falsedesktopNE2020-09-30000162828020015643{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Noble Corporation plc:\tLarge accelerated filer\t☐\tAccelerated filer\t☑\tNon-accelerated filer\t☐\tSmaller reporting company\t☐\tEmerging growth company\t☐\nNoble Corporation:\tLarge accelerated filer\t☐\tAccelerated filer\t☐\tNon-accelerated filer\t☑\tSmaller reporting company\t☐\tEmerging growth company\t☐\n", "q10k_tbl_1": "\t\tPage\nPART I\tFINANCIAL INFORMATION\t\nItem 1\tFinancial Statements\t\n\tNoble Corporation plc (Noble-UK) Financial Statements:\t\n\tCondensed Consolidated Balance Sheets as of September 30 2020 and December 31 2019\t3\n\tCondensed Consolidated Statements of Operations for the three and nine months ended September 30 2020 and 2019\t4\n\tCondensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30 2020 and 2019\t5\n\tCondensed Consolidated Statements of Cash Flows for the nine months ended September 30 2020 and 2019\t6\n\tCondensed Consolidated Statements of Equity for the three and nine months ended September 30 2020 and 2019\t7\n\tNoble Corporation (Noble-Cayman) Financial Statements:\t\n\tCondensed Consolidated Balance Sheets as of September 30 2020 and December 31 2019\t9\n\tCondensed Consolidated Statements of Operations for the three and nine months ended September 30 2020 and 2019\t10\n\tCondensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30 2020 and 2019\t11\n\tCondensed Consolidated Statements of Cash Flows for the nine months ended September 30 2020 and 2019\t12\n\tCondensed Consolidated Statements of Equity for the three and nine months ended September 30 2020 and 2019\t13\n\tNotes to Combined Condensed Consolidated Financial Statements\t15\nItem 2\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t37\nItem 3\tQuantitative and Qualitative Disclosures About Market Risk\t52\nItem 4\tControls and Procedures\t53\nPART II\tOTHER INFORMATION\t\nItem 1\tLegal Proceedings\t54\nItem 1A\tRisk Factors\t54\nItem 2\tUnregistered Sales of Equity Securities and Use of Proceeds\t60\nItem 3\tDefaults Upon Senior Securities\t60\nItem 6\tExhibits\t60\n\tIndex to Exhibits\t61\n\tSIGNATURES\t63\n", "q10k_tbl_2": "\tSeptember 30 2020\tDecember 31 2019\nASSETS\t\t\nCurrent assets\t\t\nCash and cash equivalents\t325097\t104621\nAccounts receivable net of allowance for credit losses of $1069 and $1939 respectively\t167435\t198665\nTaxes receivable\t42198\t59771\nPrepaid expenses and other current assets\t76456\t59050\nTotal current assets\t611186\t422107\nProperty and equipment at cost\t8749255\t10306625\nAccumulated depreciation\t(2317869)\t(2572701)\nProperty and equipment net\t6431386\t7733924\nOther assets\t70095\t128467\nTotal assets\t7112667\t8284498\nLIABILITIES AND EQUITY\t\t\nCurrent liabilities\t\t\nCurrent maturities of long-term debt\t0\t62505\nAccounts payable\t81119\t108208\nAccrued payroll and related costs\t38495\t56056\nTaxes payable\t37922\t30715\nInterest payable\t0\t88047\nOther current liabilities\t42047\t171397\nTotal current liabilities\t199583\t516928\nLong-term debt\t0\t3779499\nDeferred income taxes\t43147\t68201\nOther liabilities\t109474\t260898\nLiabilities subject to compromise\t4251429\t0\nTotal liabilities\t4603633\t4625526\nCommitments and contingencies (Note 14)\t\t\nShareholders' equity\t\t\nCommon stock $0.01 par value ordinary shares; 251062 and 249200 shares outstanding as of September 30 2020 and December 31 2019 respectively\t2510\t2492\nAdditional paid-in capital\t812983\t807093\nRetained earnings\t1752037\t2907776\nAccumulated other comprehensive loss\t(58496)\t(58389)\nTotal shareholders' equity\t2509034\t3658972\nTotal liabilities and equity\t7112667\t8284498\n", "q10k_tbl_3": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nOperating revenues\t\t\t\t\nContract drilling services\t227050\t259428\t714555\t804746\nReimbursables and other\t14786\t16098\t46510\t46604\n\t241836\t275526\t761065\t851350\nOperating costs and expenses\t\t\t\t\nContract drilling services\t137180\t175929\t442479\t516522\nReimbursables\t13369\t13779\t41387\t38555\nDepreciation and amortization\t90606\t112755\t283652\t333481\nGeneral and administrative\t15662\t17565\t106504\t149816\nPre-petition charges\t3894\t0\t14409\t0\nLoss on impairment\t0\t595510\t1119517\t595510\n\t260711\t915538\t2007948\t1633884\nOperating loss\t(18875)\t(640012)\t(1246883)\t(782534)\nOther income (expense)\t\t\t\t\nInterest expense net of amounts capitalized\t(23427)\t(68991)\t(164586)\t(208211)\nGain (loss) on extinguishment of debt net\t17847\t(650)\t17254\t30616\nInterest income and other net\t7872\t(144)\t8546\t4222\nReorganization items net\t(9014)\t0\t(9014)\t0\nLoss from continuing operations before income taxes\t(25597)\t(709797)\t(1394683)\t(955907)\nIncome tax benefit (provision)\t(25271)\t2845\t238944\t37162\nNet loss from continuing operations\t(50868)\t(706952)\t(1155739)\t(918745)\nNet loss from discontinued operations net of tax\t0\t0\t0\t(3821)\nNet loss\t(50868)\t(706952)\t(1155739)\t(922566)\nNet income attributable to noncontrolling interests\t0\t262081\t0\t254846\nNet loss attributable to Noble Corporation plc\t(50868)\t(444871)\t(1155739)\t(667720)\nNet loss attributable to Noble Corporation plc\t\t\t\t\nNet loss from continuing operations\t(50868)\t(444871)\t(1155739)\t(663899)\nNet loss from discontinued operations net of tax\t0\t0\t0\t(3821)\nNet loss attributable to Noble Corporation plc\t(50868)\t(444871)\t(1155739)\t(667720)\nPer share data\t\t\t\t\nBasic:\t\t\t\t\nLoss from continuing operations\t(0.20)\t(1.79)\t(4.61)\t(2.66)\nLoss from discontinued operations\t0\t0\t0\t(0.02)\nNet loss attributable to Noble Corporation plc\t(0.20)\t(1.79)\t(4.61)\t(2.68)\nDiluted:\t\t\t\t\nLoss from continuing