Noble Corporation plc Reports Fourth Quarter and Full Year 2018 Results

February 20, 2019 at 4:16 PM EST
2018 HIGHLIGHTS AND RECENT ACCOMPLISHMENTS:
- Best safety year on record
- Record fleet performance with 97.3 percent uptime for the year
- Contract backlog ends year at $2.4 billion
- Exercised an option for the purchase of second newbuild jackup
- Reactivation completed on three floating rigs and a jackup
- Noble Tom Madden awarded one-year contract
- 75 percent of available days in jackup fleet already under contract in 2019
- Floating fleet operating days increased 23 percent in the fourth quarter

LONDON, Feb. 20, 2019 /PRNewswire/ -- Noble Corporation plc (NYSE: NE, the Company) today reported a net loss attributable to the Company for the three months ended December 31, 2018 (fourth quarter) of $33 million, or $0.13 per diluted share, on revenues of $310 million. Results for the fourth quarter included a discrete tax benefit and a gain from the retirement of debt, which together totaled $66 million, or $0.27 per diluted share, net of tax. These favorable items were partially offset by a loss of $9 million, or $0.04 per diluted share, resulting from the impairment of assets. Excluding the net favorable items, the net loss attributable to Noble Corporation plc for the three months ended December 31, 2018, would have been $90 million, or $0.36 per diluted share.

For the twelve months ended December 31, 2018, Noble Corporation plc reported a net loss attributable to the Company of $885 million, or $3.59 per diluted share, on revenues of $1.1 billion. Results for the year included net unfavorable items totaling $432 million, or $1.75 per diluted share, net of tax and non-controlling interests, related to asset impairments and the retirement of debt, partially offset by discrete tax items. Excluding the net unfavorable items, the net loss attributable to Noble Corporation plc for the twelve months ended December 31, 2018, would have been $453 million, or $1.84 per diluted share.

Julie J. Robertson, Chairman, President and Chief Executive Officer of Noble Corporation plc, noted, "While 2018 was another challenging year, Noble set a second consecutive annual record for operational performance, registering 97.3 percent uptime across the fleet, while again establishing record metrics for safety. We achieved these important milestones while experiencing steady improvement in fleet activity, with utilization of both our floating and jackup fleets completing the fourth quarter of 2018 at their highest levels for the year. Also, we completed reactivation projects during the year on three floating units and a jackup, with a reactivation project on a fourth floating unit in progress as the year concluded. These rig reactivations position the Company to successfully compete to fill incremental customer needs in 2019." 

Contract drilling services revenues for the fourth quarter of 2018 totaled $292 million, a nine percent improvement when compared to revenues of $267 million in the preceding quarter of 2018. The growth in revenues was driven largely by higher fleet activity, led by the floating rig fleet where operating days improved 23 percent from the previous quarter. Also, revenues were supported by a reduction in fleet downtime, which declined to 2.1 percent in the fourth quarter (97.9 percent uptime) compared to fleet downtime of 5.2 percent in the preceding quarter of 2018. The improvement in fleet operating days drove total fleet utilization in the fourth quarter to 75 percent, the highest level experienced in 2018. The measure was up from 69 percent in the preceding quarter of 2018.

Contract drilling services costs for the fourth quarter of 2018 increased 10 percent to $179 million compared to $163 million in the preceding quarter of 2018. The increase was due largely to higher fleet activity, including increased operating days for the drillship Noble Tom Madden, the semisubmersible Noble Clyde Boudreaux and the jackup Noble Sam Hartley. Reactivation costs associated with the drillship Noble Sam Croft and other measures directed at elevating overall fleet readiness also contributed to the increase in costs. Contract drilling margin for the fourth quarter was 39 percent, unchanged from the preceding quarter in 2018.

