugust2020Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes7.75DueJanuary2024Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:The2017CreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2020-06-30 0001458891 ne:SeniorNotes5.25DueMarch2042Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes7.875DueFebruary2026Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes6.05DueMarch2041Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes4.90DueAugust2020Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:The2017CreditFacilityMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2019-12-31 0001458891 ne:SeniorNotes6.20DueAugust2040Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes5.25DueMarch2042Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes7.95DueApril2025Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes7.95DueApril2025Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes4.625DueMarch2021Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes7.95DueApril2025Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes6.05DueMarch2041Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes7.95DueApril2025Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SellerLoanDueSeptember2022Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2020-06-30 0001458891 ne:SeniorNotes7.75DueJanuary2024Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SellerLoanDueFebruary2023Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2019-12-31 0001458891 ne:The2017CreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2019-12-31 0001458891 ne:SeniorNotes3.95DueMarch2022Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes8.95DueApril2045Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 ne:SeniorNotes7.875DueFebruary2026Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001458891 us-gaap:RevolvingCreditFacilityMember ne:The2017CreditFacilityMember us-gaap:LineOfCreditMember 2020-06-30 0001458891 ne:SellerLoanDueFebruary2023Member us-gaap:SecuredDebtMember 2019-02-28 0001458891 ne:SellerLoanDueSeptember2022Member us-gaap:SecuredDebtMember 2018-09-30 0001458891 srt:ScenarioForecastMember ne:The2017CreditFacilityMember 2019-07-01 2020-12-31 0001458891 ne:SellerLoanDueSeptember2022Member us-gaap:DebtInstrumentRedemptionPeriodOneMember 2018-09-30 0001458891 ne:MaritimeEquipmentNobleJohnnyWhitstineMember 2018-09-01 2018-09-30 0001458891 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember ne:The2017CreditFacilityMember us-gaap:LineOfCreditMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-01-01 2020-06-30 0001458891 ne:The2017CreditFacilityMember us-gaap:LineOfCreditMember 2020-06-30 0001458891 ne:SellerLoansMember us-gaap:SecuredDebtMember 2018-09-30 0001458891 ne:SellerLoanDueSeptember2022Member 2018-09-01 2018-09-30 0001458891 ne:The2017CreditFacilityMember 2020-06-30 0001458891 2018-09-01 2018-09-30 0001458891 ne:SellerLoanDueSeptember2022Member us-gaap:DebtInstrumentRedemptionPeriodTwoMember 2018-09-30 0001458891 ne:SellerLoanDueFebruary2023Member 2019-02-01 2019-02-28 0001458891 ne:The2017CreditFacilityMember 2019-06-30 0001458891 us-gaap:RevolvingCreditFacilityMember ne:The2015CreditFacilityMember 2018-01-31 0001458891 us-gaap:LetterOfCreditMember ne:The2017CreditFacilityMember us-gaap:LineOfCreditMember 2020-06-30 0001458891 srt:ScenarioForecastMember ne:The2017CreditFacilityMember 2021-01-01 2021-12-31 0001458891 ne:SellerLoanDueFebruary2023Member us-gaap:DebtInstrumentRedemptionPeriodTwoMember 2019-02-28 0001458891 ne:SellerLoanDueFebruary2023Member us-gaap:DebtInstrumentRedemptionPeriodOneMember 2019-02-28 0001458891 us-gaap:SeniorNotesMember 2019-03-31 0001458891 us-gaap:RevolvingCreditFacilityMember ne:The2015CreditFacilityMember 2019-12-20 2019-12-20 0001458891 ne:SellerLoanDueSeptember2022Member us-gaap:SecuredDebtMember 2020-04-20 