Noble Corporation plc Reports Fourth Quarter And Full Year 2019 Results
- Contract drilling services revenues totaling
$167 million ($80 million net of associated costs, taxes and noncontrolling interests, or$0.32 per diluted share) resulting from the previously announced Noble Bully II contract buyout withRoyal Dutch Shell plc (Shell). - Non-cash loss on impairment, net of taxes, totaling
$17 million , or$0.07 per diluted share, resulting from the impairment of the semisubmersibleNoble Paul Romano and certain capital spares. - Net expense of
$13 million , or$0.05 per diluted share, relating to various non-cash discrete tax items.
Excluding the impact of the aforementioned items,
For the twelve months ended
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 and full year of 2019, and for the fourth quarter and full year of 2018.
Addressing the fourth quarter and full year performance,
"From an annual perspective, fleet operating days improved 18 percent when compared to 2018, due in part to the commencement of operations on two recently acquired newbuild jackups, one of which, the Noble Joe Knight, began its multi-year contract in the
Contract drilling services revenues for the fourth quarter totaled
Contract drilling service costs in the fourth quarter totaled
Excluding the impact of the Noble Bully II buyout, earnings before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter reached
Operating Highlights
Fourth quarter utilization across the Company's 12 floating rigs was 60 percent compared to 63 percent in the preceding quarter. Excluding three cold-stacked rigs, active floating utilization was 80 percent compared to 83 percent over the same period of comparison, with the modest decline due to a reduction in operating days on the Noble Bully II following the previously noted contract buyout. With regard to the Noble Bully II, the Company recognized 63 operating days and
The previously reported CEA with
The Company's 13-rig jackup fleet experienced an 11 percent increase in operating days during the fourth quarter, which improved utilization in the quarter to 93 percent compared to 89 percent in the third quarter. The improvement in operating days followed the commencement of operations on the Noble Joe Knight offshore
At
Backlog, Capital and Balance Sheet
At
Capital expenditures for the fourth quarter and full year of 2019 were
A strong liquidity position remains one of the Company's key priorities. At
During
Outlook
In closing, Ms. Robertson noted, "Offshore drilling activity continued to trend favorably during 2019 with the contracted floating and jackup rig counts, when compared to measures at
About
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 25 offshore drilling units, consisting of 12 drillships and semisubmersibles and 13 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
Forward-looking Disclosure Statement
Statements regarding contract backlog, costs, revenue, rig demand, fleet condition, operational or financial performance, contract commitments, dayrates, contract commencements, contract extensions, renewals or renegotiations, rig reactivations, letters of intent or award, industry fundamentals, customer relationships and requirements, strategic initiatives, future performance, growth opportunities, the offshore drilling market, market outlook, our financial position, business strategy, taxes and tax rates, liquidity, competitive position, capital expenditures, debt levels, 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
Conference Call
Noble has scheduled a conference call and webcast related to its fourth quarter and full year 2019 results on
A replay of the conference call will be available on
NOBLE CORPORATION PLC AND SUBSIDIARIES |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three Months Ended December 31, 2019 |