Operating Highlights
Utilization in the fourth quarter of the Company's floating rig fleet, consisting of eight drillships and four semisubmersibles, improved to 56 percent compared to 45 percent in the previous quarter of 2018, and 37 percent in the first quarter of 2018, which represented the lowest utilization measure for the floating fleet during the year. A 23 percent increase in floating fleet operating days, when compared to the third quarter, was largely driven by the semisubmersible Noble Clyde Boudreaux, following a full quarter of operations offshore Myanmar, and the drillship Noble Tom Madden, which, in October 2018, commenced operations offshore Guyana. Both rigs completed reactivation programs during the third and fourth quarters of 2018, respectively. Revenues for the floating fleet in the fourth quarter advanced 17 percent when compared to the previous quarter in 2018 following increased contributions from the semisubmersible Noble Clyde Boudreaux, as well as the drillships Noble Tom Madden, Noble Globetrotter II and Noble Don Taylor. The reactivation of the drillship Noble Sam Croft continued in the fourth quarter ahead of an expected first quarter 2019 contract commencement in the U.S. Gulf of Mexico, to be followed by a contract assignment in South America, which should commence by mid-2019. The Company began 2019 with eight of its nine actively marketed floating units under contract, amounting to 49 percent of the available days for the year.

Utilization in the fourth quarter of the Company's jackup fleet, comprised of 12 active units, was 94 percent compared to 93 percent in the preceding quarter of 2018, and 56 percent in the first quarter, which represented the lowest measure in 2018. The slight improvement from the preceding quarter was due primarily to higher activity on the Noble Sam Hartley, which in October commenced operations in the North Sea following relocation of the rig from Southeast Asia. The improvement in activity was partially offset by the Noble Tom Prosser, which completed a contract offshore East Timor in November. The rig was idle for the remainder of the fourth quarter and into the first quarter of 2019 pending the completion of a five-year regulatory survey. The Noble Tom Prosser is expected to recommence operations in the near term offshore Australia and remain under contract into the first half of 2020. When compared to the third quarter, jackup revenues in the fourth quarter of 2018 were essentially flat. Following the close of the fourth quarter, the standard-duty jackup Noble Gene House, which completed a contract in late-December 2018, was retired from service. With the retirement of the Noble Gene House, the Company's jackup fleet stands at 12 units, including the recently acquired jackup Noble Johnny Whitstine.  As previously reported, the Company exercised an option to purchase a second newbuild jackup, the Noble Joe Knight, concurrent with the award of a three-year contract.  The Company began 2019 with all 12 of its jackup rigs contracted, covering 75 percent of the available days in the year.

Backlog, Capital and Balance Sheet
At December 31, 2018, the Company's contract backlog was $2.4 billion, with an estimated $1.5 billion related to the floating rig fleet and $926 million to the jackup fleet. Approximately $945 million of the backlog is attributable to the year 2019, with an estimated 62 percent of the available days in the year committed to contracts across the Noble fleet.

Capital expenditures for the fourth quarter of 2018 were $61 million, of which $22 million was devoted to sustaining capital and $39 million related to fleet projects, reactivation programs and other projects.  For the year 2018, capital expenditures totaled $221 million, which included $83 million in sustaining capital, $34 million related to the purchase of the Noble Johnny Whitstine and $104 million for fleet projects, reactivation programs and other projects. Capital expenditures associated with the purchase of the Noble Johnny Whitstine exclude $60 million of the rig's purchase price, which was seller-financed. The Company expects capital expenditures for the full year of 2019 to total $250 million. This estimate includes $90 million in sustaining capital, $30 million related to the purchase of the Noble Joe Knight and $130 million for fleet projects, reactivation programs and other projects. The pending purchase of the Noble Joe Knight also includes $54 million with seller-financing similar to the Noble Johnny Whitstine, which is excluded from the full year 2019 capital estimate.

At December 31, 2018, cash and equivalents totaled $375 million compared to $326 million at the conclusion of the third quarter in 2018, while revolving credit facilities remained undrawn. Total debt at the conclusion of 2018 was $3.9 billion, essentially unchanged from the previous quarter.   