2020-04-20 0001458891 us-gaap:SeniorNotesMember 2019-03-01 2019-03-31 0001458891 ne:SellerLoansMember us-gaap:SecuredDebtMember 2020-01-01 2020-06-30 0001458891 ne:SellerLoanDueFebruary2023Member us-gaap:SecuredDebtMember 2020-04-20 2020-04-20 0001458891 ne:SellerLoansMember us-gaap:SecuredDebtMember 2020-04-01 2020-06-30 0001458891 ne:The2017CreditFacilityMember us-gaap:LineOfCreditMember 2019-01-01 2019-12-31 0001458891 srt:ScenarioForecastMember ne:The2017CreditFacilityMember 2022-01-01 2022-03-31 0001458891 ne:MaritimeEquipmentNobleJoeKnightMember 2019-02-01 2019-02-28 0001458891 ne:LettersOfCreditAndSuretyBondsMember us-gaap:LineOfCreditMember 2020-06-30 0001458891 ne:The2017CreditFacilityMember us-gaap:LineOfCreditMember 2020-04-01 2020-04-30 0001458891 us-gaap:RevolvingCreditFacilityMember ne:The2017CreditFacilityMember us-gaap:LineOfCreditMember 2018-01-03 0001458891 ne:SellerLoansMember us-gaap:SecuredDebtMember 2020-04-30 0001458891 ne:SeniorNotes4.625DueMarch2021Member us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes6.05DueMarch2041Member us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes7.95DueApril2025Member us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes3.95DueMarch2022Member us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes8.95DueApril2045Member us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes4.90DueAugust2020Member us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes6.20DueAugust2040Member us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes5.25DueMarch2042Member us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes7.875DueFebruary2026Member us-gaap:SeniorNotesMember 2020-06-30 0001458891 ne:SeniorNotes7.75DueJanuary2024Member us-gaap:SeniorNotesMember 2020-06-30 0001458891 us-gaap:SecuredDebtMember 2020-01-01 2020-06-30 0001458891 us-gaap:RevolvingCreditFacilityMember ne:The2017CreditFacilityMember us-gaap:LineOfCreditMember 2017-12-21 0001458891 ne:SellerLoanDueSeptember2022Member us-gaap:SecuredDebtMember 2018-09-01 2018-09-30 0001458891 ne:SellerLoanDueFebruary2023Member us-gaap:DebtInstrumentRedemptionPeriodOneMember 2019-02-01 2019-02-28 0001458891 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-03-31 0001458891 us-gaap:AccumulatedTranslationAdjustmentMember 2020-01-01 2020-03-31 0001458891 us-gaap:AccumulatedTranslationAdjustmentMember 2019-01-01 2019-03-31 0001458891 us-gaap:AccumulatedTranslationAdjustmentMember 2019-03-31 0001458891 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-04-01 2020-06-30 0001458891 us-gaap:AccumulatedTranslationAdjustmentMember 2019-04-01 2019-06-30 0001458891 2019-01-01 2019-03-31 0001458891 us-gaap:AccumulatedTranslationAdjustmentMember 2020-06-30 0001458891 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-04-01 2019-06-30 0001458891 us-gaap:AccumulatedTranslationAdjustmentMember 2020-03-31 0001458891 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-03-31 0001458891 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-01-01 2020-03-31 0001458891 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-31 0001458891 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-31 0001458891 us-gaap:AccumulatedTranslationAdjustmentMember 2019-06-30 0001458891 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-03-31 0001458891 2020-01-01 2020-03-31 0001458891 us-gaap:AccumulatedTranslationAdjustmentMember 2020-04-01 2020-06-30 0001458891 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-06-30 0001458891 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-31 0001458891 us-gaap:AccumulatedTranslationAdjustmentMember 2018-12-31 0001458891 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-06-30 0001458891 ne:FloatersMember 2019-04-01 2019-06-30 0001458891 ne:FloatersMember 2019-01-01 2019-06-30 0001458891 ne:JackupsMember 2020-04-01 