operations\t(0.20)\t(1.79)\t(4.61)\t(2.66)\nLoss from discontinued operations\t0\t0\t0\t(0.02)\nNet loss attributable to Noble Corporation plc\t(0.20)\t(1.79)\t(4.61)\t(2.68)\n", "q10k_tbl_4": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet loss\t(50868)\t(706952)\t(1155739)\t(922566)\nOther comprehensive income (loss)\t\t\t\t\nForeign currency translation adjustments\t863\t(1054)\t(1812)\t(952)\nAmortization of deferred pension plan amounts (net of tax provision of $150 and $145 for the three months ended September 30 2020 and 2019 respectively and $450 and $436 for the nine months ended September 30 2020 and 2019 respectively)\t569\t549\t1705\t1648\nOther comprehensive income (loss) net\t1432\t(505)\t(107)\t696\nNet comprehensive loss attributable to noncontrolling interests\t0\t262081\t0\t254846\nComprehensive loss attributable to Noble Corporation plc\t(49436)\t(445376)\t(1155846)\t(667024)\n", "q10k_tbl_5": "\tNine Months Ended September 30\t\n\t2020\t2019\nCash flows from operating activities\t\t\nNet loss\t(1155739)\t(922566)\nAdjustments to reconcile net loss to net cash flow from operating activities:\t\t\nDepreciation and amortization\t283652\t333481\nLoss on impairment\t1119517\t595510\nGain on extinguishment of debt net\t(17254)\t(30616)\nReorganization items net\t(11531)\t0\nDeferred income taxes\t6825\t(13688)\nAmortization of share-based compensation\t7352\t10422\nOther costs net\t(53179)\t66276\nChanges in components of working capital:\t\t\nChange in taxes receivable\t29581\t(12379)\nNet changes in other operating assets and liabilities\t27442\t(57914)\nNet cash provided by (used in) operating activities\t236666\t(31474)\nCash flows from investing activities\t\t\nCapital expenditures\t(112603)\t(222587)\nProceeds from disposal of assets net\t1428\t9430\nNet cash used in investing activities\t(111175)\t(213157)\nCash flows from financing activities\t\t\nBorrowings on credit facilities\t210000\t455000\nRepayments of credit facilities\t0\t(20000)\nRepayments of debt\t(101132)\t(400000)\nDebt issuance costs\t0\t(1092)\nDividends paid to noncontrolling interests\t0\t(25109)\nCash paid to settle equity awards\t(1010)\t0\nTaxes withheld on employee stock transactions\t(417)\t(2779)\nNet cash provided by financing activities\t107441\t6020\nNet increase (decrease) in cash cash equivalents and restricted cash\t232932\t(238611)\nCash cash equivalents and restricted cash beginning of period\t105924\t375907\nCash cash equivalents and restricted cash end of period\t338856\t137296\n", "q10k_tbl_6": "\tShares\t\tAdditional Paid-in Capital\tRetained Earnings\tAccumulated Other Comprehensive Loss\tNoncontrolling Interests\tTotal Equity\n\tBalance\tPar Value\t\nBalance at June 30 2019\t249155\t2492\t704511\t3385517\t(55871)\t391100\t4427749\nEmployee related equity activity\t\t\t\t\t\t\t\nAmortization of share-based compensation\t0\t0\t2511\t0\t0\t0\t2511\nIssuance of share-based compensation shares\t36\t0\t0\t0\t0\t0\t0\nShares withheld for taxes on equity transactions\t0\t0\t(18)\t0\t0\t0\t(18)\nNet loss\t0\t0\t0\t(444871)\t0\t(262081)\t(706952)\nDividends paid to noncontrolling interests\t0\t0\t0\t0\t0\t(7571)\t(7571)\nOther comprehensive loss net\t0\t0\t0\t0\t(505)\t0\t(505)\nBalance at September 30 2019\t249191\t2492\t707004\t2940646\t(56376)\t121448\t3715214\nBalance at June 30 2020\t251041\t2510\t811483\t1802905\t(59928)\t0\t2556970\nEmployee related equity activity\t\t\t\t\t\t\t\nAmortization of share-based compensation\t0\t0\t1500\t0\t0\t0\t1500\nIssuance of share-based compensation shares\t21\t0\t0\t0\t0\t0\t0\nShares withheld for taxes on equity transactions\t0\t0\t0\t0\t0\t0\t0\nNet loss\t0\t0\t0\t(50868)\t0\t0\t(50868)\nOther comprehensive income net\t0\t0\t0\t0\t1432\t0\t1432\nBalance at September 30 2020\t251062\t2510\t812983\t1752037\t(58496)\t0\t2509034\n", "q10k_tbl_7": "\tShares\t\tAdditional Paid-in Capital\tRetained Earnings\tAccumulated Other Comprehensive Loss\tNoncontrolling Interests\tTotal Equity\n\tBalance\tPar Value\t\nBalance at December 31 2018\t246794\t2468\t699409\t3608366\t(57072)\t401403\t4654574\nEmployee related equity activity\t\t\t\t\t\t\t\nAmortization of share-based compensation\t0\t0\t10422\t0\t0\t0\t10422\nIssuance of share-based compensation shares\t2397\t24\t(24)\t0\t0\t0\t0\nShares withheld for taxes on equity transactions\t0\t0\t(2803)\t0\t0\t0\t(2803)\nNet loss\t0\t0\t0\t(667720)\t0\t(254846)\t(922566)\nDividends paid to noncontrolling interests\t0\t0\t0\t0\t0\t(25109)\t(25109)\nOther comprehensive income net\t0\t0\t0\t0\t696\t0\t696\nBalance at September 30 2019\t249191\t2492\t707004\t2940646\t(56376)\t121448\t3715214\nBalance at December 31 2019\t249200\t2492\t807093\t2907776\t(58389)\t0\t3658972\nEmployee related equity activity\t\t\t\t\t\t\t\nAmortization of share-based compensation\t0\t0\t6342\t0\t0\t0\t6342\nIssuance of share-based compensation shares\t1862\t18\t(17)\t0\t0\t0\t1\nShares withheld for taxes on equity transactions\t0\t0\t(435)\t0\t0\t0\t(435)\nNet loss\t0\t0\t0\t(1155739)\t0\t0\t(1155739)\nOther comprehensive loss net\t0\t0\t0\t0\t(107)\t0\t(107)\nBalance at September 30 2020\t251062\t2510\t812983\t1752037\t(58496)\t0\t2509034\n", "q10k_tbl_8": "\tSeptember 30 2020\tDecember 31 2019\nASSETS\t\t\nCurrent assets\t\t\nCash and cash equivalents\t325090\t104575\nAccounts receivable net of allowance for credit losses of $1069 and $1939 respectively\t167435\t198665\nAccounts receivable from affiliates\t30931\t0\nTaxes receivable\t42198\t59771\nPrepaid expenses and other current assets\t49213\t57890\nTotal current assets\t614867\t420901\nProperty and equipment at cost\t8749255\t10306625\nAccumulated depreciation\t(2317869)\t(2572701)\nProperty and equipment net\t6431386\t7733924\nOther assets\t70095\t128467\nTotal