Outlook
Ms. Robertson highlighted the strong geographic alignment of the Noble fleet and its positive implications for 2019. She stated, "As we commence the new year, 85 percent of our jackup fleet is, or will soon be operating in the North Sea and Middle East, two outstanding regions when we consider prospects for incremental jackup demand. Also, we expect to benefit from the presence of our floating rigs in the Western Hemisphere, where increased levels of exploration and growing customer activity are expected to drive additional rig needs, as demonstrated by the recent one-year contract award for the Noble Tom Madden offshore Guyana. Our regional alignment and continued operational excellence should lead to year-over-year improvement in total fleet operating days."

A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release and can also be found at www.noblecorp.com. It provides a reconciliation for revenues, net loss, income tax and diluted earnings per share for the fourth quarter 2018, fourth quarter of 2017 and full years 2018 and 2017.

About Noble Corporation plc
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile and technically advanced fleets in the offshore drilling industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 24 offshore drilling units, consisting of 12 drillships and semisubmersibles and 12 jackups, focused largely on ultra-deepwater and high-specification jackup drilling opportunities in both established and emerging regions worldwide. Noble is a public limited company registered in England and Wales with company number 08354954 and registered office at 10 Brook Street, London, W1S 1BG England. Additional information on Noble is available at www.noblecorp.com.

Forward-looking Disclosure Statement
Statements regarding contract backlog, future earnings, costs, expense management, revenue, rig demand, fleet condition, operational or financial performance, shareholder value, contract commitments, dayrates, contract commencements, contract extensions, renewals or renegotiations, rig reactivations, shipyard risks and timing of shipyard deliveries, delays in mobilization of rigs, letters of intent or award, industry fundamentals, customer relationships and requirements, strategic initiatives, future performance, growth opportunities, the offshore drilling market, market outlook, capital allocation strategies, our financial position, business strategy, taxes and tax rates, liquidity, competitive position, capital expenditures, financial flexibility, debt levels, debt repayment, the outcome of any dispute, litigation, audit or investigation, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with operations outside of the U.S., actions or claims by regulatory authorities, customers and other third parties, legislation and regulations affecting drilling operations, compliance with regulatory requirements, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, the actual amount of downtime, factors that reduce applicable dayrates, violations of anti-corruption laws, hurricanes and other weather conditions, market conditions, the future price of oil and gas and other factors detailed in the Company's most recent Form 10-K, Form 10-Q's and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

Conference Call
Noble also has scheduled a conference call and webcast related to its fourth quarter and full year 2018 results on Thursday, February 21, 2019, at 8:00 a.m. U.S. Central Standard Time. Interested parties are invited to listen to the call by dialing 1-833-245-9653, or internationally 1-647-689-4225, using access code: 6556717, or by asking for the Noble Corporation plc conference call. Interested parties may also listen over the Internet through a link posted in the Investor Relations section of the Company's Website. 

A replay of the conference call will be available on Thursday, February 21, 2019, beginning at 1:00 p.m. U.S. Central Standard Time, through Saturday, March 23, 2019, ending at 11:00 p.m. U.S. Central Daylight Time. The phone number for the conference call replay is 1-800-585-8367 or, for calls from outside of the U.S., 1-416-621-4642, using access code: 6556717.  The replay will also be available on the Company's Website following the end of the live call.

NOBLE CORPORATION PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 
 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2018

 

2017

 

2018

 

2017

Operating revenues

             

Contract drilling services

$

292,049

   

$

321,095

   

$

1,036,082

   

$

1,207,026

 

Reimbursables and other

17,843

   

8,490

   

46,744

   

29,889

 
 

309,892

   

329,585

   

1,082,826

   

1,236,915

 

Operating costs and expenses

             

Contract drilling services

178,666

   

153,343

   

629,937

   

642,937

 

Reimbursables

14,761

   

5,061

   

37,084

   

18,435

 

Depreciation and amortization

114,226

   

138,071

   

486,530

   

547,990

 

General and administrative

14,694

   

21,765

   

73,216

   

71,634

 