Twelve Months Ended December 31, 2019 |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Operating revenues |
||||||||||||||||
Contract drilling services |
$ |
441,312 |
$ |
292,049 |
$ |
1,246,058 |
$ |
1,036,082 |
||||||||
Reimbursables and other |
12,776 |
17,843 |
59,380 |
46,744 |
||||||||||||
454,088 |
309,892 |
1,305,438 |
1,082,826 |
|||||||||||||
Operating costs and expenses |
||||||||||||||||
Contract drilling services |
181,821 |
178,666 |
698,343 |
629,937 |
||||||||||||
Reimbursables |
10,506 |
14,761 |
49,061 |
37,084 |
||||||||||||
Depreciation and amortization |
106,740 |
114,226 |
440,221 |
486,530 |
||||||||||||
General and administrative |
18,976 |
14,694 |
168,792 |
73,216 |
||||||||||||
Loss on impairment |
19,784 |
9,290 |
615,294 |
802,133 |
||||||||||||
337,827 |
331,637 |
1,971,711 |
2,028,900 |
|||||||||||||
Operating income (loss) |
116,261 |
(21,745) |
(666,273) |
(946,074) |
||||||||||||
Other income (expense) |
||||||||||||||||
Interest expense, net of amounts capitalized |
(71,224) |
(73,741) |
(279,435) |
(297,611) |
||||||||||||
Gain (loss) on extinguishment of debt, net |
— |
6,866 |
30,616 |
(1,793) |
||||||||||||
Interest income and other, net |
1,785 |
1,488 |
6,007 |
8,302 |
||||||||||||
Income (loss) from continuing operations before income taxes |
46,822 |
(87,132) |
(909,085) |
(1,237,176) |
||||||||||||
Income tax benefit |
1,378 |
56,307 |
38,540 |
106,641 |
||||||||||||
Net income (loss) from continuing operations |
48,200 |
(30,825) |
(870,545) |
(1,130,535) |
||||||||||||
Net loss from discontinued operations, net of tax |
— |
— |
(3,821) |
— |
||||||||||||
Net income (loss) |
48,200 |
(30,825) |
(874,366) |
(1,130,535) |
||||||||||||
Net (income) loss attributable to noncontrolling interests |
(81,070) |
(2,237) |
173,776 |
245,485 |
||||||||||||
Net loss attributable to Noble Corporation plc |
$ |
(32,870) |
$ |
(33,062) |
$ |
(700,590) |
$ |
(885,050) |
||||||||
Net loss attributable to Noble Corporation plc |
||||||||||||||||
Net loss from continuing operations |
$ |
(32,870) |
$ |
(33,062) |
$ |
(696,769) |
$ |
(885,050) |
||||||||
Net loss from discontinued operations, net of tax |
— |
— |
(3,821) |
— |
||||||||||||
Net loss attributable to Noble Corporation plc |
$ |
(32,870) |
$ |
(33,062) |
$ |
(700,590) |
$ |
(885,050) |
||||||||
Per share data |
||||||||||||||||
Basic: |
||||||||||||||||
Loss from continuing operations |
$ |
(0.13) |
$ |
(0.13) |
$ |
(2.79) |
$ |
(3.59) |
||||||||
Loss from discontinued operations |
— |
— |
(0.02) |
— |
||||||||||||
Net loss attributable to Noble Corporation plc |
$ |
(0.13) |
$ |
(0.13) |
$ |
(2.81) |
$ |
(3.59) |
||||||||
Diluted: |
||||||||||||||||
Loss from continuing operations |
$ |
(0.13) |
$ |
(0.13) |
$ |
(2.79) |
$ |
(3.59) |
||||||||
Loss from discontinued operations |
— |
— |
(0.02) |
— |
||||||||||||
Net loss attributable to Noble Corporation plc |
$ |
(0.13) |
$ |
(0.13) |
$ |
(2.81) |
$ |
(3.59) |
NOBLE CORPORATION PLC AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
December 31, 2019 |
December 31, 2018 |
|||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
104,621 |
$ |
375,232 |
||||
Accounts receivable, net |
198,665 |
200,722 |
||||||
Prepaid expenses and other current assets |
118,821 |
83,102 |
||||||
Total current assets |
422,107 |
659,056 |
||||||
Property and equipment, at cost |
10,306,625 |
10,956,412 |
||||||
Accumulated depreciation |
(2,572,701) |
(2,475,694) |
||||||
Property and equipment, net |
7,733,924 |
8,480,718 |
||||||
Other assets |
128,467 |
125,149 |
||||||
Total assets |
$ |
8,284,498 |
$ |
9,264,923 |
||||
LIABILITIES AND EQUITY |
||||||||
Current liabilities |
||||||||
Current maturities of long-term debt |
$ |
62,505 |
$ |
— |
||||
Accounts payable |
108,208 |
125,557 |
||||||
Accrued payroll and related costs |
56,056 |
50,284 |
||||||
Other current liabilities |
290,159 |
189,616 |
||||||
Total current liabilities |