2020-06-30 0001458891 ne:FloatersMember 2020-04-01 2020-06-30 0001458891 ne:FloatersMember 2020-01-01 2020-06-30 0001458891 ne:JackupsMember 2020-01-01 2020-06-30 0001458891 ne:JackupsMember 2019-04-01 2019-06-30 0001458891 ne:JackupsMember 2019-01-01 2019-06-30 0001458891 2023-01-01 2020-06-30 0001458891 2024-01-01 2020-06-30 0001458891 ne:JackupsMember 2020-07-01 2020-06-30 0001458891 ne:FloatersMember 2021-01-01 2020-06-30 0001458891 ne:FloatersMember 2022-01-01 2020-06-30 0001458891 2021-01-01 2020-06-30 0001458891 ne:FloatersMember 2023-01-01 2020-06-30 0001458891 ne:JackupsMember 2021-01-01 2020-06-30 0001458891 2020-07-01 2020-06-30 0001458891 ne:JackupsMember 2022-01-01 2020-06-30 0001458891 ne:JackupsMember 2023-01-01 2020-06-30 0001458891 ne:FloatersMember 2024-01-01 2020-06-30 0001458891 2022-01-01 2020-06-30 0001458891 ne:JackupsMember 2024-01-01 2020-06-30 0001458891 ne:FloatersMember 2020-06-30 0001458891 ne:JackupsMember 2020-06-30 0001458891 ne:FloatersMember 2020-07-01 2020-06-30 0001458891 ne:CapitalSpareEquipmentMember 2020-01-01 2020-06-30 0001458891 ne:NobleBullyINobleBullyIINobleDannyAdkinsandNobleJimDayMember ne:DrillshipsMember 2020-01-01 2020-06-30 0001458891 2020-03-27 0001458891 us-gaap:ForeignCountryMember 2020-01-01 2020-06-30 0001458891 2020-03-27 2020-03-27 0001458891 us-gaap:DomesticCountryMember 2020-01-01 2020-06-30 0001458891 us-gaap:SubsequentEventMember 2020-07-01 2020-07-31 0001458891 us-gaap:ForeignPlanMember 2019-01-01 2019-06-30 0001458891 country:US 2019-01-01 2019-06-30 0001458891 us-gaap:ForeignPlanMember 2020-01-01 2020-06-30 0001458891 country:US 2020-01-01 2020-06-30 0001458891 country:US 2020-04-01 2020-06-30 0001458891 us-gaap:ForeignPlanMember 2019-04-01 2019-06-30 0001458891 us-gaap:ForeignPlanMember 2020-04-01 2020-06-30 0001458891 country:US 2019-04-01 2019-06-30 0001458891 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001458891 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001458891 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001458891 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001458891 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001458891 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001458891 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001458891 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001458891 ne:BorrowingsByParagonOffshoreMember 2020-01-01 2020-06-30 0001458891 ne:TransoceanLtd.Member 2017-01-01 2017-01-31 0001458891 ne:BorrowingsByParagonOffshoreMember 2020-06-30 0001458891 ne:BorrowingsByParagonOffshoreMember 2017-12-15 2017-12-15 0001458891 ne:BorrowingsByParagonOffshoreMember 2019-01-01 2019-06-30 0001458891 ne:TransoceanLtd.Member 2020-06-30 0001458891 country:MX ne:BorrowingsByParagonOffshoreMember 2019-01-01 2019-06-30 0001458891 ne:TransferOfIntercompanyReceivablesAndNotesFromAParagonSubsidiaryToANobleSubsidiaryMember 2017-12-15 2017-12-15 0001458891 ne:ParagonOffshoreMember 2020-01-01 2020-06-30 0001458891 srt:MinimumMember 2020-01-01 2020-06-30 0001458891 country:MX us-gaap:ForeignCountryMember ne:CustomsAndOtherBusinessTaxesMember 2020-01-01 2020-06-30 0001458891 ne:BorrowingsByParagonOffshoreMember 2019-04-01 2019-06-30 0001458891 ne:BorrowingsByParagonOffshoreMember 2020-04-01 2020-06-30 0001458891 ne:NobleUKMember 2019-01-01 2019-06-30 0001458891 ne:NobleUKMember 2020-01-01 2020-06-30 0001458891 ne:NobleCaymanMember 2020-01-01 2020-06-30 0001458891 ne:NobleCaymanMember 2019-01-01 2019-06-30 0001458891 ne:SeniorNotes7.75DueJanuary2024Member us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2020-07-15 0001458891 ne:SeniorNotes7.75DueJanuary2024Member us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2020-07-15 2020-07-15 ne:vessel xbrli:shares iso4217:USD xbrli:pure ne:segment iso4217:USD xbrli:shares ne:rig