assets\t7116348\t8283292\nLIABILITIES AND EQUITY\t\t\nCurrent liabilities\t\t\nCurrent maturities of long-term debt\t0\t62505\nAccounts payable\t68521\t107985\nAccrued payroll and related costs\t38457\t56065\nTaxes payable\t37922\t30715\nInterest payable\t0\t88047\nOther current liabilities\t42046\t71397\nTotal current liabilities\t186946\t416714\nLong-term debt\t0\t3779499\nDeferred income taxes\t43147\t68201\nOther liabilities\t109474\t260898\nLiabilities subject to compromise\t4165725\t0\nTotal liabilities\t4505292\t4525312\nCommitments and contingencies (Note 14)\t\t\nShareholders' equity\t\t\nCommon stock $0.10 par value ordinary shares; 261246 shares outstanding as of September 30 2020 and December 31 2019\t26125\t26125\nCapital in excess of par value\t764897\t757545\nRetained earnings\t1878530\t3032699\nAccumulated other comprehensive loss\t(58496)\t(58389)\nTotal shareholders' equity\t2611056\t3757980\nTotal liabilities and equity\t7116348\t8283292\n", "q10k_tbl_9": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nOperating revenues\t\t\t\t\nContract drilling services\t227050\t259428\t714555\t804746\nReimbursables and other\t14786\t16098\t46510\t46604\n\t241836\t275526\t761065\t851350\nOperating costs and expenses\t\t\t\t\nContract drilling services\t136975\t175563\t441485\t514871\nReimbursables\t13369\t13779\t41387\t38555\nDepreciation and amortization\t90236\t112175\t282385\t331485\nGeneral and administrative\t6503\t8832\t30806\t25099\nLoss on impairment\t0\t595510\t1119517\t595510\n\t247083\t905859\t1915580\t1505520\nOperating loss\t(5247)\t(630333)\t(1154515)\t(654170)\nOther income (expense)\t\t\t\t\nInterest expense net of amounts capitalized\t(23427)\t(68991)\t(164586)\t(208211)\nGain (loss) on extinguishment of debt net\t17847\t(650)\t17254\t30616\nInterest income and other net\t7871\t(149)\t8536\t4217\nReorganization items net\t(49974)\t0\t(49974)\t0\nLoss from continuing operations before income taxes\t(52930)\t(700123)\t(1343285)\t(827548)\nIncome tax benefit (provision)\t(25272)\t2845\t238944\t37162\nNet loss from continuing operations\t(78202)\t(697278)\t(1104341)\t(790386)\nNet loss from discontinued operations net of tax\t0\t0\t0\t(3821)\nNet loss\t(78202)\t(697278)\t(1104341)\t(794207)\nNet income attributable to noncontrolling interests\t0\t262081\t0\t254846\nNet loss attributable to Noble Corporation\t(78202)\t(435197)\t(1104341)\t(539361)\n", "q10k_tbl_10": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet loss\t(78202)\t(697278)\t(1104341)\t(794207)\nOther comprehensive income (loss)\t\t\t\t\nForeign currency translation adjustments\t863\t(1054)\t(1812)\t(952)\nAmortization of deferred pension plan amounts (net of tax provision of $150 and $145 for the three months ended September 30 2020 and 2019 respectively and $450 and $436 for the nine months ended September 30 2020 and 2019 respectively)\t569\t549\t1705\t1648\nOther comprehensive income (loss) net\t1432\t(505)\t(107)\t696\nNet comprehensive loss attributable to noncontrolling interests\t0\t262081\t0\t254846\nComprehensive loss attributable to Noble Corporation\t(76770)\t(435702)\t(1104448)\t(538665)\n", "q10k_tbl_11": "\tNine Months Ended September 30\t\n\t2020\t2019\nCash flows from operating activities\t\t\nNet loss\t(1104341)\t(794207)\nAdjustments to reconcile net loss to net cash flow from operating activities:\t\t\nDepreciation and amortization\t282385\t331485\nLoss on impairment\t1119517\t595510\nGain on extinguishment of debt net\t(17254)\t(30616)\nReorganization items net\t49969\t0\nDeferred income taxes\t6825\t(13688)\nAmortization of share-based compensation\t7352\t10386\nOther costs net\t(99679)\t(33724)\nChanges in components of working capital:\t\t\nChange in taxes receivable\t29581\t(12379)\nNet changes in other operating assets and liabilities\t(2258)\t(56773)\nNet cash provided by (used in) operating activities\t272097\t(4006)\nCash flows from investing activities\t\t\nCapital expenditures\t(112603)\t(222587)\nProceeds from disposal of assets net\t1428\t9430\nNet cash used in investing activities\t(111175)\t(213157)\nCash flows from financing activities\t\t\nBorrowings on credit facilities\t210000\t455000\nRepayments of credit facilities\t0\t(20000)\nRepayments of debt\t(101132)\t(400000)\nDebt issuance costs\t0\t(1092)\nDividends paid to noncontrolling interests\t0\t(25109)\nDistributions to parent company net\t(49829)\t(29441)\nNet cash provided by (used in) financing activities\t59039\t(20642)\nNet increase (decrease) in cash cash equivalents and restricted cash\t219961\t(237805)\nCash cash equivalents and restricted cash beginning of period\t105878\t375050\nCash cash equivalents and restricted cash end of period\t325839\t137245\n", "q10k_tbl_12": "\tShares\t\tAdditional Paid-in Capital\tRetained Earnings\tAccumulated Other Comprehensive Loss\tNoncontrolling Interests\tTotal Equity\n\tBalance\tPar Value\t\nBalance at June 30 2019\t261246\t26125\t654969\t3511482\t(55871)\t391100\t4527805\nDistributions to parent company net\t0\t0\t0\t(9157)\t0\t0\t(9157)\nCapital contribution by parent - share-based compensation\t0\t0\t2499\t0\t0\t0\t2499\nNet loss\t0\t0\t0\t(435197)\t0\t(262081)\t(697278)\nDividends paid to noncontrolling interests\t0\t0\t0\t\t0\t(7571)\t(7571)\nOther comprehensive loss net\t0\t0\t0\t0\t(505)\t0\t(505)\nBalance at September 30 2019\t261246\t26125\t657468\t3067128\t(56376)\t121448\t3815793\nBalance at June 30 2020\t261246\t26125\t763397\t1970710\t(59928)\t0\t2700304\nDistributions to parent company net\t0\t0\t0\t(13978)\t0\t0\t(13978)\nCapital contribution by parent - share-based compensation\t0\t0\t1500\t0\t0\t0\t1500\nNet loss\t0\t0\t0\t(78202)\t0\t0\t(78202)\nOther comprehensive income net\t0\t0\t0\t0\t1432\t0\t1432\nBalance