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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________________________________________
FORM 10-Q
_____________________________________________________________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission file number:001-36211
_____________________________________________________________________________________________________
Noble Corporation plc
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________________________________
England and Wales
(Registered Number 08354954)
 
98-0619597
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. employer
identification number)
10 Brook Street, London, England, W1S1BG
(Address of principal executive offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: +44 20 3300 2300
Commission file number: 001-31306
_____________________________________________________________________________________________________
Noble Corporation
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________________________________
Cayman Islands
 
98-0366361
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. employer
identification number)
Suite 3D Landmark Square, 64 Earth Close, P.O. Box 31327 George Town, Grand Cayman, Cayman Islands, KY1-1206
(Address of principal executive offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (345) 938-0293
_______________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Name of Company
 
Title of each class
 
Trading symbol(s)
 
Name of each exchange on which registered
Noble Corporation plc
 
Ordinary Shares
 
NE
 
New York Stock Exchange
Noble Corporation
 
None
 
 
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 July 31, 2019: Noble Corporation plc - 249,182,494
Number of shares outstanding: Noble Corporation - 261,245,693
Noble Corporation, a Cayman Islands company and a wholly owned subsidiary of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales, meets the conditions set forth in General Instructions H(1) (a) and (b) of Form 10-Q and is therefore filing this Quarterly Report on Form 10-Q with the reduced disclosure format contemplated by paragraphs (b) and (c) of General Instruction H(2) of Form 10-Q.




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

2



PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
NOBLE CORPORATION PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
 
June 30, 2019
 
December 31, 2018
ASSETS
Current assets
 
 
 
 
Cash and cash equivalents
 
$
153,766

 
$
375,232

Accounts receivable, net
 
222,889

 
200,722

Taxes receivable
 
25,682

 
20,498

Prepaid expenses and other current assets
 
59,757

 
62,604

Total current assets
 
462,094

 
659,056

Property and equipment, at cost
 
11,080,690

 
10,956,412

Accumulated depreciation
 
(2,621,100
)
 
(2,475,694
)
Property and equipment, net
 
8,459,590

 
8,480,718

Other assets
 
139,035

 
125,149

Total assets
 
$
9,060,719

 
$
9,264,923

LIABILITIES AND EQUITY
Current liabilities
 
 
 
 
Current maturities of long-term debt
 
$
300,000

 
$

Accounts payable
 
118,040

 
125,557

Accrued payroll and related costs
 
40,722

 
50,284

Taxes payable
 
25,513

 
29,386

Interest payable
 
89,153

 
100,100

Other current liabilities
 
161,361

 
60,130

Total current liabilities
 
734,789

 
365,457

Long-term debt
 
3,553,088

 
3,877,402

Deferred income taxes
 
70,872

 
91,695

Other liabilities
 
274,221

 
275,795

Total liabilities
 
4,632,970

 
4,610,349

Commitments and contingencies (Note 13)
 


 


Shareholders’ equity
 
 
 
 
Common stock, $0.01 par value, ordinary shares; 249,155 and 246,794 shares outstanding as of June 30, 2019 and December 31, 2018, respectively
 
2,492

 
2,468

Additional paid-in capital
 
704,511

 
699,409

Retained earnings
 
3,385,517

 
3,608,366

Accumulated other comprehensive loss
 
(55,871
)
 
(57,072
)
Total shareholdersequity
 
4,036,649

 
4,253,171

Noncontrolling interests
 
391,100

 
401,403

Total equity
 
4,427,749

 
4,654,574

Total liabilities and equity
 
$
9,060,719

 
$
9,264,923

See accompanying notes to the unaudited condensed consolidated financial statements.

3



NOBLE CORPORATION PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited) 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Operating revenues
 
 
 
 
 
 
 
 
Contract drilling services
 
$
274,817

 
$
247,689

 
$
545,318

 
$
476,795

Reimbursables and other
 
18,119

 
10,680

 
30,506

 
16,731

 
 
292,936

 
258,369

 
575,824

 
493,526

Operating costs and expenses
 
 
 
 
 
 
 
 
Contract drilling services
 
168,865

 
151,437

 
340,593

 
288,286

Reimbursables
 
15,381

 
8,297

 
24,776

 
12,647

Depreciation and amortization
 
111,148

 
129,681

 
220,726

 
258,436

General and administrative
 
116,252

 
21,717

 
132,251

 
43,800

Loss on impairment
 

 
792,843

 