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________________________________________
FORM 10-Q
_____________________________________________________________________________________________________
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission file number: 001-36211
_____________________________________________________________________________________________________
Noble Corporation plc
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________________________________
England and Wales
(Registered Number 08354954)
 
98-0619597
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. employer
identification number)
10 Brook Street, London, England, W1S1BG
(Address of principal executive offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (281) 276-6100
Commission file number: 001-31306
_____________________________________________________________________________________________________
Noble Corporation
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________________________________
Cayman Islands
 
98-0366361
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. employer identification number)
Suite 3D Landmark Square, 64 Earth Close, P.O. Box 31327 George Town, Grand Cayman, Cayman Islands, KY1-1206
(Address of principal executive offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (345) 938-0293
_______________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Name of Company
 
Title of each class
 
Trading symbol(s)
 
Name of each exchange on which registered
Noble Corporation plc
 
Ordinary Shares
 
NEBLQ*
 
*
Noble Corporation
 
None
 
—
 
—
* On July 31, 2020, the New York Stock Exchange suspended trading in the ordinary shares at the market opening. Since August 4, 2020, the shares have been quoted on the OTC Pink Open Market under the symbol “NEBLQ.”
Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐
Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐
Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Noble Corporation plc:
Large accelerated filer
☐
Accelerated filer
☑
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
Noble Corporation:
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☑
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑
Number of shares outstanding and trading at August 5, 2020: Noble Corporation plc - 251,062,455
Number of shares outstanding: Noble Corporation - 261,245,693
Noble Corporation, a Cayman Islands company and a wholly owned subsidiary of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales, meets the conditions set forth in General Instructions H(1) (a) and (b) of Form 10-Q and is therefore filing this Quarterly Report on Form 10-Q with the reduced disclosure format contemplated by paragraphs (b) and (c) of General Instruction H(2) of Form 10-Q.



TABLE OF CONTENTS
 
 
 
 
 
Page
PART I
 
 
 
Item 1
 
 
 
 
 
Noble Corporation plc (Noble-UK) Financial Statements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noble Corporation (Noble-Cayman) Financial Statements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2
 
 
Item 3
 
 
Item 4
 
 
PART II
 
 
 
Item 1
 
 
Item 1A
 
 
Item 2
 
 
Item 3
 
 
Item 6
 
 
 
 
 
 
 
 
This combined Quarterly Report on Form 10-Q is separately filed by Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), and Noble Corporation, a Cayman Islands company (“Noble-Cayman”). Information in this filing relating to Noble-Cayman is filed by Noble-UK and separately by Noble-Cayman on its own behalf. Noble-Cayman makes no representation as to information relating to Noble-UK (except as it may relate to Noble-Cayman) or any other affiliate or subsidiary of Noble-UK. Since Noble-Cayman meets the conditions specified in General Instructions H(1)(a) and (b) to Form 10-Q, it is permitted to use the reduced disclosure format for wholly-owned subsidiaries of reporting companies as stated in General Instructions H(2). Accordingly, Noble-Cayman has omitted from this report the information called for by “Item 3 (Quantitative and Qualitative Disclosures about Market Risk)” of Part I of Form 10-Q and the following items of Part II of Form 10-Q, “Item 2 (Unregistered Sales of Equity Securities and Use of Proceeds),” and “Item 3 (Defaults upon Senior Securities).”
This report should be read in its entirety as it pertains to each Registrant. Except where indicated, the Condensed Consolidated Financial Statements and related Notes are combined. References in this Quarterly Report on Form 10-Q to “Noble,” the “Company,” “we,” “us,” “our” and words of similar meaning refer collectively to Noble-UK and its condensed consolidated subsidiaries, including Noble-Cayman.