Loss on impairment

9,290

   

121,639

   

802,133

   

121,639

 
 

331,637

   

439,879

   

2,028,900

   

1,402,635

 

Operating loss

(21,745)

   

(110,294)

   

(946,074)

   

(165,720)

 

Other income (expense)

             

Interest expense, net of amount capitalized

(73,741)

   

(72,446)

   

(297,611)

   

(291,989)

 

Gain (loss) on extinguishment of debt, net

6,866

   

   

(1,793)

   

 

Interest income and other, net

1,488

   

1,801

   

8,302

   

7,897

 

Loss from continuing operations before income taxes

(87,132)

   

(180,939)

   

(1,237,176)

   

(449,812)

 

Income tax benefit (provision)

56,307

   

167,960

   

106,641

   

(42,629)

 

Net loss from continuing operations

(30,825)

   

(12,979)

   

(1,130,535)

   

(492,441)

 

Net loss from discontinued operations, net of tax

   

   

   

(1,486)

 

Net loss

(30,825)

   

(12,979)

   

(1,130,535)

   

(493,927)

 

Net (income) loss attributable to noncontrolling interests

(2,237)

   

(11,696)

   

245,485

   

(22,584)

 

Net loss attributable to Noble Corporation plc

$

(33,062)

   

$

(24,675)

   

$

(885,050)

   

$

(516,511)

 

Net loss attributable to Noble Corporation plc

             

Loss from continuing operations

$

(33,062)

   

$

(24,675)

   

$

(885,050)

   

$

(515,025)

 

Net loss from discontinued operations, net of tax

   

   

   

(1,486)

 

Net loss attributable to Noble Corporation plc

$

(33,062)

   

$

(24,675)

   

$

(885,050)

   

$

(516,511)

 

Per share data

             

Basic:

             

Loss from continuing operations

$

(0.13)

   

$

(0.10)

   

$

(3.59)

   

$

(2.10)

 

Loss from discontinued operations

   

   

   

(0.01)

 

Net loss attributable to Noble Corporation plc

$

(0.13)

   

$

(0.10)

   

$

(3.59)

   

$

(2.11)

 

Diluted:

             

Loss from continuing operations

$

(0.13)

   

$

(0.10)

   

$

(3.59)

   

$

(2.10)

 

Loss from discontinued operations

   

   

   

(0.01)

 

Net loss attributable to Noble Corporation plc

$

(0.13)

   

$

(0.10)

   

$

(3.59)

   

$

(2.11)

 

 

NOBLE CORPORATION PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 
   

December 31,
2018

 

December 31,
2017

ASSETS

Current assets

       

Cash and cash equivalents

 

$

375,232

   

$

662,829

 

Accounts receivable, net

 

200,722

   

204,696

 

Prepaid expenses and other current assets

 

83,102

   

171,450

 

Total current assets

 

659,056

   

1,038,975

 

Property and equipment, at cost

 

10,956,412

   

12,034,331

 

Accumulated depreciation

 

(2,475,694)

   

(2,545,091)

 

Property and equipment, net

 

8,480,718

   

9,489,240

 

Other assets

 

125,149

   

266,444

 

Total assets

 

$

9,264,923

   

$

10,794,659

 

LIABILITIES AND EQUITY

Current liabilities

       

Current maturities of long-term debt

 

$

   

$

249,843

 

Accounts payable

 

125,557

   

84,032

 

Accrued payroll and related costs

 

50,284

   

54,904

 

Other current liabilities

 

189,616

   

204,245

 

Total current liabilities

 

365,457

   

593,024

 

Long-term debt

 

3,877,402

   

3,795,867

 

Other liabilities

 

367,490

   

455,140

 

Total liabilities

 

4,610,349

   

4,844,031

 
         

Commitments and contingencies

       
         

Equity

       

Total shareholders' equity

 

4,253,171

   

5,276,161

 

Noncontrolling interests

 

401,403

   

674,467

 

Total equity

 

4,654,574

   

5,950,628

 