 
792,843

 
 
411,646

 
1,103,975

 
718,346

 
1,396,012

Operating loss
 
(118,710
)
 
(845,606
)
 
(142,522
)
 
(902,486
)
Other income (expense)
 
 
 
 
 
 
 
 
Interest expense, net of amounts capitalized
 
(68,976
)
 
(74,130
)
 
(139,220
)
 
(150,145
)
Gain (loss) on extinguishment of debt, net
 

 

 
31,266

 
(8,768
)
Interest income and other, net
 
1,860

 
2,865

 
4,366

 
4,204

Loss from continuing operations before income taxes
 
(185,826
)
 
(916,871
)
 
(246,110
)
 
(1,057,195
)
Income tax benefit
 
37,182

 
38,839

 
34,317

 
35,843

Net loss from continuing operations
 
(148,644
)
 
(878,032
)
 
(211,793
)
 
(1,021,352
)
Net loss from discontinued operations, net of tax
 

 

 
(3,821
)
 

Net loss
 
(148,644
)
 
(878,032
)
 
(215,614
)
 
(1,021,352
)
Net (income) loss attributable to noncontrolling interests
 
(3,316
)
 
249,969

 
(7,235
)
 
250,955

Net loss attributable to Noble Corporation plc
 
$
(151,960
)
 
$
(628,063
)
 
$
(222,849
)
 
$
(770,397
)
Net loss attributable to Noble Corporation plc
 
 
 
 
 
 
 
 
Net loss from continuing operations
 
$
(151,960
)
 
$
(628,063
)
 
(219,028
)
 
(770,397
)
Net loss from discontinued operations, net of tax
 

 

 
(3,821
)
 

Net loss attributable to Noble Corporation plc
 
$
(151,960
)
 
$
(628,063
)
 
$
(222,849
)
 
$
(770,397
)
Per share data
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
Loss from continuing operations
 
$
(0.61
)
 
$
(2.55
)
 
$
(0.88
)
 
$
(3.13
)
Loss from discontinued operations
 

 

 
(0.02
)
 

Net loss attributable to Noble Corporation plc
 
$
(0.61
)
 
$
(2.55
)
 
$
(0.90
)
 
$
(3.13
)
 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
 
Loss from continuing operations
 
$
(0.61
)
 
$
(2.55
)
 
$
(0.88
)
 
$
(3.13
)
Loss from discontinued operations
 

 

 
(0.02
)
 

Net loss attributable to Noble Corporation plc
 
$
(0.61
)
 
$
(2.55
)
 
$
(0.90
)
 
$
(3.13
)
 
 
 
 
 
 
 
 
 
See accompanying notes to the unaudited condensed consolidated financial statements.

4



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

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net loss
 
$
(148,644
)
 
$
(878,032
)
 
$
(215,614
)
 
$
(1,021,352
)
Other comprehensive income (loss)
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
(406
)
 
(2,771
)
 
102

 
(2,104
)
Amortization of deferred pension plan amounts (net of tax provision of $146 and $86 for the three months ended June 30, 2019 and 2018, respectively, and $291 and $173 for the six months ended June 30, 2019 and 2018, respectively)
 
549

 
325

 
1,099

 
649

Other comprehensive income (loss), net
 
143

 
(2,446
)
 
1,201

 
(1,455
)
Net comprehensive (income) loss attributable to noncontrolling interests
 
(3,316
)
 
249,969

 
(7,235
)
 
250,955

Comprehensive loss attributable to Noble Corporation plc
 
$
(151,817
)
 
$
(630,509
)
 
$
(221,648
)
 
$
(771,852
)

See accompanying notes to the unaudited condensed consolidated financial statements.

5



NOBLE CORPORATION PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
 
 
Six Months Ended June 30,
 
 
2019
 
2018
Cash flows from operating activities
 
 
 
 
Net loss
 
$
(215,614
)
 
$
(1,021,352
)
Adjustments to reconcile net loss to net cash flow from operating activities:
 
 
 
 
Depreciation and amortization
 
220,726

 
258,436

Loss on impairment
 

 
792,843

(Gain) loss on extinguishment of debt, net
 
(31,266
)
 
8,768

Deferred income taxes
 
(4,741
)
 
(51,724
)
Amortization of share-based compensation
 
7,911

 
12,735

Other costs, net
 
62,925

 
3,226

Changes in components of working capital:
 
 
 