2


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
NOBLE CORPORATION PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
 
June 30, 2020
 
December 31, 2019
ASSETS
Current assets
 
 
 
 
Cash and cash equivalents
 
$
191,217

 
$
104,621

Accounts receivable, net of allowance for credit losses of $3,069 and $1,939, respectively
 
163,972

 
198,665

Taxes receivable
 
193,116

 
59,771

Prepaid expenses and other current assets
 
52,868

 
59,050

Total current assets
 
601,173

 
422,107

Property and equipment, at cost
 
8,732,700

 
10,306,625

Accumulated depreciation
 
(2,246,143
)
 
(2,572,701
)
Property and equipment, net
 
6,486,557

 
7,733,924

Other assets
 
99,750

 
128,467

Total assets
 
$
7,187,480

 
$
8,284,498

LIABILITIES AND EQUITY
Current liabilities
 
 
 
 
Current maturities of long-term debt
 
$
3,953,708

 
$
62,505

Accounts payable
 
94,735

 
108,208

Accrued payroll and related costs
 
43,038

 
56,056

Taxes payable
 
32,840

 
30,715

Interest payable
 
88,928

 
88,047

Other current liabilities
 
228,737

 
171,397

Total current liabilities
 
4,441,986

 
516,928

Long-term debt
 
—

 
3,779,499

Deferred income taxes
 
59,949

 
68,201

Other liabilities
 
128,575

 
260,898

Total liabilities
 
4,630,510

 
4,625,526

Commitments and contingencies (Note 13)
 


 


Shareholders’ equity
 
 
 
 
Common stock, $0.01 par value, ordinary shares; 251,041 and 249,200 shares outstanding as of June 30, 2020 and December 31, 2019, respectively
 
2,510

 
2,492

Additional paid-in capital
 
811,483

 
807,093

Retained earnings
 
1,802,905

 
2,907,776

Accumulated other comprehensive loss
 
(59,928
)
 
(58,389
)
Total shareholders’ equity
 
2,556,970

 
3,658,972

Total liabilities and equity
 
$
7,187,480

 
$
8,284,498

See accompanying notes to the unaudited condensed consolidated financial statements.

3


NOBLE CORPORATION PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited) 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Operating revenues
 
 
 
 
 
 
 
 
Contract drilling services
 
$
220,141

 
$
274,817

 
$
487,505

 
$
545,318

Reimbursables and other
 
17,777

 
18,119

 
31,724

 
30,506

 
 
237,918

 
292,936

 
519,229

 
575,824

Operating costs and expenses
 
 
 
 
 
 
 
 
Contract drilling services
 
144,154

 
168,865

 
305,299

 
340,593

Reimbursables
 
16,334

 
15,381

 
28,018

 
24,776

Depreciation and amortization
 
89,365

 
111,148

 
193,046

 
220,726

General and administrative
 
73,003

 
116,252

 
90,842

 
132,251

Pre-petition charges
 
10,515

 
—

 
10,515

 
—

Loss on impairment
 
—

 
—

 
1,119,517

 
—

 
 
333,371

 
411,646

 
1,747,237

 
718,346

Operating loss
 
(95,453
)
 
(118,710
)
 
(1,228,008
)
 
(142,522
)
Other income (expense)
 
 
 
 
 
 
 
 
Interest expense, net of amounts capitalized
 
(70,279
)
 
(68,976
)
 
(141,159
)
 
(139,220
)
Gain (loss) on extinguishment of debt, net
 
(593
)
 
—

 
(593
)
 
31,266

Interest income and other, net
 
2,956

 
1,860

 
674

 
4,366

Loss from continuing operations before income taxes
 
(163,369
)
 
(185,826
)
 
(1,369,086
)
 
(246,110
)
Income tax benefit
 
121,175

 
37,182

 
264,215

 
34,317

Net loss from continuing operations
 
(42,194
)
 
(148,644
)
 
(1,104,871
)
 
(211,793
)
Net loss from discontinued operations, net of tax
 
—

 
—

 
—

 
(3,821
)
Net loss
 
(42,194
)
 
(148,644
)
 
(1,104,871
)
 
(215,614
)
Net income attributable to noncontrolling interests
 
—

 
(3,316
)
 
—

 
(7,235
)
Net loss attributable to Noble Corporation plc
 
$
(42,194
)
 
$
(151,960
)
 
$
(1,104,871
)
 
$
(222,849
)
Net loss attributable to Noble Corporation plc
 
 
 
 
 
 
 
 
Net loss from continuing operations
 
$
(42,194
)
 
$
(151,960
)
 
$
(1,104,871
)
 
$
(219,028
)
Net loss from discontinued operations, net of tax
 
—

 
—

 
—

 
(3,821
)
Net loss attributable to Noble Corporation plc
 
$
(42,194
)
 