Total liabilities and equity

 

$

9,264,923

   

$

10,794,659

 

 

NOBLE CORPORATION PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 
 

Twelve Months Ended December 31,

 

2018

 

2017

Cash flows from operating activities

     

Net loss

$

(1,130,535)

   

$

(493,927)

 

Adjustments to reconcile net loss to net cash flow from operating activities:

     

Depreciation and amortization

486,530

   

547,990

 

Loss on impairment

802,133

   

121,639

 

Loss on extinguishment of debt, net

1,793

   

 

Deferred income taxes

(68,416)

   

241,326

 

Other long-term asset write-off

   

29,032

 

Changes in components of working capital:

     

Change in taxes receivable

84,847

   

(49,865)

 

Net changes in other operating assets and liabilities

(4,501)

   

20,480

 

Net cash provided by operating activities

171,851

   

416,675

 

Cash flows from investing activities

     

Capital expenditures

(194,779)

   

(120,707)

 

Proceeds from disposal of assets, net

5,402

   

2,382

 

Net cash used in investing activities

(189,377)

   

(118,325)

 

Cash flows from financing activities

     

Issuance of senior notes

750,000

   

 

Repayments of debt

(972,708)

   

(300,000)

 

Debt issuance costs on senior notes and credit facilities

(15,639)

   

(42)

 

Dividends paid to noncontrolling interests

(27,579)

   

(56,881)

 

Taxes withheld on employee stock transactions

(3,470)

   

(4,320)

 

Net cash used in financing activities

(269,396)

   

(361,243)

 

Net decrease in cash and cash equivalents

(286,922)

   

(62,893)

 

Cash, cash equivalents and restricted cash, beginning of period

662,829

   

725,722

 

Cash, cash equivalents and restricted cash, end of period

$

375,907

   

$

662,829

 

 

NOBLE CORPORATION PLC AND SUBSIDIARIES

FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT

(In thousands, except operating statistics)

(Unaudited)

 
 

Three Months Ended December 31,

 

Three Months Ended September 30,

 

2018

 

2017

 

2018

 

Contract
Drilling
Services

 

Other

 

Total

 

Contract
Drilling
Services

 

Other

 

Total

 

Contract
Drilling
Services

 

Other

 

Total

Operating revenues

                                 

Contract drilling services

$

292,049

   

$

   

$

292,049

   

$

321,095

   

$

   

$

321,095

   

$

267,238

   

$

   

$

267,238

 

Reimbursables and other

17,843

   

   

17,843

   

8,490

   

   

8,490

   

12,170

   

   

12,170

 
 

$

309,892

   

$

   

$

309,892

   

$

329,585

   

$

   

$

329,585

   

$

279,408

   

$

   

$

279,408

 

Operating costs and expenses

                                 

Contract drilling services

$

178,666

   

$

   

$

178,666

   

$

153,343

   

$

   

$

 

153,343

   

$

162,985

   

$

   

$

162,985

 

Reimbursables

14,761

   

   

14,761

   

5,061

   

   

5,061

   

9,676

   

   

9,676

 

Depreciation and amortization

110,372

   

3,854

   

114,226

   

132,392

   

5,679

   

138,071

   

109,492

   

4,376

   

113,868

 

General and administrative

14,694

   

   

14,694

   

21,765

   

   

21,765

   

14,722

   

   

14,722

 

Loss on impairment

9,290

   

   

9,290

   

121,639

   

   

121,639

   

   

   

 
 

$

327,783

   

$

3,854

   

$

331,637

   

$

434,200

   

$

5,679

   

$

439,879

   

$

296,875

   

$

4,376

   

$

301,251

 
                                   

Operating loss

$

(17,891)

   

$

(3,854)

   

$

(21,745)

   

$

(104,615)

   

$

(5,679)

   

$

(110,294)

   

$

(17,467)

   

$

(4,376)

   

$

(21,843)

 
 
 

Operating statistics

         

Jackups:

         

Average Rig Utilization

94

%

 