at September 30 2020\t261246\t26125\t764897\t1878530\t(58496)\t0\t2611056\n", "q10k_tbl_13": "\tShares\t\tAdditional Paid-in Capital\tRetained Earnings\tAccumulated Other Comprehensive Loss\tNoncontrolling Interests\tTotal Equity\n\tBalance\tPar Value\t\nBalance at December 31 2018\t261246\t26125\t647082\t3635930\t(57072)\t401403\t4653468\nDistributions to parent company net\t0\t0\t0\t(29441)\t0\t0\t(29441)\nCapital contribution by parent - share-based compensation\t0\t0\t10386\t0\t0\t0\t10386\nNet loss\t0\t0\t0\t(539361)\t0\t(254846)\t(794207)\nDividends paid to noncontrolling interests\t0\t0\t0\t0\t0\t(25109)\t(25109)\nOther comprehensive income net\t0\t0\t0\t0\t696\t0\t696\nBalance at September 30 2019\t261246\t26125\t657468\t3067128\t(56376)\t121448\t3815793\nBalance at December 31 2019\t261246\t26125\t757545\t3032699\t(58389)\t0\t3757980\nDistributions to parent company net\t0\t0\t0\t(49828)\t0\t0\t(49828)\nCapital contribution by parent - share-based compensation\t0\t0\t7352\t0\t0\t0\t7352\nNet loss\t0\t0\t0\t(1104341)\t0\t0\t(1104341)\nOther comprehensive loss net\t0\t0\t0\t0\t(107)\t0\t(107)\nBalance at September 30 2020\t261246\t26125\t764897\t1878530\t(58496)\t0\t2611056\n", "q10k_tbl_14": "\tNoble-UK\tNoble-Cayman\n\tSeptember 30 2020\tSeptember 30 2020\nProfessional fees (1)\t20545\t5\nWrite-off of debt financing costs and discount\t45469\t45469\nAdjustments for estimated litigation claims\t(57000)\t4500\nTotal Reorganization items net\t9014\t49974\n", "q10k_tbl_15": "\tNoble-UK\tNoble-Cayman\n\tSeptember 30 2020\tSeptember 30 2020\n4.900% Senior Notes due August 2020\t62535\t62535\n4.625% Senior Notes due March 2021\t79937\t79937\n3.950% Senior Notes due March 2022\t21213\t21213\n7.750% Senior Notes due January 2024\t397025\t397025\n7.950% Senior Notes due April 2025\t450000\t450000\n7.875% Senior Notes due February 2026\t750000\t750000\n6.200% Senior Notes due August 2040\t393597\t393597\n6.050% Senior Notes due March 2041\t395000\t395000\n5.250% Senior Notes due March 2042\t483619\t483619\n8.950% Senior Notes due April 2045\t400000\t400000\n2017 Credit Facility\t545000\t545000\nLitigation\t97000\t12000\nAccrued and unpaid interest\t110301\t110301\nAccounts payable and other liabilities\t44097\t43393\nLease liabilities\t22105\t22105\nTotal consolidated liabilities subject to compromise\t4251429\t4165725\n", "q10k_tbl_16": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNumerator:\t\t\t\t\nBasic\t\t\t\t\nNet loss from continuing operations\t(50868)\t(444871)\t(1155739)\t(663899)\nNet loss from discontinued operations net of tax\t0\t0\t0\t(3821)\nNet loss attributable to Noble Corporation plc\t(50868)\t(444871)\t(1155739)\t(667720)\nDiluted\t\t\t\t\nNet loss from continuing operations\t(50868)\t(444871)\t(1155739)\t(663899)\nNet loss from discontinued operations net of tax\t0\t0\t0\t(3821)\nNet loss attributable to Noble Corporation plc\t(50868)\t(444871)\t(1155739)\t(667720)\nDenominator:\t\t\t\t\nWeighted average shares outstanding - basic\t251058\t249181\t250696\t248865\nWeighted average shares outstanding - diluted\t251058\t249181\t250696\t248865\nLoss per share\t\t\t\t\nBasic:\t\t\t\t\nLoss from continuing operations\t(0.20)\t(1.79)\t(4.61)\t(2.66)\nLoss from discontinued operations\t0\t0\t0\t(0.02)\nNet loss attributable to Noble Corporation plc\t(0.20)\t(1.79)\t(4.61)\t(2.68)\nDiluted:\t\t\t\t\nLoss from continuing operations\t(0.20)\t(1.79)\t(4.61)\t(2.66)\nLoss from discontinued operations\t0\t0\t0\t(0.02)\nNet loss attributable to Noble Corporation plc\t(0.20)\t(1.79)\t(4.61)\t(2.68)\n", "q10k_tbl_17": "\tSeptember 30 2020\tDecember 31 2019\nDrilling equipment and facilities\t8465303\t10014314\nConstruction in progress\t81186\t88904\nOther\t202766\t203407\nProperty and equipment at cost\t8749255\t10306625\n", "q10k_tbl_18": "\tSeptember 30 2020 (1)\t\tDecember 31 2019\t\n\tCarrying Value\tEstimated Fair Value\tCarrying Value\tEstimated Fair Value\nSenior unsecured notes:\t\t\t\t\n4.90% Senior Notes due August 2020\t62535\t1322\t62505\t60660\n4.625% Senior Notes due March 2021\t79937\t1623\t79854\t64262\n3.95% Senior Notes due March 2022\t21213\t185\t21181\t12170\n7.75% Senior Notes due January 2024\t397025\t3807\t389800\t211035\n7.95% Senior Notes due April 2025\t450000\t4550\t446962\t228515\n7.875% Senior Notes due February 2026\t750000\t184133\t739371\t546353\n6.20% Senior Notes due August 2040\t393597\t5349\t390526\t149134\n6.05% Senior Notes due March 2041\t395000\t4290\t389809\t142646\n5.25% Senior Notes due March 2042\t483619\t5238\t478122\t176265\n8.95% Senior Notes due April 2045\t400000\t4092\t390763\t164664\nSeller loans:\t\t\t\t\nSeller-financed secured loan due September 2022\t0\t0\t62453\t36968\nSeller-financed secured loan due February 2023\t0\t0\t55658\t31175\nCredit facility:\t\t\t\t\n2017 Credit Facility matures January 2023\t545000\t545000\t335000\t335000\nTotal debt\t3977926\t759589\t3842004\t2158847\nLess: Current maturities of long-term debt\t0\t0\t(62505)\t(60660)\nLong-term debt (2)\t0\t0\t3779499\t2098187\n", "q10k_tbl_19": "\tDefined Benefit Pension Items (1)\tForeign Currency Items\tTotal\nBalance at December 31 2018\t(39058)\t(18014)\t(57072)\nActivity during period:\t\t\t\nOther comprehensive income (loss) before reclassifications\t0\t508\t508\nAmounts reclassified from AOCI\t550\t0\t550\nNet other comprehensive income\t550\t508\t1058\nBalance at March 31 2019\t(38508)\t(17506)\t(56014)\nActivity during period:\t\t\t\nOther comprehensive income (loss) before reclassifications\t0\t(406)\t(406)\nAmounts reclassified from AOCI\t549\t0\t549\nNet other comprehensive income (loss)\t549\t(406)\t143\nBalance at June 30 2019\t(37959)\t(17912)\t(55871)\nActivity during period:\t\t\t\nOther comprehensive