$
(151,960
)
 
$
(1,104,871
)
 
$
(222,849
)
Per share data
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
Loss from continuing operations
 
$
(0.17
)
 
$
(0.61
)
 
$
(4.41
)
 
$
(0.88
)
Loss from discontinued operations
 
—

 
—

 
—

 
(0.02
)
Net loss attributable to Noble Corporation plc
 
$
(0.17
)
 
$
(0.61
)
 
$
(4.41
)
 
$
(0.90
)
 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
 
Loss from continuing operations
 
$
(0.17
)
 
$
(0.61
)
 
$
(4.41
)
 
$
(0.88
)
Loss from discontinued operations
 
—

 
—

 
—

 
(0.02
)
Net loss attributable to Noble Corporation plc
 
$
(0.17
)
 
$
(0.61
)
 
$
(4.41
)
 
$
(0.90
)
See accompanying notes to the unaudited condensed consolidated financial statements.

4


NOBLE CORPORATION PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Net loss
 
$
(42,194
)
 
$
(148,644
)
 
$
(1,104,871
)
 
$
(215,614
)
Other comprehensive income (loss)
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
(539
)
 
(406
)
 
(2,675
)
 
102

Amortization of deferred pension plan amounts (net of tax provision of $150 and $146 for the three months ended June 30, 2020 and 2019, respectively, and $300 and $291 for the six months ended June 30, 2020 and 2019, respectively.)
 
568

 
549

 
1,136

 
1,099

Other comprehensive income (loss), net
 
29

 
143

 
(1,539
)
 
1,201

Net comprehensive income attributable to noncontrolling interests
 
—

 
(3,316
)
 
—

 
(7,235
)
Comprehensive income (loss) attributable to Noble Corporation plc
 
$
(42,165
)
 
$
(151,817
)
 
$
(1,106,410
)
 
$
(221,648
)

See accompanying notes to the unaudited condensed consolidated financial statements.

5


NOBLE CORPORATION PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
 
 
Six Months Ended June 30,
 
 
2020
 
2019
Cash flows from operating activities
 
 
 
 
Net loss
 
$
(1,104,871
)
 
$
(215,614
)
Adjustments to reconcile net loss to net cash flow from operating activities:
 
 
 
 
Depreciation and amortization
 
193,046

 
220,726

Loss on impairment
 
1,119,517

 
—

(Gain) loss on extinguishment of debt, net
 
593

 
(31,266
)
Deferred income taxes
 
(6,846
)
 
(4,741
)
Amortization of share-based compensation
 
5,852

 
7,911

Other costs, net
 
(60,320
)
 
62,925

Changes in components of working capital:
 
 
 
 
Change in taxes receivable
 
(121,130
)
 
2,758

Net changes in other operating assets and liabilities
 
22,442

 
(50,161
)
Net cash provided by (used in) operating activities
 
48,283

 
(7,462
)
Cash flows from investing activities
 
 
 
 
Capital expenditures
 
(69,355
)
 
(152,354
)
Proceeds from disposal of assets, net
 
227

 
9,367

Net cash used in investing activities
 
(69,128
)
 
(142,987
)
Cash flows from financing activities
 
 
 
 
Borrowings on credit facilities
 
210,000

 
370,000

Repayments of credit facilities
 
—

 
(20,000
)
Repayments of debt
 
(101,132
)
 
(400,000
)
Debt issuance costs
 
—

 
(90
)
Dividends paid to noncontrolling interests
 
—

 
(17,538
)
Cash paid to settle equity awards
 
(1,010
)
 
—

Taxes withheld on employee stock transactions
 
(417
)
 
(2,761
)
Net cash provided by (used in) financing activities
 
107,441

 
(70,389
)
Net increase (decrease) in cash, cash equivalents and restricted cash
 
86,596

 
(220,838
)
Cash, cash equivalents and restricted cash, beginning of period
 
105,924

 
375,907

Cash, cash equivalents and restricted cash, end of period
 
$
192,520

 
$
155,069


See accompanying notes to the unaudited condensed consolidated financial statements.