76

%

 

93

%

Operating Days

1,037

   

971

   

1,028

 

Average Dayrate

$

121,949

   

$

134,413

   

$

122,350

 

Semisubmersibles:

         

Average Rig Utilization

25

%

 

17

%

 

11

%

Operating Days

92

   

92

   

42

 

Average Dayrate

$

112,434

   

$

261,661

   

$

99,470

 

Drillships:

         

Average Rig Utilization

72

%

 

60

%

 

63

%

Operating Days

527

   

440

   

460

 

Average Dayrate

$

294,864

   

$

378,709

   

$

298,443

 

Total:

         

Average Rig Utilization

75

%

 

58

%

 

69

%

Operating Days

1,655

   

1,503

   

1,530

 

Average Dayrate

$

176,443

   

$

213,664

   

$

174,665

 

 

NOBLE CORPORATION PLC AND SUBSIDIARIES

CALCULATION OF BASIC AND DILUTED NET INCOME (LOSS) PER SHARE

(In thousands, except per share amounts)

(Unaudited)

 
 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2018

 

2017

 

2018

 

2017

Numerator:

             

Basic

             

Net loss from continuing operations

$

(33,062)

   

$

(24,675)

   

$

(885,050)

   

$

(515,025)

 

Net loss from discontinued operations, net of tax

   

   

   

(1,486)

 

Net loss attributable to Noble Corporation plc

$

(33,062)

   

$

(24,675)

   

$

(885,050)

   

$

(516,511)

 

Diluted

             

Net loss from continuing operations

$

(33,062)

   

$

(24,675)

   

$

(885,050)

   

$

(515,025)

 

Net loss from discontinued operations, net of tax

   

   

   

(1,486)

 

Net loss attributable to Noble Corporation plc

$

(33,062)

   

$

(24,675)

   

$

(885,050)

   

$

(516,511)

 

Denominator:

             

Weighted average shares outstanding - basic

246,793

   

244,970

   

246,614

   

244,743

 

Weighted average shares outstanding - diluted

246,793

   

244,970

   

246,614

   

244,743

 

Loss per share

             

Basic:

             

Loss from continuing operations

$

(0.13)

   

$

(0.10)

   

$

(3.59)

   

$

(2.10)

 

Loss from discontinued operations

   

   

   

(0.01)

 

Net loss attributable to Noble Corporation plc

$

(0.13)

   

$

(0.10)

   

$

(3.59)

   

$

(2.11)

 

Diluted:

             

Loss from continuing operations

$

(0.13)

   

$

(0.10)

   

$

(3.59)

   

$

(2.10)

 

Loss from discontinued operations

   

   

   

(0.01)

 

Net loss attributable to Noble Corporation plc

$

(0.13)

   

$

(0.10)

   

$

(3.59)

   

$

(2.11)

 

NOBLE CORPORATION PLC AND SUBSIDIARIES
NON-GAAP RECONCILIATION

Certain non-GAAP performance measures and corresponding reconciliations to GAAP financial measures for the Company have been provided for meaningful comparisons between current results and prior operating periods. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. In order to fully assess the financial operating results, management believes that the results of operations, adjusted to exclude the following items, which are included in the Company's press release issued on February 20, 2019, and discussed in the related conference call on February 21, 2019, are appropriate measures of the continuing and normal operations of the Company:

 

(i)

 

In the first and fourth quarter of 2018, a loss on debt extinguishment;

       
 

(ii)

 

In the second quarter of 2018, an impairment of three of our rigs and certain capital spares equipment;

       
 

(iii)

 

In the third and fourth quarter of 2018, discrete tax benefits; and

       
 

(iv)

 

In the fourth quarter of 2018, an impairment of two of our rigs.

These non-GAAP adjusted measures should be considered in addition to, and not as a substitute for, or superior to, contract drilling revenue, contract drilling cost, contract drilling margin, average daily revenue, operating income, cash flows from operations, or other measures of financial performance prepared in accordance with GAAP. Please see the following Non-GAAP Financial Measures and Reconciliations for a complete description of the adjustments.