516,928 |
365,457 |
||||||
Long-term debt |
3,779,499 |
3,877,402 |
||||||
Other liabilities |
329,099 |
367,490 |
||||||
Total liabilities |
4,625,526 |
4,610,349 |
||||||
Commitments and contingencies |
||||||||
Equity |
||||||||
Total shareholders' equity |
3,658,972 |
4,253,171 |
||||||
Noncontrolling interests |
— |
401,403 |
||||||
Total equity |
3,658,972 |
4,654,574 |
||||||
Total liabilities and equity |
$ |
8,284,498 |
$ |
9,264,923 |
NOBLE CORPORATION PLC AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
Twelve Months Ended December 31, |
||||||||
2019 |
2018 |
|||||||
Cash flows from operating activities |
||||||||
Net loss |
$ |
(874,366) |
$ |
(1,130,535) |
||||
Adjustments to reconcile net loss to net cash flow from operating activities: |
||||||||
Depreciation and amortization |
440,221 |
486,530 |
||||||
Loss on impairment |
615,294 |
802,133 |
||||||
(Gain) loss on extinguishment of debt, net |
(30,616) |
1,793 |
||||||
Changes in components of working capital: |
||||||||
Change in taxes receivable |
(11,225) |
84,847 |
||||||
Net changes in other operating assets and liabilities |
47,463 |
(72,917) |
||||||
Net cash provided by operating activities |
186,771 |
171,851 |
||||||
Cash flows from investing activities |
||||||||
Capital expenditures |
(268,783) |
(194,779) |
||||||
Proceeds from disposal of assets, net |
12,753 |
5,402 |
||||||
Net cash used in investing activities |
(256,030) |
(189,377) |
||||||
Cash flows from financing activities |
||||||||
Issuance of senior notes |
— |
750,000 |
||||||
Borrowings on credit facilities |
755,000 |
— |
||||||
Repayments of credit facilities |
(420,000) |
— |
||||||
Repayments of senior notes |
(400,000) |
(972,708) |
||||||
Debt issuance costsre |
(1,092) |
(15,639) |
||||||
Purchase of noncontrolling interest |
(106,744) |
— |
||||||
Dividends paid to noncontrolling interests |
(25,109) |
(27,579) |
||||||
Taxes withheld on employee stock transactions |
(2,779) |
(3,470) |
||||||
Net cash used in financing activities |
(200,724) |
(269,396) |
||||||
Net decrease in cash, cash equivalents and restricted cash |
(269,983) |
(286,922) |
||||||
Cash, cash equivalents and restricted cash, beginning of period |
375,907 |
662,829 |
||||||
Cash, cash equivalents and restricted cash, end of period |
$ |
105,924 |
$ |
375,907 |
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, |
|||||||||||||||||||||||||||||||||||
2019 |
2018 |
2019 |
||||||||||||||||||||||||||||||||||
Contract |
Other |
Total |
Contract |
Other |
Total |
Contract |
Other |
Total |
||||||||||||||||||||||||||||
Operating revenues |
||||||||||||||||||||||||||||||||||||
Contract drilling services |
$ |
441,312 |
$ |
— |
$ |
441,312 |
$ |
292,049 |
$ |
— |
$ |
292,049 |
$ |
259,428 |
$ |
— |
$ |
259,428 |
||||||||||||||||||
Reimbursables and other |
12,776 |
— |
12,776 |
17,843 |
— |
17,843 |
16,098 |
— |
16,098 |
|||||||||||||||||||||||||||
$ |
454,088 |
$ |
— |
$ |
454,088 |
$ |
309,892 |
$ |
— |
$ |
309,892 |
$ |
275,526 |
$ |
— |
$ |
275,526 |
|||||||||||||||||||
Operating costs and expenses |
||||||||||||||||||||||||||||||||||||
Contract drilling services |
$ |
181,821 |
$ |
— |
$ |
181,821 |
$ |
178,666 |
$ |
— |
$ |
178,666 |
$ |
175,929 |
$ |
— |
$ |
175,929 |
||||||||||||||||||
Reimbursables |
10,506 |
— |
10,506 |
14,761 |
— |
14,761 |
13,779 |
— |
13,779 |
|||||||||||||||||||||||||||
Depreciation and amortization |
103,778 |
2,962 |
106,740 |
110,372 |
3,854 |
114,226 |
109,616 |
3,139 |
112,755 |
|||||||||||||||||||||||||||
General and administrative |
18,976 |
— |
18,976 |
14,694 |
— |
14,694 |
17,565 |
— |
17,565 |
|||||||||||||||||||||||||||
Loss on impairment |
19,784 |
— |
19,784 |
9,290 |
— |
9,290 |
595,510 |
— |
595,510 |
|||||||||||||||||||||||||||
$ |
334,865 |
$ |
2,962 |
$ |
337,827 |
$ |
327,783 |
$ |
3,854 |
$ |
331,637 |
$ |
912,399 |
$ |
3,139 |