income (loss) before reclassifications\t0\t(1054)\t(1054)\nAmounts reclassified from AOCI\t549\t0\t549\nNet other comprehensive income\t549\t(1054)\t(505)\nBalance at September 30 2019\t(37410)\t(18966)\t(56376)\nBalance at December 31 2019\t(40635)\t(17754)\t(58389)\nActivity during period:\t\t\t\nOther comprehensive income (loss) before reclassifications\t0\t(2136)\t(2136)\nAmounts reclassified from AOCI\t568\t0\t568\nNet other comprehensive income (loss)\t568\t(2136)\t(1568)\nBalance at March 31 2020\t(40067)\t(19890)\t(59957)\nActivity during period:\t\t\t\nOther comprehensive income (loss) before reclassifications\t0\t(539)\t(539)\nAmounts reclassified from AOCI\t568\t0\t568\nNet other comprehensive income (loss)\t568\t(539)\t29\nBalance at June 30 2020\t(39499)\t(20429)\t(59928)\nActivity during period:\t\t\t\nOther comprehensive income (loss) before reclassifications\t0\t863\t863\nAmounts reclassified from AOCI\t569\t0\t569\nNet other comprehensive income (loss)\t569\t863\t1432\nBalance at September 30 2020\t(38930)\t(19566)\t(58496)\n", "q10k_tbl_20": "\tSeptember 30 2020\tDecember 31 2019\nCurrent contract assets\t10791\t21292\nNoncurrent contract assets\t4638\t9508\nTotal contract assets\t15429\t30800\nCurrent contract liabilities (deferred revenue)\t(36045)\t(34196)\nNoncurrent contract liabilities (deferred revenue)\t(24002)\t(30859)\nTotal contract liabilities\t(60047)\t(65055)\n", "q10k_tbl_21": "\tContract Assets\tContract Liabilities\nNet balance at December 31 2018\t47664\t(80753)\nAmortization of deferred costs\t(22985)\t0\nAdditions to deferred costs\t16984\t0\nAmortization of deferred revenue\t0\t38255\nAdditions to deferred revenue\t0\t(28521)\nTotal\t(6001)\t9734\nNet balance at September 30 2019\t41663\t(71019)\nNet balance at December 31 2019\t30800\t(65055)\nAmortization of deferred costs\t(22736)\t0\nAdditions to deferred costs\t7365\t0\nAmortization of deferred revenue\t0\t46523\nAdditions to deferred revenue\t0\t(41515)\nTotal\t(15371)\t5008\nNet balance at September 30 2020\t15429\t(60047)\n", "q10k_tbl_22": "\tFor the Years Ended December 31\t\t\t\t\t\n\t2020 (1)\t2021\t2022\t2023\t2024 and beyond\tTotal\nFloaters\t6773\t23248\t10161\t5866\t375\t46423\nJackups\t4657\t7227\t1740\t0\t0\t13624\nTotal\t11430\t30475\t11901\t5866\t375\t60047\n", "q10k_tbl_23": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nFloaters\t127286\t131039\t367304\t428272\nJackups\t99764\t128389\t347251\t376474\nTotal\t227050\t259428\t714555\t804746\n", "q10k_tbl_24": "\tThree Months Ended September 30\t\t\t\n\t2020\t\t2019\t\n\tNon-US\tUS\tNon-US\tUS\nInterest cost\t450\t1892\t418\t2178\nReturn on plan assets\t(517)\t(2919)\t(595)\t(2578)\nRecognized net actuarial loss\t3\t716\t2\t693\nNet pension benefit cost (gain)\t(64)\t(311)\t(175)\t293\n", "q10k_tbl_25": "\tNine Months Ended September 30\t\t\t\n\t2020\t\t2019\t\n\tNon-US\tUS\tNon-US\tUS\nInterest cost\t1313\t5676\t1294\t6534\nReturn on plan assets\t(1510)\t(8757)\t(1843)\t(7735)\nRecognized net actuarial loss\t7\t2149\t7\t2078\nNet pension benefit cost (gain)\t(190)\t(932)\t(542)\t877\n", "q10k_tbl_26": "\tNoble-UK\t\tNoble-Cayman\t\n\tNine Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nAccounts receivable\t31230\t(5113)\t299\t(1) $(5113)\nOther current assets\t(4950)\t365\t8124\t(322)\nOther assets\t1483\t9037\t2750\t11033\nAccounts payable\t(1485)\t366\t(14564)\t56\nOther current liabilities\t9033\t(47919)\t9002\t(47777)\nOther liabilities\t(7869)\t(14650)\t(7869)\t(14650)\nTotal net change in assets and liabilities\t27442\t(57914)\t(2258)\t(56773)\n", "q10k_tbl_27": "\tSeptember 30 2020\nASSETS\t\nCurrent assets\t\nCash and cash equivalents\t282888\nAccounts receivable\t128535\nReceivables from non-debtor affiliates\t2795335\nTaxes receivable\t35666\nPrepaid expenses and other current assets\t56006\nShort-term notes receivable from non-debtor affiliates\t365112\nTotal current assets\t3663542\nProperty and equipment at cost\t8702682\nAccumulated depreciation\t(2302220)\nProperty and equipment net\t6400462\nInvestment in non-debtor affiliates\t19348249\nReceivables from non-debtor affiliates\t541335\nOther assets\t45794\nTotal assets\t29999382\nLIABILITIES AND EQUITY\t\nCurrent liabilities\t\nAccounts payable\t59249\nAccounts payable to non-debtor affiliates\t18751\nAccrued payroll and related costs\t31921\nTaxes payable\t25849\nOther current liabilities\t32583\nTotal current liabilities\t168353\nDeferred income taxes\t42582\nOther liabilities\t98890\nLiabilities subject to compromise inclusive of payables to non-debtor affiliates of $6216600\t10468029\nTotal liabilities\t10777854\nTotal debtors' equity\t19221528\nTotal liabilities and debtors' equity\t29999382\n", "q10k_tbl_28": "\tThree Months Ended September 30 2020\tNine Months Ended September 30 2020\nOperating revenues\t\t\nContract drilling services\t183265\t557171\nReimbursables and other\t12609\t39466\nNon-debtor affiliates\t25650\t81625\n\t221524\t678262\nOperating costs and expenses\t\t\nContract drilling services\t120202\t372630\nReimbursables\t11468\t35438\nDepreciation and amortization\t90208\t282598\nGeneral and administrative\t15468\t105978\nPre-petition charges\t3894\t14409\nLoss on impairment\t0\t1119517\n\t241240\t1930570\nOperating loss\t(19716)\t(1252308)\nOther income (expense)\t\t\nInterest expense net of amounts capitalized\t(23355)\t(164421)\nInterest expense from non-debtor affiliates\t(4627)\t(33421)\nGain on extinguishment of debt net\t17847\t17254\nInterest income and other net\t7300\t8559\nInterest income from non-debtor affiliates\t8633\t22919\nReorganization items net\t(9014)\t(9014)\nLoss from continuing operations before income taxes\t(22932)\t(1410432)\nIncome tax benefit (provision)\t(25395)\t225136\nNet