 
Change in taxes receivable
 
2,758

 
84,486

Net changes in other operating assets and liabilities
 
(50,161
)
 
(33,524
)
Net cash provided by (used in) operating activities
 
(7,462
)
 
53,894

Cash flows from investing activities
 
 
 
 
Capital expenditures
 
(152,354
)
 
(75,874
)
Proceeds from disposal of assets, net
 
9,367

 
3,755

Net cash used in investing activities
 
(142,987
)
 
(72,119
)
Cash flows from financing activities
 
 
 
 
Issuance of senior notes
 

 
750,000

Borrowings on credit facilities
 
370,000

 

Repayments of credit facilities
 
(20,000
)
 

Repayments of debt
 
(400,000
)
 
(952,209
)
Debt issuance costs
 
(90
)
 
(14,802
)
Dividends paid to noncontrolling interests
 
(17,538
)
 
(12,694
)
Taxes withheld on employee stock transactions
 
(2,761
)
 
(3,407
)
Net cash used in financing activities
 
(70,389
)
 
(233,112
)
Net decrease in cash, cash equivalents and restricted cash
 
(220,838
)
 
(251,337
)
Cash, cash equivalents and restricted cash, beginning of period
 
375,907

 
662,829

Cash, cash equivalents and restricted cash, end of period
 
$
155,069

 
$
411,492


See accompanying notes to the unaudited condensed consolidated financial statements.

6



NOBLE CORPORATION PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands)
(Unaudited)
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Total equity, beginning balances
 
$
4,583,808

 
$
5,658,842

 
$
4,654,574

 
$
5,950,628

 
 
 
 
 
 
 
 
 
Common stock and additional paid-in capital:
 
 
 
 
 
 
 
 
Beginning balances
 
702,043

 
684,347

 
701,877

 
681,372

Amortization of share-based compensation
 
4,959

 
6,453

 
7,911

 
12,735

Issuance of share-based compensation shares
 

 
(12
)
 

 

Shares withheld for taxes on equity transactions
 
1

 
(106
)
 
(2,785
)
 
(3,425
)
Ending balances
 
707,003

 
690,682

 
707,003

 
690,682

 
 
 
 
 
 
 
 
 
Retained earnings:
 
 
 
 
 
 
 
 
Beginning balances
 
3,537,477

 
4,351,118

 
3,608,366

 
4,637,677

Net loss
 
(151,960
)
 
(628,063
)
 
(222,849
)
 
(770,397
)
Dividend equivalents (1)
 

 
(77
)
 

 
39

Cumulative effects of changes in accounting principles
 

 

 

 
(144,341
)
Ending balances
 
3,385,517

 
3,722,978

 
3,385,517

 
3,722,978

 
 
 
 
 
 
 
 
 
Accumulated other comprehensive income (loss):
 
 
 
 
 
 
 
 
Beginning balances
 
(56,014
)
 
(47,437
)
 
(57,072
)
 
(42,888
)
Other comprehensive income, net
 
143

 
(2,446
)
 
1,201

 
(1,455
)
Cumulative effects of changes in accounting principles
 

 

 

 
(5,540
)
Ending balances
 
(55,871
)
 
(49,883
)
 
(55,871
)
 
(49,883
)
 
 
 
 
 
 
 
 
 
Total shareholders’ equity, ending balances
 
4,036,649

 
4,363,777

 
4,036,649

 
4,363,777

 
 
 
 
 
 
 
 
 
Noncontrolling interests:
 
 
 
 
 
 
 
 
Beginning balances
 
400,302

 
670,814

 
401,403

 
674,467

Net income (loss)
 
3,316

 
(249,969
)
 
7,235

 
(250,955
)
Dividends paid to noncontrolling interests
 
(12,518
)
 
(10,027
)
 
(17,538
)
 
(12,694
)
Ending balances
 
391,100

 
410,818

 
391,100

 
410,818

 
 
 
 
 
 
 
 
 
Total equity
 
$
4,427,749

 
$
4,774,595

 
$
4,427,749

 
$
4,774,595

 
 
 
 
 
 
 
 
 
(1) 
Activity associated with dividend equivalents, which are related to performance awards granted in 2016, to be paid upon vesting.
See accompanying notes to the unaudited condensed consolidated financial statements.