$ |
915,538 |
|||||||||||||||||||
Operating income (loss) |
$ |
119,223 |
$ |
(2,962) |
$ |
116,261 |
$ |
(17,891) |
$ |
(3,854) |
$ |
(21,745) |
$ |
(636,873) |
$ |
(3,139) |
$ |
(640,012) |
||||||||||||||||||
Operating statistics |
||||||||||||||||||||||||||||||||||||
Jackups: |
||||||||||||||||||||||||||||||||||||
Average Rig Utilization |
93% |
94% |
89% |
|||||||||||||||||||||||||||||||||
Operating Days |
1,096 |
1,037 |
985 |
|||||||||||||||||||||||||||||||||
Average Dayrate |
$129,898 |
$121,949 |
$130,339 |
|||||||||||||||||||||||||||||||||
Floaters (1): |
||||||||||||||||||||||||||||||||||||
Average Rig Utilization |
60% |
56% |
63% |
|||||||||||||||||||||||||||||||||
Operating Days |
664 |
618 |
691 |
|||||||||||||||||||||||||||||||||
Average Dayrate |
$450,362 |
$267,737 |
$189,773 |
|||||||||||||||||||||||||||||||||
Total (1): |
||||||||||||||||||||||||||||||||||||
Average Rig Utilization |
77% |
75% |
76% |
|||||||||||||||||||||||||||||||||
Operating Days |
1,760 |
1,655 |
1,676 |
|||||||||||||||||||||||||||||||||
Average Dayrate |
$250,760 |
$176,443 |
$154,827 |
(1) |
The fourth quarter of 2019 includes the impact of the Noble Bully II contract buyout. Exclusive of this item, the average dayrate for the three months ended December 31, 2019 would have been $198,956 for floaters and $155,940 for total rigs. |
NOBLE CORPORATION PLC AND SUBSIDIARIES |
||||||||||||||||
CALCULATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER SHARE |
||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
The following table presents the computation of basic and diluted loss per share: |
||||||||||||||||
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Numerator: |
||||||||||||||||
Basic |
||||||||||||||||
Net loss from continuing operations |
$ |
(32,870) |
$ |
(33,062) |
$ |
(696,769) |
$ |
(885,050) |
||||||||
Net loss from discontinued operations, net of tax |
— |
— |
(3,821) |
— |
||||||||||||
Net loss attributable to Noble Corporation plc |
$ |
(32,870) |
$ |
(33,062) |
$ |
(700,590) |
$ |
(885,050) |
||||||||
Diluted |
||||||||||||||||
Net loss from continuing operations |
$ |
(32,870) |
$ |
(33,062) |
$ |
(696,769) |
$ |
(885,050) |
||||||||
Net loss from discontinued operations, net of tax |
— |
— |
(3,821) |
— |
||||||||||||
Net loss attributable to Noble Corporation plc |
$ |
(32,870) |
$ |
(33,062) |
$ |
(700,590) |
$ |
(885,050) |
||||||||
Denominator: |
||||||||||||||||
Weighted average shares outstanding - basic |
249,198 |
246,793 |
248,949 |
246,614 |
||||||||||||
Weighted average shares outstanding - diluted |
249,198 |
246,793 |
248,949 |
246,614 |
||||||||||||
Loss per share |
||||||||||||||||
Basic: |
||||||||||||||||
Loss from continuing operations |
$ |
(0.13) |
$ |
(0.13) |
$ |
(2.79) |
$ |
(3.59) |
||||||||
Loss from discontinued operations |
— |
— |
(0.02) |
— |
||||||||||||
Net loss attributable to Noble Corporation plc |
$ |
(0.13) |
$ |
(0.13) |
$ |
(2.81) |
$ |
(3.59) |
||||||||
Diluted: |
||||||||||||||||
Loss from continuing operations |
$ |
(0.13) |
$ |
(0.13) |
$ |
(2.79) |
$ |
(3.59) |
||||||||
Loss from discontinued operations |
— |
— |
(0.02) |
— |
||||||||||||
Net loss attributable to Noble Corporation plc |
$ |
(0.13) |
$ |
(0.13) |
$ |
(2.81) |
$ |
(3.59) |
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 19, 2020, and discussed in the related conference call on February 20, 2020, are appropriate measures of the continuing and normal operations of the Company:
(i) In the first quarter of 2019, a gain on debt extinguishment;
(ii) In the second quarter of 2019, charge related to the Paragon litigation and a discrete tax item;
(iii) In the third quarter of 2019, an impairment on one of our rigs and a loss on debt extinguishment; and
(iv) In the fourth quarter of 2019, an impairment of a rig and capital spares, discrete tax items and the contract buyout with Shell.