loss\t(48327)\t(1185296)\n", "q10k_tbl_29": "\tNine Months Ended September 30 2020\nCash flows from operating activities\t\nNet loss\t(1185296)\nAdjustments to reconcile net loss to net cash flow from operating activities:\t\nDepreciation and amortization\t282598\nLoss on impairment\t1119517\nReorganization items net\t(11531)\nGain on extinguishment of debt net\t(17254)\nDeferred income taxes\t6737\nAmortization of share-based compensation\t7352\nOther costs net\t(33290)\nChanges in components of working capital:\t\nChange in taxes receivable\t28130\nNet changes in other operating assets and liabilities\t24320\nNet changes in other operating assets and liabilities with non-debtor affiliates\t(36386)\nNet cash provided by operating activities\t184897\nCash flows from investing activities\t\nCapital expenditures\t(111601)\nProceeds from disposal of assets net\t1191\nNet cash used in investing activities\t(110410)\nCash flows from financing activities\t\nBorrowings on credit facilities\t210000\nRepayments of senior notes\t(101132)\nCash paid to settle equity awards\t(1010)\nOther financing activities with non-debtor affiliates\t41037\nTaxes withheld on employee stock transactions\t(417)\nNet cash provided by financing activities\t148478\nNet increase in cash cash equivalents and restricted cash\t222965\nCash cash equivalents and restricted cash beginning of period\t73682\nCash cash equivalents and restricted cash end of period\t296647\n", "q10k_tbl_30": "\t\tYear Ending December 31\t\t\t\t\t\n\tTotal\t2020 (1)\t2021\t2022\t2023\t2024\t2025-2030\n\t(In thousands)\t\t\t\t\t\t\nContract Drilling Services Backlog\t\t\t\t\t\t\t\nFloaters (2)(3)\t1275056\t103314\t395335\t218424\t133724\t64325\t359934\nJackups (4)\t406255\t56956\t212379\t105756\t31164\t0\t0\nTotal (5)\t1681311\t160270\t607714\t324180\t164888\t64325\t359934\nPercent of Available Days Committed (6)\t\t\t\t\t\t\t\nFloaters\t\t46%\t42%\t21%\t14%\t8%\t8%\nJackups\t\t56%\t43%\t20%\t4%\t-%\t-%\nTotal\t\t51%\t43%\t21%\t9%\t4%\t4%\n", "q10k_tbl_31": "\tAverage Rig Utilization (1)\t\tOperating Days (2)\t\t\tAverage Dayrates (2)\t\t\n\tThree Months Ended September 30\t\tThree Months Ended September 30\t\t\tThree Months Ended September 30\t\t\n\t2020\t2019\t2020\t2019\t% Change\t2020\t2019\t% Change\nJackups\t62%\t89%\t680\t985\t(31)%\t146625\t130339\t12%\nFloaters\t53%\t63%\t582\t691\t(16)%\t218821\t189773\t15%\nTotal\t57%\t76%\t1262\t1676\t(25)%\t179900\t154827\t16%\n", "q10k_tbl_32": "\tThree Months Ended September 30\t\tChange\t\n\t2020\t2019\t$\t%\nOperating revenues:\t\t\t\t\nContract drilling services\t227050\t259428\t(32378)\t(12)%\nReimbursables and other (1)\t14786\t16098\t(1312)\t(8)%\n\t241836\t275526\t(33690)\t(12)%\nOperating costs and expenses:\t\t\t\t\nContract drilling services\t137180\t175929\t(38749)\t(22)%\nReimbursables (1)\t13369\t13779\t(410)\t(3)%\nDepreciation and amortization\t88896\t109616\t(20720)\t(19)%\nGeneral and administrative\t15662\t17565\t(1903)\t(11)%\nLoss on impairments\t0\t595510\t(595510)\t**\n\t255107\t912399\t(657292)\t(72)%\nOperating loss\t(13271)\t(636873)\t623602\t(98)%\n", "q10k_tbl_33": "\tAverage Rig Utilization (1)\t\tOperating Days (2)\t\t\tAverage Dayrates (2)\t\t\n\tNine Months Ended September 30\t\tNine Months Ended September 30\t\t\tNine Months Ended September 30\t\t\n\t2020\t2019\t2020\t2019\t% Change\t2020\t2019\t% Change\nJackups\t74%\t93%\t2472\t2957\t(16)%\t140512\t127296\t10%\nFloaters\t55%\t63%\t1802\t2066\t(13)%\t203792\t207345\t(2)%\nTotal\t64%\t78%\t4274\t5023\t(15)%\t167199\t160212\t4%\n", "q10k_tbl_34": "\tNine Months Ended September 30\t\tChange\t\n\t2020\t2019\t$\t%\nOperating revenues:\t\t\t\t\nContract drilling services\t714555\t804746\t(90191)\t(11)%\nReimbursables and other (1)\t46510\t46604\t(94)\t-%\n\t761065\t851350\t(90285)\t(11)%\nOperating costs and expenses:\t\t\t\t\nContract drilling services\t442479\t516522\t(74043)\t(14)%\nReimbursables (1)\t41387\t38555\t2832\t7%\nDepreciation and amortization\t227301\t323504\t(96203)\t(30)%\nGeneral and administrative\t106504\t149816\t(43312)\t(29)%\nLoss on impairments\t1119517\t595510\t524007\t**\n\t1937188\t1623907\t313281\t19%\nOperating loss\t(1176123)\t(772557)\t(403566)\t52%\n", "q10k_tbl_35": "Exhibit Number\tExhibit\n2.1\tMerger Agreement dated as of June 30 2013 between Noble Corporation a Swiss corporation (\"Noble-Swiss\") and Noble Corporation Limited (filed as Exhibit 2.1 to Noble-Swiss' Current Report on Form 8-K filed on July 1 2013 and incorporated herein by reference).\n2.2\tAgreement and Plan of Merger Reorganization and Consolidation dated as of December 19 2008 among Noble Corporation a Swiss corporation Noble Corporation a Cayman Islands company (\"Noble-Cayman\") and Noble Cayman Acquisition Ltd. (filed as Exhibit 1.1 to Noble-Cayman's Current Report on Form 8-K filed on December 22 2008 and incorporated herein by reference).\n2.3\tAmendment No. 1 to Agreement and Plan of Merger Reorganization and Consolidation dated as of February 4 2009 among Noble-Swiss Noble-Cayman and Noble Cayman Acquisition Ltd. (filed as Exhibit 2.2 to Noble-Cayman's Current Report on Form 8-K filed on February 4 2009 and incorporated herein by reference).\n3.1\tComposite Copy of Articles of Association of Noble Corporation plc a company incorporated under the laws of England and Wales (\"Noble-UK\") as of June 10 2014 (filed as Exhibit 3.1 to Noble-UK's Quarterly Report on Form 10-Q for the quarter ended March 30 2014 and incorporated herein by reference).\n3.2\tMemorandum and Articles of Association of Noble-Cayman (filed as Exhibit 3.1 to Noble-Cayman's Current Report on Form 8-K filed on March 30 2009 and incorporated herein by reference).