NOBLE CORPORATION PLC AND SUBSIDIARIES

NON-GAAP RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)

 

Reconciliation of Income Tax Benefit (Provision)

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2018

 

2017

 

2018

 

2017

Income tax benefit (provision)

$

56,307

   

$

167,960

   

$

106,641

   

$

(42,629)

 
               

Adjustments

             

Noble Danny Adkins and Noble Jim Day rig damages

   

   

   

(4,845)

 

Noble Jim Day - Marathon Settlement

   

4,003

   

   

4,003

 

Noble Bully II - Shell Escalation Provision

   

380

   

   

380

 

Loss on impairment

   

(26,819)

   

(35,613)

   

(26,819)

 

Gain (loss) on debt extinguishment

1,442

   

   

(399)

   

 

Discrete tax items

(60,568)

   

(120,821)

   

(85,492)

   

139,264

 

Total Adjustments

(59,126)

   

(143,257)

   

(121,504)

   

111,983

 

Adjusted income tax benefit (provision)

$

(2,819)

   

$

24,703

   

$

(14,863)

   

$

69,354

 
               

Reconciliation of Net Loss Attributable to Noble Corporation plc

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2018

 

2017

 

2018

 

2017

Net loss attributable to Noble Corporation plc

$

(33,062)

   

$

(24,675)

   

$

(885,050)

   

$

(516,511)

 
               

Adjustments

             

Noble Max Smith - write-off of receivables

   

   

   

14,419

 

Noble Danny Adkins and Noble Jim Day rig damages

   

   

   

9,425

 

Noble Jim Day - Marathon Settlement

   

(8,706)

   

   

(8,706)

 

Noble Bully II - Shell Escalation Provision

   

(12,473)

       

(12,473)

 

Loss on impairment

9,290

   

94,820

   

766,520

   

94,820

 

(Gain) loss on debt extinguishment

(5,424)

   

   

1,503

   

 

Discrete tax items

(60,568)

   

(120,821)

   

(85,492)

   

139,264

 

Net loss attributable to noncontrolling interests

   

   

(250,348)

   

 

Total Adjustments

(56,702)

   

(47,180)

   

432,183

   

236,749

 

Adjusted net loss attributable to Noble Corporation plc

$

(89,764)

   

$

(71,855)

   

$

(452,867)

   

$

(279,762)

 
               

Reconciliation of Diluted EPS Attributable to Noble Corporation plc

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2018

 

2017

 

2018

 

2017

Unadjusted diluted EPS attributable to Noble Corporation plc

$

(0.13)

   

$

(0.10)

   

$

(3.59)

   

$

(2.11)

 
               

Adjustments

             

Noble Max Smith - write-off of receivables

   

   

   

0.06

 

Noble Danny Adkins and Noble Jim Day rig damages

   

   

   

0.04

 

Noble Jim Day - Marathon Settlement

   

(0.04)

   

   

(0.04)

 

Noble Bully II - Shell Escalation Provision

   

(0.05)

   

   

(0.05)

 

Loss on impairment

0.04

   

0.39

   

2.09

   

0.39

 

(Gain) loss on debt extinguishment

(0.02)

       

0.01

   

 

Discrete tax items

(0.25)

   

(0.49)

   

(0.35)

   

0.57

 

Total Adjustments

(0.23)

   

(0.19)

   

1.75

   

0.97

 

Adjusted diluted EPS attributable to Noble Corporation plc

$

(0.36)

   

$

(0.29)

   

$

(1.84)

   

$

(1.14)

 

 

Cision View original content:http://www.prnewswire.com/news-releases/noble-corporation-plc-reports-fourth-quarter-and-full-year-2018-results-300799174.html

SOURCE Noble Corporation

Jeffrey L. Chastain, Vice President - Investor Relations and Corporate Communications, Noble Drilling Services Inc., 281-276-6383, or at jlchastain@noblecorp.com