6


NOBLE CORPORATION PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands)
(Unaudited)
 
 
Shares
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total
Equity
 
 
Balance
 
Par Value
 
 
 
 
 
Balance at March 31, 2019
 
249,150

 
$
2,491

 
$
699,552

 
$
3,537,477

 
$
(56,014
)
 
$
400,302

 
$
4,583,808

Employee related equity activity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of share-based compensation
 
—

 
—

 
4,959

 
—

 
—

 
—

 
4,959

Issuance of share-based compensation shares
 
5

 
1

 
(1
)
 
 
 
—

 
—

 
—

Shares withheld for taxes on equity transactions
 
—

 
—

 
1

 
—

 
—

 
—

 
1

Net loss
 
—

 
—

 
—

 
(151,960
)
 
—

 
3,316

 
(148,644
)
Dividends paid to noncontrolling interests
 
—

 
—

 
—

 
—

 
—

 
(12,518
)
 
(12,518
)
Other comprehensive income, net
 
—

 
—

 
—

 
—

 
143

 
—

 
143

Balance at June 30, 2019
 
249,155

 
$
2,492

 
$
704,511

 
$
3,385,517

 
$
(55,871
)
 
$
391,100

 
$
4,427,749

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2020
 
250,952

 
$
2,509

 
$
808,881

 
$
1,845,099

 
$
(59,957
)
 
$
—

 
$
2,596,532

Employee related equity activity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of share-based compensation
 
—

 
—

 
2,607

 
—

 
—

 
—

 
2,607

Issuance of share-based compensation shares
 
89

 
1

 
—

 
—

 
—

 
—

 
1

Shares withheld for taxes on equity transactions
 
—

 
—

 
(5
)
 
—

 
—

 
—

 
(5
)
Net loss
 
—

 
—

 
—

 
(42,194
)
 
—

 
—

 
(42,194
)
Other comprehensive income, net
 
—

 
—

 
—

 
—

 
29

 
—

 
29

Balance at June 30, 2020
 
251,041

 
$
2,510

 
$
811,483

 
$
1,802,905

 
$
(59,928
)
 
$
—

 
$
2,556,970

See accompanying notes to the unaudited condensed consolidated financial statements.


7


NOBLE CORPORATION PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - CONTINUED
(In thousands)
(Unaudited)

 
 
Shares
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total
Equity
 
 
Balance
 
Par Value
 
 
 
 
 
Balance at December 31, 2018
 
246,794

 
$
2,468

 
$
699,409

 
$
3,608,366

 
$
(57,072
)
 
$
401,403

 
$
4,654,574

Employee related equity activity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of share-based compensation
 
—

 
—

 
7,911

 
—

 
—

 
—

 
7,911

Issuance of share-based compensation shares
 
2,361

 
24

 
(24
)
 
—

 
—

 
—

 
—

Shares withheld for taxes on equity transactions
 
—

 
—

 
(2,785
)
 
—

 
—

 
—

 
(2,785
)
Net loss
 
—

 
—

 
—

 
(222,849
)
 
—

 
7,235

 
(215,614
)
Dividends paid to noncontrolling interests
 
—

 
—

 
—

 
—

 
—

 
(17,538
)
 
(17,538
)
Other comprehensive income, net
 
—

 
—

 
—

 
—

 
1,201

 
—

 
1,201

Balance at June 30, 2019
 
249,155

 
$
2,492

 
$
704,511

 
$
3,385,517

 
$
(55,871
)
 
$
391,100

 
$
4,427,749

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
 
249,200

 
$
2,492

 
$
807,093

 
$
2,907,776

 
$
(58,389
)
 
$
—

 
$
3,658,972

Employee related equity activity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of share-based compensation
 
—

 
—

 
4,842

 
—

 
—

 
—

 
4,842

Issuance of share-based compensation shares
 
1,841

 
18

 
(17
)
 
—

 
—

 
—

 
1

Shares withheld for taxes on equity transactions
 
—

 
—

 
(435
)
 
—

 
—

 
—

 
(435
)
Net loss
 
—

 
—

 
—

 
(1,104,871
)
 
—

 
—

 
(1,104,871
)
Other comprehensive loss, net
 
—

 
—

 
—

 
—

 
(1,539
)
 
—

 
(