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 Total Revenue |
Three months ended December 31, |
Twelve months ended December 31, |
||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Total revenue |
$ |
454,088 |
$ |
309,892 |
$ |
1,305,438 |
$ |
1,236,915 |
||||||||
Adjustments |
||||||||||||||||
Noble Bully II - Shell contract buyout |
(166,858) |
— |
(166,858) |
— |
||||||||||||
Total Adjustments |
(166,858) |
— |
(166,858) |
— |
||||||||||||
Adjusted total revenue |
$ |
287,230 |
$ |
309,892 |
$ |
1,138,580 |
$ |
1,236,915 |
||||||||
Reconciliation of Income Tax Benefit (Provision) |
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Income tax benefit (provision) |
$ |
1,378 |
$ |
56,307 |
$ |
38,540 |
$ |
106,641 |
||||||||
Adjustments |
||||||||||||||||
Loss on impairment |
(2,630) |
— |
(2,630) |
(35,613) |
||||||||||||
Gain (loss) on debt extinguishment |
— |
1,442 |
6,566 |
(399) |
||||||||||||
Discrete tax items |
12,485 |
(60,568) |
(21,178) |
(85,492) |
||||||||||||
Noble Bully II - Shell contract buyout |
2,452 |
— |
2,452 |
— |
||||||||||||
Total Adjustments |
12,307 |
(59,126) |
(14,790) |
(121,504) |
||||||||||||
Adjusted income tax benefit (provision) |
$ |
13,685 |
$ |
(2,819) |
$ |
23,750 |
$ |
(14,863) |
||||||||
Reconciliation of Net Loss Attributable to Noble Corporation plc |
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Net loss attributable to Noble Corporation plc |
$ |
(32,870) |
$ |
(33,062) |
$ |
(700,590) |
$ |
(885,050) |
||||||||
Adjustments |
||||||||||||||||
Loss on impairment, net of tax |
17,154 |
9,290 |
612,664 |
766,520 |
||||||||||||
(Gain) loss on debt extinguishment |
— |
(5,424) |
(24,050) |
1,503 |
||||||||||||
Net loss attributable to noncontrolling interests |
78,019 |
— |
(186,969) |
(250,348) |
||||||||||||
Discrete tax items |
12,485 |
(60,568) |
(21,178) |
(85,492) |
||||||||||||
Legal contingencies |
— |
— |
100,000 |
— |
||||||||||||
Noble Bully II - Shell contract buyout |
(157,647) |
— |
(157,647) |
— |
||||||||||||
Total Adjustments |
(49,989) |
(56,702) |
322,820 |
432,183 |
||||||||||||
Adjusted net loss attributable to Noble Corporation plc |
$ |
(82,859) |
$ |
(89,764) |
$ |
(377,770) |
$ |
(452,867) |
||||||||
Reconciliation of Diluted EPS Attributable to Noble Corporation plc |
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Unadjusted diluted EPS attributable to Noble Corporation plc |
$ |
(0.13) |
$ |
(0.13) |
$ |
(2.81) |
$ |
(3.59) |
||||||||
Adjustments |
||||||||||||||||
Loss on impairment |
0.07 |
0.04 |
1.40 |
2.09 |
||||||||||||
(Gain) loss on debt extinguishment |
— |
(0.02) |
(0.10) |
0.01 |
||||||||||||
Discrete tax items |
0.05 |
(0.25) |
(0.09) |
(0.35) |
||||||||||||
Legal contingencies |
— |
— |
0.40 |
— |
||||||||||||
Noble Bully II - Shell contract buyout |
(0.32) |
— |
(0.32) |
— |
||||||||||||
Total Adjustments |
(0.20) |
(0.23) |
1.29 |
1.75 |
||||||||||||
Adjusted diluted EPS attributable to Noble Corporation plc |
$ |
(0.33) |
$ |
(0.36) |
$ |
(1.52) |
$ |
(1.84) |
View original content:http://www.prnewswire.com/news-releases/noble-corporation-plc-reports-fourth-quarter-and-full-year-2019-results-301007836.html
SOURCE
Jeffrey L. Chastain,Vice President - Investor Relations and Corporate Communications, Noble Drilling Services Inc., 281-276-6383, or at jlchastain@noblecorp.com