7



NOBLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited) 
 
 
June 30, 2019
 
December 31, 2018
ASSETS
Current assets
 
 
 
 
Cash and cash equivalents
 
$
153,703

 
$
374,375

Accounts receivable, net
 
222,889

 
200,722

Taxes receivable
 
25,682

 
20,498

Prepaid expenses and other current assets
 
59,659

 
61,917

Total current assets
 
461,933

 
657,512

Property and equipment, at cost
 
11,080,690

 
10,956,412

Accumulated depreciation
 
(2,621,100
)
 
(2,475,694
)
Property and equipment, net
 
8,459,590

 
8,480,718

Other assets
 
139,035

 
125,149

Total assets
 
$
9,060,558

 
$
9,263,379

LIABILITIES AND EQUITY
Current liabilities
 
 
 
 
Current maturities of long-term debt
 
$
300,000

 
$

Accounts payable
 
117,812

 
125,237

Accrued payroll and related costs
 
40,733

 
50,284

Taxes payable
 
25,513

 
29,386

Interest payable
 
89,153

 
100,100

Other current liabilities
 
61,361

 
60,012

Total current liabilities
 
634,572

 
365,019

Long-term debt
 
3,553,088

 
3,877,402

Deferred income taxes
 
70,872

 
91,695

Other liabilities
 
274,221

 
275,795

Total liabilities
 
4,532,753

 
4,609,911

Commitments and contingencies (Note 13)
 


 


Shareholders’ equity
 
 
 
 
Common stock, $0.10 par value, ordinary shares; 261,246 shares outstanding as of June 30, 2019 and December 31, 2018
 
26,125

 
26,125

Capital in excess of par value
 
654,969

 
647,082

Retained earnings
 
3,511,482

 
3,635,930

Accumulated other comprehensive loss
 
(55,871
)
 
(57,072
)
Total shareholdersequity
 
4,136,705

 
4,252,065

Noncontrolling interests
 
391,100

 
401,403

Total equity
 
4,527,805

 
4,653,468

Total liabilities and equity
 
$
9,060,558

 
$
9,263,379

See accompanying notes to the unaudited condensed consolidated financial statements.

8



NOBLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
(Unaudited)
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Operating revenues
 
 
 
 
 
 
 
 
Contract drilling services
 
$
274,817

 
$
247,689

 
$
545,318

 
$
476,795

Reimbursables and other
 
18,119

 
10,680

 
30,506

 
16,731

 
 
292,936

 
258,369

 
575,824

 
493,526

Operating costs and expenses
 
 
 
 
 
 
 
 
Contract drilling services
 
168,446

 
150,748

 
339,308

 
287,155

Reimbursables
 
15,381

 
8,297

 
24,776

 
12,647

Depreciation and amortization
 
110,538

 
128,173

 
219,310

 
255,812

General and administrative
 
8,672

 
8,121

 
16,267

 
21,578

Loss on impairment
 

 
792,843

 

 
792,843

 
 
303,037

 
1,088,182

 
599,661

 
1,370,035

Operating loss
 
(10,101
)
 
(829,813
)
 
(23,837
)
 
(876,509
)
Other income (expense)
 
 
 
 
 
 
 
 
Interest expense, net of amounts capitalized
 
(68,976
)
 
(74,130
)
 
(139,220
)
 
(150,145
)
Gain (loss) on extinguishment of debt, net
 

 

 
31,266

 
(8,768
)
Interest income and other, net
 
1,860

 
2,851

 
4,366

 
4,197

Loss from continuing operations before income taxes
 
(77,217
)
 
(901,092
)
 
(127,425
)
 
(1,031,225
)
Income tax benefit
 
37,182

 
38,733

 
34,317

 
35,737

Net loss from continuing operations
 
(40,035
)
 
(862,359
)
 
(93,108
)
 
(995,488
)
Net loss from discontinued operations, net of tax
 

 

 
(3,821
)
 

Net loss
 
(40,035
)
 
(862,359
)
 
(96,929
)
 
(995,488
)
Net (income) loss attributable to noncontrolling interests
 
(3,316
)
 
249,969

 
(7,235
)
 
250,955

Net loss attributable to Noble Corporation
 
$
(43,351
)
 
$
(612,390
)
 
$
(104,164
)
 
$
(744,533
)
See accompanying notes to the unaudited condensed consolidated financial statements.

9



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

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net loss
 
$
(40,035
)
 
$
(862,359
)
 
$
(96,929
)
 
$
(995,488
)
Other comprehensive income (loss)
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
(406
)
 
(2,771
)
 
102