\n10.1*†\tNoble Corporation plc 2020 Short-Term Incentive Plan amended and restated effective as of July 1 2020 (filed as Exhibit 10.3 to Noble-UK's Quarterly Report on Form 10-Q for the quarter ended June 30 2020 and incorporated herein by reference).\n10.2*†\tNoble Corporation plc 2020 Other Cash Award Plan effective as of July 1 2020 (filed as Exhibit 10.4 to Noble-UK's Quarterly Report on Form 10-Q for the quarter ended June 30 2020 and incorporated herein by reference).\n10.3*\tForm of Letter Agreement relating to Restructured 2020 Executive Incentive Compensation.\n10.4*\tNoble Corporation plc Time-Vested Cash Award (Inducement Award) Agreement effective July 1 2020 by and between Noble Corporation plc and Robert W. Eifler.\n10.5*†\tNoble Corporation plc Performance-Vested Cash Award (Inducement Award) Agreement effective July 1 2020 by and between Noble Corporation plc and Robert W. Eifler.\n10.6†\tRestructuring Support Agreement dated July 31 2020 by and among Noble Corporation plc the subsidiaries of Noble Corporation plc party thereto and the Consenting Creditors party thereto (filed as Exhibit 10.1 to Noble-UK's Current Report on Form 8-K filed on July 31 2020 and incorporated herein by reference).\n10.7†\tFirst Amendment to Restructuring Support Agreement dated August 20 2020 by and among Noble Corporation plc and the Consenting Creditors party thereto (filed as Exhibit 10.1 to Noble-UK's Current Report on Form 8-K filed on August 26 2020 and incorporated herein by reference).\n10.8†\tSettlement Agreement dated September 23 2020 by and among the Paragon Litigation Trust and Noble Corporation plc Noble Corporation Holdings Ltd Noble Corporation Noble FDR Holdings Limited Noble Holding International Limited Noble Holding (U.S.) LLC and Noble International Finance Company (filed as Exhibit 10.1 to Noble-UK's Current Report on Form 8-K filed on September 28 2020 and incorporated herein by reference).\n10.9†\tBackstop Commitment Agreement dated October 12 2020 by and among Noble Corporation plc the subsidiaries of Noble Corporation plc party thereto and the Backstop Parties party thereto (filed as Exhibit 10.1 to Noble-UK's Current Report on Form 8-K filed on October 15 2020 and incorporated herein by reference).\n", "q10k_tbl_36": "Exhibit Number\tExhibit\n22\tList of Guarantor Subsidiaries (filed as Exhibit 22 to Noble-UK's Quarterly Report on Form 10-Q for the quarter ended March 31 2020 and incorporated herein by reference).\n31.1\tCertification of Robert W. Eifler Noble-UK pursuant to the U.S. Securities Exchange Act of 1934 as amended Rule 13a-14(a) or Rule 15d-14(a).\n31.2\tCertification of Robert W. Eifler Noble-Cayman pursuant to the U.S. Securities Exchange Act of 1934 as amended Rule 13a-14(a) or Rule 15d-14(a).\n31.3\tCertification of Richard B. Barker Noble-UK pursuant to the US Securities Exchange Act of 1934 as amended Rule 13a-14(a) or Rule 15d-14(a).\n31.4\tCertification of Richard B. Barker Noble-Cayman pursuant to the US Securities Exchange Act of 1934 as amended Rule 13a-14(a) or Rule 15d-14(a).\n32.1+\tCertification of Robert W. Eifler Noble-UK pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n32.2+\tCertification of Robert W. Eifler Noble-Cayman pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n32.3+\tCertification of Richard B. Barker Noble-UK pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n32.4+\tCertification of Richard B. Barker Noble-Cayman pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n101.INS\tInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH\tInline XBRL Taxonomy Extension Schema Document.\n101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase Document.\n101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase Document.\n101.LAB\tInline XBRL Taxonomy Extension Label Linkbase Document.\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase Document.\n104\tCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_3", "cf": "q10k_tbl_5"}None
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 November 3, 2020: Noble Corporation plc - 251,083,973
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.
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 (DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30, 2020
December 31, 2019
ASSETS
Current assets
Cash and cash equivalents
$
325,097
$
104,621
Accounts receivable, net of allowance for credit losses of $1,069 and $1,939, respectively
167,435
198,665
Taxes receivable
42,198
59,771
Prepaid expenses and other current assets
76,456
59,050
Total current assets
611,186
422,107
Property and equipment, at cost
8,749,255
10,306,625
Accumulated depreciation
(2,317,869
)
(2,572,701
)
Property and equipment, net
6,431,386
7,733,924
Other assets
70,095
128,467
Total assets
$
7,112,667
$
8,284,498
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt
$
—
$
62,505
Accounts payable
81,119
108,208
Accrued payroll and related costs
38,495
56,056
Taxes payable
37,922
30,715
Interest payable
—
88,047
Other current liabilities
42,047
171,397
Total current liabilities
199,583
516,928
Long-term debt
—
3,779,499
Deferred income taxes
43,147
68,201
Other liabilities
109,474
260,898
Liabilities subject to compromise
4,251,429
—
Total liabilities
4,603,633
4,625,526
Commitments and contingencies (Note 14)
Shareholders’ equity
Common stock, $0.01 par value, ordinary shares; 251,062 and 249,200 shares outstanding as of September 30, 2020 and December 31, 2019, respectively
2,510
2,492
Additional paid-in capital
812,983
807,093
Retained earnings
1,752,037
2,907,776
Accumulated other comprehensive loss
(58,496
)
(58,389
)
Total shareholders’ equity
2,509,034
3,658,972
Total liabilities and equity
$
7,112,667
$
8,284,498
See accompanying notes to the unaudited condensed consolidated financial statements.
3
NOBLE CORPORATION PLC AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Operating revenues
Contract drilling services
$
227,050
$
259,428
$
714,555
$
804,746
Reimbursables and other
14,786
16,098
46,510
46,604
241,836
275,526
761,065
851,350
Operating costs and expenses
Contract drilling services
137,180
175,929
442,479
516,522
Reimbursables
13,369
13,779
41,387
38,555
Depreciation and amortization
90,606
112,755
283,652
333,481
General and administrative
15,662
17,565
106,504
149,816
Pre-petition charges
3,894
—
14,409
—
Loss on impairment
—
595,510
1,119,517
595,510
260,711
915,538
2,007,948
1,633,884
Operating loss
(18,875
)
(640,012
)
(1,246,883
)
(782,534
)
Other income (expense)
Interest expense, net of amounts capitalized
(23,427
)
(68,991
)
(164,586
)
(208,211
)
Gain (loss) on extinguishment of debt, net
17,847
(650
)
17,254
30,616
Interest income and other, net
7,872
(144
)
8,546
4,222
Reorganization items, net
(9,014
)
—
(9,014
)
—
Loss from continuing operations before income taxes
(25,597
)
(709,797
)
(1,394,683
)
(955,907
)
Income tax benefit (provision)
(25,271
)
2,845
238,944
37,162
Net loss from continuing operations
(50,868
)
(706,952
)
(1,155,739
)
(918,745
)
Net loss from discontinued operations, net of tax
—
—
—
(3,821
)
Net loss
(50,868
)
(706,952
)
(1,155,739
)
(922,566
)
Net income attributable to noncontrolling interests
—
262,081
—
254,846
Net loss attributable to Noble Corporation plc
$
(50,868
)
$
(444,871
)
$
(1,155,739
)
$
(667,720
)
Net loss attributable to Noble Corporation plc
Net loss from continuing operations
$
(50,868
)
$
(444,871
)
$
(1,155,739
)
$
(663,899
)
Net loss from discontinued operations, net of tax
—
—
—
(3,821
)
Net loss attributable to Noble Corporation plc
$
(50,868
)
$
(444,871
)
$
(1,155,739
)
$
(667,720
)
Per share data
Basic:
Loss from continuing operations
$
(0.20
)
$
(1.79
)
$
(4.61
)
$
(2.66
)
Loss from discontinued operations
—
—
—
(0.02
)
Net loss attributable to Noble Corporation plc
$
(0.20
)
$
(1.79
)
$
(4.61
)
$
(2.68
)
Diluted:
Loss from continuing operations
$
(0.20
)
$
(1.79
)
$
(4.61
)
$
(2.66
)
Loss from discontinued operations
—
—
—
(0.02
)
Net loss attributable to Noble Corporation plc
$
(0.20
)
$
(1.79
)
$
(4.61
)
$
(2.68
)
See accompanying notes to the unaudited condensed consolidated financial statements.
4
NOBLE CORPORATION PLC AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Net loss
$
(50,868
)
$
(706,952
)
$
(1,155,739
)
$
(922,566
)
Other comprehensive income (loss)
Foreign currency translation adjustments
863
(1,054
)
(1,812
)
(952
)
Amortization of deferred pension plan amounts (net of tax provision of $150 and $145 for the three months ended September 30, 2020 and 2019, respectively, and $450 and $436 for the nine months ended September 30, 2020 and 2019, respectively)
569
549
1,705
1,648
Other comprehensive income (loss), net
1,432
(505
)
(107
)
696
Net comprehensive loss attributable to noncontrolling interests
—
262,081
—
254,846
Comprehensive loss attributable to Noble Corporation plc
$
(49,436
)
$
(445,376
)
$
(1,155,846
)
$
(667,024
)
See accompanying notes to the unaudited condensed consolidated financial statements.
5
NOBLE CORPORATION PLC AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
2020
2019
Cash flows from operating activities
Net loss
$
(1,155,739
)
$
(922,566
)
Adjustments to reconcile net loss to net cash flow from operating activities:
Depreciation and amortization
283,652
333,481
Loss on impairment
1,119,517
595,510
Gain on extinguishment of debt, net
(17,254
)
(30,616
)
Reorganization items, net
(11,531
)
—
Deferred income taxes
6,825
(13,688
)
Amortization of share-based compensation
7,352
10,422
Other costs, net
(53,179
)
66,276
Changes in components of working capital:
Change in taxes receivable
29,581
(12,379
)
Net changes in other operating assets and liabilities
27,442
(57,914
)
Net cash provided by (used in) operating activities
236,666
(31,474
)
Cash flows from investing activities
Capital expenditures
(112,603
)
(222,587
)
Proceeds from disposal of assets, net
1,428
9,430
Net cash used in investing activities
(111,175
)
(213,157
)
Cash flows from financing activities
Borrowings on credit facilities
210,000
455,000
Repayments of credit facilities
—
(20,000
)
Repayments of debt
(101,132
)
(400,000
)
Debt issuance costs
—
(1,092
)
Dividends paid to noncontrolling interests
—
(25,109
)
Cash paid to settle equity awards
(1,010
)
—
Taxes withheld on employee stock transactions
(417
)
(2,779
)
Net cash provided by financing activities
107,441
6,020
Net increase (decrease) in cash, cash equivalents and restricted cash
232,932
(238,611
)
Cash, cash equivalents and restricted cash, beginning of period
105,924
375,907
Cash, cash equivalents and restricted cash, end of period
$
338,856
$
137,296
See accompanying notes to the unaudited condensed consolidated financial statements.
6
NOBLE CORPORATION PLC AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
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 June 30, 2019
249,155
$
2,492
$
704,511
$
3,385,517
$
(55,871
)
$
391,100
$
4,427,749
Employee related equity activity
Amortization of share-based compensation
—
—
2,511
—
—
—
2,511
Issuance of share-based compensation shares
36
—
—
—
—
—
—
Shares withheld for taxes on equity transactions
—
—
(18
)
—
—
—
(18
)
Net loss
—
—
—
(444,871
)
—
(262,081
)
(706,952
)
Dividends paid to noncontrolling interests
—
—
—
—
—
(7,571
)
(7,571
)
Other comprehensive loss, net
—
—
—
—
(505
)
—
(505
)
Balance at September 30, 2019
249,191
$
2,492
$
707,004
$
2,940,646
$
(56,376
)
$
121,448
$
3,715,214
Balance at June 30, 2020
251,041
$
2,510
$
811,483
$
1,802,905
$
(59,928
)
$
—
$
2,556,970
Employee related equity activity
Amortization of share-based compensation
—
—
1,500
—
—
—
1,500
Issuance of share-based compensation shares
21
—
—
—
—
—
—
Shares withheld for taxes on equity transactions
—
—
—
—
—
—
—
Net loss
—
—
—
(50,868
)
—
—
(50,868
)
Other comprehensive income, net
—
—
—
—
1,432
—
1,432
Balance at September 30, 2020
251,062
$
2,510
$
812,983
$
1,752,037
$
(58,496
)
$
—
$
2,509,034
See accompanying notes to the unaudited condensed consolidated financial statements.
7
NOBLE CORPORATION PLC AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - CONTINUED